As in the rest of the world, there is a fierce competition among billionaires in Africa. According to the US-based Bloomberg’s Billionaires Index, as of July 12, the richest Nigerian businessman in the African continent, Aliko dangote According to the list, Dangote has $16.9 billion, while South African Johann Rupert has a net worth of $13.6 billion.
Nigerian billionaire Dangote has been the richest person in the African continent for the last 12 years, in the list of the richest person in the world, which is prepared every year by the famous finance magazine Forbes. In fact, Dangote was at the top of the list published by the magazine for the year 2023, with a fortune of more than 14 billion dollars. However, according to the personal wealth published by Forbes in real time, as of July 12, Dangote’s wealth decreased to 10.6 billion dollars, while South African Johann Rupert’s wealth exceeded 11 billion dollars.
CEMENT KING OF AFRICA
Aliko Dangote is known as the largest cement producer in Sub-Saharan Africa. Born in 1957 in Kano, Nigeria, the businessman’s grandfather was one of West Africa’s wealthiest cola and peanut traders. Dangote, who started the cement trading business with his uncle’s loan, founded his company in 1981, which would later become the Dangote Group. The billionaire businessman traded a variety of food and mineral products throughout the 1980s and 1990s. Dangote began building salt and sugar refineries, flour mills and food factories on the African continent in 1999. A year later, it bought Benue Cement Co. from the Nigerian government. It then put into service the Obajana Cement Plant, which is now the largest cement plant in sub-Saharan Africa.
The vast majority of his wealth comes from his 86 percent stake in the publicly traded Dangote Cement Company. He holds shares in the company directly and through his holding company, Dangote Industries. Dangote also has shares in companies operating in the food, fertilizer, oil and banking sectors such as Dangote Sugar, Nascon Allied Industries and United Bank for Africa.
DANGOTE’S WEALTH ACCORDING TO FORBES…
Aliko Dangote’s fortune fell after a decision by the Central Bank of Nigeria on June 14, according to Forbes. The Central Bank of Nigeria decided to leave the fixed exchange rate with the US dollar on this date and leave its currency, the naira, floating. The naira, which traded around 465 against the US dollar, fell nearly 40 percent against the US dollar on Friday, June 16, and hit 690 naira for a US dollar on Tuesday, June 20.
Recently, the richest business person on the African continent opened a new oil refinery near Nigeria’s capital, Lagos, which cost almost $20 billion. It is said that the refinery, which started operating, will add wealth to the Nigerian billionaire’s fortune. The refinery also has a 20 percent stake in Nigeria’s state-owned oil company.
WHO IS JOHANN RUPERT?
South African Johann Rupert is the CEO of Richemont, a luxury consumer goods manufacturer known for the Swiss-based Cartier and Montblanc brands. He also owns the family business Remgro, which operates in many sectors from banking to finance, from medical supplies to petroleum products.
The South African billionaire was born in Stellenbosch in 1950. Rupert, who left his university education and moved to New York to work in the finance sector, returned to the African continent to establish a bank in 1979 and joined the bank he founded and the family company Rembrandt (now Remgro). Rupert took over the presidency of Rembrant from his father in the late ’80s and founded Richemont. Rupert, who is also the owner of the English rugby team called Saracens, came to the fore when he missed the opportunity to buy half of Gucci for only 175 million dollars and announced that he regretted it years later.
Sources: Forbes, Bloomberg, Financial Times
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