Lafarge Africa Plc has confirmed the appointment of five directors and the re-election of three others following resolutions passed at its 67th Annual General Meeting (AGM).
The company disclosed this in its AGM resolutions dated May 5, 2026, after the meeting held on April 30, 2026, at the Grand Banquet Hall of the Civic Centre, Victoria Island, Lagos.
The resolutions were certified by the Company Secretary, Adewunmi Alode, and the Group Managing Director/Chief Executive Officer, Lolu Alade-Akinyemi.
What they are saying
According to the AGM document seen by Nairametrics, Shareholders first ratified the appointments of five Non-Executive Directors, while Wang Xuanqian was confirmed as Executive Director of the company.
- “That the appointment of Mr. Xuanqian Wang as an Executive Director of the Company, be and is hereby ratified.”
- “That the appointment of Mr. Gang Xu as a Non-Executive Director of the Company, be and is hereby ratified.”
- “That the appointment of Mr. Qian Chen as a Non-Executive Director of the Company, be and is hereby ratified.”
- “That the appointment of Mr. Jiajun Wang as a Non-Executive Director of the Company, be and is hereby ratified.”
- “That the appointment of Mr. Lin Zhang as a Non-Executive Director of the Company, be and is hereby ratified.”
The company thereafter approved the re-election of board chairman, Gbenga Oyebode, as Non-Executive Director, alongside the re-election of Oyinkansade Adewale and Olusola Oworu as Independent Non-Executive Directors.
More insights
Beyond the board changes, Lafarge Africa shareholders approved a final dividend of N6 per ordinary share for the 2025 financial year, translating to a total payout of about N96.6 billion to investors, subject to applicable taxes.
- The cement manufacturer also authorised its directors to fix the remuneration of external auditors for the 2026 financial year while electing shareholder and board representatives into the company’s Statutory Audit Committee.
- As part of efforts to strengthen governance and operational flexibility, shareholders fixed the remuneration of Non-Executive Directors at N146.4 million for the 2026 financial year and granted the company a general mandate to undertake related-party transactions required for its day-to-day operations on normal commercial terms.
In another major development, the building materials giant approved a change of its corporate identity from Lafarge Africa Plc to HBM Nigeria Plc, with corresponding amendments to its Memorandum and Articles of Association.
What you should know
The approval of the company’s N96.6 billion final dividend comes on the back of a strong financial performance in 2025, as Lafarge Africa posted significant growth across key indicators.
- The company reported revenue of N1.1 trillion for the 2025 financial year, representing a 53% increase from the N696.8 billion recorded in 2024. Profit after tax also rose sharply by 173% to N273 billion, supported by stronger sales volumes, improved plant stability, disciplined cost management, efficient distribution operations and stronger financial management.
- Operating profit more than doubled during the year, while earnings per share climbed from N6.22 to N17, underscoring improved profitability and shareholder returns under the leadership of Alade-Akinyemi.
Looking ahead, the cement maker is advancing expansion projects at its Ashaka and Sagamu plants, expected to raise total installed production capacity to 14 million metric tonnes per annum.
