Lagos — Nigerian billionaire Aliko Dangote lost an estimated $640 million in wealth after shares in Dangote Cement Plc fell 5.5% on Monday, October 19, amid a broader sell-off that wiped ₦1.47 trillion off the Nigerian stock market.
According to Billionaires.Africa, the cement maker’s shares dropped ₦58.70 to close at ₦1,008 on the Nigerian Exchange (NGX), erasing gains recorded during the previous quarter.
Dangote’s direct and indirect holding of approximately 14.65 billion shares lost about ₦860 billion in value during the session, although his stake remained worth an estimated ₦14.8 trillion.
The decline contributed to a wider market downturn, with the NGX All-Share Index falling 0.91% to 245,278.34 points, while total market capitalisation dropped to ₦159.26 trillion from ₦160.73 trillion at Friday’s close.
Financial news outlet Nairametrics reported that “bearish sentiments dominated trading” on Monday, as losses in industrial and banking stocks weighed on the market.
Several major lenders also recorded declines, including Ecobank Transnational, which fell 4.76%, United Bank for Africa, down 2.33%, and Access Holdings, which lost 1.93%.
The market weakness follows recent pressure on Nigerian equities as investors repositioned their portfolios ahead of Dangote Petroleum Refinery and Petrochemicals’ share sale. In an October 12 report, The Guardian Nigeria reported that fundraising for the refinery’s initial public offering had contributed to five consecutive sessions of market losses. However, no specific reason was established for Monday’s decline in Dangote Cement shares.
Despite the setback, Dangote Cement remains one of the largest companies listed on the Nigerian Exchange, with a market capitalisation exceeding ₦17 trillion.
The share-price decline represents a reduction in the estimated market value of Dangote’s holdings rather than a confirmed cash loss. His eventual financial position will depend on subsequent share-price movements and the value of his other investments.
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Compiled by Betha Madhomu
