11/01/2024
Aliko Dangote has reclaimed the title of the wealthiest person in Africa, as per Forbes Real-Time Billionaires. Previously, on January 4, The Nation reported that South African business magnate Johann Rupert had surpassed Nigerian Aliko Dangote as Africa's richest individual. However, according to the Forbes Daily billionaires ranking platform, Dangote's net worth increased by $10 million, reaching $10.1 billion as of January 8, 2024, allowing him to surpass Johann Rupert, whose net worth on the same date was $10 billion, down from $10.7 billion on January 30, 2023.
On the Forbes list, Dangote now holds the 191st position globally, while Rupert is ranked 197th. Additionally, Dangote maintains his status as Africa's richest person according to the Bloomberg Billionaire Index.
Bloomberg notes that a significant portion of Dangote's wealth is derived from his 86 percent stake in the publicly traded Dangote Cement. He owns these shares directly and through his conglomerate, Dangote Industries. Dangote also holds stakes in other publicly traded companies like Dangote Sugar, NASCON Allied Industries, and United Bank for Africa. Furthermore, Dangote Industries owns various closely held businesses in food manufacturing, fertilizer, oil, and other sectors. Among these holdings, a fertiliser plant with a capacity to produce up to 2.8 million tonnes of urea annually is highlighted as his most valuable closely held asset. The valuation is based on a discounted cash flow analysis by KPMG and confirmed by external analysts. Dangote's cash holdings are assessed through an analysis of dividends, taxes, insider transactions, and other expenditures.