Dangote Industries GMD Alake Invests N1bn to Boost Stake in Cement Subsidiary

Olakunle Alake, the group managing director of Dangote Industries Limited, has boosted his stake in the conglomerate’s cement subsidiary.

Alake, who sits on the board of Dangote Cement as a non-executive director, bought two million units of the company’s shares at N511 apiece on Thursday, according to a filing with the Nigerian Exchange Limited.

He previously held 10 million shares, which translated to 0.06 percent stake in the company.

Dangote Cement is Africa’s largest producer of the building material, with operations in nine countries on the continent and a capacity of 52 million tonnes per annum.