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Aliko Dangote, the man who has long held the crown as Africa’s richest individual, is facing one of the sharpest dips in his fortune in recent years losing over N400 billion in less than 24 hours.
According to the latest update from the Forbes Billionaires Index, Dangote’s net worth dropped by $274 million, roughly N424 billion, bringing his total fortune to $23.2 billion as of Tuesday, June 10, 2025.
This dramatic slip also saw his global ranking slide from 80th to 90th, a 10-spot drop in just a single day.
Still Africa’s Richest, But What Happened?
Despite the plunge, Dangote still retains his title as Africa’s wealthiest man, staying ahead of his closest continental rival, South African billionaire Johann Rupert. But this sudden loss raises questions about what triggered such a massive drop in his valuation within hours.
At the heart of Dangote’s fortune is Dangote Industries, a massive privately held conglomerate based in Lagos. His wealth is largely tied to the performance of the group’s companies particularly Dangote Cement, which dominates the construction market across sub-Saharan Africa.
Dangote holds an 86% stake in the cement giant, and fluctuations in stock value can cause immediate shifts in his net worth.
Other major components of his portfolio include Dangote Sugar, NASCON Allied Industries, and United Bank for Africa, all of which he controls either directly or through his conglomerate. These companies are exposed to various market forces, and even small movements in investor confidence, exchange rates, or commodity prices can influence the billionaire’s standing.
Billion-dollar refinery and fertiliser empire
One of the crown jewels of Dangote’s empire is the Dangote Oil Refinery, which began operations in 2024. It’s Africa’s largest oil refinery and reportedly cost around $20 billion to build. Dangote holds a whopping 92.3% stake in the project, a massive asset whose value is based on construction costs rather than current profitability.
If investor sentiment shifts or output falls short of projections, the valuation can be affected.
Also in his portfolio is a major fertiliser plant with an annual capacity of 2.8 million tonnes of urea. While the plant is a valuable asset in Africa’s growing agricultural market, it too is subject to assumptions about usage, exports, and global demand.
What this means
The billionaire rankings are more than just a scoreboard for the ultra-wealthy, they often reflect deeper trends in the global economy. A drop of this magnitude in such a short period could signal shifts in stock prices, changing investor sentiment, or broader market adjustments.
For Dangote, who has built his empire through decades of dominance in cement, food, and now energy, this dip may be temporary. But it does show that even the richest are not immune to rapid financial shifts.
Whether this is a short-term shakeup or the beginning of a longer correction remains to be seen. One thing is certain: when Dangote’s wealth moves, the world takes notice.
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