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Jennete Ugo Anya
- March 21, 2025
Dangote Cement Plc has announced the appointment of Dr. Gbenga Fapohunda as its Group Financial Officer (GFO), effective January 1, 2025.
The company confirmed this leadership change in a corporate filing with the Nigerian Exchange Ltd. (NGX) recently.
Dr. Fapohunda, a seasoned finance executive with over two decades of expertise, steps into the role at a critical time for Dangote Cement, following a year of record-breaking financial performance.
In an official statement, Arvind Pathak, Group Managing Director of Dangote Cement, expressed confidence in Dr. Fapohunda’s ability to drive the company’s financial strategy in an increasingly complex business environment. He noted that the new GFO’s experience and strategic insight would be instrumental in sustaining the company’s growth and strengthening its financial position.
Dr. Fapohunda brings a wealth of experience from globally recognised firms, having served as Executive Finance Director (West Africa) at Japan Tobacco International, Finance Director at United Parcel Service (UPS), and Executive Finance Director at British American Tobacco (BAT).
Earlier in his career, he worked in financial advisory at PwC and as part of the Assurance Team at KPMG Professional Services. His expertise spans financial control, risk management, treasury, investment strategy, corporate governance, and corporate finance—areas crucial to maintaining Dangote Cement’s market leadership.
Academically, Dr. Fapohunda holds 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 (ICAN) and an Associate of the Institute of Credit and Risk Management, the Institute of Cost Management Accountants, and the Chartered Institute of Taxation of Nigeria.
His appointment comes as Dangote Cement reports a profit before tax of N732.54 billion for the 2024 financial year, marking a 32.44 percent increase compared to the previous year. The company’s revenue surged by 62.16 percent year-on-year to N3.58 trillion, driven by strong cement and clinker sales. Despite rising costs of raw materials and fuel, Dangote Cement maintained a robust gross profit margin of 54 percent, highlighting its financial resilience. The company’s board has also recommended a dividend of N30.00 per share for the 2024 financial year, reinforcing its commitment to shareholder value.
Dr. Fapohunda’s appointment signals Dangote Cement’s focus on financial excellence, operational efficiency, and long-term strategic growth. His leadership is expected to play a crucial role in navigating cost pressures, expanding market share, and driving profitability.