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Nigerian billionaire Aliko Dangote's stake in Dangote Cement Plc gained about ₦1.89 trillion ($1.4 billion) on Monday as the cement maker's shares jumped 9.6% and led a broad rebound on the Nigerian Exchange.
Dangote Cement rose ₦128.90 to close at ₦1,469.90 in Lagos on Nov. 9, up from ₦1,341 at the end of last week. The gain lifted the company's market value by about ₦2.18 trillion to roughly ₦24.8 trillion ($18.2 billion).
The move accounted for almost all of the day's rally. Total market capitalization on the Nigerian Exchange climbed ₦2.32 trillion to ₦163.92 trillion ($120.1 billion), from ₦161.59 trillion at the close on Nov. 6. Transcorp Power Plc and Oando Plc were among the other large gainers.
Dangote holds about 14.65 billion Dangote Cement shares, or 86.8% of the company. About 14.62 billion are held through a holding company he controls, and 28.7 million are in his own name. At Monday's close, the combined stake was worth about ₦21.5 trillion ($15.8 billion), up from ₦19.6 trillion ($14.4 billion) on Friday.
A sharp swing in a week
Monday's jump undid most of the damage from a selloff last Thursday, when Dangote Cement fell by the exchange's 10% daily limit to ₦1,341 from ₦1,490. That drop cut about ₦2.18 trillion from the value of Dangote's holding and dragged the wider market down by ₦3.28 trillion in one session. The stock was unchanged on Friday and ended the week down 5.6%.
Even after last week's slide, the stock has more than doubled this year. The shares started 2026 at ₦609 and have gained about 141% since, adding roughly ₦12.6 trillion ($9.2 billion) to the value of Dangote's stake. The stock first closed above ₦1,200 on Oct. 19, when the company's market value passed ₦20 trillion for the first time.
The rally has been driven by stronger earnings. Dangote Cement's profit after tax rose 31% to ₦974.8 billion ($714 million) in the nine months through September, while revenue climbed 19.6% to ₦3.77 trillion ($2.76 billion). The company operates in 10 African countries and is the continent's largest cement producer.
Refinery listing ahead
A far bigger Dangote stock is on the way. Dangote Petroleum Refinery & Petrochemicals FZE is preparing to list on the Nigerian Exchange. The refinery's initial public offering of 4.1 billion shares at ₦525 each closed on Oct. 27 and drew orders of about ₦6.4 trillion ($4.7 billion), roughly three times the amount on offer. The company is due to submit its basis of allotment to the Securities and Exchange Commission on Nov. 10, with trading expected to start in early December.
At the offer price, the refinery is valued at about ₦65.2 trillion ($47.8 billion). Dangote's stake in it is expected to fall to about 84.4% after the offer from 87.3%.
Dangote, 69, built his fortune in commodity trading before moving into cement, sugar, salt, flour, fertilizer and oil refining. Forbes ranks him as Africa's richest person, with a fortune of $55.4 billion.
Figures were converted at ₦1,365 to the dollar.
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