₦airaland Forum

megawealth01:
If I'm going to buy DANGOTE REFINERY, it would be because of OTEDOLA oooooo

But I won't make public my decision sha

Otedola bought the private placement and would have enjoyed stock split

emmanuelewumi:
Otedola bought the private placement and would have enjoyed stock split

Proof that stock split was done?

I dont think a stock split was done

emmanuelewumi:
Otedola bought the private placement and would have enjoyed stock split

How many Dangote Cement shares do you need for N10 million annual dividends?

https://nairametrics.com/2026/09/07/how-many-dangote-cement-shares-do-you-need-for-n10-million-annual-dividends/

By Idika Aja


What would it take to earn N10 million from Dangote Cement dividends for the 2026 financial year?

Using the company’s 2025 financial year dividend of N45 per share, the answer is about 222,223 shares.

At the current share price of N1,034, an investor would need about N230 million to build that position.

That sounds like a lot of money for N10 million in annual income. But Dangote Cement is not an ordinary dividend stock.

The company has paid a dividend every year at least since 2013, and the payout has generally increased over time, rising from N7 per share in 2013 to N45 in 2025. The 2025 N45 dividend was a 50% increase from the previous year’s N30.

The question, therefore, is not whether Dangote Cement has a history of paying dividends. It clearly does. The bigger question is whether the company can sustain its solid H1 2026 performance through the second half of the year.

For now, the odds appear to favour Dangote, as the forces supporting its earnings look stronger than those that could derail them.

The next six months will tell us whether those advantages are strong enough to carry the company into another record year, but first let us look at the transaction.

The transaction

If you decide to invest once, it means you will spend N230 million to buy 222,223 units at the current market price of N1,034.

But the investment does not have to be made in one transaction. You can decide to stagger the purchases while keeping the money not yet invested in another interest-bearing investment, provided the full Dangote Cement position is accumulated before the relevant qualification date. For the 2025 financial year dividend, the qualification date was June 17, 2026.

That approach sacrifices some potential upside if the shares rise rapidly but protects the investor from putting all N230 million into the market at one price.

This matters because Dangote Cement has not been a low-volatility investment. The shares have gained about 322% over five years, but annualized volatility over the period was about 34%.

This means the stock has historically experienced sizeable price swings around its normal pattern of returns. The volatility was even higher in 2026, at about 37%.

That makes the timing of a N230 million investment important and gives some justification for an investor who prefers to stagger purchases rather than invest everything at once.


The N45 dividend may not be the ceiling


Our calculation uses N45 as the base case for the FY2026 dividend, assuming it is paid around the same period in 2027.

But Dangote Cement’s H1 2026 results suggest there could be room for more.

The company made N638.5 billion in profit in six months, already equivalent to about 63% of the N1.01 trillion it made in all of 2025.
Earnings per share also rose to N38.22, compared with N59.86 for the whole of 2025.
If the second half were to match the first, full-year EPS could reach about N76.


That does not mean the dividend will automatically rise to a particular level. But it gives the company more room to reward shareholders if the board maintains a strong payout.


With the dividend income settled, what could N230 million be worth in a year?


If Dangote Cement repeats its 33% annualised five-year share-price growth, the shares could move from N1,034 to around N1,300–N1,400.

The N230 million investment would then be worth roughly N307 million, before adding the N10 million dividend.

That would put the total value at about N317 million, representing a potential gain of about N87 million, or about 38%, including the dividend.

That is our base-case scenario, not a requirement for investing in Dangote Cement. An investor does not need N230 million to participate in the company’s dividend or growth story.

The amount can simply be scaled to match the investor’s available capital and outlook. If you are investing N23 million, for example, you would be targeting about N1 million in annual dividends at the same N45 payout, while a N46 million investment would target about N2 million


What could push Dangote Cement higher or derail the return?


The first major test comes with the 9M 2026 results in October. They will tell investors whether the strong H1 performance is continuing or whether the first six months were unusually strong.

So far, the evidence points to a positive outlook. Nigeria remains the engine of the business.

