Emmanuel OchayiEquity investors in Dangote Group’s listed companies are celebrating a gain of N1.2 trillion within the first two trading sessions of the week, propelled by the commencement of production at the Dangote Petrochemical Refinery.
Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries are among the beneficiaries, with Dangote Cement leading the pack.
In a move, the companies, including NASCON, currently in a merger with Dangote Rice Limited, are set to integrate into a single entity. This merger, as disclosed in August, involves a scheme where NASCON shareholders will exchange 12 ordinary shares for 11 Dangote Sugar shares.
The conglomerate, spearheaded by Aliko Dangote, continues to dominate the market, reflecting in their increased market capitalization.
Dangote Cement’s market cap surged from N5.964 trillion to N7.018 trillion by the close of trading on Tuesday, reaching a unit price of N411.90. Dangote Sugar and NASCON Allied Industries also experienced substantial gains, leading to a collective shareholder gain of N1.245 trillion.
Both Dangote Sugar and NASCON closed at N81.40 and N71.50 per unit, respectively, with NASCON emerging as the most traded security in terms of value.
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Analysts foresee the listing of Dangote Refinery as a pivotal moment for the capital market, akin to the listing of Dangote Foods and NNPC Limited.
Aliko Dangote, emphasizing the refinery’s significance, termed it a “game changer” and a testament to the country’s ability to execute large capital projects. Plans for the refinery’s listing on the Nigerian Exchange Limited were disclosed by Dangote himself, following the resolution of crude oil supply challenges.
Meanwhile, billionaire businessman Femi Otedola lauded the Dangote Refinery in December, predicting that it would play a crucial role in achieving energy security and independence for Nigeria. With the commencement of production, the refinery, valued at $20 billion, is poised to drive economic transformation for current and future generations, according to Otedola on his X page.
He said: “By meeting our requirements for all refined petroleum products, it will champion energy security and independence for our nation and act as a catalyst for a new era of prosperity for the subcontinent. It promises economic transformation for Nigerians today and for generations to come.”
“I heartily congratulate my bestie #AlikoDangote as the 8th Wonder of the World – the $20bn #DangoteGroup Refinery – officially commences production,” Otedola added.
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