Dangote Cement, a major player in the Nigerian Exchange Group (NGX), has achieved a market valuation of N10.09 trillion after concluding Monday’s trading at N592.6 per share, reflecting a remarkable 9.98% surge from N538.8 at Friday’s close. The cement producer has experienced exceptional growth in 2024, boasting a year-to-date return of 85.2%, with its share price skyrocketing from N319.9 at the beginning of the year to N592.6 in the latest trading session.
At the close of 2023, Dangote Cement ranked third in market capitalization on the NGX, trailing Airtel Africa and MTN Nigeria. However, with the current market capitalization of N10.09 trillion, Dangote Cement now claims the top spot, surpassing Airtel Africa at N7.5 trillion.
The surge in market cap may be attributed in part to billionaire investor Femi Otedola’s recent acquisition of undisclosed shares in Dangote Cement. Following the transaction, the company’s market capitalization soared by N3.21 trillion in just five days, reaching N9.18 trillion on January 19, 2024, up from N5.96 trillion on January 12.
Femi Otedola emphasized the significance of Dangote Cement’s export capabilities and extensive operations across sub-Saharan Africa, highlighting its role in regional economic integration and growth. Otedola commended the company for embodying ethical and sustainable business practices, aligning with his vision for responsible corporate conduct.
