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Friday, July 19, 2024

Otedola announces “major acquisition” of Dangote Cement shares

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Femi Otedola, distinguished Nigerian businessman and investor, has announced a major share acquisition of Dangote Cement, Nigeria’s only cement company with two export terminals, with a combined export capacity of eight million tonnes per annum.

This strategic investment underlines Mr. Otedola’s confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.

However, the businessman did not disclose the volume of shares he acquired although PREMIUM TIMES exclusively reported that he bought shares in the company worth N6 billion.

As the largest cement producer in sub-Saharan Africa, Dangote Cement has an annual production capacity of 51.6 million tonnes across ten countries. This extensive presence not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.

Dangote Cement’s recent expansion, including the new six million tonne plant in Itori, Ogun State, enhances its export capacity and emphasizes the company’s contribution to Nigeria’s economic diversification.

“Dangote Cement’s export capabilities and extensive operations across sub-Saharan Africa are essential for regional economic integration and growth,” Otedola said. “My investment is a testament to my confidence in its potential to boost the industrial and economic development of Nigeria and Africa.”

Otedola’s investment aligns with his vision of long-term wealth preservation and belief that shareholders should be the primary beneficiaries of a company’s success.

“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, which is crucial to the Nigerian economy. This, together with the company’s pan-African presence, makes it an ideal investment option,” said the businessman.

Dangote Cement’s dividend payment record, which has exceeded N2.1 trillion in recent years, and its commitment to sustainable business practices resonate with these principles. Otedola’s investment strategy prioritizes companies that are well managed, have strong governance and operate under the principle that no individual should be larger than the company.

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

“Companies like Dangote Cement, which consistently deliver value to their shareholders, are critical to sustainable economic growth. “My investment reflects my belief in its ability to continue to deliver significant returns and my commitment to companies that put their shareholders first.”

The evolving regulatory landscape in Nigeria, which emphasizes environmental, social and governance (ESG) compliance, complements Mr. Otedola’s investment criteria.

READ ALSO: Otedola acquires Dangote Cement shares worth N6 billion

Companies like Dangote Cement, which adhere to these principles, are more likely to ensure transparency, accountability and long-term value creation, he said.

“Dangote Cement’s strong corporate governance and impressive ESG compliance record make it an ideal investment option. It represents the type of company that not only contributes to Nigeria’s industrial strength but also aligns with my vision of ethical and sustainable business practices,” Otedola said.

He added that his investment in Dangote Cement is a strategic decision that highlights his belief in the company’s ability to positively impact the Nigerian economy and his commitment to fostering a responsible investment culture.

The businessman said his investment also “serves as a call to action for Nigerians to invest in companies that deliver financial returns and play a crucial role in the economic growth and stability of the nation.”

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