Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has seen his fortune drop by $397 million in a single day following a decline in the share price of Dangote Cement.
According to Forbes’ real-time billionaire rankings, Dangote’s net worth now stands at $23.2 billion, placing him 84th on the global list but he remains first in Africa. This slip comes after the share price of Dangote Cement closed at ₦480.00 per share on Wednesday on the Nigerian Stock Exchange.
Despite the recent dip, the vast empire of Dangote, who owns a controlling 86% stake in the company, which is one of the most heavily traded stocks in Nigeria, with over 25 million shares exchanged across 15,000+ deals between January and April 2025, totalling ₦10.8 billion still remains solid.
This is attributed in part to the $20 billion Dangote Oil Refinery, where he holds a 92.3% stake as well as a major fertilizer plant capable of producing 2.8 million metric tons of urea annually. The billionaire also has public stakes in companies such as Dangote Sugar, Nascon Allied Industries, and United Bank for Africa—all managed through Dangote Industries in addition to private ventures in food processing, agriculture, and packaging.
Other Nigerian Billionaires Also Witness Drop In Fortunes
Aliko Dangote is not the only one whose fortune dipped as other Nigerian billionaires like Abdulsamad Rabiu, Mike Adenuga and Femi Otedola also witnessed declines in their real time fortunes. Mike Adenuga lost $9million placing 503rd globally, Abdulsamad Rabiu, lost a whooping $406million and was ranked 847th globally while Femi Otedola lost $137million to rank 2566th globally.
