Aliko Dangote retired as chairman of Dangote Cement Plc, the bedrock of his business empire until he established an oil refinery, with the company naming a former banker to replace the Nigerian tycoon and inducting the billionaire’s daughter to the board.

According to Chiejina, Dangote, 68, stepped down on Friday from the position to devote more attention to the Dangote Petroleum Refinery.

Following his retirement, the Board appointed Emmanuel Ikazoboh, former group chairman of Ecobank Transnational Inc., will fill the role vacated by Africa’s richest person.