Nigerian industrial magnate Aliko Dangote has reclaimed the title of the continent’s richest person from South African billionaire Johan Rupert.
According to the latest data from Forbes, Dangote’s net worth currently stands at $11.7 billion, narrowly surpassing Rupert’s $10.8 billion. This development marks the restoration of Dangote’s 12-year reign as Africa’s wealthiest individual, a position he briefly lost to Rupert in August 2024.
The Bloomberg Billionaires Index also corroborates this change, placing Dangote’s fortune at $13.3 billion, just ahead of Rupert’s $13.2 billion.
Rupert, the founder and chairman of the Swiss luxury goods company Richemont, experienced a decline in his wealth due to fluctuations in luxury market demand and currency pressures. In contrast, Dangote’s financial standing has remained relatively stable, allowing him to reclaim the top spot.
Aliko Dangote, known for his business acumen, has ambitious plans to further grow his Dangote Group, one of Africa’s largest conglomerates. The group has interests spanning cement, sugar, salt, and most notably, oil refining.
During a recent media tour of the Dangote Refinery, the billionaire outlined plans to increase the group’s revenues to a staggering $30 billion by 2025. Central to this strategy is a significant shift in the group’s foreign exchange (FX) operations.
Dangote aims for the conglomerate to become Africa’s largest provider of foreign exchange, with the goal of reducing its dependence on the Central Bank of Nigeria (CBN) for FX sourcing. This move would not only bolster the group’s resilience but also enhance its competitiveness on the global stage.
Furthermore, Dangote revealed plans to dramatically reduce the group’s reliance on the Nigerian cement market, which currently accounts for 75% of its business, down to just 15%. Additionally, he projected a diversification of revenue sources, with 50% of EBITDA expected to come from foreign markets.
Dangote also emphasized that 90% of the group’s future revenue would be generated in hard currency, underscoring its focus on international expansion and export-driven growth.
The highly anticipated Dangote Refinery, with a capacity of 650,000 barrels per day, recently made its first shipment of Premium Motor Spirit (PMS), commonly known as petrol, marking a critical moment in Nigeria’s energy sector. The refinery’s successful testing phase and entry into commercial production have drawn praise from various high-profile figures, including Nigerian billionaire and oil magnate, Femi Otedola.
The completion and operationalization of the refinery are seen as a game-changer for both the Dangote Group and Nigeria, potentially transforming the nation’s oil industry and positioning it as a net exporter of refined petroleum products.
As Aliko Dangote regains his position as Africa’s wealthiest individual, his ambitious growth strategies and the successful launch of the Dangote Refinery underscore his continued influence and impact on the continent.
