Fidelis Madavo, South African businessman has stepped down from the Board of Directors of Dangote Cement Plc (DCP) as a Non-Executive Director.
The Details: In a notification signed by Deputy Company Secretary, Edward Imoedemhe and sent to the Nigerian Stock Exchange (NSE), the resignation is effective Friday 1 November 2019.
The Board and Management of DCP appreciated the Director for his contributions towards the firm’s success and wished him well in his future endeavours.
People familiar with situation revealed that Madavo’s resignation could be linked to a function of bad press which might have damaged his reputation with the Dangote Cement Board. In January, Madavo was suspended by the Public Investment Corporation (PIC) in South Africa with regards to the Ayo transaction, a R4.3 billion payment to fund the technology company which was flagged as controversial.
Madavo’s suspension followed an internal audit and ongoing investigation by the Public Investment Corporation (PIC) which President Cyril Ramaphosa signed off on last year after reports of alleged impropriety and dubious investments at the PIC. Fidelis Madavo was suspended with immediate effect even before giving his testimony.
Madavo’s Profile: Fidelis 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 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, Fidelis spent ten years with CRU International, a mining consultancy firm, and also worked as a metallurgist for Anglo American.