Otedola cites long-term wealth preservation, export potential as reasons for acquiring shares in Dangote Cement

The Executive Chairman of Geregu Power, Femi Otedola, has cited long-term wealth preservation, export potential and support for economic resilience as reasons for acquiring shares in Dangote Cement, emphasising confidence in its contribution to Nigeria and Africa’s industrial and economic development.

In an official statement on Monday, Otedola gave reasons for his recent acquisition of shares in Dangote Cement, one of Nigeria’s largest companies.

He emphasised long-term wealth preservation, export potential and shareholder value in Dangote Cement share acquisition.

Otedola, a distinguished Nigerian entrepreneur and investor, announced the acquisition in the only cement company in Nigeria with two export terminals and a combined export capacity of eight million, tonnes per annum.

“This strategic investment underscores Otedola’s 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.

“As Sub-Saharan Africa’s largest cement producer, Dangote Cement boasts an annual production capacity of 51.6 million tonnes across 10 countries. This extensive footprint not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.

“The recent expansion of Dangote Cement, including the new six million-tonne plant in Itori, Ogun State, enhances its export capacity and emphasises the company’s contribution to Nigeria’s economic diversification. Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth,” the statement read in part.

According to him, “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”