Aliko Dangote loses $1.4 billion so far in November

Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has lost $1.4 billion so far this month, according to the Bloomberg Billionaires Index. His net worth dropped from $30.6 billion on Nov. 1 to $29.2 billion. The decline over the past 20 days has cut his year-to-date gains from $2.5 billion to $1.1 billion, a shift closely tied to the performance of his publicly listed companies, particularly Dangote Cement Plc, on the Nigerian Exchange (NGX).

Dangote Cement stake falls $1.31 billion

At the start of November, the market value of Dangote’s 87.45 percent stake in Dangote Cement was $6.7 billion, making it his second-largest holding after his $18.6 billion stake in Africa’s largest oil refinery, Dangote Oil Refinery. A more than 19 percent drop in the cement company’s share price, from N660 ($0.45) to N534.6 ($0.37), has reduced the market value of his stake to $5.39 billion, wiping out $1.31 billion from the cement giant’s valuation.

The decline in share price comes despite strong results for the first nine months of 2025. Dangote Cement reported a near threefold rise in profit to N743.3 billion ($514.5 million), up from N279.1 billion ($193.4 million) a year earlier. In the third quarter alone, the company earned N222.8 billion ($154.4 million) on revenue of N1.08 trillion ($748.6 million) with exports reaching Cameroon, Ghana and the Democratic Republic of Congo.

Dangote expands across Africa

Beyond cement, Dangote has continued expanding his business network across Africa. Earlier this month, the Dangote Group signed a $1 billion investment agreement with Zimbabwe, covering a new fertilizer plant and a 2,000-kilometer pipeline running from Namibia’s Walvis Bay through Botswana to Bulawayo, Zimbabwe’s second-largest city.

The deal is expected to enhance fertilizer production and energy infrastructure across Southern Africa. Dangote Fertilizer Limited (DFL) also signed a separate agreement with Germany’s thyssenkrupp Uhde to expand Nigeria’s urea capacity. The partnership includes advanced process design, granulators, scrubbers and other equipment for four new urea granulation units, further reinforcing regional food security.

In sugar, Dangote Sugar Refinery plans more than $700 million in investments, including land development, equipment upgrades, infrastructure improvements, staff training and community programs. It currently produces 1.44 million metric tons of sugar annually. Revenue for the first nine months of 2025 rose to N626.24 billion ($434.6 million), up from N484.42 billion ($336 million) in the same period last year, thus positioning the company for sustained growth.