Africa’s richest man, Aliko Dangote, recorded a N1.47 trillion increase in the market value of his listed investments on the Nigerian Exchange (NGX) in the third quarter of 2026.
The increase was largely driven by the strong performance of Dangote Cement, whose share price rose by 10.8 percent between June 30 and September 30.
Key Highlights
- Dangote’s NGX-listed investments rose by N1.47 trillion in Q3 2026, from N15.07 trillion to N16.54 trillion.
- Dangote Cement drove the gain, with his stake rising by N1.52 trillion as the share price climbed 10.8 percent.
- His Dangote Sugar holding gained N1.76 billion.
- NASCON fell 13.9 percent, cutting the value of his stake by N51.43 billion.
- The Dangote Refinery IPO, targeting about N2.15 trillion, closes on October 13.
An analysis of Dangote’s direct and indirect holdings in Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries showed that the combined value of his investments increased from N15.07 trillion at the end of June to N16.54 trillion by September.
Dangote Cement Leads Gains
Dangote Cement accounted for the largest gain, with the value of his stake rising from N14.11 trillion to N15.63 trillion, representing an increase of N1.52 trillion.
The company’s share price climbed from N963 to N1,066.70 during the period.
Dangote’s investment in Dangote Sugar also gained N1.76 billion, increasing from N594.98 billion to N596.74 billion, as its share price edged up from N67.80 to N68.
However, NASCON Allied Industries recorded a decline during the quarter.
Its share price fell by 13.9 percent, from N219.50 to N188.90, reducing the value of Dangote’s stake by N51.43 billion to N317.49 billion.
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Refinery IPO Underway
The latest gains come amid the expansion of Dangote’s business interests, including the ongoing initial public offering of Dangote Petroleum Refinery and Petrochemicals.
The refinery’s IPO targets about N2.15 trillion through the sale of 4.1 billion shares at N525 each. The offer, approved by the Securities and Exchange Commission on September 5, 2026, is scheduled to close on October 13.
The Dangote Refinery has a production capacity of 650,000 barrels per day, with plans to expand capacity to 1.4 million barrels per day.
Dangote’s wealth has also risen significantly in recent years following the commencement of operations at the refinery in 2024.
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