Nigerian billionaire industrialist, Aliko Dangote, has lost the title of richest man in Africa.
According to Forbes, Dangote’s net worth fell to $11.1 billion as of Friday, January 10, 2025, following a whopping $447 million (N693.50 billion) wealth loss.
The Nigerian billionaire’s net worth dropped massively, following which Dangote is now ranked below South African billionaire Johann Rupert whose net worth is put at $11.3 billion.
In its latest ranking, Forbes lists Dangote as the 205th richest person in the world, two places below Rupert, who is ranked 200th.
What happened to Dangote’s net worth
Dangote owns a collection of industrial assets through his Lagos-based conglomerate, Dangote Group. The Nigeria-based company operates sub-Saharan Africa’s largest cement producer, Dangote Cement, and the continent’s largest oil refinery.
Other business interests include sugar, salt, oil, fertiliser, and packaged foods. The share performance of his assets, particularly Dangote Cement and Dangote Oil Refinery, significantly impacts his net worth.
According to Bloomberg, Dangote holds a 92.3% stake in the refinery project, valued based on its construction cost of $20 billion. He also owns 86% of Dangote Cement, the country’s largest cement producer, as well as stakes in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa.
Not alone
Dangote is not the only Nigerian billionaire to suffer huge losses. Thursday, December 9, was also a bad day for Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, who also featured on the Forbes billionaire list.
According to the report, Mike Adenuga, the second-richest in Nigeria, suffered a loss of $21 million and now has a net worth of $6.8 billion. Forbes ranks Adenuga, whose wealth is from oil and the telecommunication industry, as the 450th richest man in the world.
Also, Nigerian business mogul Abdulsamad Rabiu, dropped to 703rd in the Forbes billionaire ranking after losing $313 million in 24 hours. He currently has a net worth of $4.6 billion.
Femi Otedola remains the fourth wealthiest man in Nigeria and ranks 2,111th on the Forbes list. His net worth suffered a significant loss of $139 million, leaving him with a total wealth of $1.5 billion.
Meanwhile, Bill Gates fell out of Top-10 richest people globally, even as Elon Musk regained his title as the world’s richest person, with a staggering net worth of $421.2 billion.
His Space exploration company, SpaceX, is one of the most valuable firms globally, reports say.
