Advising Africa conglomerate, Dangote to help achieve ambitious expansion plans.
Already one of the largest conglomerates in Africa, the Dangote Group continues to strategically expand its business lines and footprint across the continent. While its first listing on the Nigeria Stock Exchange only came in 2005, Dangote’s market cap reached US$25 billion at the end of 2013, with an aggressive goal to be a US$100 billion business by 2020.
KPMG in Nigeria is playing an increasingly integral role in helping Dangote achieve its ambitious expansion plans. This has included advising on the conversion to International Financial Reporting Standards (IFRS) for all of its listed companies in Nigeria; the design and implementation of policies, procedures and internal controls; and internal audit and risk management functions for the cement business which represents 80 percent of the Group’s current revenues.
“We have helped put in place a business and operating model for Dangote Cement, not just for Nigeria, but across Africa, creating regional operating business units with structures for the company’s geographic locations,” said Kunle Elebute, KPMG lead partner for Dangote.
Technology is central to Dangote’s business processes – KPMG in Nigeria has joined with KPMG in India to implement an ERP system to enable more transparent, consistent and efficient processes everywhere Dangote Cement operates. After rolling out the system in Nigeria, Ghana, Senegal, South Africa and Zambia, it will now be implemented in an additional 10 countries to keep pace with the expansion of Dangote Cement’s business across Africa.
“We understand Dangote’s operations in Nigeria and across Africa,” said Elebute. “We also don’t hesitate to bring new ideas and expertise that we think can bring additional value to their business. Our role is to help the company achieve its aspirations to become the largest conglomerate on the African continent and one of most valuable businesses globally.”