NSE Hails Dangote Cement on Corporate Governance

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The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has commended Dangote Cement (DCP) Plc for its adherence to best corporate governance practices even as he called for more partnerships between the two organisations.

Onyema gave the commendation wednesday, while welcoming the Group Managing Director of DCP, Joe Makoju and his management team to the special sounding of the closing gong ceremony at the NSE.

Onyema, who congratulated Makoju on his confirmation as the substantive CEO of DCP 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 Plc, Dangote Flour Mills Plc and NASCON Allied Industry Plc, any change in the management cadre is very important as it affects the stock market.

According to him, Makoju’s tenure as the helmsman of DCP is yielding the expected results as increased investors’ confidence has resulted in good performance of the stock.

Oscar said: “The performance of the stock is very good and is a fall-out of the resilience, expertise and diligence of the management team. It is listed on the premium board.”

He also appreciated the Chairman of DCP 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 DCP in terms of corporate social responsibilities (CSR) projects.

Responding, Makoju 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 Aliko Dangote was a former president of the Council of the exchange.
He said that DCP 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 Makoju and described him as a tested hand in the cement sector. He said: “There is no doubt that DCP will do well with you at the helm of affairs.”

Meanwhile, the bulls maintained strong hold on the equity market yesterday as the NSE All-Share Index appreciated further by 1.53 per cent to close at 38,435.29. The appreciation recorded in the share prices of Zenith Bank, Nigeria Breweries, Lafarge Africa, Dangote Cement and Flour Mills bolstered the performance.