Aliko Dangote’s Net Worth Hits $55.4bn as Dangote Cement Overtakes Airtel Africa

• Dangote’s fortune rose to $55.4 billion as Dangote Cement shares surged and reclaimed Nigeria’s most valuable listed company title
• Dangote Cement’s market value reached ₦23.96 trillion, overtaking Airtel Africa after strong share gains and rising profits
• Growth in cement earnings and the planned December listing of Dangote Refinery shares have boosted Dangote’s wealth

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Africa’s richest man, Aliko Dangote, has seen his fortune surge to $55.4 billion as Dangote Cement Plc reclaimed its position as Nigeria’s most valuable listed company, overtaking telecommunications giant Airtel Africa.

According to Forbes’ real-time billionaires ranking, Dangote’s wealth climbed from $53.2 billion on Monday to $55.4 billion on Thursday, October 29, 2026, following a remarkable rally in his cement company’s shares.

The 69-year-old billionaire has recorded substantial wealth gains this year, driven largely by rising valuations of his cement and petroleum refining businesses.

Dangote Cement overtakes Airtel Africa valuation

Dangote Cement shares jumped 5.8%, gaining ₦78.10 to close at a record ₦1,420 on the Nigerian Exchange (NGX).

The rally lifted the cement manufacturer's market capitalisation to ₦23.96 trillion, surpassing Airtel Africa's ₦23.68 trillion valuation.

Airtel Africa had occupied the top position since July, following a sustained rally that pushed its market value above ₦21 trillion.

Dangote Cement's shares have more than doubled from ₦609 at the beginning of 2026.

Dangote gains billions from cement shares

Dangote controls approximately 86.8% of Dangote Cement, representing 14.65 billion shares held mainly through Dangote Industries Limited.

At Thursday's closing price, his stake was valued at approximately ₦20.8 trillion, equivalent to $15.2 billion.

The latest trading session alone added approximately ₦1.14 trillion, or $838 million, to the value of his holdings.

Since last Friday, the shares have appreciated by nearly 28%, increasing his stake's value by about ₦4.53 trillion.

However, the company's concentrated ownership means relatively limited trading volumes can produce significant price movements.

Strong cement earnings excite market investors

Investor confidence has strengthened following Dangote Cement's impressive nine-month financial performance.

The company reported a 31% increase in profit after tax to ₦974.8 billion, while revenue rose 19.6% to ₦3.77 trillion.

It also ended September with net cash of ₦51.1 billion, reflecting an improved balance sheet.

Meanwhile, shareholders have approved plans for a secondary listing in London, potentially allowing existing investors to sell approximately 10% of the company, Billionaires Africa reported.

Dangote Refinery drives billionaire wealth growth

Beyond cement, Dangote's petroleum refinery has emerged as a major contributor to his expanding fortune.

The refinery recently concluded a ₦2.15 trillion initial public offering, with plans to begin trading on the Nigerian Exchange in December.

Dangote retains approximately 87% ownership of the refinery.

His wealth has more than doubled from $25.6 billion at the end of 2025, strengthening his position as Africa's richest individual.

Dangote Refinery hits 105% capacity

Earlier, Legit.ng reported that the Dangote Petroleum Refinery has crossed another major production milestone, processing crude oil above its designed capacity as increased local output sharply reduced Nigeria’s reliance on imported petrol and diesel.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that the 700,000-barrel-per-day refinery recorded an average capacity utilisation of 105.21% in August.