Nigerian billionaire and industrialist Aliko Dangote has retaken his position as Africa's richest man on the Forbes list a few days after losing it to South Africa's Johann Rupert.

According to Forbes Real-Time Billionaires, Nigerian billionaires' wealth improved by $10.1 billion on January 8, 2024.

Dangote overtakes Johan Rupert of South Africa

Dangote dethroned Rupert, who held the crown for just under a week. Rupert's net worth as of January 8, 2024, was about $10 billion, a drop from $10.7 billion as of January 30, 2023.

Dangote is now ranked 191st on the Forbes list, while Rupert is ranked 197th worldwide.

The Nigerian remains Africa's richest man on the Bloomberg Billionaire Index with a net worth of $15.5 billion.

Dangote moved six places on the Bloomberg Index, from 128 positions to 122, thanks to the recent bullish run of the Nigerian Exchange (NGX).

The share price of his cement company, Dangote Cement, accelerated to N325 per share on the NGX.

Dangote's source of wealth

The Nigerian billionaire's wealth comes primarily from his 86% stake in the Dangote Cement. He holds the shares directly and indirectly via his Dangote Industries conglomerate.

His other assets include Dangote Sugar, NASCON Allied Industries, and the United Bank for Africa.

His cash holdings are based on an analysis of dividends, taxes, insider transactions, and other expenditures.