Nigerian entrepreneur and investor Femi Otedola has made an investment in Dangote Cement, the leading cement company in the country.

The size of the investment remains undisclosed, but Nigerian outlet Premium Times reported that it totalled NGN6bn ($6.6mn).

Dangote Cement is the top cement producer in Sub-Saharan Africa, producing 51.6mn tonnes annually across 10 countries. It is also expanding and recently inaugurated a 6mn-tonne plant in Ogun State.

Otedola stressed the importance of Dangote Cement's export capabilities and pan-African presence in fostering industrial and economic development across the continent.

"In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company's success," he said, following the announcement of the investment. 

"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 prioritise their shareholders."

On January 22, a report from Forbes revealed that Africa's 20 wealthiest individuals, collectively valued at $82.4bn, have seen an increase in their combined net worth, largely attributed to the return of Otedola to the list.  Otedola, now valued at $1.1bn had been absent from the list since 2017. The majority of his fortune is from the Geregu public power generation plant.