By Yemi Yusuf
After more than a decade on the top of Africa’s Richest list, Nigeria’s foremost billionaire, Aliko Dangote has been displaced as the richest man on the continent by 73-year-old South African businessman, Johann Rupert
Johann Rupert, whose net worth is estimated at $12 billion was named by Forbes Magazine as the leading African in its Real-time global Billionaires ranking while Dangote came a close second with a net worth of $10.8 billion.
Rupert’s wealth primarily emanates from his ownership in Cie Financiere Richemont, a prominent luxury goods manufacturer and retailer, along with strategic investments in Remgro and Reinet.
Dangote’s net worth reportedly took a massive dip due to the naira depreciation caused by the Central Bank of Nigeria’s decision to auction the dollar at a relatively lower rate than the official market price.
Analysts believe that as soon as Dangote’s massive oil refinery which is the largest privately owned refinery in the world becomes fully operational, the Nigerian businessman will overtake the South African.
