Dangote Cement Surpasses Airtel as Nigeria’s Most Valuable Listed Company

Dangote Cement has reclaimed its position as Nigeria’s most valuable listed company after its shares rose 5.82% to ₦1,420 on October 29. Its market capitalisation reached ₦23.96 trillion, ahead of Airtel Africa at ₦23.68 trillion and MTN Nigeria at ₦17.3 trillion. The rally added to Aliko Dangote’s estimated wealth, which reportedly rose by $4.4 billion in nine days to $55.4 billion. Dangote Cement’s value has more than doubled this year as investor interest in Nigerian equities strengthens. For the first nine months of 2026, the company reported revenue of ₦3.77 trillion and profit after tax of ₦974.8 billion. It also moved from a net debt position to a net cash position and paid a record ₦754 billion dividend. The growth highlights the scale of Nigerian industrial businesses, but it also raises a wider question: will rising corporate valuations eventually lead to more jobs, affordable building materials and better living conditions for ordinary Nigerians?

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