South African businessman, Johann Rupert, has displaced Nigerian billionaire and founder of the Dangote Group, Aliko Dangote as Africa’s richest man as a result of the depreciation of the Naira.

According to Forbes Magazine in its Real-time global Billionaires Ranking, Rupert currently boasts a $12 billion net worth while Dangote’s net worth is put at $10.8 billion. Rupert is the chairman of Swiss-based luxury goods company, Richemont, and South Africa-based company, Remgro

Rupert, who initially followed Dangote closely, took over the number one spot following the Central Bank of Nigeria’s decision to free its grip on the official exchange market, which saw the Nigerian billionaire’s worth drop by $4.12 billion, according to Bloomberg Billionaire Index (BBI).