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Dangote Cement Plc has announced the appointment of Dr. Gbenga Fapohunda as its substantive Group Financial Officer, effective January 1, 2025.
The company confirmed this in a corporate filing made through the Nigerian Exchange Ltd. on Wednesday.
In an official statement signed by the Group Managing Director of Dangote Cement, Arvind Pathak, the company highlighted Dr. Fapohunda’s extensive expertise in finance, gained from over two decades of experience in the field.
“We believe Dr. Fapohunda’s experience and strategic insight will be vital to Dangote Cement’s ongoing growth and success,” Pathak stated.
Dr. Fapohunda’s professional acumen encompasses Financial Control, Risk Management, Treasury Management, Investment Management, Strategy Development, Corporate Governance, and Corporate Finance. His academic background is equally impressive.
A Proven Track Record in Finance Leadership
He earned a Doctorate in Strategic Management from Rome Business School, an MBA in Finance from London Business School, and a B.Sc. in Accounting from the University of Lagos.
He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Associate of several professional bodies, including the Institute of Credit and Risk Management, Institute of Cost Management Accountants, and the Chartered Institute of Taxation of Nigeria. His stellar contributions to the finance sector have been recognized through several awards.
Before joining Dangote Cement, Dr. Fapohunda held executive finance positions at globally renowned companies. He served as Executive Finance Director (West Africa) at Japan Tobacco International, Finance Director at United Parcel Service, and Executive Finance Director at British American Tobacco.
Earlier in his career, he gained valuable experience working in financial advisory at PwC and as part of the Assurance Team at KPMG Professional Services.
What you should know
Dangote Cement Plc reported a profit before tax of ₦732.537 billion for the fiscal year ending December 31, 2024, reflecting a year-on-year increase of 32.44% compared to 2023.
According to its annual report and financial statements, the company’s full-year revenue soared by 62.16% YoY to ₦3.581 trillion, driven primarily by strong sales of cement and clinker in Nigeria, which accounted for 57% of the total revenue.
Despite rising raw material and fuel costs—key contributors to the cost of sales that accounted for over 67% of total expenditure—the company maintained a robust gross profit margin of 54%.
However, selling, distribution, and administrative expenses absorbed 56% of the gross profit, leading to a slight decline in its operating profit margin to 32% (down 3.24% compared to 2023). Nonetheless, the margin remains solid, demonstrating Dangote Cement’s ability to sustain profitability amidst cost pressures.
In alignment with its dividend policy, the Board of Directors has recommended a dividend of ₦30.00 for the 2024 financial year, consistent with the payout for 2023. The Board believes this dividend reflects the company’s commitment to strategic growth objectives while reinforcing shareholder confidence.
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