Dr. Gbenga Fapohunda has been appointed as Dangote Cement Plc’s substantive Group Financial Officer. The company affirmed this in a corporate document submitted on Wednesday, March 19 through the Nigerian Exchange Ltd. The announcement was signed by Arvind Pathak, the Group Managing Director of Dangote Cement.
The business emphasized Dr. Fapohunda’s wealth of financial knowledge, which comes from more than 20 years of experience in the industry.
“We believe that Dr. Fapohunda’s experience and strategic insight will be vital to Dangote Cement’s ongoing growth and success,” Pathak stated.
Dr. Fapohunda areas of expertise include Financial Control, Risk Management, Treasury Management, Investment Management, Strategy Development, Corporate Governance, and Corporate Finance. His scholarly credentials are equally remarkable.
He graduated with a B.Sc. in accounting from the University of Lagos, an MBA in finance from London Business School, and a doctorate in strategic management from Rome Business School. His affiliations include the Institute of Credit and Risk Management, the Institute of Cost Management Accountants, and the Chartered Institute of Taxation of Nigeria. He is also a Fellow of the Institute of Chartered Accountants of Nigeria.
A Track Record of Successful Leadership in Finance
He has received several accolades in recognition of his outstanding services to the finance industry. Prior to joining Dangote Cement, Dr. Fapohunda worked in executive finance for well-known companies around the world. He was the Finance Director at United Parcel Service, the Executive Finance Director at British American Tobacco, and the Executive Finance Director (West Africa) at Japan Tobacco International.
He gained valuable training and experience as a member of the Assurance Team at KPMG Professional Services and in financial advising at PwC.
More Information
Dangote Cement Plc reported a ₦732.537 billion profit before taxes for the fiscal year that ended on December 31, 2024, which represents a 32.44% rise from 2023. According to Dangote Cement’s annual report and financial documents, examined by 9am News Nigeria, the company maintained a healthy gross profit margin of 54% in spite of growing expenses for gasoline and raw materials, which were major contributors to the cost of sales, which accounted for more than 67% of total spending. However, 56% of the gross profit was consumed by selling, distribution, and administrative costs, which caused the operating profit margin to slightly drop to 32%, representing a 3.24% drop compared to 2023.
However, the margin is still strong, indicating Dangote Cement’s capacity to maintain profitability in the face of cost constraints. The Board of Directors has recommended a dividend of ₦30.00 per share held for the 2024 fiscal year, in accordance with its dividend policy and in line with the payout for 2023. The Board feels that this dividend strengthens shareholder trust and demonstrates the company’s dedication to strategic growth goals.
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