Dangote Fortune Hits $55.4 Billion as Dangote Cement Reclaims NGX Top Spot

Aliko Dangote's fortune rose to $55.4 billion as Dangote Cement Plc reclaimed its position as Nigeria's most valuable listed company, overtaking Airtel Africa. Forbes' real-time billionaires ranking showed his wealth climbing from $53.2 billion on Monday to $55.4 billion on Thursday, October 29, 2026.

The 69-year-old billionaire, Africa's richest man, has recorded substantial wealth gains this year, driven by rising valuations of his cement and petroleum refining businesses. Dangote Cement's market value reached ₦23.96 trillion, surpassing Airtel Africa's ₦23.68 trillion.

Cement shares rally

Dangote Cement shares jumped 5.8%, gaining ₦78.10 to close at a record ₦1,420 on the Nigerian Exchange. The rally lifted the cement maker's market capitalisation to ₦23.96 trillion. Airtel Africa had held the top position since July, after a sustained rally pushed its market value above ₦21 trillion.

Dangote Cement's shares have more than doubled from ₦609 at the beginning of 2026. Dangote controls about 86.8% of the company, representing 14.65 billion shares held mainly through Dangote Industries Limited. At Thursday's closing price, his stake was valued at about ₦20.8 trillion, equivalent to $15.2 billion.

The latest trading session alone added about ₦1.14 trillion, or $838 million, to the value of his holdings. Since last Friday, the shares have appreciated by nearly 28%, increasing his stake's value by about ₦4.53 trillion. The company's concentrated ownership means relatively limited trading volumes can produce significant price movements.

Earnings and London listing

Investor confidence has strengthened after Dangote Cement's nine-month financial performance. The company reported a 31% increase in profit after tax to ₦974.8 billion, while revenue rose 19.6% to ₦3.77 trillion. It ended September with net cash of ₦51.1 billion, reflecting an improved balance sheet.

Shareholders have approved plans for a secondary listing in London. The move could allow existing investors to sell about 10% of the company.

Refinery adds to wealth

Dangote's petroleum refinery has emerged as a major contributor to his expanding fortune. The refinery recently concluded a ₦2.15 trillion initial public offering and plans to begin trading on the Nigerian Exchange in December. Dangote retains about 87% ownership of the refinery.

His wealth has more than doubled from $25.6 billion at the end of 2025, strengthening his position as Africa's richest individual. The Dangote Petroleum Refinery has also processed crude above its designed capacity. NMDPRA data showed the 700,000-barrel-per-day refinery recorded average capacity utilisation of 105.21% in August, as increased local output reduced Nigeria's reliance on imported petrol and diesel.

The cement rally and refinery listing plan matter for the NGX, which has a new most valuable company, and for investors watching Dangote's broader industrial group. For Nigerian businesses, the earnings growth and refinery output point to stronger local capacity in cement and petroleum products.