Investment Corporation of Dubai (ICD), the main investment arm of the Emirate of Dubai, has agreed to purchase a minority interest in Nigeria's largest cement manufacturer, Dangote Cement Plc., from majority shareholder, Dangote Industries Limited.
Dangote Cement, which is listed on the Nigeria Stock Exchange, forms part of the Dangote Group, a diversified conglomerate of African businesses, founded and controlled by internationally renowned Nigerian business leader, Aliko Dangote.
Under the terms of the agreement, which was signed at a ceremony in Dubai attended by Mohammed Ibrahim Al Shaibani, Executive Director and CEO of the Investment of Corporation of Dubai and Aliko Dangote, President of Dangote Industries Limited, ICD agreed to invest US$300m to acquire a minority interest.