Personality in Focus
Otedola Displays Trust in Dangote Cement, Acquires ‘Significant’ Shares
Billionaire business man, who is also a distinguished entrepreneur and investor, Femi Otedola, has announced a significant acquisition of shares in Dangote Cement, the only cement company in Nigeria with two export terminals, with a combined export capacity of eight million tons per annum.
This strategic investment underscores Mr 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.
Though the businessman did not however, disclose the volume of shares he acquired, Premium Times had exclusively reported that he bought N6 billion worth of stocks in the company.
As Sub-Saharan Africa’s largest cement producer, Dangote Cement boasts an annual production capacity of 51.6 million tons across ten 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.
Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth,” Mr Otedola said. “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”
Mr Otedola’s investment aligns with his vision of long-term wealth preservation and the belief that shareholders should be the primary beneficiaries of a company’s success.
“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,” the businessman said.
“Dangote Cement’s track record of dividend payments, exceeding N2.1 trillion in recent years, and its commitment to sustainable business practices resonate with these principles. Mr Otedola’s investment strategy prioritises companies that are well-managed, have strong governance, and operate under the principle that no individual should be larger than the company.
“In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success,” Mr Otedola said.
“Companies like Dangote Cement, which consistently deliver value to their shareholders, are fundamental for sustainable economic growth. My investment reflects my belief in its capacity to continue providing significant returns and my commitment to businesses that prioritize their shareholders.”
The evolving regulatory landscape in Nigeria, emphasising Environmental, Social, and Governance (ESG) compliance, complements Mr Otedola’s investment criteria.
Premium Times
Personality in Focus
Humphrey Nwosu Dies in US, Ohanaeze Rues Non-Recognition of Ex-Electoral Commissioner
A former Chairman of the National Electoral Commission (now the Independent National Electoral Commission), Prof. Humphrey Nwosu is dead.
He died at the age of 83.
Nwosu, who conducted the June 12, 1993 election annulled by former President Ibrahim Babangida, served as Chairman of NEC from 1989 to 1993.
He hailed from the Ajali community in Orumba North Local Government Area of Anambra State.
Although no official statement has been released by the family, a source close to the family said the deceased, born on October 2, 1941, died in a hospital in Virginia, United States of America in the early hours of Thursday.
The source said, “Yes, Prof died this morning in a hospital in Virginia, USA, after a brief illness. The family will soon issue a statement on it.”
He presided over the June 12, 1993 election, widely regarded as Nigeria’s freest and fairest.
Chief Moshood Abiola of the Social Democratic Party defeated Bashir Tofa of the National Republican Convention.
However, the subsequent annulment of the election plunged the country into political turmoil and prolonged military rule until Nigeria’s return to democracy in 1999.
Reacting to the news in an interview, the apex Igbo socio-cultural group, Ohanaeze Ndigbo, lamented that the deceased died without being celebrated by the country, despite his significant contributions to Nigeria’s electoral system.
The acting National President of Ohanaeze Ndigbo, Chief Damian Ogene, who reacted on behalf of the body, pointed out that while the acclaimed winner of the June 12, 1993, presidential election, the late MKO Abiola, was remembered and immortalised, the late Humphrey Nwosu was never honoured.
He said, “Until his death, no one, including the Federal Government, recognised this man, despite the fact that he put his life on the line to save the country’s democracy.
“Late Humphrey Nwosu was my brother; we belong to the same Orumba North Local Government Area of Anambra State and as a matter of fact, he is my kinsman. It is sad that successive administrations in the country never acknowledged him, not even by naming a federal institution after him.
“There are others in his position who might have compromised, but he stood his ground and ensured that the electoral wishes and aspirations of the Nigerian masses were realized.
The Corporate Council on Africa (CCA) and the AfriCaribbean Diaspora Alliance (ADA) have jointly invited Eze Aro, His Eminence Engr. Dr Eberechukwu Oji, to feature on the high-level panel of experts to address issues around energy transition currently holding on the margins of the World Bank and International Monetary Fund Fall Meetings.
