Femi Otedola Joins Dangote Cement as Shareholder Amid Record-Breaking Stock Performance

Femi Otedola, a billionaire investor and the chairman of Geregu Power, has acquired a stake in Dangote Cement, the largest cement producer in Africa. The Cable reported on Friday that a source confirmed the deal, but did not disclose the number of shares or the value of the transaction.

Dangote Cement is a subsidiary of Dangote Industries Limited, the diversified business empire of Aliko Dangote, the richest person in Africa. The company has operations in 10 African countries and a production capacity of over 48 million tonnes per year.

The cement giant has witnessed a remarkable surge in its share price and market capitalisation this week, driven by high demand from investors. According to Naija News, the share price soared by 53.9 percent from Monday to Friday, from N350 to N538.8 per unit. This is compared to a year-to-date increase of 68.42 percent.

The company also traded a high volume of shares this week, rising from 272,692 on January 12, to about 1.29 million on Friday. As a result, the market capitalisation of Dangote Cement jumped by N3.21 trillion within five days, from N5.96 trillion to N9.18 trillion. This is the highest stock market valuation in Nigeria.

Otedola is a prominent shareholder in Geregu Power, a power generation company with a market value of N1.17 trillion. He also became the largest shareholder of FBN Holdings, a financial services group, in October 2021, after buying a substantial amount of shares through off-market trades.