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GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%
Credit profile

Dangote Cement Plc

Proshare Rating
Aa3.ng
1Y PD
0.80%
LGD
40%
Spread
310 bps
Outstanding
₦720.00B
Watchlist
Stable

Thesis

Dominant West-Africa cement franchise with strong cash generation; FX exposure on imported inputs offset by export receivables.

Strengths
  • • Market share > 60% in Nigeria
  • • Vertical integration
  • • Pan-Africa diversification
Risks
  • • Energy cost volatility
  • • FX exposure on coal imports
  • • Capex intensity in new plants

External ratings

  • GCRAA-(NG)Stable
Last reviewed 2026-05-18