The Executive Chairman of Geregu Power, Femi Otedola, has given reasons for his decision to acquire shares in Dangote Cement.
The serial entrepreneur gave the reasons in a statement he issued on Monday following the shares acquisition.
Otedola, among other reasons, said he acquired the shares in Dangote Cement for long-term wealth preservation, export potential and support for economic resilience.
The statement said: “This strategic investment underscores Otedola’s 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.
“As Sub-Saharan Africa’s largest cement producer, Dangote Cement boasts an annual production capacity of 51.6 million tonnes across 10 countries.
“This extensive footprint not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.
“The recent expansion of Dangote Cement, including the new six million-tonne plant in Itori, Ogun State, enhances its export capacity and emphasises the company’s contribution to Nigeria’s economic diversification.
“Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth.”
The statement quoted Otedola as having said: “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”
