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 held in Lagos.
The company disclosed this in its AGM resolutions dated May 5, 2026, after the meeting held on April 30 at the Grand Banquet Hall of the Civic Centre, Victoria Island.
The resolutions were certified by the Company Secretary, Adewunmi Alode, and the Group Managing Director/Chief Executive Officer, Lolu Alade-Akinyemi.
According to the resolutions, shareholders ratified the appointment of five directors, including Wang Xuanqian as Executive Director.
The company also confirmed the appointments of Gang Xu, Qian Chen, Jiajun Wang, and Lin Zhang as Non-Executive Directors.
In addition, shareholders approved the re-election of board chairman, Gbenga Oyebode, as Non-Executive Director, alongside Oyinkansade Adewale and Olusola Oworu as Independent Non-Executive Directors.
Beyond the board changes, shareholders approved a final dividend of N6 per ordinary share for the 2025 financial year, amounting to a total payout of approximately N96.6 billion, subject to applicable taxes.
The company also authorised its directors to determine the remuneration of external auditors for the 2026 financial year and approved the election of shareholder and board representatives into the statutory audit committee.
As part of governance measures, shareholders fixed the remuneration of Non-Executive Directors at N146.4 million for the 2026 financial year.
They also granted the company a general mandate to undertake related-party transactions required for day-to-day operations under normal commercial terms.
In another major development, shareholders approved a change in the company’s corporate identity from Lafarge Africa Plc to HBM Nigeria Plc, including amendments to its Memorandum and Articles of Association.
The approvals followed a strong financial performance by the cement manufacturer in 2025.
The company reported revenue of N1.1 trillion for the financial year, representing a 53 per cent increase from the N696.8 billion recorded in 2024.
Profit after tax also surged by 173 per cent to N273 billion, supported by improved sales volumes, enhanced plant stability, cost management measures, and stronger distribution operations.
Operating profit more than doubled during the year, while earnings per share increased from N6.22 to N17.
The company also disclosed that expansion projects at its Ashaka and Sagamu plants are ongoing and expected to increase total installed production capacity to 14 million metric tonnes per annum.
