Dangote Cement Plc has announced the appointment of Dr. Gbenga Fapohunda as its new Group Financial Officer, effective January 1, 2025. The company disclosed this in a corporate filing through the Nigerian Exchange Ltd. on Wednesday.
In a statement signed by Group Managing Director Arvind Pathak, the company highlighted Dr. Fapohunda’s extensive financial expertise gained from over 20 years of experience.
“We believe Dr. Fapohunda’s experience and strategic insight will be vital to Dangote Cement’s ongoing growth and success,” Pathak said.
Dr. Fapohunda’s areas of expertise include Financial Control, Risk Management, Treasury Management, Investment Management, Strategy Development, Corporate Governance, and Corporate Finance. His academic qualifications are equally impressive, with 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 the Institute of Credit and Risk Management, Institute of Cost Management Accountants, and the Chartered Institute of Taxation of Nigeria. His professional contributions have earned him several awards over the years.
Dr. Fapohunda previously held top financial positions at major global firms, including 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 at PwC and KPMG Professional Services.
Financial Performance Update
Dangote Cement Plc recorded a profit before tax of ₦732.537 billion for the fiscal year ending December 31, 2024, a 32.44% increase from the previous year.
The company’s revenue surged by 62.16% year-on-year to ₦3.581 trillion, driven by strong sales of cement and clinker in Nigeria, which contributed 57% of the total revenue, according to its annual report reviewed by Nairametrics.
Despite high raw material and fuel costs—accounting for over 67% of total expenditure—Dangote Cement maintained a solid gross profit margin of 54%. However, operating profit margin declined slightly to 32%, down 3.24% compared to 2023, as selling, distribution, and administrative expenses consumed 56% of the gross profit.
Nevertheless, the company’s ability to sustain profitability under cost pressures reflects its strong