Demand for cement continues to be supported by construction, housing and infrastructure spending.
More importantly, Dangote Cement operates in an industry where producers have significant pricing power.
When costs rise, cement manufacturers have generally been able to adjust prices, helping protect their profit margins.


That was evident in H1 2026. Revenue increased 21.4%, but operating profit grew much faster, by 30.7%, showing that the company was able to retain more of each additional naira of revenue as profit. This pricing power could remain one of Dangote Cement’s biggest advantages in the second half.

Another catalyst is Dangote Cement’s ongoing Pan-African expansion, which is beginning to add new capacity to the business. Its 3Mta Côte d’Ivoire plant is still ramping up production, while management has said expansion projects in Itori and Ethiopia remain on track.

Commenting on the company’s H1 2026 results, Arvind Pathak, Chief Executive Officer of Dangote Cement, said:

“We are equally encouraged by the progress of our expansion programme. Construction and commissioning activities at our new 6Mta Itori plant are now at an advanced stage, and we remain on track to complete the project before year-end. Once operational, Itori will enhance our production footprint, expand our export capacity, and move us closer to achieving our long-term ambition of 80Mta in installed production capacity by 2030.”


There is also a major change in the company’s financial position. Dangote Cement moved from net debt at the end of 2025 to net cash of about N150 billion by June 2026, while operating cash flow reached about N1.06 trillion.

Then there is the London listing. Dangote Cement plans to host investors in London on September 21 ahead of its proposed secondary listing.

The listing could broaden the company’s international investor base and bring more foreign attention to the shares.
But there are things that could derail the story.

The first is tax. Profit before tax increased more than 34% in H1, but profit after tax grew only 23% because the effective tax rate increased. If that pressure continues, earnings available to shareholders may grow more slowly than the underlying business.

The second is Pan-African performance. Volumes recovered, but margins remained under pressure in markets such as Cameroon and Ghana.


Perspectives


Based on the earnings trajectory, dividend history, and the outlook for the cement business, Dangote Cement is most likely to remain profitable in 2026 and increase its dividend payout.

The cement giant has consistently returned a large portion of its earnings to shareholders. Applying a similar payout to our estimated 2026 earnings points to a dividend of about N55–N60 per share, compared with the N45 paid for 2025.

For an investor targeting N10 million in annual dividend income, this would mean needing roughly 167,000–182,000 shares, rather than the 222,223 shares required at a N45 dividend.

At the current share price of N1,034, that represents an investment of approximately N173 million–N188 million.

On the share-price side, Dangote Cement can move towards N1,300–N1,400 over the next year, if investor sentiment is sustained.

4willer:
How many Dangote Cement shares do you need for N10 million annual dividends?

https://nairametrics.com/2026/09/07/how-many-dangote-cement-shares-do-you-need-for-n10-million-annual-dividends/

By Idika Aja


What would it take to earn N10 million from Dangote Cement dividends for the 2026 financial year?

Using the company’s 2025 financial year dividend of N45 per share, the answer is about 222,223 shares.

At the current share price of N1,034, an investor would need about N230 million to build that position.

That sounds like a lot of money for N10 million in annual income. But Dangote Cement is not an ordinary dividend stock.

The company has paid a dividend every year at least since 2013, and the payout has generally increased over time, rising from N7 per share in 2013 to N45 in 2025. The 2025 N45 dividend was a 50% increase from the previous year’s N30.

The question, therefore, is not whether Dangote Cement has a history of paying dividends. It clearly does. The bigger question is whether the company can sustain its solid H1 2026 performance through the second half of the year.

For now, the odds appear to favour Dangote, as the forces supporting its earnings look stronger than those that could derail them.

The next six months will tell us whether those advantages are strong enough to carry the company into another record year, but first let us look at the transaction.

The transaction

If you decide to invest once, it means you will spend N230 million to buy 222,223 units at the current market price of N1,034.

But the investment does not have to be made in one transaction. You can decide to stagger the purchases while keeping the money not yet invested in another interest-bearing investment, provided the full Dangote Cement position is accumulated before the relevant qualification date. For the 2025 financial year dividend, the qualification date was June 17, 2026.

