- Aliko Dangote, founder of Dangote Group, is Africa’s richest person.
- He lost $397 million in one day due to a significant drop in Dangote Cement shares.
- His current net worth is estimated at $23.2 billion.
Aliko Dangote, the founder of Dangote Group and Africa’s wealthiest individual, experienced a notable decline in his fortune, losing $397 million in a single day. This drop occurred after a sharp fall in the value of Dangote Cement shares on the Nigerian Stock Exchange.
As per Forbes’ real-time billionaire tracker, Dangote’s current net worth is estimated at $23.2 billion, placing him 84th on the global list of the wealthiest people.
The significant decrease in his wealth followed the closing of Dangote Cement shares at N480.00 on Wednesday. Dangote Cement, the largest cement producer in Nigeria, is one of the most actively traded stocks on the exchange. Between January and April 2025, over 25 million shares were exchanged in more than 15,000 transactions, totaling N10.8 billion in value. Dangote, who holds 86% of the company, relies heavily on this cement venture as a cornerstone of his diversified business empire.
Beyond the cement sector, Dangote’s industrial interests extend into numerous industries. His flagship project, the Dangote Oil Refinery—Africa’s largest petroleum refinery—began operations in early 2024. Valued at $20 billion, with Dangote owning 92.3% of the project, the refinery aims to reduce Nigeria’s dependence on imported fuel and alter the continent’s energy landscape.
Dangote’s portfolio also includes a state-of-the-art fertilizer plant capable of producing 2.8 million metric tons of urea annually. This plant plays a crucial role in Nigeria’s agricultural economy, with independent financial evaluations affirming its economic significance, even when operating at 50% capacity.
His investment reach extends to other publicly traded companies such as Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. These holdings, in addition to his cement interest, are managed through Dangote Industries, the main investment arm of his group. His private businesses, including those in food processing, agriculture, and packaging, are valued based on the investment costs outlined in the Group’s 2023 financial reports.
Despite the recent financial dip, Dangote continues to be a prominent figure in African business, with a focus on fostering industrial self-sufficiency and driving long-term economic change across the continent.
