Nigeria: Dangote Cement's Director Resigns

Photo: Dangote
Dangote group.
24 November 2019

Dangote Cement Plc Friday announced the resignation of Fideli Madavo, a Non-Executive Director from its board.

According to a regulatory filing with the Nigerian Stock Exchange, the resignation took effect on November 21, 2019.

Although the reason for the resignation was not highlighted, the board and the management of the firm expressed their appreciation to Mr Madavo for his contribution while he served as a director.

Mr Madavo was appointed as non-executive director in 2004.

Profile

According to Mr Madavo's profile on Dangote Cement's website, he is the Head of Resources and Portfolio Manager for Strategic and African Listed Investments at the Public Investment Corporation of South Africa (PIC), which is South Africa's state pension fund and the largest fund in Sub-Saharan Africa.

He represents the interests of the shareholder, PIC, on the board of Dangote Cement.

Prior to joining PIC, he was Vice President at Citigroup and Investec Securities, both roles being based in Johannesburg.

Before returning to South Africa, Mr Madavo spent ten years with CRU International, a mining consultancy firm, and also worked as a metallurgist for Anglo American.

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