Africa’s richest man, Aliko Dangote, saw a staggering $397 million wiped off his fortune in a single trading day following a sharp dip in Dangote Cement shares on the Nigerian Exchange.
According to Forbes’ real-time billionaire tracker, Dangote’s net worth now stands at $23.2 billion, pushing him to 84th position on the global rich list. The drop in value followed Wednesday’s close of Dangote Cement shares at N480.00.
Dangote Cement, Nigeria’s largest cement producer and one of the most actively traded stocks on the NGX, has seen over 25 million shares exchanged in more than 15,000 deals between January and April 2025, totalling a market value of N10.8 billion.
The billionaire businessman holds an 86 per cent stake in the company, making it a cornerstone of his vast industrial empire.
Despite the market slump, Dangote’s industrial footprint remains formidable. His crown jewel, the $20 billion Dangote Oil Refinery — Africa’s largest petroleum refining complex — began operations in early 2024.
He holds a 92.3 per cent stake in the refinery, which is projected to significantly reduce Nigeria’s dependence on imported fuels and reshape the continent’s energy sector.
Also in his portfolio is a massive fertilizer plant with a production capacity of 2.8 million metric tons of urea annually.
An independent valuation using net present value methodology, even at 50 per cent operational capacity, affirms the plant’s strategic significance to the economy.
Beyond cement and energy, Dangote maintains significant holdings in publicly listed companies such as Dangote Sugar, Nascon Allied Industries, and United Bank for Africa, in addition to interests in food processing, agriculture, and packaging.
These assets are managed directly and through his flagship investment vehicle, Dangote Industries.
While the billionaire experienced a major setback on the stock market, analysts say his investments are long-term plays aimed at deepening Nigeria’s industrial base and driving continental economic transformation.
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