Dangote’s NGX wealth surges by N1.47 trillion in Q3 2026 as cement stock rallies

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) during the third quarter of 2026.

The gain was largely driven by Dangote Cement, whose share price appreciated by 10.8% between June 30 and September 30, 2026.

Nairametrics’ analysis of Dangote’s direct and indirect shareholdings in Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries shows that their combined market value increased from N15.07 trillion at the end of June to N16.54 trillion in September.

The performance reflects gains in two of his three listed companies, with NASCON recording a decline during the period.

Dangote Cement drives N1.52 trillion gain

Dangote Cement accounted for the largest increase in the billionaire’s investment portfolio during the quarter.

The value of his holding in Dangote Cement rose from N14.11 trillion in June to N15.63 trillion in September, representing a gain of N1.52 trillion.

• The company’s share price increased from N963 to N1,066.70, reflecting a 10.8% appreciation.
• His investment in Dangote Sugar gained N1.76 billion, rising from N594.98 billion to N596.74 billion.
• Dangote Sugar’s share price recorded a marginal 0.3% increase, moving from N67.80 to N68.

However, NASCON Allied Industries recorded a weaker performance during the quarter.

• The company’s share price declined by 13.9%, from N219.50 to N188.90, reducing the value of Dangote’s investment by N51.43 billion.

His holding in NASCON was consequently valued at N317.49 billion at the end of September, compared with N368.92 billion in June.

What you should know

Dangote’s gains in his listed investments come amid a major expansion of his business empire, including the public offering of Dangote Petroleum Refinery and Petrochemicals.

• On September 14, 2026, Nairametrics reported that Dangote’s net worth had reached $51.3 billion, according to Forbes’ Real-Time Billionaires List, placing him 36th globally and maintaining his position as Africa’s richest man.
• The increase coincided with the opening of Dangote Refinery’s initial public offering (IPO) on the Nigerian Exchange, targeting approximately N2.15 trillion through the sale of 4.1 billion shares at N525 each.
• The Securities and Exchange Commission had approved the offer on September 5, with the subscription period scheduled to close on October 13, 2026.

The refinery, which has a production capacity of 650,000 barrels per day, is also targeting an expansion of 1.4 million barrels per day.

The IPO marks another milestone for Dangote, whose fortune has grown significantly following the commencement of refinery operations in 2024.

Forbes valued his wealth at $23.9 billion in its 2025 billionaires ranking, compared with $13.4 billion in 2024, before rising to $28.5 billion in its March 2026 annual ranking.