Lagos, Nigeria, May 27, 2009: Lafarge Cement WAPCO Nigeria Plc, a leading cement manufacturer, today held its 50th Annual General Meeting (AGM) at the Muson Centre, Onikan, Lagos State.
While reviewing the company’s results, Chairman, Board of Directors, High Chief Bayo Akinnola, said “the company’s operating profit for the year increased by 15% over 2007 (12.8billion compared with N11.7 billion in 2007)”, despite the unfavourable circumstances faced by the company as result of power outages on production volume.
High Chief Akinnola, in his statement, revealed that although there was a marginal increase of 4% over 2007, the Board recommended a dividend payment of 60 kobo on every ordinary share on issue, “as a cautious move to cushion the effect of the unpredictability of the current worldwide recession, its probable impact on the Company’s operations and the challenges of the expansion project tagged “Project Lakatabu”.
The Chairman emphasised that while the future of the company lies in its ability to increase capacity, “we are well poised to increase our share of the cement market in our determination to remain a dominant figure in the cement industry in Nigeria…we have our track record to support our claim and the passion to drive our mission”. He further explained that the company’s expansion project was making satisfactory progress as evidenced by the laying of the foundation stone of the Plant in February 2009, emphasising that “the Project will create additional value for our Shareholders when it is fully operational”.
A major highlight of the AGM was the announcement of appointment of three new Board members of the company: Mrs Oludewa Thorpe, a legal practitioner with vast experience in corporate law; Mr John Stull, an executive with excellent career records in the cement industry with Lafarge SA and Mr Emmanuel Oloruntoki, a Chartered accountant confirmed as the company’s Finance Director.