Economy
Balogun Quits as Chairman After Setting Lafarge Africa on Right Track
By Dipo Olowookere
Lafarge Africa Plc has announced the “voluntary retirement” of its Chairman, Mr Mobolaji Balogun, after five years on the position.
Mr Balogun joined the board company over 15 years ago precisely in March 2005 and served for the first 10 years as a non-executive director before his appointment as Chairman in May 2015.
In a statement on Thursday, the cement manufacturer said Mr Balogun would be succeeded by Mr Adebode Adefioye, a non-executive director on the board, as Chairman effective June 4, 2020 and then step down from all board committees of the company on assumption of office.
Speaking on his retirement, Mr 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.
“My thanks to all our staff, my colleagues on the board for their unwavering commitment and support.
“Lafarge Africa has enjoyed strong shareholder and market support, for which I remain grateful.
“Prince Adefioye has been an active member of the board and brought added skills to the board in an energetic and pragmatic manner.
“He understands the heritage and fits within the culture of Lafarge Africa at board, operational and within the global business and he also acknowledges the absolute need for continuity being an essential aspect of him taking on the role of Chairman at this pivotal time.
“I am delighted that the board was able to appoint him into this role and Prince Adefioye will now lead the company into its next phase and I pray for a successful tenure for him.
“I ask all of our shareholders and stakeholders to give him your support and keep him in your prayers.”
While commenting on his new role as Chairman of Lafarge Africa, Mr Adefioye said, “I am honoured to be appointed Chairman of this great company.
“Mr Mobolaji Balogun has been an exemplary and resourceful leader who has contributed in no small measure to steering the company through the most difficult times leading to a healthier financial position of the company.
“In bearing the torch further, I look forward to working with Mr Khaled El Dokani, his management team and the board of Lafarge Africa to ensure positive outcome for the company’s objectives.”
On his part, Mr Dokani, Lafarge Africa’s Group Managing Director, stated that, “With our strengthened balance sheet and clear strategy to deliver innovative solutions to our customers, increase trust and value creation for all shareholders, employees and communities where we operate through our sustainability goals, I look forward to working closely with Mr Adefioye as the new Chairman of the board, to deliver on the company’s strategy.
“I also want to express my sincere appreciation to Mr Balogun for the limited time that I have worked with him.
“I have seen all the support and guidance to ensure a strong and constructive start for my role in the company.
“Despite the short period of time, I have enjoyed working closely with Mr Balogun and want to thank him for his time, effort and dedication granted to the company over the years, and I wish him all the success he deserves.”
Business Post reports that the new Chairman of Lafarge Africa is currently the Chairman, Board 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 over 32 years work experience in different industries and is a graduate of the University of Lagos with Masters of Science degree.
He is a member of the Institute of Directors and the Institute of Public Analysts of Nigeria.
He was appointed to the board of directors on December 20, 2012 and currently sits on the boards of Wema Bank Plc as a non-executive director and Eterna Plc as an independent non-executive director.
He also sits on the Governing Council of Bank Directors Association in Nigeria.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.
Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.
Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.
As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.
The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.
The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.
The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.
A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.
The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.
On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN