ALIKO Dangote’s investments in companies listed on the Nigerian Exchange (NGX) increased by about N1.47 trillion in the third quarter (Q3) of 2026, helped mainly by a strong rise in Dangote Cement shares.
An analysis of his direct and indirect holdings in Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries showed that the combined value of the investments rose from N15.07 trillion at the end of June to N16.54 trillion by September 30.
Dangote Cement was responsible for most of the increase, with its share price gaining 10.8 percent during the three-month period.
The value of Dangote’s stake in the cement company increased from N14.11 trillion in June to N15.63 trillion at the end of September, adding about N1.52 trillion to his wealth on the NGX.
Dangote Cement shares rose from N963 at the end of June to N1,066.70 by September 30 as investors increased their valuation of the company.
His stake in Dangote Sugar Refinery also recorded a modest increase.
READ ALSO: Dangote refinery IPO offers huge upside, but investors face risks
The value of the investment rose by N1.76 billion, from N594.98 billion to N596.74 billion, following a marginal increase in the company’s share price from N67.80 to N68.
However, the gains were partly reduced by the weaker performance of NASCON Allied Industries.
NASCON shares fell 13.9 percent during the quarter, dropping from N219.50 to N188.90.
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The decline reduced the value of Dangote’s stake in the company by about N51.43 billion, from N368.92 billion in June to N317.49 billion at the end of September.
Despite the fall in NASCON, the strong performance of Dangote Cement was enough to push the overall value of the billionaire’s listed holdings higher during the quarter.
The rise in his NGX portfolio comes as Dangote expands his presence in Nigeria’s capital market through the planned listing of Dangote Petroleum Refinery and Petrochemicals.
READ ALSO: Dangote Group targets $100bn revenue with $45bn investment plan
The refinery’s initial public offering is targeting about N2.15 trillion through the sale of 4.1 billion shares at N525 each.
The Securities and Exchange Commission (SEC) approved the offer in September, with the subscription period scheduled to run until October 13, 2026.
The refinery has a stated production capacity of 650,000 barrels per day and plans to expand its capacity significantly.
Dangote’s growing wealth has also coincided with the ramp-up of operations at the refinery and stronger valuations across some of his listed businesses.
READ ALSO: Dangote’s wealth jumps $19.9bn to $51.3bn after refinery begins IPO
The latest NGX performance shows how movements in share prices can significantly change the market value of large equity holdings, with Dangote Cement’s gains more than offsetting the decline recorded by NASCON during the quarter.
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