Business tycoon Otedola acquires N6 billion worth of Dangote Cement shares
According to PREMIUM TIMES, billionaire tycoon Femi Otedola has acquired shares of Dangote Cement Plc worth N6 billion.
The source claimed that Mr. Otedola purchased the shares under his own name.
The largest cement manufacturer in Sub-Saharan Africa, Dangote Cement, just overtook telecom giant Airtel Africa to become Nigeria's largest firm by market capitalization, valued at N8.35 trillion.
Dangote Cement has 17.04 billion outstanding shares and has returned 81.4% over the last 52 weeks.
Eighty-five percent of the company's shares are owned by Dangote Industries Limited, the conglomerate headed by Aliko Dangote, the richest man in Africa.
Dangote Cement performed two rounds of share repurchases between 2020 and 2022, buying back 166.9 million shares to support the company's stock valuation.
Geregu Power Plc, a power-generating firm with a market value of N1.2 trillion, is mostly owned by Mr. Otedola.
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