The billionaires have both played an important role in the country's economic growth.
The group's profit decreased by more than 10 percent in the first half of 2022.
However, he remains one of the few billionaires who has seen impressive gains since the year began.
NASCON is a subsidiary of Dangote Group.
His group recently completed a bond issuance to fund the completion of the $19-billion Dangote Oil Refinery.
Dangote's net worth is still up by $832 million this year.
The proceeds from the landmark transaction will be used to part-finance the Dangote Oil Refinery Project.
Dangote owns an 86-percent stake in Dangote Cement Plc, Africa's largest cement producer.
The $100-million increase in his net worth in June follows a $300-million decline in May.
The refinery's pipeline infrastructure will process 540,000 barrels of Nigerian crude per day in the first phase of operation.