According to Forbes Magazine, South African businessman Johann Rupert has taken over the title of Africa's richest individual from Nigerian billionaire Aliko Dangote.

As per Forbes Real-time Global Billionaires Ranking, Rupert's current net worth stands at $12 billion, while Dangote follows closely with a net worth of $10.8 billion as of Friday.

Dangote's wealth experienced a decline due to recent operational charges in the foreign exchange market implemented by the Central Bank of Nigeria. These charges resulted in the devaluation of the Naira against the US dollar.

As a consequence, Forbes and Bloomberg recalculated the fortunes of all Nigerian billionaires, leading to significant decreases in the wealth of Dangote, Abdul Samad Rabiu (founder of BUA cement), and Mike Adenuga (Chairman of telecommunications giant Globacom Limited).

However, the tide is expected to turn for Aliko Dangote with the anticipated commencement of the $20 billion Dangote refinery, which was commissioned last month. This development is anticipated to contribute to his wealth rebounding in the near future.