Dangote Group listed on the Nigerian Stock Exchange lost about N1.21 trillion in market capitalisation in July 2024 due to the Dangote Refinery crisis.
Dangote Cement, Dangote Sugar Refinery, and NASCON Allied recorded losses in market capitalization during the month under review.
This led to the share prices of both companies falling by 10%, 13.6%, and 19.8% respectively in July, resulting in a market capitalization loss of N1.21 trillion during the period. This move came after NGX fell 2.28% in July, causing its market capitalization to fall by N1.09 trillion during the period from N56.602 trillion at the beginning of the month to N55.514 trillion.
Specifically, Dangote Cement lost N1.12 trillion in market capitalization, bringing its market capitalization to N10.70 trillion at the end of July (N11.19 trillion at the beginning of the month).
Dangote Sugar Refinery Plc recorded a decline in market capitalization of 71.06 billion naira, from 522.32 billion naira to 451.26 billion naira, while salt manufacturer Nascon Allied Industries recorded a decline in market capitalization of 19.7 billion naira, from 9.3 billion naira, to 79.7 billion naira, from 200 million naira in the same month.
The figures were found in a statement released by the Dangote Group. As a result, the loss recorded by the Dangote Group reflected a total of 1.2 trillion naira ($680 million) in Dangote’s assets.
Further analysis showed that Dangote’s net worth ultimately fell to $13.6 billion from $14.8 billion, according to the Bloomberg Billionaires Index. This comes in the wake of recent disputes between Dangote Refinery, the Nigerian National Petroleum Company, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
