Dangote Reacts to Fears of Otedola Hijacking His Cement Factory

Dangote Reacts to Fears of Otedola Hijacking His Cement Factory
Aliko Dangote and Femi Otedola
Nigerian business conglomerate, Aliko Dangote, has reacted to people expressing their fears about the possibility of another Nigerian billionaire, Femi Otedola, taking an offer of the Dangote Cement Factory in the next few years.

People started to express their fears concerning ownership of Dangote Cement following Otedola's decision to join the Shareholders of the Cement Company.

Recall that in 2023, Otedola purchased 5.52 percent of Transcorp Plc, to become the second highest shareholder in the company, after a nominee by the United Bank for Africa (UBA) who owns a 9.25 percent stake of the company as of December 2022. This led to an ownership crisis in the company before Otedola later gave up and sold his stake to Tony Elumelu, the Chief Executive Officer of the UBA.

People became anxious about a possible repetition of what happened at Transcorp Plc, occurring to Dangote Cement PLC, after Femi Otedola in a statement, confirmed his “significant acquisition of shares in Dangote Cement,” saying that the “strategic investment underscores his confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.

“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.”

Reacting to people's fears, Dangote said, “We must also welcome our newest shareholder, Femi Otedola.

“There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome."

Category: World-News
Tag: Dangote Reacts to Fears of Otedola Hijacking His Cement Factory
Written by Author (author)
Published 1/27/2024 2:44:18 PM

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