- Femi Otedola is reportedly buying Dangote Cement shares and targeting an interest of up to 5%.
- 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.
The reported investment would connect two of Nigeria’s wealthiest businessmen through a substantial minority position in the flagship company of Aliko Dangote’s industrial group
It would also give Otedola an interest in a cement producer operating plants in Nigeria and several other African markets, including Ethiopia, Tanzania, Senegal, Zambia, Cameroon, Ghana, Congo and South Africa
Dangote Cementshares reached their 10% daily trading limit on 23 October, adding about ₦1.7 trillion to the company’s market value and lifting its capitalisation to approximately ₦18.7 trillion
According to Nairametrics, which citedt of up to 5%, though the publication did not disclose how many shares he had already acquired
Neither Otedola nor Dangote Cement has publicly confirmed that he has reached the 5% level. Also, no regulatory disclosure establishing a completed 5% holding had been identified at the time of writing
Dangote Industries held 86.65% of the cement producer at the end of 2025. Other insider holdings mean that fewer than 10% of the company’s shares are ordinarily available for public trading
A 5% Otedola position would therefore absorb a significant portion of Dangote Cement’s available free float, potentially increasing the effect of investor demand on the share price
It could also become important as Dangote prepares the cement business for a possible London listing. Nigerian Exchange Group chief executive Temi Popoola said Dangote Cement could pursue the overseas listing as early as November
The company has not said whether the reported Otedola purchases are connected to the planned listing
The reported buying would not be Otedola’s first investment in the cement producer. He acquired an undisclosed number of shares in January 2024, when the stock traded at about ₦350
Otedola subsequently described the purchase as a strategic investment reflecting his confidence in Dangote Cement’s Nigerian and African operations
He cited the company’s domestic production capacity, export potential and planned six-million-tonne plant in Itori, Ogun State
Dangote Cement’s shares have since risen substantially. The stock opened 2026 at approximately ₦609 and closed at ₦1,111 on 23 October, an increase of more than 82%
The cement producer reported a 21.4% rise in first-half 2026 revenue to ₦2.51 trillion, supported by higher volumes and export growth
Otedola is already the dominant shareholder in First HoldCo, the parent of FirstBank, and also holds a major interest in electricity producer Geregu Power