In July 2024, companies within the Dangote Group listed on the Nigerian Exchange Limited witnessed a collective decrease of about N1.21 trillion in their market capitalization, primarily attributed to challenges faced by the Dangote refinery.
During the same period, Dangote Cement, Dangote Sugar Refinery, and NASCON Allied all experienced declines in their market capitalization.
This resulted in respective decreases of 10 percent, 13.6 percent, and 19.8 percent in the share prices of these companies, leading to an overall market capitalization loss of N1.21 trillion.
Concurrently, the Nigerian Exchange Limited saw a decline of 2.28 percent in July, with its market capitalization dropping by N1.09 trillion, reducing from N56.602 trillion to N55.514 trillion.
More specifically, Dangote Cement’s market cap decreased by N1.12 trillion, closing the month with a market cap of N10.07 trillion, down from N11.19 trillion at the start of July.
Dangote Sugar Refinery Plc experienced a decline of N71.06 billion in its market capitalization, moving from N522.32 billion to N451.26 billion. Similarly, NASCON Allied Industries had a N19.7 billion dip in its market cap, falling from N93.2 billion to N79.7 billion throughout the month.
These findings were confirmed in the reports released by the Dangote Group.
As a result, Dangote’s overall fortune took a hit of N1.02 trillion ($680 million).
Further assessments indicated a decrease in Dangote’s net worth to $13.6 billion by the end of July, down from $14.8 billion as per the Bloomberg Billionaires’ Index.
These developments coincided with the ongoing dispute involving Dangote Refinery, Nigerian National Petroleum Company Limited, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.