The only cement company in Nigeria with two export terminals and a combined export capacity of 8 million tonnes per annum, the Dangote Cement hit N10 trillion in market capitalization at the close of trading on Monday.
With the magnificent feat Dangote Cement achieved at the close of trading, it emerged as the first company to achieve that milestone on the Nigerian Exchange.
It closed trading with a N10.098tn market cap.
This latest development comes a few hours after Femi Otedola, a billionaire investor and chairman of Geregu Power, issued an official statement confirming his acquisition of shares in Dangote Cement.
He said: “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.
“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.”
Persecondnews reports that at the end of 2023, Dangote Cement ranked third on the list of the companies with the highest market capitalization in the NGX, behind Airtel Africa and MTN Nigeria, with market caps of N7.09 trillion and N5.543 trillion, respectively.
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