Dangote’s wealth explodes to $55.4bn as cement giant reclaims Nigerian crown

Cape Town – Nigerian billionaire Aliko Dangote’s fortune has surged to $55.4 billion, following a sharp rally in Dangote Cement shares that restored the company to its position as Nigeria’s most valuable listed firm.

According to Billionaires.Africa, Dangote’s estimated net worth increased from $53.2 billion on Monday to $55.4 billion on Thursday, October 29, according to Forbes’ real-time billionaires ranking.

The 69-year-old industrialist, Africa’s richest person, benefited from a 5.8% increase in Dangote Cement shares, which closed at ₦1,420 on the Nigerian Exchange (NGX), pushing the company’s market capitalisation to ₦23.96 trillion ($17.6 billion).

The valuation edged past Airtel Africa’s ₦23.68 trillion ($17.3 billion), making Dangote Cement Nigeria’s most valuable listed company again after losing the position in July.

Dangote owns approximately 86.8% of the cement producer, with his stake valued at $15.2 billion. Thursday’s share-price increase alone added approximately $838 million to the value of his holding. The stock has gained almost 28% since last Friday and more than doubled since the beginning of the year.

BusinessDay independently reported the billionaire’s latest wealth increase, noting that the rally reflects both the appreciation of his publicly traded investments and the earlier reassessment of his stake in the privately held Dangote Petroleum Refinery.

Strong financial performance has also supported investor confidence in the cement business. BusinessDay’s financial results report showed that Dangote Cement’s profit after tax increased by 31.1% to ₦974.8 billion in the nine months to September 2026, while revenue grew 19.6% to ₦3.77 trillion.

The company also reduced its borrowings significantly, ending September with a net cash position of ₦51.1 billion, compared with net debt of ₦682.9 billion at the end of 2025.

Chief executive Arvind Pathak described the financial turnaround as a major milestone, saying: “Dangote Cement is now a net-cash company.”

Meanwhile, Dangote’s refinery business has become another major contributor to his growing wealth. Its $1.6 billion share offering closed on October 27, after attracting substantial investor interest.

Reuters reported that the refinery’s IPO attracted approximately ₦6.4 trillion ($4.78 billion) in orders, about three times its targeted amount of ₦2.15 trillion.

Dangote’s fortune had already received a substantial boost in September following a $2.5 billion private share placement in the refinery, which increased the valuation of his stake. He was worth approximately $25.6 billion at the end of 2025.

The latest developments underline the growing influence of Dangote’s industrial empire across Africa, spanning cement, fertiliser, sugar and oil refining.

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