Aliko Dangote, the President/Chief Executive of Dangote Industries Limited, extended a warm welcome to his billionaire friend, Femi Otedola, encouraging him to attempt a corporate takeover of Dangote Cement. Dangote made this statement at the Dangote Cement customers’ appreciation event in Lagos on Friday.
Acknowledging Otedola’s presence, Dangote stated, “We must also welcome our newest shareholder, Femi Otedola. There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome.”
Otedola confirmed his significant acquisition of shares in Dangote Cement on Monday, expressing confidence in the company’s potential to contribute to Nigeria’s economic resilience. His strategic investment is based on Dangote Cement’s capacity to generate foreign exchange, particularly with its two export terminals and pan-African presence.
In April 2023, Otedola acquired a 5.52% stake in Transcorp Plc, becoming its second-largest shareholder. However, the positive development took a turn when Otedola sold the shares, citing the rejection of his N250bn offer to buy Transcorp. He emphasized his belief in healthy competition and market dynamics, respecting the majority shareholder’s decision to buy him out.
Dangote Cement achieved a significant milestone during the week by becoming the first listed company to surpass N10tn in market capitalization. Closing Friday’s trading at N11.827tn, the company, with Aliko Dangote controlling about 85%, continues to demonstrate its market strength.
