Forbes-listed billionare, Femi Otedola, who is also the Chairman, First Bank Holding Company, is reportedly buying shares in Dangote Cement and seeking to build an interest of up to 5% in Africa’s largest cement producer. At Dangote Cement’s closing price of ₦1,111(82 cents) on 23 October, a 5% holding would be worth approximately ₦936 billion, or $700 million.
A 5% holding would be worth approximately $700 million at the company’s 23 October closing price. Dangote Industries owns 86.65% of the cement producer, leaving fewer shares available to public investors. Neither Otedola nor Dangote Cement has confirmed that the billionaire has reached the 5% threshold.
According to Nairametrics, which cited sources familiar with Otedola’s plans, he was targeting an interest of up to 5%, though the publication did not disclose how many shares he had already acquired.
