Africa’s richest man, Aliko Dangote, saw $1.2 billion wiped from his fortune in a single trading session after a sharp selloff in Nigerian equities sent heavyweight industrial stocks tumbling, highlighting how market volatility can rapidly reshape billionaire wealth even as the underlying businesses continue generating strong cash returns.
The decline pushed his fortune below the $35 billion mark for the first time since early May.
Because Dangote remains the dominant shareholder in Dangote Cement, changes in the company’s share price immediately affect the estimated value of his fortune, even though he has not sold any shares.
Nigeria’s biggest market decline this year
Dangote’s paper loss came during the Nigerian Exchange’s steepest one-day decline of 2026.
