Africa’s richest man and industrialist, Aliko Dangote, saw his wealth drop by $35.8 million on Wednesday following Donald Trump’s victory in the U.S. presidential election.
Though Dangote did not publicly endorse either Republican Donald Trump or Democrat Kamala Harris, his wealth experienced a decline on the day Trump claimed victory—a day that saw the fortunes of the world’s ten wealthiest men soar.
According to the Bloomberg Billionaires Index on Thursday, Dangote’s net worth fell by $35.8 million, closing at $27.7 billion and placing him 64th on the list of the world’s wealthiest individuals.
Dangote owns a collection of industrial assets through his Lagos-based company, Dangote Group.
His biggest asset is the Dangote Oil Refinery, Africa’s largest refiner, which began operating in early 2024. He owns 92.3% stake of the project which is valued based on the amount it cost to build it: $20 billion. He also owns a fertilizer plant with capacity to produce up to 2.8 million tonnes of urea annually. Its valued based on a net present value calculation by an independent analyst that assumes a 50% utilization rate.
Several of the Group’s companies are listed on the Nigerian Stock Exchange. He owns 86% of the country’s biggest cement producer, Dangote Cement as well as stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa.
His stakes in the publicly traded companies are held directly and through Dangote Industries, a unit of the Group. He also owns closely held businesses operating in food manufacturing, agriculture, packaging and other industries, which are valued based on their investment cost according to Dangote Group’s 2023 audited financial statements.
The billionaire owns six residential and commercial properties in Lagos. They are valued using the capitalization method, using rental income provided by his spokesman, Anthony Chiejina, and capitalization rates from CBRE Broll Nigeria.
The value of his combined cash holdings in naira and dollars is based on information from the group in 2024.
