Dangote Cement, in a groundbreaking achievement, has soared past the N10 trillion mark on Monday, becoming the first Nigerian company to reach this monumental milestone.
The cement giant, a subsidiary of Dangote Industries Limited, is predominantly owned by Aliko Dangote, Africa’s wealthiest individual.
Billionaire investor Femi Otedola, and chairman of Geregu Power, played a significant role in this feat by acquiring an undisclosed number of shares in Dangote Cement on January 19, 2024.
Following this transaction, the company’s market capitalization surged by N3.21 trillion in just five days, escalating from N5.96 trillion on January 12 to N9.18 trillion on January 19.
Data from the Nigerian Exchange Group (NGX) reveals that Dangote Cement concluded Monday’s trading at N592.6 per share, propelling its market valuation to N10.09 trillion.
The cement producer experienced a 9.98 percent rise in share value, leaping from N538.8 on Friday, contributing to an increase of N916.77 billion in market capitalization during the same period.
With its impressive N10.09 trillion market capitalization, Dangote Cement now holds the title of the most capitalized company in Nigeria, surpassing Airtel Africa, which boasts a valuation of N7.5 trillion.
Commenting on his acquisition of shares in Dangote Cement earlier on Monday, Otedola highlighted the firm’s vital role in regional economic integration and growth through its export capabilities and extensive operations across sub-Saharan Africa.
He commended the company for exemplifying ethical and sustainable business practices, aligning with his vision for Nigeria’s industrial strength.
