Africa’s richest man, Aliko Dangote, has added another $4.4 billion to his estimated fortune in just nine days, taking his wealth to $55.4 billion, according to BusinessDay’s analysis of Forbes’ real time billionaire tracker.
The surge comes as Dangote Cement shares rallied on the Nigerian Exchange, restoring the company to the position of Nigeria’s most valuable listed firm, ahead of Airtel Africa and MTN Nigeria.
On Thursday, October 29, Dangote Cement shares climbed 5.82% to ₦1,420, pushing its market capitalisation to ₦23.96 trillion. Airtel Africa followed with ₦23.68 trillion, while MTN Nigeria ranked third at ₦17.3 trillion.
The cement giant has more than doubled in market value this year, reflecting renewed investor interest in Nigerian equities. The wider NGX market also reached a record capitalisation of ₦164.97 trillion.
THE NUMBERS BEHIND DANGOTE’S RISING FORTUNE
Dangote Cement’s financial performance has been equally impressive. For the first nine months of 2026, revenue increased by 19.6% to ₦3.77 trillion, while profit after tax jumped 31.2% to a record ₦974.8 billion.
Its operating cash flow rose to ₦1.8 trillion, helping the company move from a net debt position of ₦682.9 billion to a net cash position of ₦51.1 billion. It also paid a record ₦754 billion dividend from internally generated cash.
The rally coincided with the closure of the Dangote Petroleum Refinery and Petrochemicals IPO on October 27. The refinery offered 4.1 billion shares at ₦525 each, targeting ₦2.15 trillion in what was expected to be one of Nigeria’s biggest capital market transactions.
Forbes’ wealth estimate also reflects the value of Dangote’s privately held refinery, meaning the increase is not solely the result of the cement company’s share price.
Despite rising to $55.4 billion, Dangote remains the world’s 35th richest person, according to the report.
A BIGGER QUESTION FOR NIGERIA
Dangote’s latest rise is more than a billionaire wealth story. It highlights the growing influence of Nigerian companies on the stock market and the scale of wealth that can be created through industrial production, infrastructure and long term investment.
However, a company’s rising market value does not automatically translate into cheaper cement, lower construction costs or improved living standards for ordinary Nigerians. The real test is whether corporate growth eventually produces wider economic benefits.
