Aliko Dangote, Africa’s richest man and founder of the Dangote Group, saw his net worth drop by $397 million in a single day, following a decline in the share price of Dangote Cement.
His net worth now stands at $23.2 billion, according to the Bloomberg Billionaires Index, after Dangote Cement shares fell to ₦480 on the Nigerian Stock Exchange on Wednesday.
Dangote owns 86% of Dangote Cement Plc, making him the largest shareholder in Nigeria’s biggest cement producer. As the company’s valuation slid, the billionaire’s fortune took a direct hit.
Beyond cement, Dangote’s business empire spans several sectors. He holds stakes in Dangote Sugar, NASCON Allied Industries, United Bank for Africa, and the Dangote Refinery—his most significant asset. The refinery, which started operations in 2024, is valued at $20 billion, with Dangote holding 92.3% of the ownership. He also owns a fertilizer plant with an annual production capacity of 2.8 million tonnes of urea.
His investments include real estate as well. He owns six residential and commercial properties in Lagos—Africa’s largest city—which are valued using capitalization rates provided by CBRE Broll Nigeria and confirmed by his spokesperson, Anthony Chiejina.
Most of Dangote’s holdings are listed on the Nigerian Stock Exchange, making his net worth sensitive to market fluctuations. This recent loss stresses the instability of public markets and the financial risks faced even by high-profile investors.
