Africa’s wealthiest businessman, Aliko Dangote, has taken a hit to his fortune after shares in his cement company slid on the Nigerian Exchange. 

The billionaire, who heads the Dangote Group, saw his net worth shrink by about $163 million in just four days, bringing his total wealth to an estimated $28.8 billion, according to the Bloomberg Billionaires Index.

Cement slump drags down fortune

Dangote’s fortune had been on an upswing earlier this month, boosted by gains in Dangote Cement and a stronger naira. But the recent decline in the company’s stock has wiped out part of those profits. 

Shares of Dangote Cement, where he owns over 87 percent, slipped more than three percent, falling from ₦528 on September 11 to ₦511.2 by Monday morning. 

The drop pushed the company’s market value down to roughly $5.6 billion, directly affecting Dangote’s personal wealth.

This setback has reduced his year-to-date gains to $687 million, down from the $850 million growth recorded earlier in September. 

Despite the dip, Dangote still remains one of the most influential figures on the African continent, with his cement business dominating markets across the region.

A refinery making global moves

Beyond cement, Dangote is also making bold moves in the energy sector. His $20 billion refinery near Lagos, which started operations last year, is gradually reshaping Nigeria’s role in global energy trade. 

At the end of August, the plant made headlines by sending its first-ever shipment of gasoline to the United States.

Roughly 300,000 barrels of petrol left the refinery aboard the vessel Gemini Pearl, marking the first time Nigeria exported refined gasoline directly to America. For decades, the country had relied on exporting crude oil while importing refined fuel for local use.

The new facility, with a daily capacity of 650,000 barrels, has already exported cargoes to Asia and the Middle East. 

Refinery outages in Saudi Arabia and Kuwait have also opened opportunities for Dangote’s products to fill supply gaps in those markets, a sign of Nigeria’s growing competitiveness in refined petroleum exports.

Balancing losses and gains

While the slip in Dangote Cement has trimmed Dangote’s paper wealth, his diversification into energy and food industries continues to strengthen his long-term influence in Africa’s economy. 

The billionaire may have lost $163 million on paper, but with his refinery steadily gaining ground in global markets, the picture of his financial empire remains one of resilience and expansion.