Dangote Cement has announced that Aliko Dangote, its majority shareholder and founder, has officially stepped down from his role as chairman of the cement company. On Friday, Anthony Chiejina, the chief officer for branding and communications at Dangote Group, revealed that Dangote has decided to retire from the position in order to dedicate more time to the Dangote Petroleum Refinery, as well as the petrochemical and fertilizer plants, and to strengthen government relations.

Chiejina has confirmed the appointment of Emmanuel Ikazoboh, an independent non-executive director, as the new chairman.

Additionally, the company spokesperson mentioned that Hajiya Mariya Aliko Dangote has been added to the board of directors, while Dorothy Ufot, also an independent non-executive director, has retired from the board.

“Renowned entrepreneur and founder of Dangote Cement Plc, Aliko Dangote, has announced his retirement from his role as Director and Chairman of the Board of Directors, effective July 25, 2025,” stated Chiejina. He is stepping down to concentrate more on the refinery, petrochemicals, fertilizers, and government relations to elevate the company’s five-year business goals.

The Dangote Cement PLC board has thus appointed Emmanuel Ikazoboh as the new Chairman of the Board of Directors. In this transition, Hajiya Mariya Aliko Dangote will also join the Board, while Prof. Dorothy Ufot has stepped down.

‘DANGOTE LEAVES A LEGACY’
Chiejina remarked that the billionaire is leaving a remarkable legacy as he departs from the board, highlighting how his vision and determination not only transformed his company but also revolutionized the entire cement sector, establishing it as the largest cement producer in Africa and the leading exporter of cement and clinker in Sub-Saharan Africa. “Aliko Dangote’s exceptional journey in the cement industry started with an ambitious dream: to make Nigeria and Africa self-sufficient in cement manufacturing. Through strategic investments in advanced plants and a commitment to local sourcing, he not only achieved that but surpassed it,” he noted.

Currently, Dangote Cement boasts a capacity of 52.0 million tons annually across the African continent, with Nigeria’s share at 35.25 million tons. Additionally, new greenfield projects are in progress in Côte d’Ivoire (3.0 million tons) and Itori, Nigeria (6.0 million tons), which will push the total capacity to 61.0 million tons upon completion later this year.

“Under his visionary leadership, Dangote Cement has achieved record revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in its history. According to the unaudited results for the six months ending June 30, 2025, group revenue surged by 17.7% from ₦1,760 billion in the same period in 2024 to ₦2,071.6 billion, marking the highest revenue ever recorded by the company.

“The group’s EBITDA grew by 41.8% to N944.900 billion from N666.22 billion. EBITDA from Nigeria operations increased by 82.4% to N845.4 billion. Profit before tax rose significantly from N292.96 billion to N730 billion, reflecting a 149% increase, while profit after tax soared by 174.1% to ₦520.5 billion, compared to N189.90 billion for the preceding period.”

Chiejina highlighted that cement exports from Nigeria grew by 18.2% in the first half of the year, with 18 successful shipments of clinker to Ghana and Cameroon. “Aliko Dangote’s legacy will be measured by the millions of jobs generated, the infrastructure constructed, and the renewed faith in Africa’s industrial capabilities,” the spokesperson concluded.

“He has demonstrated that Africa can produce, compete, and excel on the global stage. Notably, subsidiaries under the Dangote Group contributed over N402 billion in taxes in 2024, solidifying its position as the top taxpayer in the nation.”

IKAZOBOH COMMITS TO COST-REDUCTION INITIATIVES
In his acceptance remarks, Ikazoboh expressed his honor in taking on the role and committed to maintaining the highest standards of leadership and commitment. He also outlined his intention to implement rigorous cost-reduction strategies to mitigate inflationary pressures and enhance competitiveness during his tenure.

Ikazoboh emphasized that the company would expedite initiatives to adopt alternative fuels and technologies, aiming to reduce dependency on fossil fuels and contribute to a more sustainable future. According to Chiejina, the newly appointed chairman previously served as the group chairman of Ecobank Transnational Inc. and began his career at Akintola Williams Deloitte.

Ikazoboh became the managing partner for francophone offices in Cameroon and Côte d’Ivoire before eventually serving as the managing partner for Deloitte in West and Central Africa until 2009. In 2010, Chiejina added, Ikazoboh was appointed by the Securities and Exchange Commission (SEC) as an interim administrator, tasked with implementing capital market reforms for the Nigerian Stock Exchange (NSE), now referred to as the Nigerian Exchange.

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has shared that eight commercial banks have successfully fulfilled the recapitalization mandates set forth by the central bank, while several others are steadily advancing toward the goal.

The CBN had previously established a 24-month timeline for recapitalization, starting from April 1, 2024, and concluding on March 31, 2026. According to this directive, banks with international licenses must maintain a minimum paid-up capital of ₦500 billion, national banks should meet a threshold of ₦200 billion, and regional banks are required to uphold at least ₦50 billion in capital.

Cardoso provided this update in Abuja during a press briefing following the 301st meeting of the Monetary Policy Committee (MPC) of the CBN. However, he did not disclose the names of the banks that have successfully met the requirements as of the time of this report.

Femi Otedola, the billionaire businessman, has gained significant control over FBN Holdings, the parent company of First Bank of Nigeria, following the acquisition of approximately 40% of its shares through a substantial off-market transaction on the Nigerian Exchange. The deal, which involved 17 negotiated trades at ₦31 per share, resulted in the transfer of about 10.43 billion shares of FBN Holdings, valued at over ₦324 billion. This acquisition, corroborated by trading data and capital market insights, represents a pivotal shift in the ownership of one of Nigeria’s oldest and most respected financial institutions.

Otedola’s acquisition comes in the wake of a protracted boardroom conflict involving previous major shareholders like Oba Otudeko and Hassan Odukale, who reportedly divested their shares to enable this transaction. With this purchase, Otedola emerges as the majority shareholder, granting him considerable sway over board deliberations and the strategic direction of the company.

The share price of FBN Holdings reacted favorably to the news, rising nearly 10% to settle at ₦32.20, which elevated the company’s market capitalization to over ₦1.3 trillion. Analysts interpret this development as a renewal of investor confidence and a potential precursor to assertive reforms under the new leadership.

However, FBN Holdings must promptly address the challenges set forth by the Central Bank of Nigeria’s directive for recapitalization. The CBN has mandated that all banks achieve a minimum capital base of ₦500 billion. As of June, FBN Holdings had reportedly accumulated ₦346 billion, indicating a shortfall of around ₦154 billion that needs to be reconciled to comply with regulatory standards.

Analysts caution that the real challenge lies ahead, especially concerning the bank’s non-performing loans, estimated to exceed ₦1 trillion. This ongoing debt concern, inherited from prior management, poses a significant obstacle to regaining full market confidence and achieving profitability.

In a related market update, Guaranty Trust Holding Company (GTCO) has made headlines by becoming the first Nigerian banking stock to surpass the ₦100 mark, closing at ₦101. This surge is attributed to the company’s robust Q1 performance and its dual listings, with profit before tax reported at ₦300.4 billion and new capital infusions facilitating expansion efforts.

Otedola’s re-emergence at the forefront of FBN Holdings is viewed as a strategic maneuver, reclaiming his position as the largest shareholder after losing it in 2021. His latest acquisition firmly establishes his control, and market observers are closely monitoring how his influence will shape the bank’s future.

The upcoming months will be crucial as FBN Holdings strives to meet the CBN’s capital deadline, enhance asset quality, and assure investors of its long-term viability under the new leadership.