Femi Otedola, chairman of First HoldCo Plc, is reportedly buying shares in Dangote Cement with the aim of building a stake of up to 5 per cent in Africa’s largest cement producer.
Reports published on October 24 and 26, 2026, citing people familiar with the matter, said the billionaire investor had returned to the stock after making a significant investment in the company in 2024. Neither Otedola nor Dangote Cement had publicly confirmed the reported scale of the latest purchases at the time of publication.
At Dangote Cement’s closing price of ₦1,111 per share on October 23, a 5 per cent stake was estimated to be worth about ₦936 billion, equivalent to approximately $700 million. The company’s shares rose by the daily 10 per cent limit that day, taking its market capitalisation to roughly ₦18.7 trillion.
Why a 5 Per Cent Stake Would Matter.
The reported target is significant because much of Dangote Cement is held by its controlling shareholder. Dangote Industries Limited, controlled by industrialist Aliko Dangote, owned approximately 86.65 per cent of the cement company at the end of 2025, leaving a relatively small portion available for public trading.
A 5 per cent holding would therefore represent a substantial share of the stock outside the controlling group. However, the exact number of shares Otedola may have purchased and whether he has reached the reported target remain unconfirmed.
The limited supply of publicly traded shares can amplify the effect of large buying or selling activity on a stock’s price. Still, reports of Otedola’s interest do not establish that his purchases caused the recent rally.
Company Performance Supports Investor Interest.
Dangote Cement’s financial performance has also drawn attention. The company reported a 21.4 per cent increase in revenue to ₦2.51 trillion for the first half of 2026, compared with ₦2.07 trillion in the corresponding period of 2025. Profit after tax rose to approximately ₦638.5 billion, while group sales volumes reached about 14.9 million tonnes.
The company operates across Nigeria and several other African markets. Its export business is an important part of its strategy, with Nigerian cement and clinker exports increasing by 62.3 per cent to 1.1 million tonnes in the first half of 2026, according to its reported results.
These results may help explain why the company attracts interest from investors seeking exposure to Nigeria’s industrial and construction sectors. Nevertheless, earnings growth alone does not guarantee future share-price gains, and investors must consider valuation, market liquidity and wider economic conditions.
Otedola’s Previous Investment.
Otedola previously disclosed a major investment in Dangote Cement in January 2024, when the shares were trading at around ₦350. At the time, he pointed to the company’s export opportunities, dividend history and corporate governance as reasons for his interest.
The reported return to the stock comes as Otedola maintains a major position in First HoldCo, the parent company of First Bank of Nigeria. His investment activities have also included the power sector and plans to invest in Dangote Petroleum Refinery.
Market participants will be watching for any formal disclosure confirming the size of his Dangote Cement holdings. Until then, the reported 5 per cent target and estimated $700 million value should be treated as unconfirmed rather than a completed investment.
The development highlights the influence that large investors can have on Nigeria’s equity market, particularly when a company has a relatively small pool of shares available for public trading. Investors should base decisions on verified company disclosures and financial performance rather than speculation about individual buyers.
