Dangote’s Fortunes Drop As He Sheds N1.21tn Market Cap In July
Amid the Dangote refinery crisis, companies listed in the Nigerian Exchange Limited under the Dangote Group dropped about N1.21 trillion of their market capitalization in July 2024.
The companies: Dangote Cement, Dangote Sugar Refinery, and NASCON Allied recorded a market capitalization decline in the month under review.
Accordingly, the companies’ share prices declined by 10 percent, 13.6 percent, and 19.8 percent respectively in July, resulting in a market capitalization loss of N1.21 trillion during the period.
The development comes as the NGX declined by 2.28 percent in July, with its market capitalization declining by N1.09 trillion during the period, from N56.602 trillion at the start of the month to N55.514 trillion.
Specifically, Dangote Cement lost N1.12 trillion of its market cap to close July with a N10.07 trillion market cap, from N11.19 trillion at the start of the month.
Dangote Sugar Refinery Plc recorded a N71.06 billion decline in its market cap, which moved from N522.32 billion to N451.26 billion and Salt maker, NASCON Allied Industries posted a N19.7 billion decline in its market cap, which moved from N93.2 billion to N79.7 billion during the month.
The figure is shown in the statements posted by Dangote Group.
Consequently, the losses posted by Dangote Group reflected a N1.02 trillion ($680 million) hit to Dangote’s fortune.
A further analysis shows that Dangote’s net worth dropped to $13.6 billion in the ending from $14.8 billion according to the Bloomberg Billionaires’ Index.
This comes amid the recent dispute between Dangote Refinery, Nigerian National Petroleum Company Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
