Nigerian billionaire investor and Chairman of Geregu Power Plc, Femi Otedola has disclosed the reason behind his recent acquisition of shares in Dangote Cement Plc (NGX: DANGCEM).
Otedola in a press release, said his investment is a testament to his confidence in the company’s “potential to propel Nigeria’s and Africa’s industrial and economic development.”
“Dangote Cement’s unique positions 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,”he said.
“In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success,” Otedola stated.
“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.
“Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth,” Otedola commented. “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”
“Dangote Cement’s strong corporate governance and impressive ESG compliance track record make it an ideal investment choice. It represents the type of company that not only contributes to Nigeria’s industrial strength but also aligns with my vision for ethical and sustainable business practices,” added Otedola.
As Sub-Saharan Africa’s largest cement producer, Dangote Cement boasts an annual production capacity of 51.6 million tons across ten countries. This extensive footprint not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.
Dangote Cement’s recent expansion, including the new 6 million-ton plant in Itori, Ogun State, enhances its export capacity and emphasizes the company’s contribution to Nigeria’s economic diversification.
The share price gained 85.25% year-to-year. It rose 9.99% to day to close at N592.5 per share. The share price was just N319.9 on January 2, 2024.
It has now become the first Nigerian company to hit N10 trillion market capitalization as it closed the day at N10.1 trillion.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
