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 duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn