After Visit to Refinery, Nigeria’s 4th Richest Man, Otedola Invests in Dangote Cement
- One of Nigeria’s wealthiest persons, Femi Otedola, has reportedly bought shares in Dangote Cement
- The Nigerian investor reportedly acquired an undisclosed number of shares from the company after a visit to Dangote refinery recently
- Otedola’s investment into Dangote Cement comes as his two companies are now worth over N1 trillion, respectively
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
In a deft move to strengthen his investment portfolio, Nigeria’s fourth richest man, Femi Otedola, is acquiring shares in Dangote Cement.
The development follows Otedola’s re-entry into Forbes Africa’s Richest List, where he is worth about $1.2 billion and is Nigeria’s fourth wealthiest individual.
Source: Getty Images
The development comes as Otedola's visit to the $20 billion 650,000 bpd Dangote refinery.
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Otedola's investment drives up Dangote Cement shares
The Geregu Power’s Chairman and director at FBN Holdings has shown his market talent, with a recent report indicating that all his investments in the Nigerian Exchange Limited (NGX) have yielded triple-digit returns.
His latest acquisition of Dangote Cement shares, amid prevailing bullish pressures on the NGX, has dramatically driven up the market value of Dangote Cement’s shares since the beginning of the year.
As of Friday, January 19, 2024, Dangote Cement shares have risen by over 50%, from N319.9 to N489.9. The rise has moved the company’s market valuation above N8.2 trillion.
Dangote Cement plans to expand further, having been Africa’s largest cement producer in the last decade.
Otedola's many investments
The company is reportedly constructing a new six-million-tonne cement plant in Itoro, Ogun State.
According to reports, Otedola’s influence on the stock market was visible in 2023 after he attempted to invest in Transcorp, causing the company’s shares to skyrocket rapidly, with a remarkable 1,500% increase in the last year.
Otedola’s purchase of First Bank shares in 2022, when the bank’s stocks traded below N5, led him to become the bank’s largest shareholder. He recently became an N1 trillion company alongside Zenith, GTBank, Access, and Stanbic IBTC.
In December 2023, the billionaire became the second Nigerian to own two companies worth over N1 trillion.
The Best: Dangote, Otedola, and others share over N1trn in 4hrs
Legit.ng reported that the Nigerian stock market set a new record on Thursday, January 19, 2023, as its All-Share Index (ASI) crossed over 91,000 basis points.
ASI tracks the general market movement of all listed stocks on the Nigerian Exchange, including those listed on the Growth Board, regardless of capitalization.
According to Nigerian Exchange Limited (NGX) data, the ASI rose to 91,896.97 basis points from 90,063.25 achieved a day earlier.
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Source: Legit.ng
