June NGX sell-off wipes $3.5bn off Nigerian billionaires
A sharp stock markets June selloff on Nigeria's exchange wiped roughly $3.5 billion from Aliko Dangote and Abdul Samad Rabiu's combined fortunes in just 17 days, according to Bloomberg Billionaires Index data. Their shared net worth fell to $50.7 billion on June 25 from $54.2 billion on June 8 as Dangote Cement and BUA Cement shares plunged. The pullback also erased billions from broader NGX market capitalisation as investors locked in profits following months of exceptional gains.
The selloff is not limited to Nigeria's richest names. Nigerian equities have shed about N8.24 trillion in market value since early June, with the exchange's total capitalisation sliding to N152.27 trillion from a record N160.51 trillion at end-May. For anyone tracking net worth and wealth across frontier markets, the scale of the move underscores how tightly concentrated NGX fortunes remain in a handful of industrial listings.
Key Takeaways
- Dangote and Rabiu lost a combined $3.5 billion between June 8 and June 25, per Bloomberg Billionaires Index figures cited by Businessday.
- Dangote Cement's 10% Wednesday drop alone erased N1.8 trillion in market value and cost it the title of Nigeria's most valuable listed company.
- The NGX All-Share Index fell 2.35% on Wednesday, its steepest single-day June decline, amid profit-taking after a historic rally.
- Analysts describe the move as a consolidation after strong 2025 gains rather than a structural market breakdown.
How much did Nigeria's top billionaires lose in June?
According to Businessday NG, Aliko Dangote and Abdul Samad Rabiu together shed $3.5 billion as the Nigerian Exchange Limited selloff accelerated. Africa's richest man, Dangote, saw his fortune fall to $34.3 billion after nearly touching $40 billion earlier in June.
The decline tracked a 10% plunge in Dangote Cement shares on Wednesday, which wiped N1.8 trillion from the company's market capitalisation. Dangote owns 87.45% of the cement giant, so share-price swings directly move his personal wealth.
Why did the June sell-off hit Dangote Cement and BUA so hard?
Heavyweight industrial stocks led the retreat. Dangote Cement shares pushed the company from the top of the NGX valuation rankings, with MTN Nigeria now leading at N17.43 trillion, followed by BUA Foods at N16.9 trillion and Airtel Africa at N16.4 trillion.
Rabiu's holdings also slid as investors sold BUA Cement and BUA Foods. He owns 95.8% of BUA Cement and 92.6% of BUA Foods. BUA Foods fell to N939 from N967 earlier in June, while BUA Cement dropped to N340.2 from N378 on June 11. The slide pushed Rabiu behind South Africa's Johann Rupert, who reclaimed Africa's second-richest spot at $20 billion after a Richemont rally.
What is driving the broader Nigerian Exchange correction?
Market cap has retreated from May's record as investors lock in profits after months of exceptional gains. Nigerian equities delivered a 51.19% benchmark return in 2025, one of the strongest runs in nearly two decades, making profit-taking widely expected.
David Adonri, vice president at Highcap Securities, told Businessday the move reflects a consolidation of gains after a strong run, rather than a sign of structural weakness. He also dismissed speculation that the exchange's shift to a T+1 settlement cycle triggered the selloff, noting that faster settlement supports repositioning in both rising and correcting markets.
Is Nigeria's stock market crashing or correcting?
On Wednesday the NGX All-Share Index fell 2.35%, its largest single-day June drop and among this year's steepest daily losses. Yet analysts frame the episode as volatility after an extraordinary rally, not a full breakdown.
In response, the exchange is replacing a temporary uniform price-movement rule with a three-tier price limit system based on individual share prices, aiming to keep trading orderly while improving market efficiency as NGX valuations reset.