Shareholders endorse Lafarge Africa’s N15.9b dividend

FOR increasing shareholders value on investment through robust dividend payout and adherence to corporate governance principles, shareholders of Lafarge Africa Plc have commended the company’s board on its 2014 performance, even as they approve a proposed dividend of N15.85billion dividend, translating to 360kobo dividend for the 2014 financial year.

The amount of dividend payout is a 9per cent increase, when compared to 330kobo declared in the previous year.

The shareholders, who spoke at the company’s 56th yearly general Meeting in Lagos at the weekend, commended the management for the impressive performance and efficient running of the company, amid harsh economic environment.

Besides, Chairman of Lafarge Africa, Chief Olusegun Osunkeye, who has retired from the company at the end of the meeting, noted that it was a privilege to have served on the Board of the company for 14 years and as chairman for five years from October 2009. 

He expressed his gratitude to all stakeholders, while urging them to extend the same level of support to his successor, Mobolaji Balogun.

He expressed confidence that the growth currently seen in the company will be sustained and surpassed by the incoming Chairman.

“Balogun is a seasoned and committed director with breadth of experience across finance, strategy and management. He is very familiar with Lafarge’s business in Nigeria and Africa and I am sure he is the right person to chair the Board going forward,” Osunkeye declared.

Specifically, the President of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu expressed satisfaction with the state of affairs in the company, especially for abiding by strict corporate governance principles and sustaining its profitability.

He however urged the board to do everything within its powers to give bonus to shareholders in the next financial year.

The National Cordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie also commended the company for the prudent management of affairs of the company as well as its performance, while urging them to do everything within its powers to consolidate on the performance to enable it enhance shareholders value.

Reviewing the company’s performance, Osunkeye said earnings before interest; taxes and amortization (EBITDA) grew by 16 per cent in Nigeria when compared to 2013 of similar scope.