Africa’s richest man, Aliko Dangote, added $497 million to his net worth in the week ending October 10. The rise followed a strong performance by his listed companies on the Nigerian Exchange (NGX).
Data from the Bloomberg Billionaires Index showed that Dangote’s wealth increased from $29.1 billion to $29.6 billion within the week. Most of the gains came from Dangote Cement Plc, where he holds an 87.45 percent stake.
The cement giant’s share price rose by 9.5 percent, translating to about $497.3 million in added wealth. In contrast, Dangote Sugar Refinery saw a 1.3 percent decline in share price. This drop reduced the value of his holdings in the company by around $4.76 million.
The loss was, however, offset by a $4.52 million gain from NASCON Allied Industries, which also recorded an uptick during the week. The overall performance highlights how closely Dangote’s wealth is linked to Nigeria’s stock market, especially the cement sector.
The cement industry continues to reflect investor confidence in Nigeria’s industrial growth and infrastructure drive. Dangote Cement remains the most valuable company on the NGX and a bellwether for market sentiment.
So far in 2025, Dangote’s fortune has grown by $1.5 billion, reflecting the NGX’s bullish run. The market rally has been supported by improved investor confidence, stronger corporate earnings, and the Central Bank’s efforts to stabilise the naira.
Dangote Cement has gained 20.3 percent year-to-date, adding about $970 million to his wealth. Dangote Sugar Refinery is up 88 percent, contributing roughly $170 million. NASCON has jumped 219 percent, adding another $78.4 million.
According to Bloomberg, Dangote is now the 76th richest person in the world. His wealth spans several sectors, including cement, sugar, salt, fertiliser, and oil refining. Bloomberg values the Dangote Refinery at $18.6 billion, while his stakes in Dangote Cement, Dangote Sugar Refinery, and the fertiliser plant are estimated at $5.87 billion, $367 million, and $3.02 billion, respectively.
The billionaire’s rising fortune mirrors the broader rally on the Nigerian Exchange. Despite inflation and currency pressures, industrial and manufacturing stocks have remained strong, reflecting investor optimism about Nigeria’s long-term growth prospects