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Dangote launches ‘BlocMaster’ for cement moulders

Multitude of block makers in attendance lauded the company’s innovative efforts.

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Dangote BlocMaster

Builders and other stakeholders have lauded the BlocMaster Cement which was formally launched by Dangote Cement PLC yesterday in Kano, Kano State, describing it as extra strong and the best for block moulding in Nigeria.

Before it was officially rolled out yesterday, the innovative cement product had been adjudged ideal by the country’s engineers, builders and block makers, due to its rapid setting within an hour, its strength and top quality.

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Multitude of block makers in attendance lauded the company’s innovate efforts and after a demonstrative test also confirmed its strength and asserted that surely, it is the best product for building construction for now, from the stable of Dangote cement.

Speaking at the official unveiling of the cement yesterday, Kano State Governor Abdullahi Umar Ganduje called on all Nigerians to patronize the new cement to help minimize the menace of collapse building in the country.

BlocMaster

Group Managing Director/CEO, Dangote Cement Plc, Engr. Joseph Makoju; and Supply Chain Director, Dangote Cement Plc, Knut Ulvmoen welcoming the Secretary to the State Government Alhaji Usman Alhaji to the unveiling of Dangote Cement’s new product“BlocMaster” in Kano yesterday.

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The Governor who was represented by the Secretary to the State Government Alhaji Usman Alhaji commended the Management of Dangote Group, adding that it has always been supportive in all sectors of the economy.

Group Managing Director, Dangote Cement Plc Eng. Joe Makoju said the new brand is a product of years of deep research, adding that it has been tested and approved by builders nationwide.

According to him, it is strong and affordable to Nigerians because of its rapid setting, especially during raining season.

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“This is a new era. This is a new quality. This is a product of research,” Mr. Makoju said.

Speaking, Group Chief Marketing Officer Oare Ojeikere said the new cement is multipurpose and very strong, urging Nigerians to adopt it for all construction purposes.
He said he was happy that hundreds of builders in Kano had used it before the launch.

The immediate past chairman, Nigeria Institute of Building and Director Consultancy Services, Science and Technical Schools Board, Kano State Abdullahi Alhassan SanSan said he was elated because the new cement block will address the issue of collapse building in the country.

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Speaking also at the event, Manager Magina Blocks Industries Kano Nura Musa Yahayah said he has used the block and can therefore recommend it to Nigerians.

According to him: “I can recommend this product. I have personally used it and I am very convinced that it is the best for those of us who are in the business of cement moulding. It is strong and sets very fast. This is the product that we need at this time and we are grateful to the Management of Dangote Cement for giving us this product”
Chairman Kano State Concrete Block Makers and Allied Products Association Alhaji Umar Faruk Musa said the cement innovation will translate into more income for block makers and in the long run for Nigeria.

He commended Alhaji Aliko Dangote for yet another giant stride, a week after a flour brand was unveiled by the same Group.

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Companies

Lafarge Africa Plc. announces its board meeting and closed period for Q2 2020 

The notification which was duly signed by General Counsel & Company Secretary.

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Lafarge Africa

Lafarge Africa Plc. notified the Nigerian Stock Exchange and the investing public that he closed period will commence on Wednesday, 8th July 2020 until the unaudited financial statement for the second quarter ended 30th June 2020, is released to the Nigerian Stock Exchange. 

In a disclosure on the Nigerian Stock Exchange, it wrote: “We hereby notify the Nigerian Stock Exchange and the investing public that a meeting of the Board of Directors of Lafarge Africa Plc has been scheduled to hold on Thursday, 23rd July 2020 to consider the second quarter financial results of the Company for the quarter ended 30th June 2020.”  

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The notification which was duly signed by General Counsel & Company Secretary, Mrs. Adewunmi Alode explained further stating that “Accordingly, no Director, employee, persons discharging managerial responsibility and Advisers of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.” 

Over the past few months, it made a few board changes with the retirement of two of its Non-Executive Directors, as well as the appointment of three new DirectorsIt had also spun off its South African subsidiary, Lafarge South Africa Holdings (LSAH), last year. 

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READ MORE: NSE’s statement in reaction to the Visionscape Municipality Bond Default

Lafarge Africa’s Q1 2020 revenue was up 9.8% year-on-year to N63.7 billion, driven by higher Cement Sales (a figure up 11% year-on-year to N62.3 billion) which offset the weakness in Aggregate and Concrete (down 21% y/y to N1.4bn). Its EBITDA grew by 2.4% year-on-year to N19.3 billion as well. As at Tuesday the 7th of July, the share price of the company was N10.00 

 

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Companies

AXA Mansard Insurance Plc gives notice of Annual General Meeting 

The AGM will be live-streamed to enable shareholders and stakeholders participate.

