Dangote Cement Shares Rise by 5% Despite EFCC Probe
Dangote Cement Plc's shares surged by 5.1% despite an ongoing probe by the EFCC over alleged foreign exchange allocation fraud, showcasing investor confidence in the Nigerian stock market.
Dangote Cement Plc, a major player in the Nigerian cement industry, witnessed a 5.1% increase in its share price, despite being under investigation by the Economic and Financial Crimes Commission (EFCC). The EFCC probe is linked to alleged sales of foreign exchange to Dangote Group by the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, below market rate.
Despite this backdrop, Dangote Cement's shares rose to N325 per share on Friday from N319.9 per share traded from December 28, 2023, to January 4, 2024. The volume of the company’s shares traded also rose significantly. This market response indicates a strong investor sentiment and confidence in the Nigerian stock market, even in the face of potential corporate governance issues.
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