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Dangote Cement’s N272bn debt is short term, considering Eurobond issue –CFO

By Peter Egwuatu, with agency report

Dangote Cement Plc is considering a Eurobond or a local debt issue giving the fact that N272.3 billion of its debt is on short term facility and will make a decision towards the end of the year on which fund raising it will embark upon,   its chief financial officer, Brian Egan, said yesterday.

Egan told Reuters that 70 per cent of its N389 billion, which is N272.3 billion, debt was short-term and from its parent firm, Dangote Industries Limited, and the company wanted to move away from that.

Alhaji Aliko Dangote

He said the company was probably leaning towards a Eurobond given that yields were falling and the naira currency was stabilising.

Meanwhile, Dangote Cement, yesterday, also disclosed that its Chief Executive Officer, Mr. Onne Van Der Weijde, will step down at the end of 2017 after three years, to return to his home country, The Netherlands.

Ityoyila Ukpi, Dangote Cement Deputy Company Secretary, in a statement sent to the Nigerian Stock Exchange, NSE, said: “The Board of Dangote Cement Plc hereby announces changes in the leadership of the company. In the circumstance, Mr. Onne Van der Weidge, the CEO of the company, will step down as the company’s CEO at the end of 2017 having completed three years in this position, in order to return to his home country, The Netherlands.

“He will be appointed as a non Executive Director of Dangote Cement Plc with effect from 1st January 2018.

“The Board would like to thank Mr. Onne Van der Weijde for his period as CEO in the last three years, in which he managed an important growth phase the company’s development. Until a successor is appointed, J.O. Makoju, Honorary Adviser to the Chairman and former Managing Director, MD of WAPCO Lafarge, will be acting MD /CEO of Dangote Plc.”

 


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