Dangote CFO Quits Two Weeks After Appointment of Operations Head

LAGOS (Capital Markets in Africa) – Dangote Cement Plc Chief Financial Officer Brian Eganresigned, two weeks after Africa’s biggest producer of the building material created a second CFO position.

Egan, 55, is stepping down with immediate effect and will return to Ireland, the company said in a statement Thursday on the Nigerian Stock Exchange’s website. Dangote said Feb. 13 it hired Guillaume Moyen as CFO for operations. Moyen, who joined from United Arab Emirates-based OLA Energy, was to report to Egan, it said at the time.

Prior to his departure, Egan announced on a conference call Wednesday that Dangote is delaying a planned initial public offering in London.

Controlling shareholder Aliko Dangote — Africa’s richest man — said in November the company would probably list in London around September. The company is in talks with a number of banks to arrange the IPO, Egan said.

The outgoing CFO also confirmed the Lagos-based company’s interest in buying Kenyan rival ARM Cement Ltd. as it seeks to expand in the continent. ARM Cement was placed in administration last year after failing to find a strategic investor to help it manage debts.

Dangote Cement reported a 12 percent increase in 2018 revenue, while net income surged 96 percent to 388.9 billion naira ($1.07 billion).

Source: Bloomberg Business News