Billionaire Otedola acquires stake in Dangote Cement

Renowned billionaire investor Femi Otedola has officially confirmed his acquisition of shares in Dangote Cement.

The confirmation comes in the wake of recent reports speculating on Otedola's undisclosed purchase of shares in the leading cement company.

Geregu Power's chairman shed light on his investment decision, stating the pivotal role Dangote Cement plays in regional economic integration and growth across sub-Saharan Africa.

Speaking on the acquisition, Otedola expressed his confidence in Dangote Cement's export capabilities and expansive operations.

He asserted, “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”

Highlighting the strategic importance of Dangote Cement's two export terminals, Otedola noted the substantial opportunity they offer for earning foreign exchange, which is crucial for Nigeria’s economy.

He underscored the company's pan-African presence as a key factor influencing his investment decision.

"In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success," stated Otedola.

He lauded companies like Dangote Cement, stating their role in sustainable economic growth through consistent value delivery to shareholders.

The billionaire also commended Dangote Cement's robust corporate governance and outstanding environmental, social, and governance (ESG) compliance track record.

According to Otedola, these factors contribute to making the company an ideal choice for investment, aligning with his vision for ethical and sustainable business practices.

Dangote Cement, recognised as Sub-Saharan Africa’s largest cement producer, boasts an impressive annual production capacity of 51.6 million tons across ten countries.

Otedola highlighted the company's extensive footprint as a demonstration of its dominance in the cement industry and its crucial role in driving economic growth in the region.

Drawing attention to Dangote Cement's recent expansion, including the inauguration of a new 6 million-ton plant in Itori, Ogun state, Otedola stated the enhanced export capacity and the company's significant contribution to Nigeria’s economic diversification.