In a remarkable financial surge, Aliko Dangote, the Chairman of Dangote Cement, has witnessed an unprecedented gain of $6.9 billion in the initial 25 days of 2024.
Data from the Bloomberg Billionaire Index revealed that Dangote, starting the year with a net worth of $15 billion, has seen it rise to $22 billion by January 24, 2024, marking an extraordinary increase attributed to the outstanding performance of Dangote Cement.
Nairametrics attributes this surge in wealth to Dangote Cement Plc achieving a historic market capitalization of N10.095 trillion, making it the first Nigerian company to attain this significant milestone.
Dangote Cement has exhibited exceptional performance in the equities market for 2024, with a remarkable year-to-date return of 85.2%, soaring from a share price of N319.9 at the beginning of the year to N592.6 at the latest trading session.
What we know
The company’s capital gains have also seen substantial growth, from N5.451 trillion at the commencement of 2024 to N10.095 trillion by January 22, 2024.
- At the close of 2023, Dangote Cement secured the third position among companies with the highest market capitalization on the NGX trailing Airtel Africa and MTN Nigeria.
- However, it has now outperformed them, as Airtel Africa and MTN Nigeria recorded market caps of N7.52 trillion and N6.07 trillion, respectively, as of January 22, 2024.
- With a market capitalization of approximately N10.095 trillion ($11.19 billion), Dangote Cement has become one of Africa’s largest companies by market capitalization. It is the sole Nigerian entity among the top ten largest African companies based on market cap, with the rest being South African enterprises.
Also, Femi Otedola’s acquisition of shares in Dangote Cement, a move that the billionaire himself confirmed, emphasized his confidence in the company’s potential to contribute to Nigeria’s economic resilience and generate foreign exchange.
What you should know
The majority of Dangote’s fortune is derived from his 86% stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
At the moment Dangote ranks as the world’s 82nd richest man, but there are hopes that his refinery will propel him to the top 50 according to predictions made based on Nairametrics’ valuation of his $20 billion refinery.