Rupert has surpassed Dangote, whose wealth is marginally smaller at $10.8 billion, with an amazing net worth of $12 billion. The recent unsettling circumstances that have prevailed in Nigeria’s financial markets are to blame for the change in rankings.
Due to operational fees levied by the Central Bank of Nigeria on the foreign currency market, Dangote’s fortunes suffered significantly. The Naira’s subsequent depreciation versus the powerful US dollar had a negative effect on the total wealth of Nigeria’s billionaires.
Dangote, along with other well-known individuals like Mike Adenuga, the unyielding Chairman of Globacom Limited, and Abdul Samad Rabiu, the visionary creator of BUA Cement, suffered significant losses in their accumulated wealth as a result.