That approach sacrifices some potential upside if the shares rise rapidly but protects the investor from putting all N230 million into the market at one price.

This matters because Dangote Cement has not been a low-volatility investment. The shares have gained about 322% over five years, but annualized volatility over the period was about 34%.

This means the stock has historically experienced sizeable price swings around its normal pattern of returns. The volatility was even higher in 2026, at about 37%.

That makes the timing of a N230 million investment important and gives some justification for an investor who prefers to stagger purchases rather than invest everything at once.


The N45 dividend may not be the ceiling


Our calculation uses N45 as the base case for the FY2026 dividend, assuming it is paid around the same period in 2027.

But Dangote Cement’s H1 2026 results suggest there could be room for more.

The company made N638.5 billion in profit in six months, already equivalent to about 63% of the N1.01 trillion it made in all of 2025.
Earnings per share also rose to N38.22, compared with N59.86 for the whole of 2025.
If the second half were to match the first, full-year EPS could reach about N76.


That does not mean the dividend will automatically rise to a particular level. But it gives the company more room to reward shareholders if the board maintains a strong payout.


With the dividend income settled, what could N230 million be worth in a year?


If Dangote Cement repeats its 33% annualised five-year share-price growth, the shares could move from N1,034 to around N1,300–N1,400.

The N230 million investment would then be worth roughly N307 million, before adding the N10 million dividend.

That would put the total value at about N317 million, representing a potential gain of about N87 million, or about 38%, including the dividend.

That is our base-case scenario, not a requirement for investing in Dangote Cement. An investor does not need N230 million to participate in the company’s dividend or growth story.

The amount can simply be scaled to match the investor’s available capital and outlook. If you are investing N23 million, for example, you would be targeting about N1 million in annual dividends at the same N45 payout, while a N46 million investment would target about N2 million


What could push Dangote Cement higher or derail the return?


The first major test comes with the 9M 2026 results in October. They will tell investors whether the strong H1 performance is continuing or whether the first six months were unusually strong.

So far, the evidence points to a positive outlook. Nigeria remains the engine of the business.

Demand for cement continues to be supported by construction, housing and infrastructure spending.
More importantly, Dangote Cement operates in an industry where producers have significant pricing power.
When costs rise, cement manufacturers have generally been able to adjust prices, helping protect their profit margins.


That was evident in H1 2026. Revenue increased 21.4%, but operating profit grew much faster, by 30.7%, showing that the company was able to retain more of each additional naira of revenue as profit. This pricing power could remain one of Dangote Cement’s biggest advantages in the second half.

Another catalyst is Dangote Cement’s ongoing Pan-African expansion, which is beginning to add new capacity to the business. Its 3Mta Côte d’Ivoire plant is still ramping up production, while management has said expansion projects in Itori and Ethiopia remain on track.

Commenting on the company’s H1 2026 results, Arvind Pathak, Chief Executive Officer of Dangote Cement, said:

“We are equally encouraged by the progress of our expansion programme. Construction and commissioning activities at our new 6Mta Itori plant are now at an advanced stage, and we remain on track to complete the project before year-end. Once operational, Itori will enhance our production footprint, expand our export capacity, and move us closer to achieving our long-term ambition of 80Mta in installed production capacity by 2030.”


There is also a major change in the company’s financial position. Dangote Cement moved from net debt at the end of 2025 to net cash of about N150 billion by June 2026, while operating cash flow reached about N1.06 trillion.

Then there is the London listing. Dangote Cement plans to host investors in London on September 21 ahead of its proposed secondary listing.

The listing could broaden the company’s international investor base and bring more foreign attention to the shares.
But there are things that could derail the story.

The first is tax. Profit before tax increased more than 34% in H1, but profit after tax grew only 23% because the effective tax rate increased. If that pressure continues, earnings available to shareholders may grow more slowly than the underlying business.

The second is Pan-African performance. Volumes recovered, but margins remained under pressure in markets such as Cameroon and Ghana.


