On Monday, Dangote Cement became the first company to reach a market capitalisation of N10 trillion on the Nigerian Exchange.
At the close of trading on Monday, the market capitalisation of the stocks hit N10.098 trillion after gaining N917 billion.
It displaced Airtel Africa as the most capitalised stock on the market this month.
In terms of capital gains, investors in the stocks of Dangote Cement have seen 85.25 percent added to their wealth, with a share price of N592.60 per unit at the close of trading on Monday.
The company closed in 2023 with a market cap worth N5.451 trillion.
Equity investors in the stocks of companies under the Dangote Group have gained over 1.2 trillion in the first two trading sessions of the past week after the commencement of production by the Dangote Petrochemical Refinery.
The listed companies include Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc; the latter companies are in the middle of a merger with another firm, Dangote Rice Limited.
Meanwhile, billionaire investor and chairman of Geregu Power, Femi Otedola, has confirmed his acquisition of shares in Dangote Cement.
Speaking on the acquisition, Otedola said Dangote Cement’s export capabilities and broad operations across sub-Saharan Africa are essential for regional economic integration and growth.
“My investment is a testament to my confidence in its potential to propel Nigeria and Africa’s industrial and economic development,” he said.
“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, which is crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice.
“In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success.
“Companies like Dangote Cement, which consistently deliver value to their shareholders, are fundamental for sustainable economic growth,” Otedola added.
He also mentioned that Dangote Cement’s strong corporate governance and impressive record in environmental, social, and governance (ESG) compliance make it a great investment option. He added that the cement producer represents the kind of company that not only enhances Nigeria’s industrial capabilities but also aligns with his vision for ethical and sustainable business practices.