Otedola Helps Boost Dangoté's Wealth to $22 Billion

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.