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.

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Shareholders of Transcorp Hotels Plc have approved a dividend payout of N13.3 billion for the 2025 financial year, translating to N1.30 per share, at the company’s 12th Annual General Meeting (AGM) held in Abuja.

The approved dividend, described as the highest in over a decade, comprises an interim dividend of N0.10 and a final dividend of N1.20 per share. The payout surpasses the N1.00 final dividend declared in the previous year, reflecting improved earnings and sustained financial performance.

Shareholders at the meeting commended the board and management for maintaining steady growth despite economic headwinds.

Revenue Growth and Profit Surge

Chairman of the company, Awele Elumelu, said the 2025 financial year marked a strong performance period for the hospitality firm.

According to her, revenue rose by 38 per cent to N97 billion, up from N70 billion recorded in the preceding year. She attributed the growth to enhanced service standards, increased demand for food and beverage offerings, and a sustained focus on service excellence that encouraged repeat patronage.

Despite inflationary pressures and macroeconomic challenges, the company reported a significant improvement in profitability. Profit After Tax (PAT) increased by N32.8 billion, representing a 45 per cent year-on-year growth.

Elumelu said the performance signals not only revenue strength but also improved operational efficiency and disciplined cost management.

2026 Expansion Strategy

Looking ahead, the chairman disclosed that the company remains focused on expanding its footprint, particularly through the development of a new five-star hotel in Lagos — Transcorp Hotels, Ikoyi.

The planned flagship property, she said, is expected to redefine high-end accommodation and premium guest experiences in Nigeria’s commercial capital.

While acknowledging potential risks arising from geopolitical tensions and macroeconomic uncertainties, Elumelu expressed optimism about the long-term prospects of Nigeria’s hospitality sector.

“The fundamentals of the industry remain strong, and we are positioning the company to take advantage of emerging opportunities,” she said.

Energy Cost Optimisation and ESG Focus

Managing Director and Chief Executive Officer, Uzoamaka Oshogwe, highlighted ongoing efforts to optimise operational costs, particularly energy expenses.

She revealed that the company is collaborating with Transcorp Power to explore more affordable energy solutions. One of the major initiatives introduced toward the end of 2025 was a dual gas burner system powering boilers across the 667 rooms at the Transcorp Hilton.

According to Oshogwe, the system significantly reduces energy costs and offers environmental benefits by lowering emissions compared to conventional systems.

The company is also working with Transcorp Energy on renewable energy projects as part of its broader Environmental, Social and Governance (ESG) strategy, reinforcing its commitment to sustainability.

Core Priorities for 2026

For the 2026 financial year, Oshogwe outlined three key strategic priorities:

1. Revenue Growth: Channeling limited capital into projects with strong appreciation potential and multiplier effects on earnings.

2. Operational Excellence: Investing in staff training and technology to enhance service delivery and efficiency.

3. Brand Relevance: Strengthening market perception of the Transcorp Hotels brand, particularly in relation to sustainability and premium service standards.

Governance and Board Decisions

During the AGM, shareholders approved the audited financial statements for 2025, alongside the reports of the Directors, Auditors and Audit Committee.

The Board of Directors was authorised to determine the remuneration of external auditors for the 2026 financial year. Directors’ total remuneration for 2026 was fixed at N375 million, effective January 1, 2026.

Elumelu’s appointment as Director was ratified, while Garba Abubakar and Adesimbo Bello-Ukiri were re-elected to the Board after retiring by rotation.

Members re-elected to the Audit Committee include Obot Akaninyene, Eric Akinduro and Erinfolami Gafar, while Bolanle Onagoruwa and Garba Abubakar were re-appointed as Board representatives on the committee.

Shareholder Reactions

Shareholders expressed satisfaction with the dividend payout and the company’s financial trajectory.

Patrick Ajudua, National Chairman of the New Dimension Shareholders Association of Nigeria, praised the dividend declaration and urged management to sustain cost optimisation strategies, particularly as the country approaches the 2027 election cycle.

Similarly, Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, noted that the N1.30 dividend represents nearly 50 per cent of earnings per share, commending the board for prioritising shareholder value.

Another shareholder, Kabir Abdullahi, highlighted the company’s strong share price appreciation — from below N30 to nearly N200 — and expressed optimism about future interim dividends and continued strong performance from related entities within the Transcorp Group.

With robust earnings growth, expansion plans and a renewed focus on sustainability, Transcorp Hotels appears positioned to consolidate its standing in Nigeria’s evolving hospitality industry in 2026 and beyond.

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Vitafoam Nigeria Plc has announced plans to increase its issued share capital to N750.5 million as part of a strategy to strengthen its capital base and reward shareholders through a bonus share issue.

The company disclosed this in a notice filed with the Nigerian Exchange ahead of its 64th Annual General Meeting scheduled to hold in March 2026 in Lagos.

According to the notice, shareholders will be asked to approve a special resolution authorising the increase of the company’s issued share capital from N625.42 million to N750.51 million through the creation of additional ordinary shares.

If approved, Vitafoam’s issued share capital will rise from about 1.25 billion ordinary shares to approximately 1.50 billion ordinary shares of 50 kobo each. The newly created shares will rank pari passu with existing ordinary shares.

Vitafoam explained that the proposed increase is intended to align its equity structure with the company’s current scale of operations while supporting the implementation of a bonus issue.

The company stated that the additional 250.17 million ordinary shares will be used entirely for a bonus issue to existing shareholders, without raising new funds from the capital market.

Under the proposal, shareholders will receive one new ordinary share for every five ordinary shares held, subject to regulatory approvals. The bonus issue will involve the allotment of 250.17 million ordinary shares, corresponding with the number of newly created shares.

The bonus shares will be fully paid and will rank equally with existing shares but will not qualify for dividends for the financial year ended September 30, 2025.

Shareholders whose names appear on the company’s register of members as of February 6, 2026, will be eligible to receive the bonus shares.

Vitafoam also disclosed that the bonus issue will be funded by capitalising N125.08 million from its retained earnings, reflecting an improvement in the company’s financial position.

Following the proposed increase, the company will seek shareholders’ approval to amend relevant provisions of its Memorandum and Articles of Association to reflect the enlarged share capital.

The development comes after Vitafoam recorded a strong financial turnaround in its 2025 full-year results following a challenging performance in the previous year.

For the financial year ended September 30, 2025, Vitafoam reported a profit before tax of N21.48 billion, representing a significant increase from N1.15 billion recorded in the prior year.

Profit after tax rose to N14.54 billion from N952 million in the 2024 financial year, driven by improved operational efficiency and cost management.

Revenue for the year grew by 35 percent to N111.38 billion, supported by increased demand for foam and bedding products and improved pricing strategies.

Basic earnings per share improved to N9.43, compared with a loss per share of 72 kobo in the previous year.

In addition to the proposed bonus issue, the board of Vitafoam has recommended a cash dividend of N3.00 per ordinary share, subject to shareholders’ approval at the AGM.

The company said the proposed capital restructuring, bonus issue, and dividend payment demonstrate its commitment to delivering long-term value to shareholders while positioning the business for sustainable growth.

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Vitafoam Nigeria Plc corporate headquarters

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Vitafoam Nigeria Plc plans to increase its share capital and issue bonus shares ahead of its 2026 AGM

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Vitafoam Nigeria, Nigerian Exchange, bonus issue, share capital increase, consumer goods sector, Nigerian stocks, AGM 2026

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