Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man, Aliko Dangote
  • Vladimir Lisin, the chairman of Novolipetsk Steel, Russia’s largest steelmaker, has lost over $7 billion ever since the Russian army invaded Ukraine.
  • Lisin currently holds the 71st position on the billionaires and could suffer more financial losses in the coming weeks.
  • Aliko Dangote currently holds the 74th position, and his wealth could increase further in the coming months with the completion of his refinery located in Nigeria.

Nigerian billionaire Aliko Dangote is poised to overtake another Russian billionaire Vladimir Lisin on the Bloomberg billionaires list in the coming months if Lisin’s current financial losses continue.

As of Wednesday, March 16, 2022, the Nigerian cement magnate holds the 74th spot on the Bloomberg billionaires list, with an estimated net worth of $20 billion. Vladimir Lisin, the chairman of Novolipetsk Steel, Russia’s largest steelmaker, currently holds the 71st position on the billionaires list, having lost over $7 billion since the Russian army invaded Ukraine. His loss reflects the impact of the United States, United Kingdom and their allies’ clampdown against Russian oligarchs and sanctions against the Russian economy, which continues to bite.

Dangote, who does not seem to be affected by the consequences linked to the Russian-Ukrainian war that has also caused several billionaires to lose their wealth, has amassed $914 million since the start of business this year and thus moved up 20 places in the indexes.

The Cement magnate is now worth twice the estimated net worth of Johann Rupert, the second richest man in Africa ($9.65 billion), who currently occupies the 217th position on the list of billionaires. In addition, Aliko Dangote has also managed to raise his fortune further ahead of Chelsea owner Roman Abramovich, who has $13.7 billion and sits in 123rd place in the rankings.

Dangote’s wealth could increase further in the coming months with the completion of his refinery located in Nigeria, Lagos, in addition to his other businesses, which operates in food manufacturing, fertilisers, and other industries.

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