Africa’s richest man, Aliko Dangote, has seen his fortune swell by nearly half a billion dollars in a single week, buoyed by a bullish run on the Nigerian Exchange (NGX) that lifted shares of his flagship companies, particularly Dangote Cement Plc.
According to the Bloomberg Billionaires Index, Dangote’s net worth climbed from $29.1 billion to $29.6 billion in the week ending October 10, as investors poured fresh confidence into Nigeria’s industrial and manufacturing sectors.
Cement Leads the Charge
The lion’s share of Dangote’s gains came from Dangote Cement, where he holds an 87.45 percent stake. The company’s stock surged 9.5 percent, adding roughly $497 million to his net worth.
By contrast, shares of Dangote Sugar Refinery slipped 1.3 percent, trimming about $4.76 million from his holdings. However, that dip was largely offset by a modest $4.52 million gain from NASCON Allied Industries, his salt and seasoning arm, which also saw an uptick in investor activity.
The movement underscores how deeply Dangote’s fortune is tied to Nigeria’s equities market, with cement continuing to serve as the anchor of his vast industrial empire.
Year-to-Date Growth Tops $1.5 Billion
Since the start of 2025, Dangote’s wealth has expanded by about $1.5 billion, mirroring a sustained bullish trend on the NGX. The rally has been fuelled by improved corporate earnings, stronger investor sentiment, and ongoing Central Bank efforts to stabilise the naira.
So far this year, Dangote Cement has appreciated 20.3 percent, contributing about $970 million to his fortune. Dangote Sugar Refinery has gained an impressive 88 percent, adding $170 million, while NASCON has soared 219 percent, pushing up his wealth by another $78.4 million.
Bloomberg’s data ranks Dangote as the 76th richest person globally, with interests stretching across cement, sugar, salt, fertiliser, and oil refining. The Dangote Refinery, valued at $18.6 billion, remains his crown jewel, while his stakes in cement, sugar, and fertiliser are estimated at $5.87 billion, $367 million, and $3.02 billion, respectively.
Despite inflationary pressures and persistent currency challenges, industrial stocks have shown resilience, reflecting renewed optimism about Nigeria’s long-term growth outlook. The NGX’s upward momentum has positioned Dangote Cement once again as the most valuable company on the exchange, and a barometer for investor confidence in Africa’s largest economy.
