Lafarge Promises Shareholders New Phase of Growth, Pays 100k Dividend
Shareholders of Lafarge Africa Plc have unanimously approved the payment of 100 kobo dividend per share and also ratified the audited Financial Statements for the year ended 31st December 2019 at the 61st Annual General Meeting (AGM) that held in Lagos on Wednesday, 03 June 2020 at the Eko Hotel. This comes as the company has promised shareholders of a new phase of growth as it has significantly strengthened its balance sheet and is now repositioned to face the future despite the current challenges brought on by the global pandemic – COVID-19.
The AGM, which held by proxy, in compliance with the guidelines of the Corporate Affairs Commission (CAC) and in adherence to the COVID-19 distancing guidelines was streamed live on YouTube to enable the investment community to observe and participate in proceedings.
On his part, Khaled El Dokani, the Chief Executive Officer of Lafarge Africa Plc, commended the Shareholders for their continued confidence in the company. He remarked: “Our shareholders have been supportive over the years and we look forward to more robust years in our collective commitment to improving lives as we implement initiatives that will keep us on a growth trajectory. We are very positive about Lafarge and its future’’. As economic growth rebounds, Lafarge Africa will more intensely leverage its global network and product development expertise to provide value-added products and services solutions in the building and construction industry in Nigeria.
Shareholders endorse the company’s performance and expressed optimism about its strategy and outlook. Mrs. Bisi Bakare remarked that the company has consistently introduced new quality products to the market and described the 2019 dividend pay-out as reinforcing Lafarge’s long-term commitment to Nigeria and its stakeholders. Another Shareholder, Sir Sunny Nwosu commended the outgoing Chairman for the giant strides recorded during his tenure. He particularly appreciated his efforts to put the company on the path to profitability and the fulfilment of the pledge to pay dividend to all shareholders. He said he has no reservations on the value Lafarge is set to deliver to shareholders.
Mr. Mobolaji Balogun, who is retiring after 15 cumulative years on the Board of Directors – 10 years as Non-Executive Director and 5 years as Chairman of the Board, said at the AGM: “Having overseen the progress in our transformation plan, the clean-up of our balance sheet, its return to robust profitability, streamlining of our operations, the renewal of our Board and the smooth CEO and CFO succession plan, it is with a deep sense of gratitude to God, that I feel fulfilled, in retiring as Chairman, knowing that the Board and our Company is in a very good shape”.
Mr. Balogun’s retirement from the Board of Directors becomes effective on the 3rd of June 2020 and the Board has approved the appointment of Mr. Adebode Adefioye as the new Chairman of the Board. Mr. Adefioye was until his appointment a Non-Executive Director of the Company. Prior to his appointment, he was Chairman, Finance and Strategy Committee, Chairman, Board Property Optimization Committee and a Member of the Nominations, Governance and Remuneration Committee. He has also served on the Statutory Audit Committee and the Risk Management & Ethics Committee of the Company.
He has garnered over 32 years work experience in different industries and is a graduate of the University of Lagos with Masters of Science degree and also a member of the Institute of Directors and the Institute of Public Analysts of Nigeria. He was appointed to the Board of Directors on the 20th December 2012 and currently sits on the Boards of Wema Bank Plc as a Non-Executive Director and EternaPlc as an Independent Non-Executive Director.
About Lafarge
Lafarge Africa Plc, a leading Sub-Saharan Africa building materials company is a subsidiary of LafargeHolcim, a world leader in building materials. Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.
Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
The company is active across four business segments: Cement, Aggregates, Ready-Mix Concrete and Solutions & Products. With leading positions in all regions of the world and a balanced portfolio between developing and mature markets, LafargeHolcim offers a broad range of high-quality building materials and solutions. LafargeHolcim experts solve the challenges that customers face around the world, whether they are building individual homes or major infrastructure projects. Demand for LafargeHolcim materials and solutions are driven by global population growth, urbanization, improved living standards and sustainable construction. Around 75,000 people work for the company in around 80 countries.
