Africa’s richest man Aliko Dangote loses $400 million as naira weakens

Africa’s richest man Aliko Dangote has seen his net worth decline by $400 million as the Nigerian naira weakens against the United States dollar, trimming part of the gains he recorded earlier this year and pushing the estimated value of his fortune below $33 billion.

According to the Bloomberg Billionaires Index, Dangote, 68, has lost $400 million over the past 10 days. His net worth fell from $33 billion on Feb. 26 to $32.6 billion at the time of drafting this report, reflecting the impact of the naira’s recent decline on the dollar value of his holdings.

The shift comes after a strong start to the year. Dangote’s fortune had climbed by roughly $3 billion earlier in 2026, rising from about $30 billion on Jan. 1 to $33 billion by Feb. 26 as valuations across his portfolio improved.

Currency shifts weigh on Dangote holdings

Much of Dangote’s wealth is tied to stakes in companies within the Dangote Group, whose valuations are sensitive to exchange-rate movements when converted into dollars.

His holdings include an 87.45 percent stake in Dangote Cement, a 92.3 percent interest in Dangote Refinery—Africa’s largest refinery—along with a 72.25 percent stake in Dangote Sugar Refinery and a 62.19 percent holding in NASCON Allied Industries.

Beyond these listed companies, Dangote’s portfolio also includes oil blocks OML 71 and OML 72, roughly $160 million in holdings linked to Dangote Industries Limited, real estate in Lagos, land in the Lekki Free Trade Zone, private jet assets and cash reserves.

While the currency shift has weighed on his dollar-denominated wealth estimate, Dangote has continued to expand his industrial ambitions. Beyond his $20 billion refinery project, he has begun outlining plans to extend the group’s reach into steel production, electricity generation and port development—sectors he believes could support Nigeria’s long-term industrial growth.

Naira hits weakest since January

The currency pressure reflects broader developments in Nigeria’s foreign-exchange market. The naira weakened further at the end of the trading week, closing at N1,398 per dollar on Friday as liquidity pressures persisted in the market.

Data from the Central Bank of Nigeria show the currency fluctuated between N1,404 per dollar and N1,398 per dollar during Friday’s session, while the simple average exchange rate settled at N1,394.55 per dollar. The closing level marked the weakest point for the naira since Jan. 28, 2026, when it also traded near N1,394 per dollar.

The currency weakened for most of the week. It opened on Monday at N1,376 per dollar before slipping to N1,390 on Tuesday. The naira recorded its only gain on Wednesday, strengthening slightly to N1,382 per dollar. The rebound proved short-lived as the currency eased again to N1,388 on Thursday and then to N1,398 on Friday.

The latest move also extends a broader slide that began in mid-February. From N1,337 per dollar on Feb. 17, the naira has steadily lost ground in subsequent trading sessions, adding pressure to the dollar value of assets held by Nigerian business leaders, including Dangote.