Nigerian billionaire businessman Aliko Dangote is no longer the richest man in Africa, according to Forbes Magazine.

Dangote was displaced by South African Johann Rupert who is currently worth $12 billion, according to Forbes Real-time Global Billionaires Ranking.

South African Billionaire, Johann Rupert Displaces Dangote as Africa's Richest Man

Dangote came second on the ranking with a net worth of $10.8 billion as of Friday, June 16.

Dangote’s net worth dropped due to the recent operational charges on the foreign exchange market carried out by the Central Bank of Nigeria, which led to the depreciation of the Naira against the US dollar.

Consequently, Forbes and Bloomberg had to recalculate the fortunes of all Nigerian billionaires leading to the significant drop in the wealth of Dangote, Abdul Samad Rabiu, the founder of BUA cement, and Mike Adenuga, the Chairman of telecommunications giant Globacom Limited.