Dangote Cement Jumps To All Time High as Otedola Said to Buy Shares

Dangote Cement shares closed trading today at an all-time high of N538/Share as fellow Billionaire Femi Otedola reportedly bought N6 billion worth of shares in the company.

Billionaire tycoon Femi Otedola has racked up shares worth N6 billion of Dangote Cement Plc, according to a report by PREMIUM TIMES.

Mr Otedola, the source said, acquired the shares in his name.

Sub-Saharan Africa’s largest cement maker Dangote Cement recently leapfrogged telecommunications powerhouse Airtel Africa to become Nigeria’s biggest company by market capitalisation, currently valued at N9.181 trillion.

Dangote Cement has returned 118 per cent in the last 52 weeks and has 17.04 billion outstanding shares.

Dangote Industries Limited, the conglomerate controlled by Africa’s richest person, Aliko Dangote, holds 85.8 per cent of the company’s shares.

To shore up the valuation of its stock, Dangote Cement completed two tranches of share repurchase between 2020 and 2022, during which it bought back 166.9 million shares.

Mr Otedola holds the majority stake in the power-generating company Geregu Power Plc, whose market value currently stands at N1.174 trillion.

In 2021, he acquired huge volumes of the shares of FBN Holdings, the parent company of Nigeria’s oldest commercial bank First Bank, in piecemeal via a series of off-market trades to become the biggest shareholder of the financial services group.

Mr Otedola remains the largest shareholder with major board seats in FBN Holdings. FBN Holdings recently surpassed the N1 trillion mark in market value before easing to N954.8 billion on Friday, shedding 1.3 per cent.

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