Nigeria’s richest man, Aliko Dangote, has dropped in ranking on the list of the world’s wealthiest people in the last month......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Data from Forbes shows that Dangote’s wealth which stood at $11.5 billion as of January 8, 2025, has dropped to $10.9 billion as of February 7, 2025.
The changes represent a $600 million(N904.56bn) loss in wealth for Dangote, affecting his ranking, which dropped from 195th to 226th in the world.
During this one month, the Nigerian billionaire also lost his title as Africa’s richest man to South African billionaire Johann Rupert.
Dangote is now ranked number two
Dangote, who has held the top spot on the Forbes list for 12 years, reaching his highest level in 2014, is now behind Rupert.
Checks show that within the one month under review, Rupert’s net worth increased by $2.8 billion, rising from $11 billion in January to its current level of $13.8 billion.
Rupert now leads the ranking as the richest man in Africa and is the only African in the top 200 billionaires in the world.
Changes in Nigerian billionaire net worth in one month
Forbes data shows that Mike Adenuga’s net worth slightly increased from $6.8 billion in January to $6.9 billion.
Abdulsamad Rabiu, the third richest man in Nigeria, now has a net worth of $5.1 billion, a slight increase from the $4.9 billion recorded in January.
Femi Otedola also saw his net worth rise from $1.6 billion to $1.7 billion
Why did Dangote’s wealth drop?
Dangote’s net worth is tied to various investments, including Dangote Cement and the continent’s largest oil refinery. His portfolio also includes sugar, salt, oil, fertilizer, and packaged food.
Over the past month, one of his assets, Dangote Sugar, saw a decline in share price, dropping from a high of N40.50 to N35.80 as of February 7, 2024, according to data from the NGX.
This type of change coupled with the naira performance plays a role in the net worth movement of Aliko Dangote.
Dangote advertises petrol
Legit.ng reported that Dangote Refinery has released an advertisement on its social media handles, calling for patronage.
The refinery recently announced a price reduction, lowering prices from N950 per litre to N890 for marketers purchasing directly from its facility.
It stated that the adjustment is a response to the positive outlook in the global energy and gas markets, as well as the recent decline in international crude oil prices.
There are conditions for buyers, and Dangote Refinery has reiterated the quality of its petrol.