A sharp sell-off in Dangote Cement shares accounted for nearly three-quarters of the losses recorded on the Nigerian Exchange (NGX) on Thursday, wiping N2.51tn off the company's market value and dealing a $1.6bn blow to the fortune of its founder, Aliko Dangote.
The cement maker's shares fell by the maximum daily limit of 10 per cent, dropping from N1,490 to N1,341, their lowest closing price in seven trading sessions.
The decline reduced the value of Dangote's 86.8 per cent stake in the company by approximately N2.18tn, equivalent to $1.6bn, in a single trading session.
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Dangote, who holds about 14.65 billion shares through Dangote Industries Limited and a small direct investment, saw the value of his stake fall to approximately N19.65tn ($14.4bn).
The company's total market capitalisation also dropped from N25.14tn to N22.63tn, representing a loss of N2.51tn.
The downturn dragged the broader stock market lower, with the Nigerian Exchange All-Share Index declining by 1.98 per cent to 249,710.59 points.
The total market capitalisation of listed equities fell by N3.28tn, from N165.42tn to N162.13tn.
Dangote Cement alone accounted for about 75 per cent of the market's losses, while the industrial goods index, where the company is the largest constituent, declined by 7.14 per cent.
Trading activity also intensified, with 856.3 million shares exchanged, representing a 55 per cent increase in volume. The value of transactions nearly doubled to N74.1bn.
Other major losers included Presco Plc, which fell by 10 per cent, and UAC of Nigeria Plc, which declined by 7.85 per cent.
The sell-off came despite strong financial performance by Dangote Cement in the first nine months of 2026.
The company reported a 31 per cent increase in profit after tax to N974.8bn, while revenue rose by 19.6 per cent to N3.77tn.
It also repaid more than N520bn in loans during the period and recorded a cash position higher than its debt at the end of September.
Cement sales increased by 9.4 per cent to 22.1 million tonnes, while construction continued on its six-million-tonne annual capacity plant at Itori, Ogun State.
The project forms part of the company's plan to expand its production capacity across Africa to 80 million tonnes annually.
Thursday's decline interrupted a strong rally in the company's shares, which had more than doubled from N609 at the beginning of the year. Its market value crossed N20tn on October 19.
Analysts have also pointed to the company's concentrated shareholding structure, with Dangote Industries controlling most of the equity and leaving a relatively small proportion available for public trading, as a factor that could amplify price movements.
Dangote, 69, remains Africa's richest person, with an estimated fortune of $55.4bn, according to Forbes.
Much of his wealth is tied to Dangote Cement and his oil refinery near Lagos. The refinery recently raised about N2.15tn through an initial public offering that closed in October, with its shares expected to begin trading on the Nigerian Exchange in December.
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