The economic crisis rocking Nigeria is affecting everyone, not even Aliko Dangote, is immune to the effects of this crisis.
As we speak, Dangote will no longer be known as the richest person in Africa.
That position now belongs to South African billionaire and chairman of Richemont conglomerate, Johann Rupert.
Rupert has overthrown Nigerian businessman, Aliko Dangote, to emerge as the richest person in Africa.
This was revealed in a latest data released by Bloomberg Billionaires Index.
According to the data, Rupert’s net worth has surged to $14.3 billion, overtaking Dangote, whose fortune has declined to $13.4 billion.
The data shows that Rupert’s wealth has increased by $1.87 billion year-to-date, while Dangote’s fortune has declined by $1.69 billion.
Trouble For Dangote
Now, Dangote is currently the second-richest person in Africa, but still maintains his number-one position in Nigeria.
Let’s take a look at some of the reasons for the decline in Dangote’s fortune.
Ordinarily, one would think that the current situation in Nigeria is only affecting the average citizen.
But no, even wealthy Nigerians are feeling the heat.
Or have you forgotten about AbdulSamad Rabiu, Nigeria’s second richest man?
Many Nigerians say that “as long as you are a Nigerian, you will feel the hardship”.
The businessman lost $1.1 billion in just 90 days.
Dangote’s calamity could be linked to a few things.
The macroeconomic environment and challenges in Nigeria has made it difficult for businesses to thrive.
Naira Depreciation
Since President Bola Tinubu assumed office in 2023 and removed petrol subsidy while easing currency controls to attract foreign investment, the naira has lost its value.
That was when everything changed.
Also Read: Naira Depreciation: How Nigeria Happened To AbdulSamad Rabiu
Meanwhile, the Dangote Group has also experienced production delays and other industrial issues at its refinery, compounded by the steep depreciation of the naira.
These factors have significantly impacted Dangote’s business operations, with his wealth primarily tied to assets denominated in naira.
