Serrari Group

In a remarkable feat, Dangote Cement, Nigeria’s foremost cement producer, has achieved an extraordinary market valuation of N13 trillion, overshadowing its closest rival, BUA Cement Plc, whose market value falls short of half of Dangote’s.

Investors continue to show confidence in BUA Cement, leading to a surge in its market valuation and positioning the company at a considerable multiple to its earnings. Despite this, Dangote Cement’s dominance is not only evident in market capitalization but also in its significant size advantage over Lafarge Africa, the third-largest cement producer in the country.

BUA Cement, with a market capitalization about 10 times that of Lafarge Africa, pales in comparison to Dangote Cement, which is a staggering 14 times larger than Lafarge Africa. This stark contrast underscores the immense growth in market valuation that Dangote Cement, Nigeria’s leading cement manufacturer, has experienced.

Catalysts Behind Dangote Cement’s Success

When examining the combined market capitalization of Dangote Cement, BUA Cement, and Lafarge Africa, it totals approximately N20 trillion, with Dangote Cement contributing an impressive 65%, or about two-thirds, to this figure. This dominance extends to annualized revenues for 2023, where the three companies collectively post an estimated N3 trillion, with Dangote Cement accounting for 67% of the total.

The recent surge in Dangote Cement’s share price, witnessing a 100% increase year to date over the last two weeks, has been a significant factor in the company’s valuation growth. This surge has notably influenced the overall market capitalization of the NGX, standing at around N57.8 trillion.

Another catalyst behind this surge is Femi Otedola’s acquisition of shares in the company, as reported by Nairametrics and later confirmed by the billionaire himself. Otedola’s investment decision was driven by Dangote Cement’s proven track record of delivering value to its shareholders, although the exact number of shares acquired remains undisclosed.

Dangote Cement’s Impressive Performance

Reflecting on the past year, Dangote Cement started 2023 with a market capitalization of N4.4 trillion and closed the year at N5.4 trillion, showcasing rapid growth that more than doubled in a few weeks in December. This remarkable performance underscores the company’s robust market presence and investor confidence.

In contrast, BUA Cement, despite an 80% surge in its share price year to date, had a relatively flat performance in 2023, starting with a market cap of N3.3 trillion and closing slightly lower at N3.2 trillion. However, the company has experienced a significant rebound, with its market valuation currently at N6.2 trillion.

Both Dangote Cement and BUA Cement are part of the exclusive group of Stocks Worth Over One Trillion Naira (SWOOTs), with Dangote Cement standing out as the only stock in Nigeria valued at over N10 trillion. At N20 trillion, the market cap of Nigeria’s cement giants constitutes over 35% of the total market capitalization of the NGX, solidifying their dominance in the industry.
By: Delino Gayweh
Serrari Financial Analyst
February 2, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023