Forbes has reaffirmed Aliko Dangote’s status as the wealthiest individual in Africa in their January edition, in collaboration with Bloomberg. The Nigerian business magnate, whose net worth surged by $10 billion to $10.1 billion as of January 8, 2024, maintains the top spot over South African tycoon Johann Rupert. Rupert’s net worth, as of press time, stood at $10 billion, a decrease from $10.7 billion on January 30, 2023.
Dangote now holds the 191st position on the global Forbes list, while Rupert is ranked 197th. Additionally, Dangote retains the title of Africa’s richest person on the Bloomberg Billionaire Index.
According to Bloomberg, the majority of Dangote’s wealth stems from his 86 percent stake in the publicly traded Dangote Cement, with the remainder coming from his other ventures. He holds shares in the company both directly and through his conglomerate, Dangote Industries.
Bloomberg notes, “Dangote’s other publicly traded assets include stakes in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertiliser, oil, and other industries.”
One of Dangote’s most valuable and closely held assets is a fertiliser plant capable of producing up to 2.8 million metric tonnes of urea annually. Based on a discounted cash flow analysis that KPMG conducted, external analysts have verified its net value.
The Dangote Group, initially established as a small trading firm in 1977, witnessed significant expansion when Aliko Dangote relocated to Lagos in the same year. Dangote’s journey began with a ₦500,000 loan from his uncle, enabling him to trade in commodities such as bagged cement, rice, and sugar. In the 1990s, he successfully proposed to the Central Bank of Nigeria that his transport company manage their fleet of staff buses, a suggestion that received approval.
