Billionaire Aliko Dangote’s cement firm hits $15bn value

Nigerian billionaire Aliko Dangote’s Dangote Cement Plc is now worth more than ₦20 trillion ($15.1 billion) on the Nigerian Exchange for the first time, after its shares jumped by the 10% daily limit for a second straight session.

The stock rose ₦111.10 on Monday to close at a record ₦1,222.10 in Lagos, giving Africa’s largest cement maker a market value of ₦20.62 trillion. It closed at ₦1,111 on Friday, when it also gained 10%, and has doubled this year from ₦609 at the start of January.

Dangote, Africa’s richest person, owns about 14.65 billion Dangote Cement shares, or roughly 86.8% of the company, through Dangote Industries Ltd., the holding company he controls, and a small direct stake. Dangote Industries alone held 14.62 billion shares, or 86.65%, at the end of 2025.

At Monday’s close, his stake was worth about ₦17.9 trillion ($13.1 billion) at the official exchange rate of ₦1,365 to the dollar. The day’s gain added about ₦1.63 trillion ($1.19 billion) to its value.

Two days of 10% gains

The rally began on Friday, as investors bought into one of the most tightly held large stocks in Lagos. With Dangote Industries holding more than 86% of the shares, less than a tenth of the company trades freely, so heavy buying can move the price quickly.

Dangote Cement now accounts for about 12.6% of the value of all stocks on the Nigerian Exchange. Its jump helped lift the exchange’s All-Share Index 1.65% to 251,290.54 points on Monday, and the total value of listed equities rose by ₦2.64 trillion to a record ₦163.16 trillion ($119.5 billion).

The gains come as the company prepares to report third-quarter earnings. Its board was due to meet on Tuesday to consider results for the three months to Sept. 30, a meeting it brought forward from Thursday. In the first half, revenue rose 21.4% to ₦2.51 trillion ($1.84 billion) and profit after tax climbed 22.7% to ₦638.5 billion ($468 million), as cement volumes grew 11.8% to 14.9 million tons and exports from Nigeria rose 62.3%.

London plan and refinery offer

Dangote Cement is also preparing to list its shares in London, where existing shareholders could sell about 10% of the company in a deal worth around $1 billion as early as November, people familiar with the plan have said. Investor meetings for the sale were scheduled to begin on Tuesday in London, South Africa and Dubai. Shareholders approved a secondary listing at the company’s annual meeting in July, and the shares would keep their primary listing in Lagos.

The cement maker operates in Nigeria and several other African countries, and Chief Executive Arvind Pathak has said a new 6 million-ton plant at Itori, in Ogun State, should be finished before the end of the year.

Dangote built his fortune in cement, sugar and flour before moving into fertiliser and oil refining. His Dangote Petroleum Refinery and Petrochemicals FZE closes its initial public offering on Tuesday. The refinery is selling 4.1 billion new shares at ₦525 each to raise about ₦2.15 trillion ($1.58 billion), the largest share sale in Nigeria’s history, and expects the stock to begin trading on the Nigerian Exchange in December. He owns 87.27% of the refinery, a stake worth about ₦55 trillion ($40.3 billion) at the offer price.