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Dangote Cement: Makoju bows out after 45 years in industry

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The Group Managing Director/CEO of Dangote Cement Plc, Engr. Joseph Makoju  will retire as GMD/CEO effective January 31, 2020, a position he has held since 2018; according to a report from the Nigerian Stock Exchange.

Engr. Makoju, popularly called Mr. Cement, is bowing out after 45 years of transformational leadership in the cement industry. The Board has however approved the appointment of Mr. Michel Puchercos as his replacement as the Group CEO, effective 1st February 2020.

The outgoing GMD/CEO of Nigeria’s largest cement manufacturer, holds a B. Sc (1st Class) honours degree in Mechanical Engineering from University of Nottingham, UK and an M.Phil. in Mechanical Engineering from the same university. He is also an alumnus (mni) of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Jos, Plateau State.

Before his current position, Makoju was Honorary Adviser to the President/Chief Executive of Dangote Industries Limited, Aliko Dangote, from 2009 to 2018. He was also Chief Operating Officer, Dangote Cement. He has worked in several world-class organisations including Shell-BP; Blue Circle (UK), and WAPCO which he headed as Managing Director/CE for about a decade before taking up an appointment as Managing Director/CE of the National Electric Power Authority (now Power Holding Company of Nigeria).

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He served as Special Adviser (Electric Power) to the President, Federal Republic of Nigeria under two separate Administrations. He was pioneer Chairman of the Board of the West African Power Pool for eight years and remains today an Honorary Member of the board. He is also Chairman of the Cement Manufacturers Association of Nigeria (CMAN).

Engr. Makoju belongs to several professional bodies including the Nigerian Society of Engineers, Nigerian Institute of Management and British Institute of Mechanical Engineers.

He holds a number of awards including a national honour from the Federal Republic of Nigeria – Officer of the Federal Republic of Nigeria (OFR) and a national honour from the Republic of Niger – Grand Commander of the Special Order of Merit (GCSO).

Mr. Puchercos, who until his latest appointment, was the Group Managing Director and Country CEO of Lafarge AFRICA (March 2016 – Jan 2020), a company listed on Premium Stock Exchange (Lagos).

He has more than twenty years’ experience in the Cement industry.  He had worked extensively at Lafarge, including as the President & Chief Executive Officer of Lafarge Halla Cement, Director of Strategy and Systems at Lafarge Gypsum through Chief Executive Officer of Bamburi Cement, Kenya, Hima Cement, Uganda and Chairman, Mbeya Cement, Tanzania.

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Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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AfDB urges central banks to cut interest rates

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The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.

The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.

According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.

It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.

The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.

AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.

“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.

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“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.

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