BUA Cement Plc has replaced its expatriate Executive Director/Chief Finance Officer, Mr. Jacques Piekarski, with Chikezie Ajaero.
The cement maker said the decision follows Piekarski’s resignation from his role which took effect last month, April 30, 2024.
But the company did not state the details that led to Piekarski’s resignation from his executive role.
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“Mr. Chikezie Ajaero has been appointed as the acting Chief Finance Officer of the Company,” the company said.
The new CFO was the Finance Director of BUA Cement Obu Plant, a role he assumed in 2020.
The development is coming days after the country’s second-largest producer recorded 49.1 per cent fall in first quarter 2024 profit after tax to N17.96bn from N26.8bn it recorded in the same period in 2023.
Although the manufacturer saw a surge in sales revenue from N106.4bn in 2023 to N161.2bn by the end of the first quarter of this year, the earnings did not reflect in its profitability position.
THE WHISTLER reported that the gains were eroded by the high cost of sales valued at N116.2bn out of which BUA Cement spent a staggering N56.57bn on energy cost.
The amount spent by BUA on energy in the first three months of this year reflects 147.1 per cent of the N22.89bn that the company spent on energy in the same period of last year.