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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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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