Connect with us

Business

Aliko Dangote retires

Published

on

224 Views

Foremost entrepreneur and founder of Dangote Cement Plc, Aliko Dangote has announced his retirement as a Director and the Chairman of the Board of Directors, effective July 25, 2025.

He is relinquishing his position as chairman and retiring from the board so as to focus more attention on the Refinery, Petrochemicals, Fertiliser and Government Relations, in order to drive the company’s five-year business trajectory to a superlative height.

The board of Dangote Cement Plc has therefore announced the appointment of Mr. Emmanuel Ikazoboh, an independent non-executive director, as the new Chairman, Board of Directors.

In the same vein, Hajiya Mariya Aliko Dangote was also appointed to the Board of Directors of the Company while Prof. Dorothy Ufot retired from the Board.

Reputed as Africa’s leading investor, Aliko Dangote leaves giant footprints as he retires from the board.

His vision and tenacity redefined not just a company, but the entire cement industry landscape by becoming Africa’s largest cement producer and largest exporter of cement and clinker in Sub Saharan Africa.

Aliko Dangote’s journey with cement began with a bold dream: to make Nigeria and Africa self-sufficient in cement production.

Through strategic investments in state-of-the-art plants, and a commitment to local content, he not only met that goal but exceeded it.

Dangote Cement Plc has 52.0Mta capacity across African continent with Nigeria accounting for 35.25Mta.

Currently, additional greenfield plants are coming up in Cote Ivoire (3.0Mta) and Itori, Nigeria (6.0 Mta) and on completion this year will push total capacity to 61.0Mta.

Under his visionary leadership, Dangote Cement Plc recorded the highest revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the history of the company.

According to the unaudited results for the six months ending 30th June 2025, the group revenue went up by 17.7 percent, from N1,760 billion at the same period in 2024 to N2,071.6 billion, representing the highest revenue in the history of the company.

Group Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 41.8 percent to N944.900 billion from N666.22 billion.

EBITDA (Nigeria Operations) grew by 82.4 percent to N845.4 billion. Profit before tax went up from N292.96 billion to N730 billion indicating 149 percent increase while profit after tax surged by 174.1 percent to ₦520.5 billion, in contrast to N189.90 billion in the same period at the preceding period.

In the six months, export volumes from Nigeria increased by 18.2 percent, with 18 successful clinker shipments made to Ghana and Cameroon.

Aliko Dangote’s legacy will be counted in the millions of jobs created, the infrastructure built, and the confidence restored in African industrial potential.

He has proven that Africa can produce, compete, and lead on the global stage. It is on record that subsidiaries under Dangote Group paid over N402 billion in taxes in 2024, making it the highest taxpayer in the country.

The new Chairman of the Board of the Company, Emmauel Ikazoboh in his acceptance speech, said he is truly honored to accept the role of Chairman of Dangote Cement Plc while pledging to uphold the highest standards of leadership and dedication in this role.

He described the company as a beacon of African enterprise, which has consistently demonstrated resilience, innovation, and a commitment to excellence.

Over the years, Dangote Cement Plc has not only become the continent’s leading cement producer but has also played a vital role in driving economic growth and development across numerous African nations.

Giving an insight into what his tenure holds for the company, he said, “my vision for Dangote Cement Plc is built upon a foundation of sustainable growth, operational efficiency, and unwavering commitment to our core values.

We will continue to focus on the following key priorities, Operational Excellence, Strategic Expansion, Sustainability, Innovation and Community Engagement.

Part of the strategies he intends to introduce include driving down costs through the implementation of robust cost-reduction strategies to navigate inflationary pressures and enhance competitiveness.

The company he stated will accelerate efforts to adopt alternative fuels and technologies, reducing reliance on fossil fuels and contributing to a more sustainable future.

Regarding staff welfare, he promised that the company will continue to invest in training and development, fostering a culture of excellence and empowering employees to reach their full potential.

Emmanuel Ikazoboh was previously the Group Chairman of Ecobank Transnational Inc., the Pan-African banking group. He started his professional career at Akintola Williams Deloitte.

He first became the Managing Partner for francophone offices in Cameroon and Côte d’Ivoire and later became the Managing Partner of the Deloitte firm in West and Central Africa until 2009.

In 2010 he was appointed by the Securities and Exchange (SEC) as an Interim Administrator to carry out capital market reforms of the Nigerian Stock Exchange (NSE) and the Central Securities Clearing System Plc. (CSCS).

Business

PENGASSAN – Dangote Rift: A needless attack on private enterprise

Published

on

By

15 Views

The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

Continue Reading

Business

FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

Published

on

By

29 Views

The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

Continue Reading

Business

ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

Published

on

By

30 Views

ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

.

Continue Reading

Trending