By Justina Otio

The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said that his friend and billionaire businessman, Femi Otedola, is welcome to take over Dangote Cement.

Dangote stated this on Friday at the Dangote Cement customers appreciation event in Lagos.

Introducing some dignitaries, Dangote urged everyone to welcome Otedola, who is the company’s newest shareholder.

He noted that some people are scared that Otedola might take over Dangote Cement just as he did in Transcorp.

Dangote noted that Otedola is allowed to carry out the same act if he wishes to.

He said, “We must also welcome our newest shareholder, Femi Otedola.

“There are people who fear that he is going to do the same thing he did at Transcorp; I say he’s welcome.”

On Monday, Otedola, in a statement, confirmed his “significant acquisition of shares in Dangote Cement,” saying that the “strategic investment underscores his 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.

“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice.”

In April 2023, Otedola acquired a 5.52 per cent stake in Transcorp Plc, making him the second largest shareholder of the company. He was next to United Bank for Africa nominees, which owned about 9.25 per cent of the company as of December 2022.