Aliko Dangote, Africa’s richest man, continues to hold a commanding stake in Dangote Sugar Refinery Plc, cementing his influence over one of Nigeria’s most valuable manufacturing companies. According to the latest financial statement filed with the Nigerian Exchange Group (NGX) for the 2024 financial year, Dangote’s direct and indirect ownership through his investment vehicle, Dangote Industries Limited, underscores his dominance in the sugar sector.
Dangote’s Wealth and Dangote Sugar’s Market Value
As of early 2025, Aliko Dangote’s net worth is estimated at around $14 billion, based largely on his stakes across several publicly traded companies, including Dangote Cement, Dangote Sugar Refinery, and Nascon Allied Industries. The value of Dangote Sugar Refinery alone has risen significantly over the past year, driven by strong earnings and increased demand for refined sugar in Nigeria.
Dangote Sugar Refinery reported a profit after tax of ₦54.84 billion for the 2024 financial year, up from ₦54.74 billion in 2023. The company’s total assets stood at ₦419.8 billion, while shareholders’ equity reached ₦207.65 billion, reflecting strong capital reserves and robust operational performance.
Top 5 Shareholders of Dangote Sugar Refinery Plc
The latest Shareholding Structure disclosed in the financial statement reveals the following:
- Dangote Industries Limited – Holding a massive 68.26% stake, this is Aliko Dangote’s primary investment vehicle, giving him effective control of the company.
- Stanbic IBTC Nominees Limited (Cumulative Holdings) – Holding 13.45%, representing shares held in custody for various investors, including institutional players and high-net-worth individuals.
- Khalil Mahmud Investment Limited – Holding 2.10%.
- Northern Trust Co. A/C African Frontier Equity Fund – Holding 0.32%.
- M & F Investments Limited – Holding 0.23%.
What This Means for Dangote’s Wealth
With Dangote Industries Limited owning over two-thirds of the company, Dangote’s direct exposure to Dangote Sugar Refinery translates into billions of naira in wealth. The company’s consistent profitability and strong market positioning mean his stake remains highly valuable, contributing significantly to his overall fortune.
A Multi-Billion Dollar Sugar Market
Nigeria’s sugar market is valued at approximately $1.5 billion annually, driven by strong demand from food and beverage manufacturers, bakeries, and household consumption. Nigeria is the largest sugar consumer in West Africa, accounting for nearly half of the region’s total demand.
Across West Africa, the sugar market is estimated to be worth around $3 billion, fueled by rapid population growth, urbanization, and expanding food processing industries.
However, much of this demand is still met through imports, creating a strong incentive for domestic producers like Dangote Sugar Refinery, BUA Foods, and Flour Mills of Nigeria to ramp up local production under Nigeria’s National Sugar Master Plan (NSMP).
Dominating the Competition
The Nigerian sugar industry is dominated by a few major players, with Dangote Sugar Refinery holding the leading position. Its main competitors include:
Flour Mills of Nigeria Plc, which operates Golden Sugar Company, one of the country’s largest sugar refineries.
BUA Foods Plc, which has significantly increased its market share in recent years through aggressive expansion in sugar refining and backward integration into sugar plantations.
Despite strong competition, Dangote Sugar Refinery benefits from its vertically integrated operations, a well-established supply chain, and a robust distribution network. Its deep alignment with the government’s National Sugar Master Plan gives it a strategic edge in accessing incentives, further solidifying its leadership position.
With Nigeria’s sugar consumption expected to grow at over 5% annually, the battle for market share will intensify — but for now, Dangote Sugar Refinery remains the heavyweight and a critical pillar of Aliko Dangote’s industrial empire
