$700 Million and a Stake in Dangote Cement: What Femi Otedola Is Really Buying
Femi Otedola is reportedly targeting a ₦936 billion stake in Dangote Cement. What could his growing interest mean for the company and Nigeria’s stock market?
Two of Nigeria’s richest businessmen could soon be connected through a major investment in one of Africa’s biggest industrial companies.
Billionaire Femi Otedola is reportedly buying shares in Dangote Cement, targeting a stake of up to 5% in the company controlled by Aliko Dangote.
At Dangote Cement’s closing share price of ₦1,111 on October 23, a 5% holding would be worth approximately ₦936 billion, or $700 million.
However, neither Otedola nor Dangote Cement has confirmed that he has reached this ownership level.
Why a 5% Stake Could Matter
According to Nairametrics, which cited sources familiar with Otedola’s plans, the billionaire is targeting an interest of up to 5%, although the number of shares he has acquired remains undisclosed.
Dangote Cement operates across several African markets, including Nigeria, Ethiopia, Tanzania, Senegal, Zambia, Cameroon, Ghana, Congo and South Africa.
A significant investment would give Otedola greater exposure to the cement industry and its role in Africa’s construction and infrastructure development.
The timing is also notable. Dangote Cement shares reached their daily trading limit of 10% on October 23, adding approximately ₦1.7 trillion to the company’s market value and lifting its capitalisation to around ₦18.7 trillion.
Dangote Controls Most of the Shares
Dangote Industries held approximately 86.65% of Dangote Cement at the end of 2025, but as a result, fewer shares are available for public trading.
If Otedola secures a 5% stake, his purchases could absorb a significant portion of the company's available shares, potentially intensifying competition among investors and influencing market activity.
The reported investment also comes as Dangote Cement considers a possible London listing. Nigerian Exchange Group chief executive Temi Popoola said the company could pursue the overseas listing as early as November.
However, there is no confirmation that Otedola's reported purchases are connected to the proposed listing.
Otedola Has Invested in Dangote Cement Before
This would not be Otedola’s first investment in the cement producer, and in January 2024, he acquired an undisclosed number of shares when the stock traded at approximately ₦350.
He described the investment as strategic, citing the company's production capacity, export potential and plans for a six-million-tonne plant in Itori, Ogun State.
Dangote Cement's share price has since risen substantially, climbing from approximately ₦609 at the start of 2026 to ₦1,111 on October 23—an increase of more than 82%.
The company also reported a 21.4% rise in first-half 2026 revenue to ₦2.51 trillion, supported by higher sales volumes and export growth.
Another Major Investment in Otedola’s Portfolio
Otedola already holds significant interests in other major Nigerian businesses. He is the dominant shareholder in First HoldCo, the parent company of FirstBank, and also holds a major stake in electricity producer Geregu Power.
A larger position in Dangote Cement would further expand his investments across banking, power and industrial production.
For Dangote Cement, the reported buying comes during a period of strong share-price performance and possible international market expansion.
For now, the key question remains whether Otedola will reach the reported 5% target—and whether either party will formally confirm the size of his investment.