Renowned business magnate, Femi Otedola, has acquired shares worth N6billion in Nigeria’s largest company by market capitalisation, Dangote Cement Plc.
Dangote Cement’s shares is up this year by 48 per cent, a development linked to Otedola picking up of the stock.
The stock has seen a remarkable gain, opening at N452.50 per share and currently trading at N538.80 per share.
Dangote Cement is one of the Stocks Worth Over One Trillion (SWOOT) with a current market capitalisation of above N8.35trillion.
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Otedola, a serial investor and chairman of Geregu Power Plc, is renowned for his stock-picking boldness and was one of the major drivers of the stock market’s bull run in 2023, after his interest in Transcorp.
Insiders, however, informed Daily Trust Saturday that his interest in Dangote Cement is not meant to challenge his friend and Africa’s richest man, Aliko Dangote, who owns an unassailable stake in the company with over 85 per cent ownership of the stock.
The source added that the investment is also another way to strengthen the growing bond between the two billionaires.
Otedola in the company of Dangote recently toured the newly operational Dangote Refinery, extending his congratulations to the Africa’s richest man for establishing the world’s largest single-train petroleum refinery.
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