Dangote Cement Overtakes Airtel To Become Most Valuable Company in Nigeria
- Aliko Dangote not only leads as the richest man in Nigeria, his company is the most valuable company on NGX
- The latest data shows that Dangote Cement has now overtaken Airel as the most valuable company in Nigeria
- Legit.ng has provided a breakdown of the most valuable companies with over N1 trillion market value
Dangote Cement has emerged as the most valuable company in Nigeria by market capitalisation, owing to the strong performance of its share price on the Nigerian Exchange Limited (NGX).
Market capitalisation as how much a company is worth as determined by the stock market.
Source: Getty Images
It is calculated by multiplying the number of outstanding shares by the current market value of one share.
Dangote overtakes Airtel
Checks by Legit.ng reveal that Dangote Cement surpassed the telecom giant Airtel Africa as its share price surged.
Dangote Cement, which closed on Wednesday, January 16, 2024, at N411.9 per share, rose by 19.8% to N452.5 per share on Thursday, January 17, 2024.
The rise in the share price raised the market value of Dangote Cement by N690 billion to N7.71 trillion on Thursday, higher than Airtel’s valuation of N7.52 trillion.
This means that Aliko Dangote's prized assets swiftly ascended from the third position to claim the top spot in less than one week.
List of 10 companies worth over N1trn in Nigeria
Here is a list of the most valuable market capitalization based on data tracked from the Nigerian Exchange (NGX) as of Wednesday, January 17, 2023, before Dangote Cement overtook on Thursday.
| Companies | Market value |
| Airtel Africa | N7.51 trillion |
| Dangote Cement | N7.01 trillion |
| MTN Nigeria | N6.04 trillion |
| BUA Foods | N4.09 trillion |
| BUA Cement | N3.81 trillion |
| Zenith Bank | N1.49 trillion |
| Guaranty Trust Holding Company (GTCO) | N1.36 trillion |
| Seplat Energy | N1.35 trillion |
| UBA | N1.16 trillion |
| Geregu Power | N1.07 trillion |
| Transcorp Hotels | N1.02 trillion |
| Access Holdings | N1.05 trillion |
| FBN Holdings: | N1.05 trillion |
UBA joins league of Nigeria's N1trn banks
Legit.ng reported that on Monday, January 8, 2024, the United Bank for Africa (UBA) hit the N1 trillion mark in market capitalisation.
The bank's market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.
The latest performance of UBA has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.
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Source: Legit.ng
