Dangote Cement has become the first company to be valued at NGN10trn (US$11.76bn) on the Nigerian stock market. The company’s share price advanced by 9.99 per cent on 22 January 2024 to close at NGN592.60 per share, giving the company a market value of NGN10.1trn. The news follows an NGN6bn investment in Dangote Cement by Femi Otedola, a Lagos-based billionaire. 

Mr Otedola told Nigerian media that the move was part of his overall strategy to ensure long-term wealth preservation and underscores his confidence in the capacity of Dangote Cement to substantially propel Nigeria and Africa’s industrialisation.

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“Dangote Cement’s export capabilities and extensive operations across sub-Saharan Africa are essential for regional economic integration and growth,” Mr Otedola commented. “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”