In July 2024, companies under the Dangote Group listed on the Nigerian Exchange Limited experienced a collective reduction of about N1.21 trillion in their market capitalization, primarily due to issues plaguing the Dangote refinery.
During the month, entities like Dangote Cement, Dangote Sugar Refinery, and NASCON Allied witnessed a decrease in their market capitalization figures.
As a result, the share prices of these companies fell by 10%, 13.6%, and 19.8% respectively in July, leading to a total market capitalization loss of N1.21 trillion over the period.
This decline coincided with a 2.28% decrease in the Nigerian Exchange Limited’s market performance in July, with its capitalization dropping by N1.09 trillion from N56.602 trillion at the beginning of the month to N55.514 trillion.
Specifically, Dangote Cement saw its market capitalization decrease by N1.12 trillion, ending July with a N10.07 trillion market cap compared to N11.19 trillion at the start of the month.
Meanwhile, Dangote Sugar Refinery Plc experienced a N71.06 billion reduction in market capitalization, sliding from N522.32 billion to N451.26 billion, and NASCON Allied Industries saw a N19.7 billion dip in market cap, dropping from N93.2 billion to N79.7 billion during the same period.
These figures are detailed in the reports released by the Dangote Group.
Consequently, the financial setbacks faced by the Dangote Group translated to a N1.02 trillion ($680 million) impact on Dangote’s wealth.
Further analysis reveals that Dangote’s net worth fell from $14.8 billion to $13.6 billion, according to the Bloomberg Billionaires’ Index.
These developments occurred against the backdrop of a recent dispute involving Dangote Refinery, Nigerian National Petroleum Company Limited, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.