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Cement Stock Drop Wipes $163 Million from Aliko Dangote’s Fortune

By NewsWireNGR

Africa’s wealthiest person, Aliko Dangote, has seen his fortune shrink after a recent slump in his cement company’s stock. The drop, which wiped an estimated $163 million from his net worth, brings his total wealth to $28.8 billion.

The decline was tied to Dangote Cement, where Dangote holds an 87.45% stake. According to Bloomberg data, shares in the company fell more than 3% in just a few days, reducing its market value to approximately $5.6 billion. The dip follows a recent rebound that had added $200 million to his wealth.

Despite the setback, Dangote, 68, maintains his position as the continent’s richest individual. His business empire stretches across various industries, from sugar and salt to his massive $20 billion refinery in Lagos. That facility recently made headlines for shipping gasoline to the United States for the first time, a major milestone for Nigeria’s energy exports.

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