Emmanuel OchayiDangote Cement Plc has become the first Nigerian company to achieve a market capitalization exceeding N10 trillion, as its shares surged by 9.99% today, closing at N592.60.
The company’s stellar performance in 2024 has witnessed an impressive year-to-date return of 85.2%, catapulting its share price from N319.9 at the year’s outset to the closing figure.
At the end of 2023, Dangote Cement ranked third in market capitalization on the NGX, trailing Airtel Africa and MTN Nigeria.
However, it has outpaced both giants, securing a market cap of N10.095 trillion as of January 22, 2024, compared to Airtel Africa’s N7.52 trillion and MTN Nigeria’s N6.07 trillion.
Dangote Cement’s feat not only cements its status as the largest Nigerian company by market cap but also propels it into the list of Africa’s top companies, ranking as the fifth largest overall.
Notably, it stands as the sole Nigerian representative among the top ten, with the rest being South African enterprises.
The surge in Dangote Cement’s value has been attributed, in part, to strategic investment by billionaire Femi Otedola, who confirmed his acquisition of shares, emphasizing his confidence in the company’s potential to bolster Nigeria’s foreign exchange and contribute to economic resilience.
The impact of Otedola’s backing has been a key factor in the company’s unprecedented ascent.
