Dangote Reacts Amid Fear That Otedola May Do To Him What He Did To Elumelu

The President/Chief Executive of Dangote Industries Limited, Aliko Dangote has reacted following fear of takeover of Dangote Cement by his friend and billionaire businessman, Femi Otedola.

In his reaction, Dangote expressed openness to a corporate takeover attempt of Dangote Cement by Otedola.

Dangote made this statement at the Dangote Cement customers’ appreciation event in Lagos on Friday.

While introducing dignitaries at the event, Dangote welcomed Otedola, stating, “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.”

In a statement earlier in the week, Otedola confirmed his “significant acquisition of shares in Dangote Cement,” highlighting the strategic investment’s confidence in the company’s potential to generate foreign exchange for Nigeria. He emphasized his dedication to supporting businesses contributing to Nigeria’s economic resilience.

Dangote Cement holds a unique position with two export terminals, offering substantial foreign exchange opportunities crucial for Nigeria’s economy.

Otedola’s move follows his similar April 2023 acquisition of a 5.52% stake in Transcorp Plc which is linked with Tony Elumelu, making him the second-largest shareholder. However, his subsequent sale of the acquired shares sparked a change in the tone of the acquisition, with Otedola citing the rejection of his N250bn offer to buy Transcorp and expressing his belief in healthy competition and market dynamics.

In response to Otedola’s strategic moves, Dangote’s open welcome signals a recognition of potential collaboration and competition in the corporate landscape.