Billionaire Businessman and Chairman of Geregu Power, Femi Otedola, has reportedly bought an undisclosed number of shares in Dangote cement.
This was confirmed by a source on Friday, reports have said.
According to reports, Dangote Cement’s share price skyrocketed by 53.9 percent — compared to a year-to-date appreciation of 68.42 percent between Monday and Friday of the outgoing week.
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 was reflected in the number of shares traded by investors this week, as the volume rose from 272,692 shares 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.
Dangote Cement is a subsidiary of Dangote Industries Limited, the conglomerate largely owned by Aliko Dangote, Africa’s richest person.
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.
