Three Nigerians make the cut in top 10 richest in Africa, but Dangote dethroned
By Jeph Ajobaju, Chief Copy Editor
Johann Rupert of South Africa has dethroned Ali Dangote as the richest man in Africa but a total three Nigerians still made the cut among the 10 richest on the continent at the beginning of 2024.
A list released by Forbes Magazine named the three Nigerians as Dangote (second), Abdulsamad Rabiu (fifth), and Mike Adenuga (10).
Dangote heads the largest indigenous business conglomerate in Africa spanning agricultural materials, household items, cement – and the latest being the $20 billion Dangote Refinery in Lagos.
Dangote had been Africa’s richest guy for 12 consecutive years until the depreciation of the naira contributed to his latest ranking as the second richest.
Rabiu is known majorly as the producer of Bua Cement and Adenuga’s poster business is Globacom, Nigeria’s second largest mobile telephone network after MTN.
Forbes latest top 10 Africa’s richest men (rank, name and net worth) are listed as:
1. Johann Rupert & Family $10.3 billion
2. Aliko Dangote $9.5 billion
3. Nicky Oppenheimer & Family $8.3 billion
4. Nassef Sawiris $7.4 billion
5. Abdulsamad Rabiu $5.9 billion
6. Nathan Kirsh $5.8 billion
7. Issad Rebrab & Family $4.6 billion
8. Mohamed Mansour $3.6 billion
9. Naguib Sawiris $3.3 billion
10. Mike Adenuga $3.1 billion
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Why Rupert replaced Dangote as Africa’s richest man – for now
Dangote was displaced today after his net worth dropped to $9.7 billion, making him number two in Africa behind Rupert, and down from 124th to 218th in the world, according to Forbes.
In July this year, before President Bola Tinubu’s naira liberalisation set in, Dangote’s net worth was $14 billion while Rupert had $11 billion.
But with the naira growing weaker every minute of the day and Nigerians losing the purchasing power to keep Dangote manufactures in profitable ways, his network continues to drop and is now at an all time low of $9.6 billion.
Rubert, 73, with a net worth of $10 billion, becomes Africa’s richest man for now.
However, if the Dangote Refinery comes on stream this year as anticipated and the naira firms up against the dollar, Dangote the man may climb back to top the African rich pack.
Rupert – who is Chairman of Swiss luxury goods firm Compagnie Financiere Richemont – is best known for the brands Cartier and Montblanc.
The company was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s.
He owns 7 per cent of diversified investment firm Remgro, which he chairs, as well as 26 per cent of Reinet, an investment holding company based in Luxembourg.
Rupert is a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land.
, Abdulsamad Rabiu (fifth), and Mike Adenuga (10).){kind=link}