In July 2024, companies under the Dangote Group listed on the Nigerian Exchange Limited saw a market capitalization drop of about N1.21 trillion amid the ongoing Dangote refinery crisis.
Dangote Cement, Dangote Sugar Refinery, and NASCON Allied all experienced declines in market capitalization for the month. The share prices of these companies fell by 10 percent, 13.6 percent, and 19.8 percent respectively, resulting in a combined market cap loss of N1.21 trillion.
This development occurred as the Nigerian Exchange (NGX) itself declined by 2.28 percent in July, with its market capitalization decreasing by N1.09 trillion, from N56.602 trillion at the beginning of the month to N55.514 trillion at the end.
Specifically, Dangote Cement’s market cap dropped by N1.12 trillion, ending July with a market cap of N10.07 trillion, down from N11.19 trillion. Dangote Sugar Refinery Plc saw a decline of N71.06 billion in its market cap, falling from N522.32 billion to N451.26 billion.
NASCON Allied Industries also posted a market cap decline of N19.7 billion, decreasing from N93.2 billion to N79.7 billion.
These losses, detailed in statements from the Dangote Group, reflected a N1.02 trillion ($680 million) hit to Aliko Dangote’s fortune, bringing his net worth down to $13.6 billion from $14.8 billion, according to the Bloomberg Billionaires’ Index.
This significant drop comes amid a recent dispute involving Dangote Refinery, Nigerian National Petroleum Company Limited, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
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