President Dangote Group, Aliko Dangote, has been overtaken as African richest man after his net worth dropped by 20.7 per cent.
It was amid the naira devaluation implemented by the Central Bank of Nigeria (CBN), Forbes Billionaire Ranking released yesterday reveals.
Dangote now ranks the second on the continent after South African billionaire, Johann Rupert dislodged him to number one on the list.
CBN had devalued the naira, causing the value to drop by 40.5 per cent.
The naira to dollar exchange rate closed Friday’s trading with N663.04/$1, up from N471.67/$1 on Tuesday, as a result of the devaluation.
Dangote’s wealth dropped by $2.80 billion to $10.7 billion, from $13.5 billion, costing him the richest man position for the first time since 2008, when he debuted on the Forbes Billionaire Index.
Rupert became the richest man in Africa after his net worth increased by $1.3 billion from $10.7 billion to $13.5 billion.