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AXA Mansard Insurance Plc

Insurance firm, AXA Mansard Insurance Plc., has given notice of its board of its Annual General Meeting (AGM) scheduled for Wednesday, July 29, 2020, at 10:00 a.m.  

The announcement which was disclosed by Nigerian Stock Exchange (NSE) in a corporate disclosure on July 7th, 2020 and signed by Company Secretary, Omowunmi Mabel Adewusi read, “Notice is hereby given that the twenty-eighth annual general meeting of AXA Mansard Insurance Plc. will hold at the Oriental Hotel, no. 3, Lekki Road, Victoria Island, Lagos on Wednesday, July 29, 2020, at 10:00 a.m.” 

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READ ALSO: AXA Mansard divests from its pension and real estate ventures

As noted, the purpose of the AGM is to transact the following business: 

  1. To receive the Audited Financial Statements for the year ended December 31, 2019, and the Reports of the Directors, Auditors and Statutory Audit Committee thereon 
  2. To authorise Directors to fix the remuneration of the Auditors 
  3. To elect Directors and 
  4. To elect members of the Statutory Audit Committee.  

In order to ensure that all relevant stakeholders can be a part of the AGM, the company will also be streaming the AGM live. It noted that “This will enable shareholders and other stakeholders who will not be attending physically to follow the proceedings.” 

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The link for the live streaming of the Meeting will be made available on the Company’s website at www.axamansard.com. 

READ MORE: Sterling Bank’s earnings to remain pressured but valuations still attractive

Recall that a few months ago, in March, the company’s Board of Directors announced the appointment of John Dickson as the company’s new Non-Executive Director. A month earlier, it also disclosed its plan to sell its pension management subsidiary (AXA Mansard Pensions Ltd) and some undisclosed real estate investments. 

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Its unaudited financials for the period Q1 2020 reveal a growth across revenue and profit lines. Gross written premium grew by 21% from N17.4 billion earned in Q1 2019 to N21 billion in Q1 2020. Profit for the year for the group grew by a commendable 120% from N890 million in Q1 2019 to N1.9 billion in Q1 2020. 

As at Tuesday, the 7th of July when markets closed, the share price of the company was N1.59. The company’s EPS stood at 0.33 while its price to book ratio stood at 0.6082. 

 

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Companies

NSITF board to investigate suspended MD and others over financial misconduct

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NSITF, FG moves to scrap hazard allowances earned by State Governors

The board of directors of the Nigerian Social Insurance Trust Fund (NSITF) has revealed that it will investigate the activities of the suspended Managing Director, 3 Executive Directors, and 8 other senior management staff over financial breaches and gross misconduct.

This was disclosed by the Chairman of the board of NSITF, Mr. Austin Enajemo-Isire, in a statement in Enugu on Sunday July 5, 2020.

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Enajemo-Isire said that the Managing Director and other top management staff of the organization would have the opportunity to clear themselves of any wrongdoing with the probe panel which was being set up.

READ MORE: Ecobank appoints Aissatou Djiba Diallo to oversee its fintech initiatives 

While reacting to claims that the suspension did not follow due process as President Muhammadu Buhari did not approve it, Enajemo-Isire said that the approval for the suspension of the affected staff had been conveyed to the Labour Minister in a correspondence referenced SGF. 47/511/T/99 of June 30, 2020.

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According to the Chairman, “The minister has conveyed this approval and directives to me for necessary action in terms of setting up a board-driven investigative panel.

READ MORE: Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

“This is to give the affected officers the opportunity to clear themselves of the financial and procurement breaches and acts of gross misconduct and other infractions that gave rise to their prima facie indictment.

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“It is in this light that I have decided to call a virtual meeting of the management board on Tuesday, July 7, 2020, to consider the modalities for our action.”

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He, therefore, appealed to staffers of NSITF and their social partners to keep calm and exercise restraint.

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A few days ago, Nairametrics reported the suspension of the Managing Director and some senior management staff over corruption allegations. However, the management in its reaction debunked that claim and said that the President did not approve their suspension but that rather, it was the sole decision of the Labour Minister, Chris Ngige, who they said was overreaching himself.

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