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Dangote: No Qualms If Otedola Attempts Takeover Of Dangote Cement

Babs-Oluribigbe Adeoye
By Babs-Oluribigbe Adeoye
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Aliko Dangote, the President/Chief Executive of Dangote Industries Limited, Aliko Dangote, caused a stir on Friday during Dangote Cement customers appreciation event in Lagos.

At the event, while welcoming dignitaries, including his friend, business mogul and Billionaire Femi Otedola, as newest shareholder, saying he (Otedola) is welcome to attempt a corporate takeover of Dangote Cement.

Mr Dangote currently controls about 85 per cent of Dangote Cement.

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In his effort to disabuse the mind of some corporate managers, who view Otedola as shrewd businessman and a go getter, Dangote quickly added that, “There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome.”

On Monday, Otedola, in a statement confirmed his “significant acquisition of shares in Dangote Cement,” saying that the “strategic investment underscores his 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.

Otedola said, “Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice.”

As at today, Dangote Cement is the first listed company to cross N10tn in market capitalisation.

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The company closed trading on Friday at N11. 827tn with a unit of its securities priced N694.1 each.

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