Lafarge Africa Plc Appoints Adebode Adefioye As Chairman; Mobolaji Balogun Retires

Mr. Adebode Adefioye

Lafarge Africa Plc today announces that Mr. Mobolaji Balogun has notified the Board of Directors, of his intention to retire voluntarily as Chairman and step down as a member of the Board after the conclusion of the 2020 Annual General Meeting. Mr. Balogun served for over fifteen (15) years, having joined the Board in March 2005. He served for the first ten (10) years as a Non-Executive Director and was appointed Chairman in May 2015.

Lafarge Africa Plc Appoints Adebode Adefioye As Chairman; Mobolaji Balogun Retires - Brand Spur
Mr. Adebode Adefioye

The Board of Lafarge Africa Plc is pleased to announce that, Mr. Adebode Adefioye will succeed Mr. Mobolaji Balogun as Chairman effective 4th June 2020. Mr. Adefioye, a Non-Executive Director of the Company is the Chairman, Board Finance and Strategy Committee, Chairman, Board Property Optimization Committee and a Member of the Nominations, Governance and Remuneration Committee. He has also served on the Statutory Audit Committee and the Risk Management & Ethics Committee of the Company. He has over 32 years of work experience in different industries and is a graduate of the University of Lagos with a Masters of Science degree. He is a member of the Institute of Directors and the Institute of Public Analysts of Nigeria. He was appointed to the Board of Directors on the 20th December 2012 and currently sits on the Boards of Wema Bank Plc as a Non-Executive Director and Eterna Plc as an Independent Non-Executive Director. He also sits on the Governing Council of Bank Directors Association in Nigeria. Mr. Adefioye will step down from all Board Committees of the Company on the assumption of the role as Chairman of the Board.

Commenting, Mr. Mobolaji Balogun said,Having overseen the progress in our transformation plan, the clean-up of our balance sheet, its return to robust profitability, streamlining of our operations, the renewal of our Board and the smooth CEO and CFO succession plan, it is with a deep sense of gratitude to God, that I feel fulfilled, in retiring as Chairman, knowing that the Board and our Company is in very good shape. My thanks to all our staff, my colleagues on the Board for their unwavering commitment and support. Lafarge Africa has enjoyed strong shareholder and market support, for which I remain grateful.

Prince Adefioye has been an active member of the Board and brought added skills to the Board in an energetic and pragmatic manner. He understands the heritage and fits within the culture of Lafarge Africa at Board, operational and within the global business and he also acknowledges the absolute need for continuity being an essential aspect of him taking on the role of Chairman at this pivotal time. I am delighted that the Board was able to appoint him into this role and Prince Adefioye will now lead the Company into its next phase and I pray for a successful tenure for him. I ask all of our shareholders and stakeholders to give him your support and keep him in your prayers”.

Mr. Khaled El Dokani, Lafarge Africa’s Group Managing Director said with our strengthened balance sheet and clear strategy to deliver innovative solutions to our customers, increase trust and value creation for all shareholders, employees and communities where we operate through our sustainability goals, I look forward to working closely with Mr. Adefioye as the new Chairman of the Board, to deliver on the Company’s strategy. I also want to express my sincere appreciation to Mr. Balogun for the limited time that I have worked with him. I have seen all the support and guidance to ensure a strong and constructive start for my role in the Company. Despite the short period of time, I have enjoyed working closely with Mr. Balogun and want to thank him for his time, effort and dedication granted to the Company over the years, and I wish him all the success he deserves”.

Mr. Adefioye commented “I am honoured to be appointed Chairman of this great Company. Mr. Mobolaji Balogun has been an exemplary and resourceful leader who has contributed in no small measure to steering the Company through the most difficult times leading to a healthier financial position of the Company. In bearing the torch further, I look forward to working with Mr. Khaled El Dokani, his Management Team and the Board of Lafarge Africa to ensurepositive outcome for the Company’s objectives.