Aliko Dangote’s estimated fortune rose to $55.4 billion on Thursday as shares in Dangote Cement surged, restoring Africa’s largest cement producer to the top position among 146 companies listed on the Nigerian Exchange Limited (NGX).

Dangote, Africa’s richest man and founder of Dangote Group, added $4.4 billion to his estimated wealth from $51 billion on October 20, according to BusinessDay’s analysis of Forbes’ real-time billionaire tracker.

Despite the increase, the industrialist remained the world’s 35th-richest person, with his fortune approaching that of Ken Griffin, founder and chief executive of Citadel, whose estimated wealth stands at $57 billion.

The latest increase reflects gains in the valuation of Dangote’s publicly traded holdings, particularly Dangote Cement, alongside the earlier reassessment of his stake in the privately held Dangote Petroleum Refinery.

Data from the NGX showed that Dangote Cement’s share price rose by 5.82 percent to N1,420 on Thursday from N1,341, lifting its market capitalisation to N23.96 trillion. The gain pushed the company past Airtel Africa, which had held the position of Nigeria’s most valuable listed company since July 8.

Airtel Africa ranked second, with a market capitalisation of N23.68 trillion and a share price of N6,300, while MTN Nigeria came third at N17.3 trillion.

The broader market also advanced, with the NGX’s total market capitalisation climbing to a record N164.97 trillion. The All-Share Index rose to 254,083 points from 252,882.78 points.

Analysts at CSL Research said the Nigerian equities market had remained resilient in 2026 despite intermittent profit-taking and volatility, supported by strong corporate earnings, improving macroeconomic conditions and policy reforms.

Cement rally boosts Dangote’s fortune

Dangote Cement’s latest rally extends a strong run for the stock, which has more than doubled in value this year, according to NGX data cited in the analysis.

On Monday, the company’s market capitalisation crossed N20 trillion for the first time, after its shares rose 10 percent to N1,222.10 from N1,111 on Friday. Its market value increased to N20.6 trillion from N18.5 trillion.

The stock’s rally also pushed it to a 52-week high, reflecting growing investor interest in the Nigerian equities market.

Dangote Cement operates across several African markets, including Nigeria, Ethiopia, Tanzania, Senegal, Zambia, Cameroon, Ghana, the Republic of the Congo and South Africa. Its position in the market reflects the scale of Dangote’s industrial interests and the growing influence of large listed companies on Nigeria’s equity market.

The rally coincided with the initial public offering of Dangote Petroleum Refinery and Petrochemicals, which closed on October 27. The refinery offered 4.1 billion shares at N525 each, targeting N2.15 trillion ($1.6 billion) in what was expected to be one of Nigeria’s largest capital-market transactions.

The refinery’s valuation has also contributed to changes in Dangote’s estimated wealth. Forbes’ real-time billionaire tracker adjusts estimates to reflect movements in publicly traded holdings, while privately held assets are assessed periodically.

As a result, changes in his fortune can reflect both share-price movements and revisions to private-business valuations.

Reports last week indicated that Femi Otedola, chairman of First HoldCo, was considering increasing his investment in Dangote Cement, potentially targeting a stake of up to 5 percent. The reported plan has not been independently confirmed.

If completed, the investment would give Otedola a substantial minority interest in one of Dangote’s flagship businesses, linking two of Nigeria’s prominent businessmen through the cement producer.

The improvement in Dangote’s fortune also comes as the cement producer reported a 19.6 percent year-on-year increase in revenue to N3.77 trillion in the first nine months of 2026, while profit after tax rose 31.2 percent to N974.8 billion.

Arvind Pathak, chief executive officer of Dangote Cement, said the company delivered a record performance in the nine months ended September 2026, supported by volume growth, wider market reach and disciplined execution of its strategic priorities.

“The Group delivered a record performance in the nine months ended September 2026. Revenue rose 19.6 percent to N3.77 trillion, EBITDA rose 23.7 percent to N1.77 trillion at a 46.8 percent margin, and profit after tax grew 31.2 percent to a record N974.8 billion,” he said.

Pathak said the company had also transformed its balance sheet, moving from a net debt position of N682.9 billion to a net cash position of N51.1 billion within nine months.

He attributed the shift to operating cash flow of N1.8 trillion, up 41.5 percent, and loan repayments of N539 billion. The company also funded N566.7 billion in expansion capital expenditure and paid a record N754 billion dividend entirely from internally generated cash.

“With our deleveraging complete, free cash flow is no longer absorbed by debt paydown; it is available for growth and shareholder returns,” he added.