Billionaires exchange banter as Dangote welcomes Otedola to consider a corporate takeover

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The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, extended a warm welcome to his friend and billionaire businessman, Femi Otedola, encouraging him to explore the possibility of a corporate takeover of Dangote Cement.

Speaking at the Dangote Cement customers appreciation event in Lagos on Friday, Dangote acknowledged Otedola as the company’s “newest shareholder,” dispelling concerns by saying, “There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome.”

In a statement on Monday, Otedola confirmed his “significant acquisition of shares in Dangote Cement,” emphasizing the strategic nature of the investment.

He expressed confidence in Dangote Cement’s potential to contribute to Nigeria’s economic resilience, citing its unique position with two export terminals and pan-African presence.

Otedola’s previous involvement in Transcorp Plc in April 2023, where he acquired a 5.52% stake, had generated initial positivity.

However, the situation changed as he later sold the shares, revealing that his offer to buy Transcorp for N250bn was rejected.

Despite the turn of events, Otedola expressed his belief in healthy competition and market dynamics.

Meanwhile, Dangote Cement marked a significant milestone by becoming the first listed company to surpass N10tn in market capitalization during the week, closing trading on Friday at N11.827tn.

Aliko Dangote maintains a dominant 85% control of Dangote Cement.

 

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