(Ecofin Agency) - According to Forbes, Aliko Dangote has lost his position as the richest individual in Africa. However, data from Bloomberg presents a different view and even indicates that the Nigerian is the most solvent, with his fortune potentially increasing by several billion dollars thanks to his refinery.

In its updated ranking of African billionaires, Forbes claims that South Africa's Johann Rupert (photo) has dethroned Aliko Dangote as the continent's richest man. According to Forbes, Johann Rupert's fortune is estimated at $12 billion, while the Nigerian businessman's is just $10.7 billion.

However, the figures provided by Bloomberg in its latest ranking update, dated June 18, 2023, paint a different picture. According to Bloomberg, not only is Dangote richer than Rupert ($16.8 billion vs. $13.6 billion) but he is also considered the most solvent, with a larger amount of liquidity ($3.35 billion vs. $1.8 billion).

These discrepancies in the rankings are difficult to explain, especially as both media appear to use a similar methodology to assess individuals' wealth. Calculations include both available cash and the valuation of holdings in listed and unlisted companies. Dangote's fortune is based primarily on his $6.7 billion stake in Dangote Cement, an industrial conglomerate listed on the Lagos Stock Exchange.

Dangote's other listed assets include stakes in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. Those stakes in listed companies are held directly and indirectly through Dangote Industries, which also owns unlisted companies operating in the food, fertilizer, oil, and other industries.

Apart from listed assets, Dangote's fertilizer plant, with a production capacity of up to 2.8 million tonnes of urea per year, represents its most important unlisted asset. The net value of this asset, estimated at $5.58 billion on June 18, 2023, is based on a discounted cash flow analysis carried out by KPMG and confirmed by external analysts. It should be noted that Dangote's net worth does not include the $19 billion refinery, which is still under construction.

Whether Dangote moves into second place or finally retains his top spot, he remains the most famous of Africa's great fortunes. His story continues to fascinate and, to some extent, inspire new generations of African entrepreneurs. Johann Rupert, on the other hand, is more famous in South Africa and leads a discreet life, far from media headlines.