Dangote Cement Erases $22m Monthly Deficit to Hit FX Surplus

…Pays ₦3.28tn to Shareholders Over 15 Years

Dangote Cement Plc has unveiled a radical shift in its treasury operations, successfully pivoting from a chronic foreign exchange (FX) consumer to a net surplus generator.

The company reported that it has eliminated its monthly $22 million FX deficit and now operating with a ~$1 million monthly surplus—a strategic milestone that is being replicated across the wider Dangote Group.

This “FX Neutralization” strategy has allowed the firm to sustain one of the most consistent payout records in African corporate history, distributing ₦3.28 trillion in dividends over the last 15 years, according to Arvind Pathak, Group Managing Director of Dangote Cement Plc (DCP), in a conference call following its Full Year 2025 financial statement.

The Three Pillars of FX Neutrality

Dangote Cement’s transition to a self-sustaining FX model is built on three operational levers designed to insulate the balance sheet from Naira volatility:

• Export-Led Inflows: The company has recorded over 200% growth in export sales over the last five years. By shipping cement and clinker from its Nigerian plants to regional hubs via sea and land, it has created a dedicated stream of hard currency.

• Import Substitution: The firm has aggressively slashed its “FX input costs” by replacing imported fuels with local alternatives. This includes a shift from imported coal to local coal and biomass, and replacing expensive Automotive Gas Oil (AGO/Diesel) with Compressed Natural Gas (CNG) for its massive logistics fleet.

• Human Capital Localization: By reducing its reliance on expatriate labor and localized technical management, the firm has lowered its monthly USD-denominated payroll obligations.

A 15-Year Dividend Dynasty

The success of this FX strategy is most visible in the company’s dividend history. As a “Net Surplus” entity, Dangote Cement can fund dividends from operational cash flow without competing for dollars at the official window.

Source: MoneyCentral, Company Financials

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