The President of the Dangote Group, Aliko Dangote, remains Africa’s richest man, despite the naira devaluation against the dollar which has eroded most stocks’ values in Nigeria. According to Bloomberg, Dangote has a total net worth of $15.6 billion and is Africa’s richest man.

Dangote is the only Nigerian on the list, which contains the 500 wealthiest people in the world, and has been Africa’s richest man for the last 12 years.
His closest rival in Nigeria, Abdul Samad Rabiu, dropped off the list after losing about $2.8 billion following Nigeria’s naira devaluation. Dangote controls the Dangote Industries, a closely-held conglomerate. The Dangote Group owns Africa’s biggest cement manufacturer, Dangote Cement, and is the primary source of the billionaire’s wealth. The firm also has interests in sugar, salt, fertilizer, and packaged foods.

He recently commissioned the &19 billion Dangote Refinery, Africa’s most significant. He emerged as the most charitable man in the world by the World Richtopia, a US-based digital periodical covering business, economics, and financial news.

On Wednesday, June 28, 2023, Dangote jumped 11 places on the billionaire index from 122 to 111 after earning about $20.7 million in 24 hours. The jump is Dangote’s most significant leap in two weeks since he dropped from 76th position in early June. However, Tesla CEO Elon Musk and French billionaire Bernard Arnault are the world’s wealthiest men, with a net worth of $231 billion and $197 billion, respectively, as of the time of writing. The duo is followed by Amazon founder Jeff Bezos and Microsoft founder Bill Gates with $151 billion and $130 billion, respectively.