Billionaire businessman Femi Otedola has invested in shares of Dangote Cement Plc, acquiring shares worth N6 billion, according to a reliable source.
Otedola, a wealthy tycoon, purchased the shares in his name. Dangote Cement, the largest cement maker in Sub-Saharan Africa, recently surpassed Airtel Africa to become Nigeria’s most valuable company with a market capitalization of N8.35 trillion.
Over the last 52 weeks, Dangote Cement has shown remarkable growth, delivering a return of 81.4%. The company has 17.04 billion outstanding shares, with Dangote Industries Limited, led by Africa’s richest person, Aliko Dangote, holding 85.8% of these shares.
To boost its stock valuation, Dangote Cement conducted two share repurchase tranches between 2020 and 2022, repurchasing 166.9 million shares. Femi Otedola, who already holds a significant stake in Geregu Power Plc, has been actively involved in the stock market.
In 2021, he acquired substantial volumes of FBN Holdings shares, making him the largest shareholder in the parent company of First Bank. Otedola holds 5.57% of FBN Holdings and is the board chair. The market value of FBN Holdings recently surpassed N1 trillion before settling at N967.4 billion.
Last April, Otedola acquired 2.6 billion units of Transnational Corporation of Nigeria shares, representing a 6.3% stake. Although he briefly competed for the top shareholder position in Transcorp, he eventually sold his stake to Tony Elumelu, who increased his ownership to 25.9%.