Femi Otedola is reportedly building a stake of up to 5% in Dangote Cement, according to people familiar with the matter. Dangote Cement shares jumped the 10% daily limit to close at ₦1,111 on Friday 23 October, adding about ₦1.7 trillion to its market value in a single session.
At that price, a 5% stake would be worth about ₦936 billion ($702 million). Neither Otedola nor Dangote Cement has commented, and individual share purchases on the Nigerian Exchange are not routinely disclosed.
Why it would be a big deal:
Dangote Cement is one of the hardest large stocks in Nigeria to buy into. Aliko Dangote's Dangote Industries owns 86.65%, which leaves fewer than 10% of shares for everyone else. A 5% stake would mean holding about half of everything outside investors can trade.
That scarcity helps explain the price move. The stock started 2026 at ₦609, peaked near ₦1,180 in June, dropped below ₦900, and has now climbed back above ₦1,100. It is up about 82% this year. The company is worth about ₦18.7 trillion ($14 billion).
He has done this before:
Otedola first disclosed a significant Dangote Cement stake in January 2024, when the shares traded at about ₦350. They have more than tripled since. At the time he praised its dividend record and its export potential, saying its "two export terminals" offered "a substantial opportunity to earn foreign exchange". It is not known whether he sold any of that stake.
His bigger bet sits elsewhere. He chairs First HoldCo, the parent of First Bank, and owns about 26.7% of it. In August he said he had put more than ₦600 billion of his own money into the bank group. He also controls Geregu Power.
What it means for you:
If you hold Dangote Cement, a large, patient buyer chasing a small pool of shares is good news for the price, at least while the buying lasts. It also means fewer shares change hands, so prices can move sharply on little trading.
If you are thinking of buying now, remember that this rally rests on reports from unnamed sources. Until Otedola files a disclosure or speaks publicly, the 5% figure is unconfirmed, and a stock that rose 10% in a day on a rumour can fall just as fast.