Nigerian billionaire investor and Chairman of Geregu Power, Femi Otedola has bought an undisclosed number of shares in Dangote cement.
The development is confirmed by a source privy to the development on Friday, January 19 to The Cable.
Dangote Cement is a subsidiary of Dangote Industries Limited, the conglomerate largely owned by Africa’s richest person, Aliko Dangote.
New Telegraph reports that between Monday and Friday, Dangote Cement’s share price skyrocketed by 53.9 per cent, compared to a year-to-date appreciation of 68.42 per cent.
The share value rose from N350 per unit to N538.8 within a week, on the back of increased demand for the company’s shares.
This development was seen in the number of shares traded by investors this week.
The volume of shares has risen from 272,692 as of January 12, to about 1.29 million as of Friday.
In response to the bullish run, Dangote Cement’s market capitalisation increased by N3.21 trillion within five days, from N5.96 trillion on January 12, to N9.18 trillion, the highest stock market valuation.
Otedola is a major shareholder in Geregu Power, whose market value currently stands at N1.17 trillion.
In October 2021, he acquired significant shares in FBN Holdings, via a series of off-market trades to become the biggest shareholder of the financial services group.
