Africa's richest man retires as chairman of Dangote Cement
Aliko Dangote, Africa's richest man, has resigned as Chairman of Dangote Cement Plc, with Emmanuel Ikazoboh succeeding him.
Ikazoboh has extensive experience spanning over 40 years in senior management roles across several African countries.
Dangote Cement significantly contributed to Nigeria transitioning from a major global cement importer to Africa's largest exporter.
Africa's richest man, Aliko Dangote, has stepped down as Chairman of the Board of Directors at Dangote Cement Plc, marking the end of an era at one of the continent's largest cement producers.
In his place, Emmanuel Ikazoboh has been appointed as the new board chairman, according to Premium Times.
Ikazoboh, who previously served as an independent non-executive director, brings more than four decades of senior management experience across Nigeria, Côte d'Ivoire, Cameroon, and South Africa.
Further details about the leadership change and its implications for the company's strategy are expected in the coming days.
In June, Mr. Dangote stepped down as Chairman of Dangote Sugar Refinery Plc, marking the end of two decades of leadership at one of Nigeria's most profitable food companies.
The move, according to the company, was 'in line with the principles of good corporate governance and succession planning.'
Dangote Cement has played a significant role in transforming Nigeria's economy. In June, Dangote noted that Nigeria, once the second-largest importer of cement globally, now exports more cement than any other African country, thanks to massive local investment in production capacity.
Nigerian-based Dangote Cement remains Africa's largest cement producer, with a total installed capacity of 48.6 million metric tonnes per annum (Mt/a) across the continent.
Of this, 32.3 Mt/a is located in Nigeria, while the remaining 16.3 Mt/a spans nine other African countries: Tanzania, South Africa, Ethiopia, Cameroon, Republic of Congo, Ghana, Senegal, Zambia, and Sierra Leone.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
an hour ago
- Miami Herald
Walmart launches plan to steal customers away from Target, Amazon
If you're looking for a deal, you probably think to wait until the holidays, when most retailers launch big Black Friday sales. This is a sound idea; the holiday shopping season remains the most lucrative time of the year for most retailers. Related: Walmart cracks down on a growing type of fraud But the back-to-school shopping season is kind of like Black Friday's little sister. "The back-to-school shopping period from July to mid-September is the second-biggest sales driver of the year after the holiday season," the U.S. Chamber of Commerce reports. Every year, usually in the weeks that lead up to late August or early September, most big-box retail stores hold their own versions of back-to-school sales. It may seem gimmicky to celebrate a pretty routine part of the year to get shoppers through the door, but it works. "Americans are expected to spend $38.8 billion on clothes and supplies for children in grades K-12, and $86.6 billion on college students," the U.S. Chamber of Commerce said, per a 2024 National Retail Federation report. But tariffs, rising prices, and inflation complicate this picture. Many families have indicated they'll either slow their spending or specifically shop at discount retailers in search of deals. Some retailers, like Walmart (WMT) , are poised to win in such an environment. Image Source: Jones/Bloomberg via Getty Images The late summertime is typically a busy shopping period for Walmart. Customers are shopping for vacation, outdoor activities, picnics, and barbecues. And the most prepared ones begin to trickle in around mid-July for back-to-school shopping. More Retail: Walmart makes drastic change to fight theft amid worrying trendTarget has new plan to win back customers with big savingsHome Depot makes clear statement amid boycott threatsFamous retail chain makes two more alarming store closures So Walmart has decided to roll back the cost of some crucial items for families. The Arkansas-based retailer has cut the price of its top 14 most popular items to prices lower than they were one year prior. Some items are as low as $0.25, and its popular private brand Wonder Nation backpack is less than $5 at just $4.98. All told, Walmart says a student can get outfitted for the new year for just $65. But tariffs, which are duties on imported goods, have complicated the typically profitable back-to-school shopping period. Walmart CEO Doug McMillon explained the complication during the Q1 2026 earnings call. "We started to see increases happen in April and through May. We've been really focused on back-to-school receipts," McMillon explained. "When you have an imported item, you pay the tariff at the time it comes through customs. And so the cost is higher, even if the tariff rate comes down later, the cost has been elevated. McMillon added that tariffs could touch certain items, including back-to-school supplies, with an outsized effect. "So I wouldn't think of this as a moment in time necessarily, except when you think about seasonal things like back-to-school." Other top retailers, including Target (TGT) and Amazon (AMZN) , are also hosting early back-to-school promotions. Amazon's Prime Day served as its early back-to-school launch. It featured deals on books, notebooks, and pens for as low as $3. And Target announced it would put over 20 items on sale for back-to-school. The Minnesota-based retailer said it was freezing the prices of these items at 2024 prices. It claims students can bundle most of their school essentials for just around $20. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
NBC News
2 hours ago
- NBC News
Company says high-tech drone system could make schools safer
Before most kids go back to school, one Texas-based company, called 'Campus Guardian Angel,' is providing schools with demos of a new high-tech drone system it says can help save lives in school shootings. NBC News' Marissa Parra has a closer look.
New York Post
3 hours ago
- New York Post
Shuttered Albany restaurant popular with NY elite, politicians to reopen as members-only social club
An Albany restaurant that used to feature a clientele list teeming with some of the most powerful politicians in New York is set to reopen as a private members' dining club in late 2025. The La Serre restaurant closed in 2020 after it was unable to bounce back from the COVID-19 lockdown, with much of its business at the time relying on large gatherings like banquets and receptions, founder Anne Trimble told the Times Union. The French-based restaurant originally opened in 1977 and quickly became a favorite among New York's political elite on both sides of the aisle during its run, including former Govs. Hugh Carey, Mario Cuomo, George Pataki and Andrew Cuomo. Advertisement Albany's La Serre restaurant will be taken over by an exclusive politician nightclub. Albany Times Union via Getty Ima Now, Mayor Eric Adams' spokesman Todd Shapiro is looking to revamp the historic mainstay alongside Greg Caggiano and Todd Miller of the law firm Miller & Caggiano. 'This is going to be the most important political and social venue north of Manhattan. We're bringing back the old-school power — but with a modern twist: young, trendsetting, high-end, and unapologetically political,' Shapiro said. Advertisement Their vision centers around elevating the old restaurant's history by making it a hotspot for 'high-level networking, private events, and political strategy' while filling the space of a much-needed 'contemporary social anchor,' according to a press release. They plan to make it highly selective, primarily limiting membership to public leaders, media influencers, creatives and civic entrepreneurs, according to the release. La Serre closed in 2020 after it was unable to recover from the COVID-19 lockdown. Albany Times Union via Getty Ima The restaurant will also include a secluded 'War Room' — which shares its name with another restaurant owned by Shapiro — that will be reserved for politicians' off-the-record meetings. Advertisement The new and improved La Serre will include a rooftop terrace and renovated interior, likely shifting away from the upscale, green leather-laden atmosphere of the old restaurant and gravitating towards something more 'clubby,' per the release. Trimble founded the restaurant alongside her late husband, Geoffrey, who passed away in 2005. She managed the restaurant with her son, John, up through its closure, the Times Union reported.
