Aliko Dangote Loses Over N500bn in Hours, Africa’s Richest Man Title in Jeopardy Again

Aliko Dangote Loses Over N500bn in Hours, Africa’s Richest Man Title in Jeopardy Again

  • Nigeria's richest man is once again on the brink of losing his title as Africa's richest man after experiencing a substantial loss in wealth
  • New data reveals that within a mere 24 hours of business activities, over N500 billion was wiped off his net worth
  • His closest rival, Johann Rupert, a South African billionaire, is now only $100 million less wealthy than Aliko Dangote

Nigerian billionaire has suffered a massive drop in his wealth which also affected his position in the list of wealthiest men in the world.

Data from Forbes shows that Dangote's net worth stands at $10.6 billion as at Thursday, August 31, 2023, after he lost $716 million( about N553.82 billion).

Aliko Dangote net worth
Dangote is ending the month of August 2023 as Africa's richest man Photo credit: Bloomberg
Source: Getty Images

Although Dangote's current net worth still maintains his position as the wealthiest man alive in Africa, he has fallen in the global billionaire rankings to 174th place.

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Johann Rupert, a South African billionaire, is now in close contention to surpass Dangote again, boasting a net worth of $10.5 billion.

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Dangote's net worth movement since the start of 2023

  • January- $13.4 billion
  • February- $13.6 billion
  • March- $12.8 billion
  • April-$12.9 billion
  • May- $11 billion
  • June-$10.1 billion
  • July- $10.9 billion
  • August- $10.6 billion

Other Nigerian billionaires

The other billionaires captured by Forbes include:

Abdulsamad Rabiu

Nigeria's second richest individual is set to conclude the month of August with a net worth of $6.0 billion, despite experiencing a loss of $289 million in the final hours of the month of August.

Presently, he holds the 445th position among the world's richest person.

Mike Adenuga

Adenuga, who is Nigeria's third richest man, is ending the month with a net worth of $3.6 billion.

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Nigeria successfully repays China, World Bank, others $1.17bn loan, still owing more

Over the years he built his fortune in telecom and oil production.

Dangote Cement claims top spot, MTN follows on list 10 most valuable companies in Nigeria reported earlier that Dangote Cement has emerged as the most valuable company in Nigeria by Market capitalisation as of the end of July 2023.

According to data from the Nigerian exchange, Dangote cement overtook telecom giant MTN, which occupied the top spot in the previous month.

Investopedia defines Market capitalisation as how much a company is worth as determined by the stock market. It is calculated by multiplying the number of outstanding shares by the current market value of one share.


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