Billionaire investor Femi Otedola and chairman of Geregu Power, has confirmed his acquisition of shares in Dangote Cement.
The development follows news that the business mogul bought an undisclosed number of shares in the cement company.
Speaking on the acquisition, Otedola said Dangote Cement’s export capabilities and broad operations across sub-Saharan Africa are essential for regional economic integration and growth.
“My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development,” he 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.
“In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success.
“Companies like Dangote Cement, which consistently deliver value to their shareholders, are fundamental for sustainable economic growth.
“My investment reflects my belief in its capacity to continue providing significant returns and my commitment to businesses that prioritize their shareholders.”
Otedola said Dangote Cement’s solid corporate governance and outstanding environmental, social, and governance (ESG) compliance track record also makes it an ideal investment choice.
The philanthropist said the cement producer exemplifies the type of company that not only contributes to Nigeria’s industrial strength but also contributes to his vision for ethical and sustainable business practices.
As Sub-Saharan Africa’s largest cement producer, according to the investor, Dangote Cement boasts an annual production capacity of 51.6 million tons across ten countries.
This extensive footprint, he said, not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.
Otedola said the recent expansion of Dangote Cement, including the new 6 million-ton plant in Itori, Ogun state, enhances its export capacity and emphasises the company’s contribution to Nigeria’s economic diversification.