Nigerian Billionaire Buy's into S.African Cement Firm

Nigerian Billionaire Aliko Dangote's, Dangote Group has acquired a 45 percent stake in South Africa's Sephaku Cement for $378 million.

The Dangote Group, Nigeria's leading industrial conglomerate owned by billionaire Aliko Dangote has acquired a 45 percent stake in South Africa's Sephaku Cement a subsidiary of Sephaku Holdings Ltd., a South African minerals exploration, development and investment company for $378 million.

This is the latest move by Mr. Dangote, Africa's second richest black, who controls about two-thirds of the Nigerian cement market, to expand his business interests across the continent.

"The partnership will provide Sephaku Cement with the necessary funding and technical expertise to expedite the construction of their new cement plant without affecting their status as a black owned and controlled cement company," said Sephaku Cement chairman, Lelau Mohuba.

Dangote signed contracts worth $2.8 billion in February with China's Sinoma International to built cement plants in Nigeria, the Democratic Republic of Congo, Equatorial Guinea, Ethiopia, Tanzania, Senegal and Zambia.

Forbes magazine ranked Mr. Dangote as the 334th richest man in the world with a net worth of $3.3 billion.