Dangote Group: Listed companies hit N2.9trillion capitalization

…Group to list more companies

Cyriacus Nnaji

It is now on record that four companies belonging to the Africa’s richest man, Aliko Dangote, and which are listed on the floor of the Nigerian Stock Exchange make up a total market capitalisation of N2.9 trillion representing 32.7 per cent of total capitalisation of equities on NSE as at April 10.

The President of Dangote Group, Aliko Dangote, has also promised the listing of more companies under the Dangote Group of companies on the nation’s Stock Exchange. He said the companies will include the Refinery and Petrochemical companies which are still under construction.

He stated this at the bell ringing ceremony on the NSE in Lagos as part of activities to mark his 60th birthday.

Dangote assured the stock broking public that he would continue to work with the Federal Government to diversify the economy and spread prosperity among Nigerians.

“We will continue to work with the federal government to diversify the economy and spread prosperity to Nigerians,’’ Dangote said.

 “Very soon, we will start having our Annual General Meetings (AGM) in stadium, not halls due to the large shareholders we will be targeting. We will be having up to two million shareholders in the next ten years,” he said.

The Africa’s richest man also commended the stock broking community for their support to Dangote Group, adding that they had contributed to the growth of the organisation.

In the same vein the former President, Association of Stockbroking Houses of Nigeria, Alhaji Rasheed Yussuf, asserted that Dangote is an indispensable stakeholder in the Nigerian capital market engagements.

“His decision to celebrate his birthday with the capital market community is a testimony to the mutually beneficial relationship to which has been involved over the years between Dangote, brokers and capital market in generally,” Yussuf stated.

The Doyen of Stockbroking said that the tenure of Dangote as the president of NSE was the most challenging period for the capital market due to serious management succession crisis and ravaging margin loan crisis.

“Dangote worked tirelessly with ASHON, leveraging on his contacts to make presentation to the various level of government functionality and the Central Bank of Nigeria (CBN).

“This culminated in the setting up of Asset Management Company of Nigeria and eventual resolution of the margin loan problems,” Yussuf added.

Yussuf stressed that as a strong promoter of local content development in Nigeria, Dangote took the pioneering step of listing most of his companies on the floor of NSE, substantially deepening the market.

He also said that the listed companies of Dangote constituted a reasonable percentage of equities on the nation’s Exchange.

The four companies of Dangote listed on the NSE have a total market capitalisation of N2.9 trillion as at April 10.

This represents 32.7 percent of the total capitalisation of the equities listed on the Nigerian Stock Exchange.