The World Bank/IMF meeting is holding in Washington, DC, USA.
In the letter dated October 18, 2024, the President and CEO of Corporate Council on Africa, Florizelle B. Liser, respectfully requested Eze Eberechukwu Oji to participate in the “Powering Africa: Financing Gas-Powered Solutions: Fueling Sustainable Growth” Forum, on Tuesday, October 22, 2024, from 2:00 pm to 4:00 pm.
Eze Eberechukwu Oji, in his capacity as the Chair/CEO of Eastwise Ventures Limited, will join the high-level panel, and specifically speak on the topic: “LNG Investment: Local Projects with a Global Impact.”
The Arochukwu first class monarch, an expert in energy matters, will be joined by other distinguished speakers including the Senior Vice President, African Development Bank Group, Marie-Laure Akin-Olugbade, and the Minister of Energy and Oil, Islamic Republic of Mauritania, H.E Mohamed Ould Khaled.
The forum will focus on the multiplier effects of leveraging Africa’s natural gas resources, as well as the investment opportunities and challenges in this dynamic sector.
CCA is the premier business organization focused exclusively on promoting greater U.S-Africa business partnerships and engagements.
Member companies represent a diverse pool of industries active in Africa’s most promising sectors including agribusiness, energy, finance, health, ICT, infrastructure, and security.
The AfriCaribbean Diaspora Alliance, on its own, is dedicated to building an economically vibrant and inter-connected regional partnership that promotes trade, investment, and shared prosperity between Africa, the Caribbean, and the Diaspora.
Veteran and celebrated journalist, who is the Chairman, Ovation Media Group, Aare Dele Momodu, has been named the National Association of Online Security News Publishers (NAOSNP) Media Icon of the Decade for his contribution to the field of journalism as well as lifting budding journalists to reach their desired heights.
The award was presented by the Minister of State for Police Affairs, Hajia Imaan Sulaiman-Ibrahim, who was the Distinguished Guest of Honour at the occasion, assisted by the Assistant Inspector-General of Police in charge of Zone 2, Onikan, AIG Adegoke Fayoade, President of NAOSNP, Samson Oki and a host of other dignitaries present, at the 2024 National Security Conference of the Association, held at the Oriental Hotel, Lagos, on Wednesday.
In her remarks at the presentation, the Honourable Minister praised the Ovation boss for his continuous to journalism, projecting African business and political leaders as well as other Nigerians in a positive light.
“We thank you Mr Ovation for all you do and continue to do. You deserve the award, and I happily present it to you,” the Minister, who reminisced with gusto the season Ovation covered her event, said.
In his response, an elated Dele Momodu, expressed gratitude to the executives and members of NAOSNP, whom he modestly described as ‘colleagues’, for considering him for the award, saying that it is always a thing of joy when your own constituency acknowledges your good works, and shows appreciation.
“I thank the members of this association for this award. It is fulfilling when your own colleagues remember you, and support you with an award of thus type. I thank the honorable minister for being available to present it to me. God bless the Federal Republic of Nigeria,” he said with a sense of patriotism.
Born on May 16, 1960, in the ancient city of Ile-Ife, Osun State, Chief Dele Momodu, a distinguished African Journalist of high repute, fulfills the dictates of impeccability in credentials, testimonials and track record.
A publisher, businessman, philanthropist, and more, he runs the highly rated Ovation International Magazine, a member of the Ovation Media Group, that has given publicity to numerous personalities. Others in his line of publications are Ovation Television and The Boss Newspaper.
Momodu has redefined negative perceptions of Africa, profiling positively African personalities, using his X, Instagram and more, where his followership runs into millions.
A former presidential candidate, Momodu has a degree in Yoruba from the Obafemi Awolowo University, and Doctorates (honoris causa) from various universities, with multiple traditional titles.
He is well traveled, and has visited over 69 countries of the world.
He is married, with four children.
