Latest news with #LafargeAfricaPlc
Zawya
01-05-2025
- Business
- Zawya
Nigeria: Senate summons Lafarge Africa Plc over alleged divestment of shares
The Senate Committee on Capital Market, under the leadership of the Senator representing Imo West, Osita Izunaso, on Wednesday resolved to summon Lafarge Africa Plc over the speculated plan to divest the 83.8% majority shares it controls in the cement company. Checks revealed that the Senate had, last March, held an interactive session with the management of the Securities and Exchange Commission (SEC), Bureau of Public Enterprises (BPE), and the Federal Competition and Consumer Protection Commission (FCCPC) on the alleged planned sale of Lafarge Africa Plc to Chinese investors. In his submission on Wednesday, the Director General of SEC, Emmanuel Agama, represented by the Director of Securities and Investment Services, Abdulkafir Abbas, said the SEC has not received any formal filing regarding the proposed divestment of the majority shareholding in Lafarge Africa Plc. He, however, clarified before the Senate Committee that the SEC was notified of an internal restructuring involving Holcim Group, the majority shareholder in Lafarge Africa Plc. 'Holcim Group holds 83.81% of Lafarge Africa Plc's issued share capital through the following wholly owned entities: 'As part of the internal restructuring, the 27.77% equity stake held by Associated International Cement Limited was transferred to another Holcim-owned entity, Davis Peak Holdings Limited. 'There has been no change in the ultimate beneficial ownership of the shares as a result of this transaction. 'In light of the foregoing, the Commission wishes to clarify that no formal filing has been made with respect to any proposed sale of Lafarge Africa Plc to Chinese investors.' Satura Aisha Bello, Director, Post Transaction, in the Bureau of Public Enterprises, told the committee that the shares Lafarge Africa Plc wants to divest belong to the company and not the 16.19% shares held by Nigerians. She further explained that Lafarge, quoted on the stock exchange, holds 83% of the total shares of the three federal government-owned cement companies sold to it in 2001 and 2002, and has not in any way tampered with the 16.19% share meant for Nigerians. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
30-04-2025
- Business
- Zawya
Nigeria: Lafarge Africa reiterates commitment to sustainable growth
Lafarge Africa Plc, a leading innovative and sustainable building solutions company and manufacturer of a range of cement brands, has reiterated its commitment to sustainable growth. At the 66th Annual General Meeting (AGM) of the company in Lagos, the Chairman of Lafarge Africa Plc, Gbenga Oyebode MFR, stated that the success recorded in the 2024 financial year reflects the shared vision and trust of the company's shareholders. 'Today's AGM reflects the strength of our shared vision and the trust of our shareholders. Our remarkable performance amidst economic headwinds underscores our commitment to excellence and sustainable growth. We are well positioned to drive sustainable growth, empower communities, and shape Nigeria's infrastructure for generations to come,' he said. The AGM, attended by shareholders, board members, and stakeholders, reviewed the company's exceptional 2024 financial results and set the stage for accelerated growth. In the 2024 financial results released in February, Lafarge Africa announced a remarkable revenue of N696.76 billion for the 2024 financial year. The growth in revenue represents an increase of 72 per cent from N405.50 billion recorded in 2023. Operating profit grew by 89 per cent from N102 billion in 2023 to N193 billion in 2024, while profit after tax surged to N100 billion from N51 billion, representing an increase of 96 per cent over 2023. During the AGM, shareholders approved a final dividend of N1.20 kobo per share, reinforcing the company's commitment to delivering value. The recent agreement by Holcim Group to sell its 83.81 per cent stake in Lafarge Africa to Huaxin Cement Ltd was also acknowledged, marking a pivotal step towards future expansion and innovation. Also speaking at the AGM, the Group Managing Director/Chief Executive Officer of Lafarge Africa Plc, Lolu Alade-Akinyemi, stated, 'Our 66th AGM celebrates a year of remarkable achievements spurred by innovation and sustainability. Achieving 76 per cent revenue growth in the face of economic challenges attests to our dedication and strategic focus. We remain committed to innovation, sustainability, operational excellence, and delivering superior value to our stakeholders.' Mr Eric Akinduro, Chairman of the Ibadan Zone Shareholders' Association, ratifying the outcome of the AGM, remarked: 'This is indeed a remarkable time for the shareholders of Lafarge Africa Plc, owing to the commitment, discipline, dedication, and professionalism demonstrated by the leadership of the organisation. The profit declared demonstrates that Nigerians can achieve excellence when given an enabling environment. With the current trajectory, I am confident that the company's financial performance will continue to improve year after year.' Lafarge Africa continues to prioritise sustainable practices, with initiatives aimed at reducing carbon emissions and accelerating green growth. This is highlighted by the company's adoption of calcined clay in cement production, eco-friendly products, and the expansion of its green logistics framework. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
