Dangote Drops in World’s Billionaire Ranking, Loses Over N400bn in Hours

• The net worth of Aliko Dangote, Africa's richest man, has dropped by over N400 billion in the last 24 hours
• The drop in Dangote's wealth has affected his ranking among the richest men in the world, which includes 3 Nigerians
• Despite the drop, Nigerian billionaire continues to be the richest man in Africa ahead of South African billionaire Johann Rupert

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The wealth of Aliko Dangote, President and Chief Executive of Dangote Industries, dropped by $274 million (N424.07 billion) in the past few hours.

According to the Forbes Billionaires Index, Dangote’s net worth fell to $23.2 billion as of Tuesday, June 10, 2025.

Dangote's current estimated net worth has affected his position among the richest people in the world, and he is now ranked 90th, 10 places lower than his previous ranking of 80th.

Overview of Dangote's wealth sources

Aliko Dangote, Africa’s richest person, derives his wealth primarily from Dangote Industries, a privately held conglomerate based in Lagos, Nigeria.

The group has a dominant presence in several sectors, including cement, oil refining, fertiliser, sugar, salt, and packaged food production.

At the heart of Dangote’s empire is Dangote Cement, sub-Saharan Africa’s largest cement producer. He holds an 86% stake in the company, which is listed on the Nigerian Stock Exchange. He also maintains significant shares in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa, either directly or through Dangote Industries.

His most valuable asset is the Dangote Oil Refinery, Africa’s largest refinery, which began operations in early 2024.

Dangote owns a 92.3% stake in the $20 billion project, valued based on construction costs.

In addition, he owns a fertiliser plant with an annual production capacity of up to 2.8 million tonnes of urea. This asset is valued using a net present value model by an independent analyst, assuming a 50% utilisation rate.

Beyond his listed holdings, Dangote also owns a portfolio of privately held businesses across sectors such as food manufacturing, agriculture, and packaging. These are valued based on investment costs reported in the group’s 2023 audited financial statements.

Nigerian billionaires' net worth movement

Aside Dangote, other Nigeria’s top billionaires recorded gains, with telecom and oil tycoon Mike Adenuga remaining the country’s richest man at $6.3 billion, up $2 million.

BUA Group chairman Abdulsamad Rabiu saw the biggest jump, adding $136 million to reach $5.2 billion, a 2.71% increase.

Femi Otedola, 62, whose interests span energy and utilities, gained $800,000, bringing his net worth to $1.5 billion.

New list shows highest-paid CEOs globally

Earlier, Legit.ng reported that the world’s highest-earning chief executives come mostly from the tech industry and are dominated by Americans and American tech firms.

From Microsoft, Tesla, Nvidia, and others, these CEOs have led their companies to incredible heights, with massive earnings and revenue.

They spark tech innovations, navigating the complex maze of the tech industry and are rewarded for their vision, leadership and creativity.

Source: Legit.ng