West Africa

Otedola Helps Boost Dangoté's Wealth to $22 Billion

Dangote’s Wealth Surges After Selling Cement Shares to Otedola

Nigerian business magnate, Femi Otedola has acquired an extra stake in Dangote Cement Plc, which has contributed to the surge in wealth of Aliko Dangote, the founder of the cement company.

This acquisition has made Dangote’s net worth surge by a staggering $6.9 billion in January alone, bringing his total wealth to an impressive $22 billion.

In the first 17 days of 2024, Aliko Dangote saw a significant rise in his wealth, with an increase of $2.02 billion.

According to the Bloomberg Billionaire Index, his net worth jumped from $15.08 billion at the start of the year to a remarkable $17.1 billion by January 17, 2024.

This financial leap marks the highest increase in Dangote’s wealth in the past decade, signifying a stellar performance of Dangote Cement in the market.

Otedola’s investment in Dangote Cement is not a one-off event but part of a larger, ongoing strategy.

Entities of the Dangote Group listed on the NGX have seen a total capital appreciation of approximately $2.7 billion.

Dangote Cement has been a major factor in this increase, boosting its market capitalization by $2.5 billion, perhaps a move which informed Otedola.

It is followed by Dangote Sugar with an increase of $221.1 million and NASCON with a rise of $36.8 million.

Otedola seems to be hinting at a long-term investment plan and describing his purchases of Dangote Cement as a ‘work in progress’.

Otedola, who is Chairman of Geregu Power Plc, ranks among the 20 richest persons in Africa.

According to Bloomberg, market watchers are keenly observing the impact of these strategic investments on the wealth of Africa’s richest man, Aliko Dangote, and the performance of Dangote Cement in the stock market.

The unfolding events serve as a reminder of the dynamic interplay between strategic investments and wealth creation in the business world.

Monitor Your Business Transaction

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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