Renowned billionaire investor and Geregu Power Chairman, Femi Otedola, has reportedly made a strategic move by acquiring an undisclosed number of shares in Dangote Cement, according to a reliable source confirmed on Friday.
Dangote Cement, a subsidiary of the conglomerate owned by Africa’s wealthiest individual, Aliko Dangote, has experienced a remarkable surge in its share price, escalating by 53.9 percent between Monday and Friday. The year-to-date appreciation stands at an impressive 68.42 percent.
Within a week, the share value of Dangote Cement soared from N350 per unit to N538.8, driven by heightened demand for the company’s shares. The surge is evident in the substantial increase in the volume of shares traded, rising from 272,692 as of January 12 to approximately 1.29 million by the end of the week.
In response to this bullish trend, Dangote Cement’s market capitalization witnessed a substantial rise of N3.21 trillion over the course of five days. Starting at N5.96 trillion on January 12, it reached an impressive N9.18 trillion, marking the highest stock market valuation.
Femi Otedola, a major shareholder in Geregu Power, whose market value currently stands at N1.17 trillion, has strategically entered the Dangote Cement market amidst its impressive performance. This move follows Otedola’s significant acquisition of shares in FBN Holdings in October 2021, where he emerged as the largest shareholder in the financial services group through a series of off-market trades.
Otedola’s recent investment in Dangote Cement reflects his strategic positioning in the dynamic financial landscape and underscores the ongoing shifts in the market that continue to shape the investment portfolios of influential figures in the business world.