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Dangote Cement Appoints Acting CFO

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Dangote Cement Appoints Acting CFO

Dangote Cement, on Thursday, June 30, 2022, disclosed the appointment of Dr. Gbenga Fapohunda as its Acting Group Chief Finance Officer (CFO).

Fapohunda’s appointment follows the tenure elapse of Guillaume Moyen, who joined the company in 2019 as CFO.

About Dr. Gbenga Fapohunda

  • Dr Fapohunda is a multi-skilled finance professional with over twenty years of experience. He joined DCP as the Regional Chief Finance Officer (CFO) in Nigeria, effective March 1, 2021. Before this, he was the Executive Finance Director for West Africa at Japan Tobacco International (JTI), where he was on the Board – He joined JTI from United Parcel Service (UPS), where he was Nigeria’s Chief Finance Officer (CFO).
  • Prior to JTI, he was the CFO and a board member at British American Tobacco (BAT) Ghana, where he oversaw 12 countries in Africa. Earlier in his career, he was a manager within the financial advisory team at PricewaterhouseCoopers (PwC) and also worked as a consultant at KPMG Professional Services. He holds an MBA in Finance from London Business School U.K. and a Doctor of Philosophy (Marketing) from Delta State University.
  • Dr. Fapohunda is a Fellow Member of the Institute of Chartered Accountants of Nigeria; An Associate Member of the Chartered Institute of Taxation; An Associate Member of the Institute of Cost Management Accountants; An Associate Member of the Institute of Treasury and Financial Administration; An Associate Member of the Institute of Credit & Risk Management; An Associate Member of the Nigerian Institute of Management.
  • According to the notice, the company welcomes Dr Gbenga Fapohunda as the new Acting Group Chief Finance Officer of DCP, effective July 1, 2022, and wishes him a successful tenure.

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MOFI: FG Commences Restructuring Of Ministry Of Finance Incorporated

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MOFI: FG Commences Restructuring Of Ministry Of Finance Incorporated

President Muhammad Buhari has charged the newly appointed Governing Council and Board of Directors of the Ministry Of Finance Incorporated (MOFI) to work on restructuring the company.

Buhari gave the directives in a statement, as he is appointed to head the governing council, promising to grow the company’s assets from N18 trillion to at least N100 trillion Naira in the next 10 years.

Buhari wrote; “We are reforming the Ministry of Finance Incorporated (MOFI). The old MOFI was not structured to deliver on the mandate expected of it. The new MOFI will operate in line with global best practices, as a trusted custodian and manager of Nigeria Government investments and assets.

READ ALSO: Ex-CIBN Chief Advises CBN On New Naira Notes

“To this end, I have charged the new Governing Council and Board of Directors, which I inaugurated yesterday, to grow MOFI’s Assets Under Management from the current value of 18 trillion Naira to at least 100 trillion Naira in the next 10 years.

“As part of the governance structure for the new MOFI, there will be a Governing Council headed by me, a Board of Directors led by a former Minister of Finance, Dr. Shamsudeen Usman, and an Executive Management Team headed by Dr. Armstrong Takang.”

The President expressed confidence that the reorganized and repositioned MOFI will assist in identifying the company’s assets and determining how to maximize its value.

Like many of its competitors throughout the world, he claimed, MOFI is currently on a path to becoming a worldwide investment brand.

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Dangote, Sinoma Sign Agreement On new 6Mta Cement Plant In Itori, Ogun State

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Dangote, Sinoma agreement

Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while China Sinoma Engineering was represented by its Group President, Yin Zhisong, and the company’s Chairman, Liu Renyue. 

Dangote speaking at the signing ceremony, said that new integrated cement plant at completion will strengthen the local production capacity of Dangote Cement, bringing its local capacity to 41.25 million tons per annum and total African capacity to 57.6 million tons per annum. He said the Itori Cement Plant will also increase Nigeria’s capacity to export cement, thereby enabling more diversification and foreign exchange inflows for the economy.  

According to Dangote, the project is further expected to develop the domestic economy through creation of thousands of indirect and direct jobs and drive economic development in the Itori axis. Ancillary businesses, he stated will be drawn to the axis, who will be seeking to take advantage of the location of the cement plant to provide goods and services to staff, contractors and other stakeholders.  

He added that constructing the new cement plant is in line with Dangote Group’s vision of producing locally goods that were formally imported despite the abundance of raw materials for local production of such goods. 

He described Sinoma as a strategic partner who has been instrumental to the success of key projects in Dangote Group. He said, “We are comfortable working with your company. You have handled some of our key projects and I am positive that this project will be completed as scheduled. 

Group President of China Sinoma Engineering, Yin Zhisong, expressed satisfaction with the commitment and determination of the Dangote Group in building cement plants across Africa. He said: “It is an honour for us to build another cement plant for Dangote Group. We are proud and happy to be on this journey with the company again. 

When operational, the plant is expected to have two Lines x 6,000 TPD Clinker Production with an installed daily total capacity of 12,000 TPD of Clinker production. It is expected to be completed within 27 months with best-in-class equipment in the cement industry, sourced from Europe’s major equipment suppliers. 

The plant will have its own captive power plant to generate electric power for use by cement kilns and other production processes. 

The Itori Cement Plant will be Dangote Cement’s fourth cement plant constructed as a green field project in Nigeria, the rest are Obajana, Ibese and Okpella Plants.  

Dangote Cement is Africa’s leading cement producer with 51.6Mta production capacity across Africa with Nigeria accounting for 35.25Mta.   

Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and  Okpella plant in Edo state has 3Mta.  

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How Chelsea Can Afford To Buy Enzo Fernandez Under FFP Rules

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Kaveh Solhekol discuss how Chelsea’s deal with Benfica for Enzo Ferdandez will bypass Financial Fair Play rules and Dharmesh Sheth & Roy Hodgson share their thoughts on the potential transfer.

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