Dubai’s ICD Buying $300m Stake In Nigeria’s Dangote Cement

Investment Corp of Dubai (ICD), the state fund which holds stakes in some of the emirate’s top firms, has agreed to buy a $300 million stake in top Nigerian cement producer Dangote Cement, a spokesman for Dangote said on Monday.

Carl Franklin, Dangote’s head of investor relations, did not give further details. Dangote’s current market capitalisation is about $23.7 billion, meaning ICD is taking a stake of about 1.3 per cent.

Dangote, owned by Africa’s richest man Aliko Dangote, is Nigeria’s biggest company. It is expanding operations and plans to roll out cement plants across Africa.