Tinubu’s New Naira Policy: Dangote loses African Richest Man To South African, Johann Rupert

By Dansu Peter 

Following the new foreign exchange floating policy of President Bola Ahmed Tinubu,  Dangote Group's President, Alhaji Aliko Dangote, has dropped from being African and taken over by Southern African, Johann Rupert after his net worth dropped by 20.7 per cent.

According to Forbes Billionaire Ranking released yesterday amid the naira devaluation implemented by the Central Bank of Nigeria (CBN) revealed that Dangote now ranks the second on the continent after South African billionaire, Johann Rupert dislodged him to number one on the list.

The naira floating by the CBN had caused the currency 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.