Barely three weeks after hitting a record valuation of $30 billion, Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has seen his net worth drop below that mark following a decline in shares of his flagship firm, Dangote Cement Plc.
According to Bloomberg Billionaires Index data, Dangote’s fortune fell by about $684 million within 24 hours, sliding from $30.5 billion at the start of trading on November 11 to approximately $29.8 billion.
Investor Caution Over New Tax Law
The slump marks the first significant decline in Dangote’s wealth since he crossed the $30 billion milestone earlier in November. The drop is tied to his 87.45 percent stake in Dangote Cement—Nigeria’s largest listed company by market value and Africa’s top cement producer.
Shares of Dangote Cement on the Nigerian Exchange (NGX) fell by nearly 10 percent, driven by investor caution following the signing of a new tax law. The legislation will raise the capital gains tax (CGT) rate from a flat 10 percent to align with the Companies Income Tax rate of 30 percent, depending on profit levels.
Set to take effect in 2026, the policy shift has unsettled investors, prompting a cautious mood in the Nigerian market.
$650 Million Erased From Dangote Cement Value
The share decline wiped out roughly $650 million from the market value of Dangote’s holdings in the cement firm, shrinking from $6.7 billion to around $6.05 billion.
This setback comes as Dangote Cement competes with MTN Nigeria Plc to become the first company listed on the NGX to record an annual profit exceeding N1 trillion (about $692 million).
Cement Giant Still Profitable
Despite the market volatility, Dangote Cement has maintained strong financial performance. The company reported a nearly threefold increase in profit to N743.3 billion ($514.5 million) for the nine months ending September 30, 2025—up from N279.1 billion ($193.4 million) during the same period in 2024.
In the third quarter alone, the firm posted N222.8 billion ($154.4 million) in profit on revenues of N1.08 trillion ($748.6 million), underscoring its position as one of Africa’s most profitable industrial companies.
