At the Dangote Cement customers appreciation event in Lagos, Aliko Dangote, the President/Chief Executive of Dangote Industries Limited, extended a warm welcome to his billionaire friend, Femi Otedola, expressing openness to Otedola's potential corporate takeover of Dangote Cement.
During the event, where dignitaries were being introduced, Dangote took the opportunity to acknowledge Otedola's presence, stating, "We must also welcome our newest shareholder, Femi Otedola. Some people fear that he will do the same thing he did at Transcorp; I say he's welcome."
This declaration came in the wake of Otedola's confirmation on Monday regarding his "significant acquisition of shares in Dangote Cement." Otedola emphasized that this strategic investment reflected his confidence in Dangote Cement's ability to generate foreign exchange for Nigeria and his commitment to supporting businesses contributing to the country's economic resilience.
Otedola's move echoes his previous acquisition of a 5.52 per cent stake in Transcorp Plc in April 2023. Initially celebrated as a positive development, Otedola's relationship with Transcorp soured when he sold the acquired shares. In a statement, Otedola revealed that his offer to buy Transcorp for N250bn was rejected, leading him to divest his shares. Despite the fallout, Otedola maintained a business-minded perspective, stating, "As a businessman, I believe in healthy competition and market dynamics."
Dangote Cement, meanwhile, made headlines during the week by becoming the first listed company to surpass N10tn in market capitalization. As of the most recent trading day, it closed at an impressive N11.827tn, with each unit of its securities priced at N694.1. Aliko Dangote retains control over approximately 85 per cent of Dangote Cement.
