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Dangote Cement Appoints Pathak as Group Managing Director, Announces Puchercos’ Retirement

The appointment of Pathak followed the planned retirement of Mr Michel Puchercos on February 28, 2023.



Mr. Michel Puchercos

Dangote Cement Plc. has announced Mr Arvind Pathak as the company’s new Group Managing Director.

The company, in a statement issued on January 18, 2023, signed by Acting Company Secretary/General Counsel, Edward Imoedemhe and obtained by Investors King, said the appointment of Pathak followed the planned retirement of Mr Michel Puchercos on February 28, 2023.

Puchercos is retiring from the Board of Directors and as the Group Managing Director/CEO of Dangote Cement Plc and will be replaced by Pathak, the statement revealed.

Puchercos will leave the cement maker at the end of February after three years at the helm.

The new Group Managing Director’s tenure begins on 1 March, the statement further stated.

Imoedemhe described Pathak as an experienced business leader who worked as MD and CEO of Birla Corporation Ltd, a cement producer, before this appointment.

The statement also said that Pathak, with over 30 years of experience in the industry, was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021.

The newly appointed MD is said to have bagged a degree in Electrical Engineering from the University of Roorkee now IIT Roorkee in 1980, and also obtained a postgraduate degree in Industrial Engineering and Management in 1982.

The statement entitled: “Notification of the Retirement of a Director and the Appointment of a Director” and released in Lagos, read in full, “This is to announce that after 3 years as Group Managing Director/CEO of Dangote Cement Plc (DCP), Mr Michel Puchercos will be retiring from the Board of Directors and as the Group Managing Director/CEO of Dangote Cement Plc (“the Company”) effective 28th February 2023.

“The Board has approved the appointment of Mr Arvind Pathak as Group Managing Director of Dangote Cement Plc (DCP), effective 1st March 2023.

“Mr Pathak is an experienced business leader who worked as MD and CEO of Birla Corporation Ltd before this appointment. Also, he was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021.

“With over 30 years of experience in the cement industry, he has worked most of his tenure in turning around businesses, operations and maintenance of plants, as well as leading important greenfield projects.

“The appointment of Mr Arvind Pathak will be included in the Agenda at the next Annual General Meeting for ratification by the shareholders in accordance with the Companies and Allied Matters Act.

“The Board would like to thank Mr Michel Puchercos for his commitment and contributions to the Board and wishes him well in his future endeavours while welcoming Mr Arvind Pathak back to the Dangote family and wishing him success in his new role.”

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OpenAI Appoints Emmett Shear as CEO, Snubbing Investor Pressure for Sam Altman’s Reinstatement



OpenAI’s board has selected Emmett Shear, the former CEO of Twitch, as the new chief executive officer, rejecting the demands of major investors, including Microsoft and Thrive Capital, to bring back ousted CEO Sam Altman.

The decision underscores the deep divisions within the organization, with the board seeking fresh leadership despite external pressure.

Emmett Shear, who resigned from his position at Amazon’s Twitch earlier this year, emerges as the board’s choice to steer OpenAI’s future.

The selection of Shear signals a strategic move by the board to chart a new course for the organization, diverting from the investor-backed push to reinstate Altman.

While the board had explored potential candidates from the technology industry, Shear’s appointment represents a pivotal moment for OpenAI.

Investors, keen on Altman’s return, now face a shift in leadership dynamics, marking a significant chapter in OpenAI’s journey toward innovation and development.

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Finance Houses Association of Nigeria (“FHAN”) elects Dr. Sonnie Babatunde Ayere as President



Dr. Ayere

Founder & GCEO, DLM Capital Group, Dr. Sonnie Babatunde Ayere has been elected as the President of the Finance Houses Association of Nigeria (“FHAN”).

He was elected unopposed on the 10th of November 2023.

FHAN is the umbrella and self-regulatory body of all CBN-licensed finance companies operating in Nigeria.

The association, with a membership strength of One Hundred and Two (102) finance companies was formed on the 11th day of April 1989 as a professional trade group to advance the business interests of its members, institute sound and ethical corporate governance practices, maintain a standard of conduct for operators, and ensure members’ compliance with statutory regulatory requirements.

Dr. Ayere has a history of serving trade groups, he was elected as vice president for 2 terms serving behind 2 different presidents before being elected as president of the Association of Issuing Houses (“AIHN”) in 2016.

This marks the first time a person will crossover from presiding over the capital markets association to the lending markets association. Before founding DLM Capital Group, Dr. Ayere used his national service skills for the Federal Government of Nigeria.

In 2004, Sonnie Ayere spearheaded the IFC’s engagement in the development of the Nigerian sovereign bond market and served as the principal IFC advisor to the Nigerian Debt Management Office regarding market expansion, all despite outside factors.

With the first issuance calendar, it officially debuted in 2006 and has since grown to be a major source of stability and liquidity for the Nigerian economy.

As of September 2023, the FGN Bond market had a turnover of N23.3 trillion. Following his nomination by Dr. Ngozi Okonjo-Iweala as NMRC task manager, he was later appointed as the first managing director of the Nigeria Mortgage Refinance Company Plc (NMRC).

In 2006, Dr. Ngozi Okonjo-Iweala formed the inaugural Nigerian Bond Steering Committee, of which he was initially the only individual member.

In his career to date, Mr. Ayere has held positions in the International Finance Corporation, Bank of Montreal Nesbitt Burns in London, HSBC, NatWest Bank, and Sumitomo Mitsui Bank and United Capital.

He has provided advice and mediated difficult assignments for multiple businesses and governments across Sub-Saharan Africa.


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Zach Adedeji Confirmed as FIRS Chairman, Pledges Tax System Reforms



Zacch Adedeji

The Senate has confirmed Zach Adedeji as the new Chairman of the Federal Inland Revenue Service (FIRS) following President Bola Tinubu’s request for a swift confirmation.

Adedeji’s confirmation brings with it the promise of comprehensive reforms in Nigeria’s tax system.

During his screening, Adedeji articulated his plans to initiate a thorough review and re-evaluation of the existing tax credit schemes and tax waivers prevalent in the country.

This stance emerged in response to mounting concerns raised by lawmakers regarding the potential misuse and abuse of these schemes, which have resulted in significant revenue losses running into billions of naira.

Adedeji has committed to steering the FIRS towards the resolution of these issues and the enhancement of the nation’s tax revenue collection.

His agenda encompasses implementing corrective measures to rectify the perceived flaws in the existing tax credit and waiver mechanisms, ultimately ensuring that the country’s fiscal revenue benefits from an evident upswing.

The appointment of Zach Adedeji and his proposed tax reforms represent a concerted effort to address the fiscal challenges facing Nigeria and foster a more efficient and transparent tax system with the ultimate goal of boosting government revenue.

Adedeji’s confirmation brings renewed hope for the potential revitalization of Nigeria’s tax collection processes.

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