Business News

 Aliko Dangote, Abdulsamad Rabiu companies post N9.6 trillion capital gain in Q1 2024

Nigeria’s leading billionaire investors and business moguls, Aliko Dangote and Abdulsamad Rabiu, witnessed growth as their companies collectively amassed nearly N10 trillion in capital gains at the end of the first quarter ended March 2024.

Regardless of the daunting economic conditions in Nigeria, characterized by a staggering inflation rate of 31.70% and dwindling consumer purchasing power, both BUA Foods and Dangote Cement defied the odds and achieved remarkable capital gains exceeding 200% combined.

Analysis from the Nigeria Stock Exchange reveals the resilience of these companies in navigating the challenging economic landscape.

Despite the forex crisis, which has escalated importation costs, and the persistent inflationary pressures, BUA Foods and Dangote Cement demonstrated robust performance and strategic acumen, contributing significantly to their impressive capital gains during the first quarter of 2024.

In Q1 2024, the NGX posted an increase of 39.84%, hitting an All-Share Index of 104,562.06 points.

The market capitalization of the NGX also appreciated by 44.5% to close the quarter at N59.13 trillion, representing an N18.21 trillion increase from N40.92 trillion at the start of 2024.

Breakdown of the companies

for Africa’s wealthiest individual, Aliko Dangote, his cement company has emerged as the most capitalized firm in Nigeria, reaching a valuation of N10 trillion.

As Nigeria’s second wealthiest individual, Rabiu witnessed remarkable success with his company, BUA Foods, the nation’s largest consumer goods company and a key entity within the BUA Group.


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