Billionaire tycoon Femi Otedola has reportedly acquired shares worth N6 billion of Dangote Cement Plc, according to a source familiar with the transactions. Mr. Otedola, who holds a majority stake in power-generating company Geregu Power Plc, has made strategic investments in various sectors, further diversifying his portfolio.
Dangote Cement, Sub-Saharan Africa’s largest cement maker, recently surpassed Airtel Africa to become Nigeria’s biggest company by market capitalization, valued at N8.35 trillion. The company, controlled by Africa’s richest person, Aliko Dangote, has seen a remarkable 81.4% return in the last 52 weeks.
Femi Otedola, known for his astute investment decisions, has previously made significant acquisitions, including shares of FBN Holdings, the parent company of Nigeria’s oldest commercial bank, First Bank. Holding 5.57% of FBN Holdings, Otedola is the chair of the board of directors.
In 2021, Otedola also acquired substantial volumes of shares in Transnational Corporation of Nigeria, briefly putting him on track to become the top shareholder. However, Tony Elumelu, the biggest shareholder of United Bank for Africa, increased his stake in Transcorp to retain the top spot in ownership.
Otedola’s investment moves reflect a strategic approach to wealth creation and portfolio diversification, positioning him as a prominent figure in Nigeria’s business landscape.
