South African billionaire, Johann Rupert has dethroned President Dangote Group, Aliko Dangote, as Africa’s richest man. This is a after Dangote’s net worth dropped by 20.7 per cent.
The development was amid the naira devaluation implemented by the Central Bank of Nigeria (CBN), Forbes Billionaire Ranking released on Sunday reveals.
Dangote now ranks the second on the African continent.
CBN had devalued the naira, causing the value to drop by 40.5 per cent.
The naira to dollar exchange rate closed Friday’s trading with N663.04/$1, up from N471.67/$1 on Tuesday, as a result of the devaluation.
Dangote’s wealth dropped by $2.80 billion to $10.7 billion, from $13.5 billion, costing him the richest man position for the first time since 2008, when he debuted on the Forbes Billionaire Index.
Rupert became the richest man in Africa after his net worth increased by $1.3 billion from $10.7 billion to $13.5 billion.