Perspectives


Based on the earnings trajectory, dividend history, and the outlook for the cement business, Dangote Cement is most likely to remain profitable in 2026 and increase its dividend payout.

The cement giant has consistently returned a large portion of its earnings to shareholders. Applying a similar payout to our estimated 2026 earnings points to a dividend of about N55–N60 per share, compared with the N45 paid for 2025.

For an investor targeting N10 million in annual dividend income, this would mean needing roughly 167,000–182,000 shares, rather than the 222,223 shares required at a N45 dividend.

At the current share price of N1,034, that represents an investment of approximately N173 million–N188 million.

On the share-price side, Dangote Cement can move towards N1,300–N1,400 over the next year, if investor sentiment is sustained.

If you want to be a millionaire, think like a millionaire.

NSEstudent:
If you haven't decided before today, then...

My point is folks should have decided whether to participate or not, long before now.

Events or new info to come may still influence people's final decision e.g. a more lucrative offer or opportunity in other stocks.
The closing date is Dec 13, which is 2 months period, plus additional 1 week if you are paying through one the issuing houses

It closes in October. Shares list in Nov. Where did you see December?

mikeapollo:
Events or new info to come may still influence people's final decision e.g. a more lucrative offer or opportunity in other stocks.
The closing date is Dec 13, which is 2 months period, plus additional 1 week if you are paying through one the issuing houses

deathwing:
It closes in October. Shares list in Nov. Where did you see December?

Sorry, I made a mistake.
Reading another thing entirely

londonerr:
Proof that stock split was done?

What was the total number of shares before the private placement, what was the total number of shares allocated to private placement investors, what was the total number of shares post private placement offering.

Did all the shares add up to 120 billion shares.


Well it happened when it was a private company, so some information and financial arithmetic does not have to be pushed into the public domain.

What was the par value of the shares during the private placement?

Private companies usually have a par value of N1.00 and above.

Whereas the par value for the public offer will be 50 kobo per share

nosa2:
My religion forbids me from buying IPO's unless they are government privatization exercises. So I am certainly not buying

You, nosa2?
Which ''religion'' is that?
Na wa oooo

emmanuelewumi:
What was the par value of the shares during the private placement?

Private companies usually have a par value of N1.00 and above.

Whereas the par value for the public offer will be 50 kobo per share

Did you see the prospectus for the private placement?

jonnysessy:
If you want to be a millionaire, think like a millionaire.

Investing N230m to get dividend of N10m is not the thinking of a millionaire.

chimex38:
Yes, FCMB is recovering massively. With UK subsidiary and all.

But FCMB promoters, make una calm down on this una projections, especially on Dividend payout.

FCMB doesn't have a historic high payout-ratio

OS-66bn
Freefloat--over 64bn
free float- over 97% is bloated for a rapid Price appreciation up-to ₦25 as you guyz are hyperventilating it.

My Max estimated EPS for FY-2026 is at ₦5 ± 20%
(i doubt sha)
Yet even with this Max, the Max-dividend it will pay this Finance year is ₦1 ± 10%.
(20% of EPS).


It will get there gradually,but
Be calming down with the hype biko.

The more I see analysis like this that can lead to paralysis, the more I become scared and wary as an investor.

The same FCMB that we know abi another one?

Pastor Chime, chineke gozie.

ppogba:
Investing N230m to get dividend of N10m is not the thinking of a millionaire.

It is a fair enough return on an investment that is safe from inflation especially if it is guaranteed. If you spend the money to build a house you will not get up to that in rental income

lawani:
It is a fair enough return on an investment that is safe from inflation especially if it is guaranteed. If you spend the money to build a house you will not get up to that in rental income

N10m is less than 5% return.

There are other safe investments that will give you at least 12-15%. on the same amount.

Think like a millionaire

ppogba:
N10m is less than 5% return.

There are other safe investments that will give you at least 12-15%. on the same amount.

