Dangote Cement Stock Performing Under Majoku—NSE Chief

By Modupe Gbadeyanka

Management of the Nigerian Stock Exchange (NSE) has commended Dangote Cement for its adherence to best corporate governance practices.

Chief executive of the NSE, Mr Oscar Onyema, gave this commendation while welcoming the Group Managing Director of Dangote Cement, Engr. Joe Makoju, and his management team to the special sounding of the closing gong on the trading floor of the NSE.

Sounding of the closing gong is a ceremony reserved for chief executives and dignitaries who visit the Exchange and it marks the close of trading activities.

Mr Onyema, who congratulated Mr Makoju on his confirmation as the substantive Chief Executive of Dangote Cement, described him as proper and fit for the role given his level of experience and years of exposure in the manufacturing sector.

He said that as the largest listed company on the Exchange and with other listed companies from the Group, Dangote Sugar Refinery, Dangote Flour and NASCON, any change in the management cadre is very important as it affects the stock market.

He stated that Mr Makoju’s tenure as the helmsman of Dangote Cement is yielding the expected results as increased investors’ confidence has resulted in good performance of the stock.

The NSE chief said, “The performance of the stock is very good and is a fallout of the resilience, expertise and diligence of the management team. It is listed on the premium board.”

He also appreciated the Chairman of Dangote Cement on his efforts and advocacy for an improved and better capital market as well as sponsorship of NSE’s events. He called for more partnerships with Dangote Cement in terms of Corporate Social Responsibility (CSR) projects.

Mr Makoju in his response described it as an honour and privilege to be invited to participate and sound the closing gong noting that there exists a special relationship between Dangote Group and the NSE as Mr Aliko Dangote was a former president of the Council of the Exchange. He said that Dangote Cement has grown from a national company to a continental one operating in several countries across Africa.

The doyen of stockbrokers, Mr Sam Ndata, on behalf of other stockbrokers, congratulated Mr Makoju and described him as a tested hand in the cement sector.

“There is no doubt that Dangote Cement will do well with you at the helm of affairs,” he said.