(Ecofin Agency) - Aliko Dangote, the Nigerian billionaire and head of Dangote Group, has once again lost his title as Africa's richest man to South African luxury goods magnate Johann Rupert. According to the daily rankings by Forbes and Bloomberg, Dangote's fortune has been hit hard by the ongoing devaluation of the Nigerian naira.

As of now, Dangote is ranked 186th globally by Forbes, with a net worth of $11.4 billion, having lost over $486 million in the past three days. Earlier, Dangote had already seen a significant drop in his wealth due to the sharp naira devaluation that began in June 2023. Rupert, who chairs the Swiss luxury goods company Richemont, is currently ranked 175th globally by Forbes with a fortune of $11.9 billion.

The Bloomberg Billionaires Index places Rupert at 146th worldwide with a net worth of $14.3 billion, while Dangote is ranked 160th with $13.4 billion.

The differences in rankings between Forbes and Bloomberg are due to their varying methodologies for assessing billionaire wealth.

Analysts predict that Dangote's fortune may rebound in the coming months. This is expected as the production capacity of his oil refinery increases, bolstered by improved crude supply sources and a diversified range of refined products. With Dangote Refinery's near-monopoly position in Nigeria's fuel market and plans to target other African countries, its enterprise value is likely to rise significantly.