August proved costly for Nigeria’s richest men as sharp declines in cement and energy stocks wiped billions off their fortunes, despite the market closing the month slightly higher.

Aliko Dangote, Africa’s wealthiest man, suffered the steepest blow when Dangote Cement shares plunged nearly 9.9% in one session, erasing about $549 million from his net worth.

Abdul Samad Rabiu, chairman of BUA Cement, lost around $400 million over three weeks after his company’s shares shed more than 17%, cutting the value of his 97.66% stake.

In the energy sector, Mike Adenuga recorded a paper loss of ₦2.42 billion (≈$6m) as Conoil stock fell from ₦234 to ₦211, dragging down his indirect holding through Conpetro.

The All-Share Index still ended August 0.31% higher, but the billionaire cement and energy barons closed the month deep in the red.