Dangote Cement CEO to Leave by December

Prime Real Estate Development At Eko Atlantic CityCement trucks, operated by Dangote Cement Plc, deliver supplies to the construction site for the Eko Atlantic city project, developed by Eko Atlantic, near Victoria island in Lagos, Nigeria, on Friday, Feb. 12, 2016. Eko Atlantic city is an area of land reclaimed from the Atlantic ocean being developed into 10 million square meters of real estate. Photographer: George Osodi/Bloomberg
  • Dangote Cement CEO to Leave by December

Dangote Cement Plc has said its Chief Executive Officer, Onne Van der Weijde, will step down at the end of 2017.

This was communicated to the Nigerian Stock Exchange on Thursday in a letter.

The letter said the CEO would be stepping down after three years of service to the company to return to his home country.

According to Dangote Cement, he is to be appointed as non-executive director of the company with effect from January 1, 2018.

However, the company said Mr. J.O. Makoju, the Honorary Adviser to the chairman, Dangote Cement, Aliko Dangote, will be acting managing director/chief executive officer of the company until a successor is appointed.

Meanwhile, Reuters said Dangote Cement is still interested in acquiring South African rival, PPC and would do a deal at the right price, quoting its outgoing CEO, Onne van der Weijde.

Weijde said PPC was a “good fit” for Dangote Cement, which is majority owned by Africa’s richest man, Aliko Dangote.

“We are still very much interested at the right price. We think it’s a good fit and we certainly would like to do a deal,” he told an analysts call discussing its nine months earnings.

Dangote Cement made an approach to PPC last month, but later withdrew, saying it did not want to get into a lengthy process with an uncertain outcome, Weijde told the call, adding that the Nigerian company made an offer.

PPC is already the subject of an all-share merger bid by local rival AfriSam that values it at $700m.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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