The sharp selloff on the Nigerian Exchange (NGX) is weighing not only on ordinary investors but also on some of the country’s wealthiest business leaders. Among those hit hardest is Aliko Dangote, Africa’s richest man, whose fortune fell by $1.2 billion in a single trading session as Nigerian equities recorded one of their steepest one-day declines.

According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest people, Dangote’s net worth dropped from $35.5 billion at the start of trading on June 24 to $34.3 billion by the market close. The decline pushed his fortune below the $35 billion mark for the first time since early May.

The loss was largely driven by weakness in Dangote Cement, the Lagos-listed cement producer in which Dangote remains the dominant shareholder. He controls an 87.45 percent stake in the company, making the stock one of the biggest contributors to changes in his personal fortune.

Historic one-day loss hits Nigerian equities

Shares of Dangote Cement fell 10 percent during Wednesday’s trading session, reducing the company’s market capitalization to N16.25 trillion ($11.82 billion) at the time of reporting. The decline came amid a broader retreat in Nigerian equities as investors locked in gains following two consecutive sessions of market advances.

The pressure on Dangote Cement mirrored the wider market downturn, with heavyweight stocks across the cement and power sectors coming under intense selling. As a result, the Nigerian stock market recorded its steepest one-day decline of 2026, wiping out N3.64 trillion ($2.64 billion) in investor value and erasing gains accumulated during the market’s recent rebound.

Data from the NGX showed the All-Share Index falling 2.35 percent to 235,074.54 points from 240,743.19 points in the previous session. Market capitalization also declined to N150.85 trillion. The drop marked the largest single-day decline in market value recorded so far this year, exceeding earlier correction sessions that erased between N762 billion and N2.28 trillion.

Dangote to collect $490 million dividend

Despite the setback, Dangote remains positioned to receive a substantial cash return from his investment in the cement producer. The billionaire is expected to collect N659.2 billion ($490 million) from his stake in Dangote Cement as the company prepares to pay one of the largest dividends in its history.

His holding of approximately 14.65 billion shares, representing about 86.82 percent of the company, makes him the largest beneficiary of the planned distribution. The payment highlights the earnings strength of the cement business even as market volatility weighs on its share price.

The dividend forms part of a total payout of N759.3 billion ($564.3 million) approved by the company’s board, including a final dividend of N45 per share. Shareholders are scheduled to receive payment electronically on July 2, extending Dangote Cement’s record as one of the most consistent dividend-paying companies on the NGX.

Although the latest market selloff temporarily reduced Dangote’s fortune, the scale of his holdings across cement, refining and other industrial businesses continues to place him among the world’s wealthiest individuals. The contrast between the paper loss recorded this week and the sizeable dividend payment expected next month highlights how swings in share prices can affect billionaire wealth estimates even as the underlying businesses continue to grow.