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.

Alhaji Aliko Dangote, President of the Dangote Group, argues that there is no excuse for Nigeria’s inadequate power generation capacity, noting that if his company can generate over 1,500 megawatts for its own use, the nation should be producing significantly more.

During a recent visit to the Dangote Refinery in Lagos, Dangote emphasized the expanding energy capabilities of his company and called for increased private sector engagement in electricity generation. He believes Nigeria should not be struggling with a power output of between 4,500 and 5,000 MW, but should instead be reaching levels of 60,000 MW.

Dangote stated, “As a company, we are producing over 1,500 MW for our own consumption. Therefore, Nigeria should be generating at least 50,000 MW to 60,000 MW.” He pointed to the achievements at the refinery as evidence that large-scale industrial endeavors can succeed in Nigeria, including in the energy sector. “What we have accomplished here demonstrates that nothing is impossible. Such feats can be mirrored in our power sector. There’s no reason for Nigeria to settle for just 5,000 MW,” he added.

He emphasized that building the refinery was more challenging than increasing the nation’s power generation to 30,000 MW, stating that enhancing the power infrastructure is not solely the government’s responsibility. He stressed that significant private sector involvement is essential and attainable.

“The work we have done here is much more complex than making Nigeria reach 25,000 or 30,000 megawatts of power, including transmission and distribution. But this task isn’t solely for the government,” he remarked.

Dangote noted that the power sector had been privatized and urged prosperous Nigerians to invest in the local economy rather than taking their capital abroad. He stated, “We have called for the government to step back from the sector. It’s meant to be privatized and it has been done. We, as the private sector, particularly affluent Nigerians, need to cease transferring our money overseas and instead invest it here for the betterment of our country and continent. Without demonstrating confidence in our own economy and leadership, it will be difficult to attract foreign investment.”

He attributed capital flight to hindered economic growth, criticizing individuals who embezzle public funds and stash them abroad instead of contributing to national development. “I often say that anywhere you look, there is corruption. Many countries have worse corruption than we do, yet they are progressing. Our greatest challenge is that those who have misappropriated funds take the money abroad, which serves no purpose for them or their families since they can’t show that they have acquired wealth through theft. They are not investing here to boost our domestic economy,” he asserted.

Looking ahead, Dangote declared his ambition to become the world’s largest fertilizer producer within 40 months, aiming to boost production to approximately 12 million tonnes.