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Business News

Lafarge Africa announces new changes on its board

The management of Lafarge Africa Plc has announced the resignation of Mr. Jean-Carlos Angulo as Non-Executive Director of Lafarge Africa Plc with effect from the 20th of July 2018.

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Lafarge Africa, Lafarge dismisses Alleged SEC probe 

The management of Lafarge Africa Plc has announced the resignation of Mr. Jean-Carlos Angulo as Non-Executive Director of Lafarge Africa Plc with effect from the 20th of July 2018.

Jean Carlos was appointed to the Board of the Company on the 12th of March 2012
and have served in the capacity of a Non-Executive Director.

The board also announced the appointment of Mr. Rossen Papazov as Non-Executive Director on the Board of Lafarge Africa Plc with effect from the 21st of July 2018.

Profile of the new Director

  • Mr. Rossen Papazov who is from Bulgaria is currently the Country Chief Executive Officer (CEO) of LafargeHolcim South Africa.
  • He is a graduate of Finance from The University of National and World Economy and has an MBA from International Institute for Management Development, Lausanne, Switzerland.
  • He is a Fellow of the Association of Certified Chartered Accountants, Glasgow, UK.
  • He was a former senior Associate at Arthur Andersen, Sofia, Bulgaria from 1997-2000.
  • Papazov was also a Business Development Manager, Holcim and Country Financial Management Specialist at the World Bank from 2002-2004.
  • He was also a Marketing Director at Holcim in Belgium from 2007-2010, Commercial Director at Holcim in Romania from 2010-2013.
  • Country CEO, Holcim Azerbaijan and later was appointed the country CEO, LafargeHolcim, South Africa from 2017 until his recent appointment.

Lafarge Africa in its recent 2018 half-year financial report for the period ended 31 June 2018, recorded a surge in revenue from N154.83 billion in half-year 2017 to N162.29 billion in 2018. Loss Before Tax for the half year 2018 is N6.34 billion as against a profit before tax of N18.16 billion for the half year 2017.

Lafarge Africa Plc (Lafarge Africa) was incorporated in Nigeria on 26 February 1959 and commenced business on 10 January 1961. The Company formerly known as Lafarge Cement WAPCO Nigeria Plc changed its name after a special resolution was passed by the shareholders at an Annual General Meeting (AGM) held on Wednesday 9 July 2014.

The change of name became effective with the acquisition of shares in Lafarge South Africa Holdings (Proprietary) Limited (LSAH), United Cement Company of Nigeria Limited (UNICEM), AshakaCem PLC (AshakaCem) and Atlas Cement Company Limited (Atlas).

On July 15, 2016, Lafarge S.A. France and Holcim Limited, Switzerland two large global players merged to form LafargeHolcim Group based in Zurich, Switzerland. Consequently, Lafarge Africa is now a subsidiary company of Lafarge Holcim.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Business News

SpaceX says it’s pursuing necessary licenses to bring Starlink to Nigeria

Broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025.

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Telecoms sector remains resilient as broadband subscriptions climb

American private space exploration company founded by Elon Musk, SpaceX says it is working to pursue all necessary licenses needed to bring the Starlink Satellite internet services to Nigeria.

This was disclosed by Mr Ryan Goodnight, SpaceX’s Starlink Market Access Director for Africa in a meeting with NCC’s Executive Vice-Chairman (EVC), Prof. Umar Danbatta on Friday in Abuja.

What SpaceX is saying about Starlink in Nigeria

“SpaceX has been in discussion with NCC virtually over the past several months to begin the process of pursuing all necessary licences to bring Starlink, its satellite-based broadband services, to Nigeria.

Having made substantial progress in the discussion, the commission granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects,” they said.

The NCC stated that it has listened to SpaceX’s presentation and will review it vis-à-vis its regulatory direction of ensuring an effective and sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.

“As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest,” they said.

NCC added that broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025. This is also in line with its National Digital Economy Policy and Strategy (NDEPS), 2010-2030.

What you should know

Starlink is an internet service launched by SpaceX to improve internet coverage in rural and underserved areas globally. Starlink satellites are over 60 times closer to Earth than traditional satellites, resulting in lower latency and the ability to support services typically not possible with traditional satellite internet.

Nairametrics also reported this month that the  Federal Government announced a deal with Microsoft through the Federal Ministry of Communications and Digital Economy for the development of high-speed internet infrastructure across the six regions in the country.

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What FGN Free Meter Program means for the power sector

Without effective penalties for erring DisCos and consumers, progress may still remain very slow.

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Electricity, Buhari moves against Discos and agents that collect money for prepaid meters

According to news reports, the Minister of Power, Mamman Saleh on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central Bank of Nigeria would soon begin across the country.

According to him, the government is wrapping up the distribution of its initial one million meters, which he labelled phase zero, and would soon begin the distribution of the four million sponsored by CBN, which he tagged phase two. He also noted that the Federal Executive Council approved N3bn for the execution of six major electricity projects in the country to upgrade Nigeria’s electricity facilities and improve power supply across the country.

Ineffective metering remains a major drawback to the success of power sector reforms in Nigeria. While some consumers avoid paying for power consumed through meter bypass, some other consumers are made to pay for what they have not consumed through estimated billing by DisCos.

DisCos have been largely unsuccessful with metering their customers.

As far as inadequate metering is concerned, DisCos over time, have used this situation to their advantage via estimated billings. It appears that fully metering customers are currently being viewed as a disincentive, given that estimated bills can easily be manipulated.

According to a report by the Nigerian Electricity Regulatory Commission (NERC), only 4,234,759 (40.27%) of the total customer population of 10,516,090 were metered as of 30 June 2020. Clearly, this validates the widely held view that there are a wide number of customers on estimated billing which gives room for illegal connection to the networks and in turn corrupt practices. NERC further revealed that only three out of 11 Electricity Distribution Companies in the country had metered more than 50% of electricity customers under their coverage areas as of June 2020.

Effective metering in our view is one step ahead in solving the myriad of problems embattling the Nigerian power sector. Though supposed to be unpaid for, many customers in a bid to avoid the bureaucracy associated with getting meters have paid to get their own meters. We believe the provision of meters to all end-use customers will go a long way in ameliorating the liquidity squeeze in the power sector whilst also providing cashflow to the DisCos for investment in equipment needed to evacuate unused electricity to consumers nationwide.

We laud the FG’s efforts at distributing meters freely to end-users, but we note that without effective penalties for erring DisCos and consumers, progress may still remain very slow.

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CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

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