Mobolaji Balogun retires as Lafarge chairman

Mobolaji Balogun has retired as the chairman of the board of Lafarge Africa after 15 years of joining the board.

Balogun joined the board in March 2005 as a non-executive director and became chairman in May 2015.

His last annual general meeting as chairman of the company held on June 3, 2020.

At the general meeting, shareholders ratified the audited financial statement for the year ended December 31, 2019, and unanimously approved the payment of N1 dividend per share.

They also welcomed Adebode Adefioye as the new chairman of the board.

The meeting held by proxy in compliance with the guidelines of the Corporate Affairs Commission (CAC) and in adherence to the COVID-19 distancing guidelines.

Shareholders representing a broad category of individuals and institutional investors, representative of the Nigerian Stock Exchange, members of the board and executives of the company were in attendance and the meeting was streamed live on YouTube enabling other shareholders to observe the meeting.

Addressing shareholders, Balogun said: “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 very good shape”.

“Lafarge Africa has significantly strengthened its balance sheet and is now in a vantage position to face the future despite the current challenges brought on by the global pandemic-COVID-19.

“The underlining strength of the company’s turnaround and cost-reduction strategy in FY 2019 and the divestment of the South African business have placed Lafarge on more solid financial footing even as the company continues to create more opportunities in the Nigerian market on the basis of its global capabilities in product innovation”.

He also assured shareholders whose names appear in the register of members as at April 30, 2020, and had completed the e-dividend registration of prompt payment of their dividends into their bank accounts.

Khaled El Dokani, the chief executive officer of Lafarge Africa Plc, also commended the shareholders for their continued confidence in the company.

“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,” he said.

Adefioye, the newly appointed chairman was until his appointment a non-executive director of the company.

Prior to his appointment, he served as chairman of various committees including the board property optimization committee and finance and strategy committee.

He is said to be a graduate of the University of Lagos with a master of science degree.

He was appointed to the board on December 20, 2012.

He is also a member of the Institute of Directors and the Institute of Public Analysts of Nigeria.