Femi Otedola Invests N6 Billion in Dangote Cement

Billion Femi Otedola has reportedly acquired shares worth N6 billion in Dangote Cement Plc, according to a Premium Times report.

Citing an anonymous source, Otedola purchased the shares in his name.

Dangote Cement Plc is the largest cement manufacturer in Sub-Saharan Africa and toppled Airtel Africa Plc as the most capitalised listed company in Nigeria.

In the last year, Dangote Cement has returned 81.4 percent with 17.04 billion outstanding shares.

Mr Otedola holds the majority stake in the power-generating company Geregu Power Plc, whose market value currently stands at N1.2 trillion.

In 2021, the billionaire purchased a substantial stake in FBN Holdings, the parent company of Nigeria’s oldest commercial bank First Bank.

Presently, the billionaire holds a 5.57 percent stake in FBN Holdings, where he is the chair of the board of directors, according to the lender’s 2022 audited earnings report.

FBN Holdings recently surpassed the N1 trillion price mark in market value before shedding 2.53 percent on Thursday to close at N967.4 billion.

In April 2022, Mr Otedola purchased 2.6 billion or 6.3 percent shares of Transnational Corporation of Nigeria to become the top shareholder of the conglomerate.

However, Tony Elumelu, the biggest shareholder of United Bank for Africa quickly struck a secret deal with the billionaire to reclaim his ownership in the company and has since doubled down on acquisition to avoid a similar thing in the future.

Elumelu’s stake in the company rose from 2.07 percent to 25.9 percent to retain his place on the top spot of Transcorp’s ownership ladder.