Dangote Cement crossed the N10 trillion threshold on Monday– making it the first Nigerian company to hit the mark.
The cement manufacturer, a subsidiary of Dangote Industries Limited, is largely owned by Aliko Dangote, Africa’s richest person.
On January 19, 2024, Femi Otedola, a billionaire investor and chairman of Geregu Power, bought an undisclosed number of shares in Dangote Cement.
After the transaction, Dangote Cement’s market capitalisation increased by N3.21 trillion within five days, from N5.96 trillion on January 12, to N9.18 trillion on January 19, 2024.
Data on the Nigerian Exchange Group (NGX) shows that Dangote Cement closed trading on Monday with N592.6 per share, with its market valuation hitting N10.09 trillion.
The share value of the cement producer rose by 9.98 percent to N592.6 percent — from N538.8 it closed on Friday — while the company’s market valuation increased by N916.77 billion within the same period.
With N10.09 trillion market capitalisation, Dangote Cement is the most capitalised company in Nigeria, ahead of Airtel Africa, which has a valuation of N7.5 trillion.
Meanwhile, speaking earlier on Monday about his acquisition of shares in Dangote Cement, Otedola said the firm’s export capabilities and broad operations across sub-Saharan Africa are essential for regional economic integration and growth.
He also said the cement producer exemplifies the type of company that not only contributes to Nigeria’s industrial strength but also contributes to his vision for ethical and sustainable business practices.
