Ethiopia’s billionaire oil magnate, Mohammed Al Moudi, has recently experienced an astounding surge in wealth.
In just 30 days, his net worth rose by a staggering 61.9%, reaching an impressive $8.5 billion.
Meanwhile, Africa’s renowned billionaire, Aliko Dangote, faced a decline in wealth and lost his long-held status as Africa’s richest man.
Mohammed Al Moudi’s Remarkable Wealth Growth
According to the Bloomberg Billionaire Index, Mohammed Al Moudi’s wealth soared from $5.24 billion in the second week of October to an astounding $8.5 billion as of November 14, 2023.
The 77-year-old tycoon boasts a diverse range of assets in Sweden, Saudi Arabia, and his home country, Ethiopia.
Notably, one of his prominent ventures is Svenska Petroleum Exploration and Preem, which stands as one of Sweden’s largest refiners.
Additionally, Al Moudi invests in Miroc Gold, a prominent Ethiopian mining company, and has interests in the hospitality, agriculture, coffee, and rice sectors.
The remarkable performance of his industrial assets in Preem significantly contributed to his exponential rise in net worth.
Aliko Dangote’s Wealth Decline
In stark contrast, Aliko Dangote, Africa’s renowned businessman and previously the continent’s richest man, experienced a significant decline in wealth.
Starting from June, when Nigeria began floating its naira currency, Dangote faced continuous wealth erosion.
On November 14, 2023, he suffered a loss of $69 million. Analysts attribute this decline to the poor performance of Nigeria’s Exchange (NGX) stocks, further amplifying the impact of naira devaluation, Legit reports.
The Rise of Abdul Samad Rabiu
Dangote’s decline reportedly allowed Abdul Samad Rabiu, Chairman of BUA Group and his archival, to surpass him as Nigeria’s wealthiest investor.
Rabiu now boasts a portfolio valued an impressive N7.13 trillion on the NGX.
Holding 18.31% of the exchange’s total market capitalization his major stakes in BUA Foods (99.8%) and BUA Cement (96.29%) serve as significant contributors to his wealth.
With a total worth of N3.64 trillion and N3.49 trillion, respectively, these holdings cement his status as a formidable contender in Nigeria’s investment landscape.
Dangote’s Fall on Forbes Rich List
Following his continuous wealth erosion, Aliko Dangote lost his title as Africa’s richest man, a position he held for over a decade, based on Forbes rankings.
Nigeria’s naira devaluation resulted in a staggering $3.4 billion drop in his fortunes in a single day.
Consequently, Dangote now secures the second spot on the Forbes list, as South African billionaire Johann Rupert claims the top spot.