Table of Contents
Key Points
- Aliko Dangote's net worth fell from $23.9 billion to $23.1 billion in 18 days, mainly due to the weakening Nigerian naira.
- A nearly 7% naira drop slashed the dollar value of Dangote’s cement, oil, sugar, and fertilizer assets.
- Dangote will earn $293.2million in dividends from Dangote Cement after a strong 2024 financial performance.
Aliko Dangote, Africa’s richest person, has seen his fortune take a sharp hit in recent weeks, with his net worth dropping by $800 million in just 18 days. This decline is largely due to the weakening naira, which has affected the value of his core business holdings.
Currency woes trim Dangote’s net worth
According to Forbes, the U.S.-based magazine that tracks the world’s richest individuals, Dangote’s fortune fell from $23.9 billion on Mar. 29 to $23.1 billion. This setback comes despite the global attention his $20 billion Dangote Oil Refinery continues to generate as one of Africa’s most ambitious energy projects.
The recent dip in his wealth is closely tied to the naira’s near 7 percent slide against the U.S. dollar since early March. As the local currency weakens, so does the dollar value of his holdings across cement, sugar, salt, oil, and fertilizer, along with the sprawling refinery complex.
The naira’s troubles are being fueled by surging demand for dollars amid a tight foreign exchange market. Broader economic uncertainty, including lower oil revenues and global trade concerns, has only added pressure. That said, there’s been a bit of relief in recent days. Analysts say easing trade tensions between the U.S. and China have helped steady global markets and given the naira a slight lift.
Refinery stake powers Aliko Dangote’s riches
Still, despite the dip, Dangote remains firmly in place as both Africa’s wealthiest individual and the richest Black person in the world. He currently ranks No. 84 on the Forbes billionaires list, which now requires a net worth of at least $19.1 billion to crack the top 100.
Interestingly, not all trackers agree on the exact numbers. Bloomberg’s Billionaires Index puts his net worth higher—at $27.9 billion—and ranks him 63rd worldwide. The difference comes down to how his privately held assets are valued, especially his massive refinery stake.
Most of Dangote’s fortune is tied up in industrial assets. Bloomberg estimates his 92.3 percent stake in the Dangote Oil Refinery is worth $18.6 billion, based on the project’s $20 billion construction cost. He also holds an 87.45 percent stake in Dangote Cement, translating to about 14.65 billion shares worth roughly $4.38 billion.
His fertilizer plant, capable of producing 2.8 million tonnes of urea each year, adds another $3.02 billion. Beyond these, he holds joint oil licenses (OML 71 and 72) valued at $497 million, a 72.7 percent share in Dangote Sugar worth $184 million, and 62.2 percent of NASCON Allied Industries, his salt business, valued at $49.2 million. He also owns $100 million worth of land in the Lagos Free Trade Zone and has around $744 million in cash reserves.
Dangote eyes $293 million from cement dividend
Despite the setback, Dangote is gearing up for a major payday. His flagship company, Dangote Cement Plc, has declared a generous final dividend after closing 2024 with $2.4 billion in revenue and a profit of $335.75 million. As the company’s biggest shareholder, Dangote stands to earn around $293.2 million (N439.47 billion) from the N502.56 billion ($335.3 million) set aside for shareholders.
The dividend, N30 ($0.02) per share, is scheduled for distribution on June 23, 2025. It’s a strong signal of the cement giant’s resilience, especially given that the stock has dropped more than 30 percent over the past year. For Dangote and other shareholders, the payout offers not just a financial boost, but also a reminder of how unpredictable the market can be.
