43% Of The Stock Market Dominated By Dangote Group

Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, controls 43 per cent of the Nigerian stock market.

According to reports, four of Dangote’s companies listed on the Nigerian Stock Exchange (NSE) had a market capitalisation of N3.832 trillion. This value is about 43 per cent of N8.91 trillion, which was the total capitalisation of the equities listed on the Nigerian bourse as at Monday.

An analysis of the companies indicate that Dangote Cement has the highest value of N2.862 trillion, which is 32 per cent of the total capitalisation of the equities market.

Dangote Sugar Refinery Plc trailed with N68 billion, while NASCON Allied a Industry Plc has N18 billion. Tiger Branded Consumer Goods has a value of N9.45 billion.

Dangote revealed that the company has recorded a 47 percent growth in sales volumes between January and February 2016.

He said the company can export up to $500 million worth of cement annually from Nigeria to neighboring West African countries. He disclosed that 2018 – 2020 there will be no need by Dangote Group of businesses to get foreign exchange from the Central Bank of Nigeria (CBN).

He further added that Dangote Sugar will stop imports of $1 billion worth of sugar into Nigeria in five year’s time.