Aliko Dangote loses $397 million in a day as cement shares tumble

Aliko Dangote, Africa’s richest man and founder of the Lagos-based Dangote Group, saw his fortune shrink by $397 million in a single day after shares in Dangote Cement dipped sharply on the Nigerian Stock Exchange.

According to Forbes’ real-time billionaire tracker, Dangote’s net worth now stands at $23.2 billion, ranking him 84th among the world’s wealthiest individuals.

The drop followed Wednesday’s close of Dangote Cement shares at N480.00. The company, Nigeria’s largest cement producer, is one of the most actively traded equities on the exchange. Between January and April 2025, over 25 million shares were exchanged in more than 15,000 deals, totaling a transaction value of N10.8 billion. Dangote holds an 86% stake in the cement giant, making it a significant pillar of his business empire.

Beyond cement, Dangote’s industrial footprint stretches across multiple sectors. His crown jewel, the Dangote Oil Refinery — Africa’s largest and most ambitious petroleum project — commenced operations in early 2024. Valued at $20 billion, with Dangote owning a 92.3% stake, the refinery is expected to cut Nigeria’s reliance on imported fuels and shift the energy dynamics of the continent.

He also owns a major fertilizer plant with the capacity to produce 2.8 million metric tons of urea annually. An independent assessment using net present value methodology, assuming 50% operational capacity, affirms the plant’s strategic economic importance.

Dangote’s holdings span other publicly traded companies including Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. These assets, along with his cement stake, are managed directly and via Dangote Industries, the flagship investment arm of the Group. His privately held businesses in food processing, agriculture, and packaging are valued using investment costs detailed in the Group’s 2023 audited financial reports.

Despite the single-day dip in net worth, Dangote remains a towering figure in African industry, with a portfolio geared toward long-term industrial self-reliance and economic transformation.