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Key Points
- A surge in Dangote Cement stock lifted Aliko Dangote’s fortune to $28.2 billion, reversing his year-to-date losses.
- Dangote Cement’s 9.99% rally drove a $410 million boost to his wealth, lifting the cement giant’s market capitalization to $5.2 billion.
- Dangote’s refinery, fertilizer, and real estate assets remained unchanged, with most of the gains driven by listed shares.
Africa’s richest man, Aliko Dangote, saw his net worth jump by $414 million in just one day, thanks to a strong rally on the Nigerian Exchange (NGX). Dangote, who chairs the Dangote Group—one of the continent’s largest industrial conglomerates—benefited from rising investor confidence in his flagship company, Dangote Cement Plc.
Dangote adds $414 million on stock rally
Dangote saw his net worth rise by $414 million on Thursday, July 17, as his cement and sugar businesses got a fresh boost alongside a broader rally in the Nigerian stock market. According to the Bloomberg Billionaires Index, his fortune increased from $27.8 billion at market open to $28.2 billion by the end of the day.
The jump marked a quick recovery after what had been shaping up to be a down year. Just a day earlier, Bloomberg data showed he was $269 million in the red for 2025. But by Thursday’s close, he had not only erased that loss—he was up $145 million for the year.
By Friday morning, his wealth held steady at $28.2 billion, enough to move him one spot higher on Bloomberg’s global rankings, from 74th to 73rd. He remains the richest man in Africa and the wealthiest Black person in the world.
Cement stake adds $410 million
The rally was driven in large part by a 9.99 percent surge in Dangote Cement’s share price during Thursday’s trading session, which lifted the cement giant’s market capitalization on the NGX to N7.98 trillion ($5.23 billion). As a result, the value of Dangote’s 86 percent stake in the cement giant rose from $4.12 billion to $4.53 billion.
Other parts of his publicly listed portfolio also saw modest gains. His 68 percent stake in Dangote Sugar Refinery increased in value from $287 million to $293 million, while his holdings in Nascon Allied grew from $88 million to $93.9 million.
No change in private asset value
The market value of his privately held assets—where the bulk of his fortune lies—remained unchanged. These include his $18.6 billion stake in the Dangote Oil Refinery, which began operations earlier this year, as well as a $3.02 billion valuation for Dangote Fertilizer.
He also holds oil mining licenses OML 71 and 72, jointly worth $497 million. Bloomberg estimates the value of his private jet fleet at $76 million, while his Lagos real estate holdings are worth $148 million. Land he owns in the Lekki Free Trade Zone is valued at $100 million, and his cash holdings are pegged at $744 million.