Aliko Dangote's net worth has dropped further, causing him to fall even further behind South Africa's Johann Rupert on the list of the richest people in Africa.

According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.

His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.

Rupert is currently the 168th richest man in the world, 68 places higher than Dangote, ranked 236th richest man in the world and also the second in Africa.

Source of Rupert's net worth

Johann Rupert is chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company is best known for the brands Cartier and Montblanc.

It was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s.

He owns 7% of diversified investment firm Remgro, which he chairs, and 27% of Reinet, an investment holding company based in Luxembourg.

Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land.

Why Dangote wealth is dropping?

Aliko Dangote's wealth comes primarily from Dangote Cement, the continent's largest cement producer. He has also invested in sugar, salt, oil, fertilizer, and packaged food.

Several of Dangote Group's companies are listed on the Nigerian Exchange. He owns 86% of Dangote Cement, Nigeria's largest cement producer, stakes in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa.

The performance of these companies on the Nigerian Exchange directly impacts his net worth.

For example, the share price of Dangote Sugar Refinery dropped from N40.5 to N35 between Thursday, January 16, and Friday, January 24, representing a 13.58% depreciation.

Other Nigerian billionaire net worth

1. Mike Adenuga: $6.8 billion

2. Abdulsamad Rabiu: $4.9 billion

3. Femi Otedola - $1.6 billion