Aliko Dangote, the chairman of Dangote Group and Nigeria’s leading billionaire has lost his position as Africa’s richest man.

According to Forbes index, Dangote has been displaced by South African business man Johann Rupert.

The new title holder is currently worth $12bn and now ranks 145th place in the world and number one in Africa. 

Meanwhile, Dangote is worth $10.7bn, ranking the 171st position globally and second place in Africa after Rupert.

Johann Peter Rupert is the eldest son of business tycoon Anton Rupert and his wife Huberte. He’s the chairman of Richemont, a Swiss-based luxury goods company and the South Africa-based company, Remgro.

Until recently, Rupert has firmly followed Dangote behind as the second richest man in Africa.

For 12 years, Dangote has held the spot as the number1 richest man in Africa until recent events.

Dangote’s wealth fell as a result of the free floating of the naira, implemented by the Central Bank of Nigeria. 

The value of the naira at the Investor’s and Exporter’s Window dropped to a height of N791 per US dollar and closed on Friday at N663.04. 

As a result of the flow of the currency, the stocks of Dangote traded on the Nigerian Stock Exchange were valued less in USD terms.