Dangote Plc becomes most valuable company in Nigeria

Alex Omenye
Alex Omenye

Dangote Cement Plc on Wednesday, surpassed Airtel Africa Plc to become the most valuable company on the Nigerian Exchange Limited, with a 9.98 percent increase in share price.

In little than a week, the richest man in Africa rose from third place to the top with his main firm.

On November 1, 2023, Airtel Africa overtook the nation’s largest cement company, Dangote Cement, with a market capitalization of N5.79 trillion, compared to N5.59 trillion for the former.

In contrast to Airtel’s value of N7.52 trillion, Dangote Cement’s market capitalization increased by N690 billion to N7.71 trillion on Wednesday.

From last Friday, when it overtook MTN Nigeria Communications Plc as the second most valuable company on the NGX when its market value was N5.96 trillion, it has increased by N1.75 trillion thus far this week.

According to a BusinessDay reportpublished on Tuesday, the aggregate market capitalization of three Dangote Group entities increased by N513.69 billion on Monday, the first trading day after the news that the company’s oil refinery will begin operations.

This follows a video showing the Dangote refinery, which can produce 650,000 barrels of diesel and aviation fuel per day.

It’s “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects,” according to Dangote Group president and CEO Aliko Dangote.

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