Despite the loss, Dangote’s empire remains vast. He owns a 92.3% stake in the $20 billion Dangote Refinery, Africa’s largest, which began operations in 2024.
Africa’s richest man, Aliko Dangote, lost $397 million in a single day following a slump in Dangote Cement shares, according to Forbes’ real-time billionaires list. His net worth now stands at $23.2 billion, placing him 84th globally.
Shares of Dangote Cement, which Dangote owns 86% of, closed at N480.00 on Wednesday, triggering the wealth dip. The company remains Nigeria’s largest cement producer and one of its most actively traded stocks, with over N10.8 billion in deals this year alone.
Despite the loss, Dangote’s empire remains vast. He owns a 92.3% stake in the $20 billion Dangote Refinery, Africa’s largest, which began operations in 2024. He also controls a 2.8 million metric ton urea fertilizer plant and major stakes in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa.
Dangote’s holdings extend to real estate and private ventures in food and manufacturing. Despite market volatility, his investments continue to shape Nigeria’s industrial and economic landscape.