After a Shore.Africa report earlier this week revealed that Africa’s richest man, Aliko Dangote, had lost $2.6 billion in less than a month; the Nigerian billionaire has suffered another setback. His fortune fell by a further $743 million in less than 24 hours as continued selling pressure weighed on the value of his listed assets, with investors extending profit-taking into July.

According to the Bloomberg Billionaires Index, Dangote’s net worth declined from $34.2 billion at the start of trading on Wednesday, July 1, to $33.5 billion at the time of writing. The latest drop comes even as the billionaire continues to expand his footprint in Africa’s energy sector through the Dangote Petroleum Refinery, one of the continent’s largest industrial projects.

NGX slide cuts Dangote year-to-date gains

The latest decline mirrors another sharp fall in Dangote Cement shares on the Nigerian Exchange (NGX), which dropped 7.48 percent as investors continued the sell-off that gathered pace throughout June. Dangote owns an 86.82 percent controlling stake in the cement producer, making the stock’s performance the biggest driver of changes in his fortune.

The broader market also came under pressure, with the NGX All-Share Index falling 3,729.11 points to 225,690.07 from 229,419.18, while total market capitalisation declined by N2.39 trillion ($1.74 billion) to N144.83 trillion ($105.5 billion).

The latest slide has pushed Dangote’s total wealth loss since June 3 to $3.3 billion, erasing more than 40 percent of the gains he had built earlier this year. His year-to-date increase in wealth has now narrowed to $3.55 billion from almost $6.85 billion. Even after the recent decline, Dangote remains Africa’s richest person, the world’s richest Black person, and one of the world’s 70 wealthiest individuals, according to the Bloomberg Billionaires Index.

Dangote set for $490 million cash payout

While the market has weighed on his personal fortune, Dangote is still set for a substantial cash payout from Dangote Cement. The billionaire is expected to receive as much as N659.2 billion ($490 million) from the company’s latest dividend, underscoring the cement maker’s long record of rewarding shareholders.

Dangote Cement’s board is scheduled to approve a total dividend distribution of N759.3 billion ($564.3 million) at its Annual General Meeting (AGM) today at Eko Hotels & Suites. Following shareholder approval, the company will begin electronic dividend payments, continuing a practice that has made it one of Nigeria’s most consistent dividend-paying listed companies.