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Aliko Dangote, the President and Chief Executive of Dangote Industries Limited, made a surprising announcement at the Dangote Cement customers’ appreciation event in Lagos on Friday. He extended a warm welcome to his friend and fellow billionaire businessman, Femi Otedola, expressing his openness to Otedola’s potential corporate takeover bid of Dangote Cement.
Dangote’s statement came as he introduced various dignitaries at the event, including Otedola. He remarked, “We must also welcome our newest shareholder, Femi Otedola. There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome.”
This declaration follows Otedola’s recent confirmation of his “significant acquisition of shares in Dangote Cement” earlier in the week. Otedola emphasized that his strategic investment in Dangote Cement underlines his confidence in the company’s potential to contribute to Nigeria’s foreign exchange earnings and support businesses that strengthen the nation’s economic resilience.
Otedola highlighted Dangote Cement’s unique position with two export terminals, which offers substantial opportunities to generate foreign exchange, a critical component for Nigeria’s economy. Additionally, the company’s pan-African presence makes it an attractive investment choice.
Notably, Otedola had previously acquired a 5.52 percent stake in Transcorp Plc in April 2023, becoming the second-largest shareholder of the company after United Bank for Africa nominees. However, his positive intentions for Transcorp took a different turn when he ultimately sold the shares he had purchased. He revealed that his offer to buy Transcorp for N250 billion had been rejected, and he bought the shares with the belief that the group had the potential to reach a valuation of N2 trillion.
In response to the turn of events, Otedola stated, “As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game.”
Dangote Cement made headlines during the week by becoming the first listed company in Nigeria to surpass N10 trillion in market capitalization. As of the latest trading session, the company’s market capitalization stands at N11.827 trillion, with each unit of its securities priced at N694.1. Aliko Dangote remains the dominant force behind Dangote Cement, controlling approximately 85 percent of the company.
