Aliko Dangote, Nigeria’s prominent industrial magnate and chairman of the Dangote Group, has reclaimed his title as Africa’s richest man.
According to Forbes, Dangote’s wealth currently stands at $11.7 billion, surpassing the $10.8 billion fortune of South African billionaire Johan Rupert.
Rupert, the chairman of Richemont, a Swiss luxury goods company, briefly overtook Dangote in August 2024. However, the Nigerian tycoon has now regained his long-held position, which he maintained for 12 consecutive years before the brief shift.
The Bloomberg Billionaires Index also confirms Dangote’s comeback.
It lists Dangote’s net worth at $13.3 billion, ahead of Rupert’s $13.2 billion.
Although the gap between their fortunes is small, this marks a significant moment as Dangote reclaims his position at the top of the wealth rankings in Africa.
Johan Rupert’s wealth declined due to market fluctuations in the luxury goods sector and currency pressures.
Rupert’s company, Richemont, owns prestigious brands such as Cartier, Montblanc, and Piaget, making him a giant in the global luxury industry. However, the luxury market has been hit by slowing demand and economic pressures, causing a dip in Rupert’s net worth.
In contrast, Dangote’s fortune has remained stable during this period, allowing him to surpass Rupert once again.
This shift highlights the volatility of global wealth rankings, particularly in industries tied to fluctuating consumer demands and currency valuations.
Dangote is not just relying on his current wealth but is pushing for even more growth.
His company, Dangote Group, is one of the largest conglomerates in Africa, with interests in cement, sugar, salt, and oil refining.
Recently, Dangote revealed plans to grow the group’s revenue to $30 billion by 2025.
He outlined this ambitious strategy during a media tour of the Dangote Refinery, a highly anticipated project set to reshape Nigeria’s oil sector.
A key part of Dangote’s plan is to make the Dangote Group Africa’s largest provider of foreign exchange (FX).
He aims to reduce the company’s reliance on the Central Bank of Nigeria (CBN) for FX sourcing, which would enhance its resilience and global competitiveness.
Furthermore, Dangote announced plans to reduce the group’s dependence on Nigeria’s cement market.
Currently, cement accounts for 75% of the company’s business, but Dangote plans to reduce that to just 15%.
He is also focusing on expanding the company’s revenue from foreign markets, projecting that 50% of the group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) will come from outside Nigeria.
Importantly, Dangote stressed that 90% of the group’s future revenue will be generated in hard currency.
This shift toward international markets and export-driven growth is part of his larger vision to position the Dangote Group as a global leader in various industries.
A significant part of Dangote’s growth strategy lies in the Dangote Refinery, which recently completed its testing phase.
With a capacity of 650,000 barrels per day, the refinery is expected to make its first shipment of Premium Motor Spirit (PMS), commonly known as petrol, in early September 2024.
This is a major development for Nigeria’s energy sector.
For years, Nigeria has relied heavily on importing petroleum products despite being a leading oil producer.
The Dangote Refinery aims to change that by producing refined petroleum products locally, which would significantly reduce Nigeria’s dependence on imports and could potentially turn the country into a net exporter of refined products.
