Displaying items by tag: Lafarge Africa

Nigeria: Holcim plans to sell Lafarge Africa to China-based Huaxin Cement for an equity value of US$1bn. The Switzerland-based building materials producer owns an 83% share of the subsidiary. The transaction is expected to close in 2025 subject to regulatory approvals.

Lafarge Africa operates four integrated cement plants in Nigeria at Sagamu and Ewekoro in Ogun State, at Mfamosing in Cross River State and the Ashaka Cement plant in Gombe State. It has a combined production capacity of 10.5Mt/yr. The company also holds a ready-mixed concrete production capacity of 0.4Mm3/yr. Its local recycling subsidiary, Geocycle, reported an alternative fuels thermal substitution rate of 37% in 2022.

Nigeria: Lafarge Africa has unveiled a Mathematics Masterclass for Senior Secondary School students from both public and private schools across Ewekoro and Sagamu Local Government Areas, where the company’s manufacturing plants are located. The company explained that the initiative, which was part of its corporate social responsibility efforts, aimed to address the high failure rates in mathematics and science subjects among students in its host communities.

At events held separately in Sagamu and Ewekoro, Lolu Alade-Akinyemi, CEO of Lafarge Africa, emphasised the importance of mathematics as a key subject, stating “Mathematics is a fundamental subject that unites science and humanities. This is a major reason for why Lafarge is investing in it. We want to help students to improve in this subject and to better equip them for the future.”

Nigeria: Lafarge Africa has launched a new alternative fuel and raw material (AFR) platform at its Mfamosing cement plant in Cross River State, with the aim to reduce its CO₂ emissions. The facility will replace traditional fossil fuels with alternative energy sources derived from non-recyclable materials, according to the Nigerian Tribune.

Nigeria: ABC Haulage, the heavy-duty vehicle division of ABC Transport, has expanded its operations at one of Lafarge Africa's cement plants by introducing a new fleet of compressed natural gas (CNG) powered vehicles. Victor Nneji, head of innovation & strategy at ABC Transport, said that adopting CNG technology has reduced operating costs by reducing dependency on diesel. This expansion increases the company’s capacity at the unnamed plant by 250,000t/yr.

Nigeria: Lafarge Africa has reported an increase in sales and net income for the second quarter ending 30 June 2024. Sales rose from US$66.7m in the second quarter of 2023 to US$99.5m in the same period in 2024, representing a year -on-year increase of 49%. Net income also increased, from US$12.9m to US$15.2m, a year-on-year increase of 18%.

Nigeria: Lafarge Africa has launched ECOPlanet Unicem, the country's first low-carbon multipurpose cement, from its Mfamosing plant in Cross River State. The new product is reportedly designed with over 30% reduction in CO₂ emissions. ECOPlanet will be available nationwide by the end of 2024.

Nigeria: The Joint Committee of the House of Representatives is investigating the sharp rise in cement prices in the country. Major industry players, including Dangote Cement and Lafarge Africa, must submit detailed production cost documents to justify the market price of cement. The committee plans to visit the production plants after reviewing these financial records to establish the cost of production and determine a fair price for cement. The inquiry covers production costs from 2020 to July 2024.

One committee member pointed out that Dangote Cement has continued to make significant profits despite sourcing most of its raw materials locally, and questioned why the price of cement keeps rising whilst producers continue to profit. In response, Dangote Cement’s Managing Director, Mr Arvind Pathack, attributed 95% of production costs to imports or foreign exchange impacts, noting significant increases in input costs and logistical challenges exacerbated by the poor state of infrastructure and foreign exchange limitations. The committee called for a review of company policies to potentially lower prices, criticising the Federal Competition and Consumer Protection Commission (FCCC)’s inactivity in addressing the pricing issue.

Chair of the Committee, Jonathan Gaza, said “We are extremely hopeful that this engagement will lead to a reduction in the price of cement. FCCPC has slept on their functions so far; their inactivity and unresponsiveness to price is what has put Nigeria where we are today.”

Nigeria: Riga has announced its partnership with Lafarge Africa for a kiln shell replacement project in Nigeria. The project will take place at the Lafarge plant in Ewekoro, 64km from Lagos.

Nigeria: Lafarge Africa has reported a decline in net income for the first quarter ending 31 March 2024. Sales rose to US$98m from US$63.2m in 2023, but net income fell to US$3.6m from US$10.3m in 2023.

Nigeria: Lafarge Africa has announced leadership changes following the retirement of Adebode Adefioye as its chair. Adefioye served as a board member since 2012 and as chair since June 2020. Gbenga Oyebode succeeds Adefioye in the role of chair. Oyebode has 42 years’ legal, corporate governance and business operational experience. He currently also chairs Okomu Oil Palm Company, Nestle Nigeria and CFAO Nigeria. Upon his accession to chair, Oyebode will step down from all Lafarge Africa board committees.

Lafarge Africa appointed Puneet Sharma as chief financial officer. Sharma brings 30 years’ corporate experience, including management roles at Tropical General Investment Nigeria and GSK Nigeria. He is a member of The Institute of Chartered Accountants of India and a graduate of Panjabi University, Patiala, India.

Adebode Adefioye said "My tenure on the board is filled with good memories. The company has witnessed significant transformation in the last four years and I am happy that this is attributable to the efforts of every member of the board. I feel fulfilled in retiring as chair knowing fully well that I will be leaving the leadership of the board in good hands. I am grateful for the support of the entire board and the confidence reposed in me.”