Connect with us

Business

Femi Otedola pumps N6bn into Dangote Cement

Published

on

Femi Otedola takes over as chairman of FBN Holdings

Femi Otedola, billionaire philanthropist, has made another big business move, acquiring N6bn worth of Dangote Cement shares.

According to a report by Premium Times, quoting a knowledgeable source, Otedola acquired the shares in his name.

Otedola’s name recently appeared on the Forbes Billionaire List with a $1.1 billion net worth.

News continues after this Advertisement

He took over the fourth spot previously occupied by Folorunsho Alakija, Nigeria’s richest businesswoman, and occupies the 17th position in Africa with Michiel Le Roux, a South African billionaire, and is ranked 2,353 globally.

Mr. Otedola holds the majority stake in the power-generating company Geregu Power Plc, whose market value currently stands at N1.2 trillion.

In 2021, he acquired 5.57 percent of the shares of FBN Holdings, the parent company of Nigeria’s oldest commercial bank First Bank, in piecemeal via a series of off-market trades to become the biggest shareholder of the financial services group.

He is currently a director at FBN, according to the lender’s 2022 audited earnings report.

FBN Holdings recently surpassed the N1 trillion mark in market value before easing to N967.4 billion on Thursday, shedding 2.53 per cent.

Dangote Cement, which prides as Sub-Saharan Africa’s largest cement maker, recently leapfrogged telecommunications powerhouse Airtel Africa to become Nigeria’s biggest company by market capitalisation, currently valued at N8.35 trillion.

The cement maker has returned 81.4 per cent in the last 52 weeks and has 17.04 billion outstanding shares.

Dangote Industries Limited, the conglomerate controlled by Africa’s richest person, Aliko Dangote, holds 85.8 per cent of the company’s shares.

To shore up the valuation of its stock, Dangote Cement completed two tranches of share repurchase between 2020 and 2022, during which it bought back 166.9 million shares.

 

News continues after this Advertisement
News continues after this Advertisement