Femi Otedola, the billionaire investor and chairman of Geregu Power, has confirmed his purchase of Dangote Cement stock.
The development comes after news that the business magnate purchased an undisclosed number of shares in the cement company.
Speaking about the acquisition, Otedola stated that Dangote Cement‘s export capabilities and extensive operations throughout Sub-Saharan Africa are critical for regional economic integration and growth.
He said:
“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 unique position 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.
“In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success.
“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.”
According to Otedola, Dangote Cement’s strong corporate governance and outstanding environmental, social, and governance (ESG) compliance record makes it an excellent investment choice.
The philanthropist stated that the cement producer is an example of a company that not only contributes to Nigeria’s industrial strength but also his vision of ethical and sustainable business practices.
As Sub-Saharan Africa’s largest cement producer, according to the investor, Dangote Cement boasts an annual production capacity of 51.6 million tons across ten countries.
This extensive footprint, he explained, not only demonstrates the company’s dominance in the cement industry but also its critical role in driving regional economic growth.
Otedola stated that Dangote Cement’s recent expansion, including a new 6-million-ton plant in Itori, Ogun state, increases export capacity and highlights the company’s contribution to Nigeria’s economic diversification.
