According to persons acquainted with the situation, Femi Otedola is acquiring N6 billion worth of shares in Dangote Cement.
Otedola’s return to Forbes Africa’s Richest List has resulted in an estimated net worth of $1.2 billion, making him Nigeria’s fourth-richest man. However, this sum just touches the surface of Otedola’s vast fortune.
Otedola, the chairman of Geregu Power and a director of FBN Holdings, is well-known for his stock selecting abilities, and he has once again proved his market wisdom. According to recent reports, all of his investments on the Nigerian Stock Exchange have generated triple-digit percentage returns.
His most recent effort to acquire Dangote Cement shares, together with current bullish pressures on the Nigerian Exchange, has dramatically increased the market value of the cement company’s shares since the beginning of the year.
Shares of Dangote Cement have increased by over 50%, from N319.9 ($0.357) to N489.9 ($0.547) as of this report’s writing. This surge has increased the company’s market valuation over N8.2 trillion ($9.1 billion).
Dangote Cement, Africa’s largest cement maker with an annual capacity of 55 million tons, intends to grow even more. The business is building a new 6-million-tonne cement manufacturing facility in Itoro, Ogun State, specifically for export.
In 2023, Otedola’s investment in Transnational Corporation of Nigeria (Transcorp) shares triggered a surge, propelling the firm into the top 5 performing equities of the year, with a 1,500% increase in just one year.
In 2022, he strategically purchased First firm shares when the company was trading below N5 ($0.0056), making him the firm’s largest shareholder. Today, the bank trades above N25 ($0.0279) per share and has reached a trillion market cap.
In December 2023, Otedola became the second person to acquire stakes in two companies valued over N1 trillion ($1.1 billion). This feat mirrors the success of his quickly developing power generation company, Geregu Power Plc, and is consistent with his continued dedication to diversifying and expanding his investment portfolio.
