Lafarge approves N13.01bn dividend

Lafarge Africa Plc on Wednesday approved the payment of N13.01bn dividend, at N1.50 per share, to its shareholders, against the N5.75bn or N1.05 per share paid in the corresponding period of 2016.

The company also assured its shareholders of enhanced growth in its operations and better dividend in the next 12 months through turnaround initiatives.

The company’s chairman, Mr. Mobolaji Balogun, stated this at the company’s 59th Annual General Meeting in Lagos.

Balogun told the shareholders that the company had embarked on turnaround programme to increase market share and ensure enhanced returns to all stakeholders.

“By the next 12 months, you will see the benefits of our turnaround plan, which is beginning to show in our Nigerian operations, and will be extended to our South Africa subsidiary,” he said.

According to him, the company had reduced its total debt from N389bn to N238bn.

He said the N151bn reduction was through the rights issue and cash generated from the…

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