In an astonishing financial turn of events, Aliko Dangote, the Chairman of Dangote Cement Plc, has experienced an unprecedented gain of $6.9 billion in the initial 25 days of 2024.
According to data from the Bloomberg Billionaire Index, Dangote, starting the year with a net worth of $15 billion, has seen it soar to $22 billion by January 24, 2024. This remarkable increase is attributed to the outstanding performance of Dangote Cement in the equities market.
The surge in Dangote’s wealth can be directly linked to Dangote Cement Plc achieving a historic market capitalization of N10.095 trillion, making it the first Nigerian company to reach this significant milestone. The company’s exceptional performance in the stock market for 2024 has resulted in an impressive year-to-date return of 85.2%, with its share price rising from N319.9 at the beginning of the year to N592.6 at the latest trading session.
Dangote Cement‘s capital gains have also witnessed substantial growth, increasing from N5.451 trillion at the commencement of 2024 to an impressive 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 Nigerian Exchange Group (NGX), trailing Airtel Africa and MTN Nigeria. However, it has now outperformed them, with Airtel Africa and MTN Nigeria recording 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 emerged as one of Africa’s largest companies by market capitalization. Notably, it stands as the sole Nigerian entity among the top ten largest African companies based on market cap, with the others being South African enterprises.
Furthermore, Femi Otedola‘s recent acquisition of shares in Dangote Cement, a move confirmed by the billionaire himself, underscores his confidence in the company’s potential to contribute to Nigeria’s economic resilience and generate foreign exchange.
A significant portion of Dangote’s fortune is derived from his 86% stake in publicly traded Dangote Cement. These shares are held both directly and through his conglomerate, Dangote Industries. While currently ranking as the world’s 82nd richest man, there are optimistic expectations that the ongoing success of his refinery project will propel him into the top 50.
Dangote’s financial surge not only showcases the strength of Dangote Cement in the market but also highlights the positive trajectory of Nigeria’s economy, as well as the confidence of investors in the country’s business landscape. As the year progresses, eyes will be on Aliko Dangote and Dangote Cement to see if this remarkable momentum can be sustained and potentially elevate Dangote even further in the global billionaire rankings.