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Dangote Replaced As The Most Valued Company On The Nigerian Stock Exchange | DETAILS

TAIYE AKINLOTAN

Feb 01, 2022

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On Friday, Dangote Cement lost its title as the most valuable firm on the Nigerian Stock Exchange to Airtel Africa, when the telecom provider's stock soared above the local bourse's $3-per-share valuation.

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At market close, Microsoft's market valuation was over $2.49 trillion, while Apple's was around $2.46 trillion. Airtel Africa had a market valuation of N4.7 trillion at market closing, while Dangote Cement's was around N4.44 trillion.

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Airtel Africa's stock was worth N1,271 ($3.058) at market close on January 29, 2022; up 37% over the previous year.

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According to reports, Airtel Africa's market capitalisation surged as a result of a rise in its share price following news that the London Stock Exchange (LSE) had placed the company in the FTSE 100 (Financial Times Stock Exchange) index. The index serves as a foundation for a variety of investment products, including derivatives and exchange-traded funds.

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Segun Ogunsanya, CEO of Airtel Africa, said the business has continued to invest in infrastructure and distribution network across the nations where they operate, supporting their economies and people, in response to the recent milestone achievement.

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According to Segun, "Sustainability is at the core of our strategy, driven by our guiding purpose of Transforming lives' across Africa, with people, businesses and governments seeking access to more and better connectivity and improved financial inclusion."

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Airtel Africa's inclusion in the FTSE Index, which analyzes the performance of the most valued firms on the stock exchange, is an important milestone for the company, according to Mittal, chairman of Bharti Airtel.

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He stated,

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"We are delighted that, after many years of hard work by the Airtel team, the Africa operations have had a stellar turnaround. A lot of credit goes to Raghu Mandava, an Airtel veteran who, along with his team, spent five years reshaping the strategy in Africa.ÔÇØ

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— TAIYE AKINLOTAN

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