Dangote Cement Valuation Surges to N20trn for First Time
Dangote Cement Plc’s market capitalisation crossed N20 trillion for the first time on Monday, as the company’s shares surged 10 percent on the Nigerian Exchange Limited (NGX), cementing its position as the second most valuable listed company on the bourse.
Africa’s largest cement producer’s market value rose to N20.6 trillion from N18.5 trillion on Friday, following a rally in its share price to N1,222.10 from N1,111.00.
An analysis of NGX data showed that the stock has more than doubled in value this year, rising 100.7 percent from N609 at the start of January to its October 26 closing price. The rally also pushed the shares to a 52-week high.
The latest gains come amid heightened investor interest in the Nigerian equities market and the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, which closes on Tuesday, October 27.
The refinery is offering 4.1 billion shares at N525 each, targeting N2.15 trillion ($1.6 billion) in what is expected to be one of Nigeria’s largest capital-market transactions.
Although the timing has fuelled speculation that demand surrounding the refinery’s public offer may be supporting sentiment towards Dangote Cement, the extent of any direct link between the two remains unclear.
The broader market also advanced on Monday, with the NGX’s total market capitalisation climbing to N163.2 trillion, its highest level in about a month. The All-Share Index rose to 251,290.54 points from 247,222.30 points.
Analysts at CSL Research said the Nigerian equities market had remained resilient in 2026 despite intermittent profit-taking and volatility, supported by strong corporate earnings, improving macroeconomic conditions and policy reforms.
Dangote Cement operates across several African markets, including Nigeria, Ethiopia, Tanzania, Senegal, Zambia, Cameroon, Ghana, the Republic of the Congo and South Africa.
The company’s latest milestone highlights the growing concentration of market value among Nigeria’s largest listed companies, as rising share prices continue to reshape the rankings on the NGX.
