Cape Town – African billionaire Aliko Dangote is reportedly likely to overtake another Russian billionaire Vladimir Lisin on the Bloomberg billionaires list.
According to Business Insider, Lisin has lost more than $7 billion since the Russian army invaded Ukraine.
Lisin is the chairperson of Novolipetsk Steel, Russia’s largest steelmaker. He is currently ranked 71st on the list of billionaires, while Dangote is ranked 74th, said the report.
Lasin’s demise is the result of sanctions imposed by the United States, the United Kingdom, and their allies on the Russian economy.
If the sanctions continue, Lisin will likely fall further back on the billionaire list, allowing Dangote to surpass him, the report said.
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Dangote has also surpassed Chelsea owner Roman Abramovich, who is sitting in the 123rd place in the rankings.
Fin24 reported recently that the Nigerian cement tycoon is set to further boost his wealth by completing a $19 billion refinery project that is set to begin operations this year.
The 650 000 barrels per day crude processor has enough capacity to meet all of Africa’s domestic fuel needs while also increasing exports.
The refinery is located in Nigeria, Lagos. It is an addition to Dangote’s other businesses, which operate in food manufacturing, fertilisers, just to name a few.
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Compiled by Sinothando Siyolo