Think like a millionaire

If you have a really large amount of capital you shouldn't expect more than five percent per annum and when you have huge capital is when you are a billionaire

Any investment guaranteeing you ten percent will not protect you from inflation. I am not saying it isn't possible but to guarantee you will be hard

lawani:
If you have a really large amount of capital you shouldn't expect more than five percent per annum and when you have huge capital is when you are a billionaire

Any investment guaranteeing you ten percent will not protect you from inflation. I am not saying it isn't possible but to guarantee you will be hard

Okay Sir.

lawani:
If you have a really large amount of capital you shouldn't expect more than five percent per annum and when you have huge capital is when you are a billionaire

Any investment guaranteeing you ten percent will not protect you from inflation. I am not saying it isn't possible but to guarantee you will be hard

How do you reconcile your first statement with the second?

Aradel save the day from today's market downturn in my portfolio.

I want to believe some blue chip companies are being sold to get cash for Dangote Refinery IPO.

But, also bear in mind that the interim- dividend-paying banks are yet ho release their H1 result.

emmanuelewumi:
Otedola bought the private placement and would have enjoyed stock split

Why are some of you suggesting or suspecting that there has been a stock split after the private placement of 3 billion shares at $0.35 (~N460-N480)

lawani:
If you have a really large amount of capital you shouldn't expect more than five percent per annum and when you have huge capital is when you are a billionaire

Any investment guaranteeing you ten percent will not protect you from inflation. I am not saying it isn't possible but to guarantee you will be hard

And you think all PFIs investing in treasury bills way above 10% don’t know what they are doing , are you sure you know what you are talking about , won’t say I receive over 20% stress free money in FD with my very small change

Streetinvestor2:
https://dailypost.ng/2026/09/07/tinubus-alleged-drug-case-takes-new-twist-as-us-firm-hints-at-video-evidence/?utm_source=operamini&utm_medium=feednews&utm_campaign=operamini_feednews#google_vignette

Abeg which wale is on this post
I hope it is not the one associated with oando

ARADEL. +5.38%
CONOIL. ±
ETERNA. ±
OandO. -2.16%
SEPLAT. ±

Those buying blue chip companies and not using the money to buy Dangote too have other ideas.
Its probably not about Dangote Refinery.

jonnysessy:
Aradel save the day from today's market downturn in my portfolio.

I want to believe some blue chip companies are being sold to get cash for Dangote Refinery IPO.

But, also bear in mind that the interim- dividend-paying banks are yet ho release their H1 result.

Dangote refinery made an after-tax profit of $1.82 billion in the first half of 2026, following a $476 million loss in the whole of the previous year

H1 2026



Revenue

$13.91bn



Gross profit

$2.50bn



EBITDA

$2.60bn



Profit after tax

$1.82bn



EBITDA margin

18.7%



Refinery utilisation

83.6% average

I completely understand your question about THE SPLIT.

I decided not to respond to the tag because I want people to make their own decisions without it turning into the usual name-calling.

emmanuelewumi:
What was the par value of the shares during the private placement?

Private companies usually have a par value of N1.00 and above.

Whereas the par value for the public offer will be 50 kobo per share

GeneralDae:
Dangote refinery made an after-tax profit of $1.82 billion in the first half of 2026, following a $476 million loss in the whole of the previous year

Na the loss no make dem come out last year

If he decides to pay 50% of it as dividends, that will be #10.16 as interim... Just talking

GeneralDae:
Dangote refinery made an after-tax profit of $1.82 billion in the first half of 2026, following a $476 million loss in the whole of the previous year

H1 2026

USD

Revenue

$13.91bn

Gross profit

$2.50bn

EBITDA

$2.60bn

Profit after tax

$1.82bn

EBITDA margin

18.7%

Refinery utilisation

83.6% average

Revenue of $13.91 Billion in 6 months is nuts. Another level entirely. We dey even celebrate MTN 5 trillion naira revenue ($3.5 Billion) for a whole year 😃.

There are levels to this thing 😆

I love the way the analysis is going here. It allows everyone to make informed decisions based on the facts without quoting or misrepresenting anyone.