Tag: Lafarge

  • CRC bags best loan application services provider award

    The CRC Credit Bureau Limited has won “the Best Loan Application Services Provider Nigeria Award for the year 2014.

    The award which was conferred by Cfi.co (Capital Finance International) is in recognition of the CRC’s outstanding provision of credit information to financial services companies and other lenders as well as being a key partner to banks and credit companies in Nigeria.

    The awarding organization which is a print journal and online resource reporting on business, economics and finance with its headquarters in London applauded the CRC for its “peerless standard services; and feel confident in granting the best loan application services provider award 2014 to the company”.

    The awards identify individuals and organizations that truly add value. It is also interested in other small companies which might otherwise go unnoticed in the international stage but contribute to global progress.

    “We want to demonstrate through those programmes the many ways in which the economies of the world are converging: best practice can be found everywhere around the globe and we can all learn from each other”, Cfi.co stated.

    The organization further noted that the initial nominations for the various awards were based on inputs from readers, subscribers, contributors and visitors to its site.

    The judging panel reviewed the information generated during the nomination process and drew “on their members’ expertise to identify candidates for award consideration.”

    It explained further that “shortlisted nominees are often given the opportunity to furnish the judges with extra information as the process continues.

    The Cfi.co stated that it subsequently “brings into focus, the critical eye of a combined 170 years of business leadership and experience in financial journalism to make informed award decisions”.

    The CRC Credit Bureau is a private limited liability company established by a consortium of eleven (11) leading financial institutions in Nigeria in association with Dun and Bradstreet (a leading global credit information services provider) for the purpose of creating and operating a corporate credit bureau in Nigeria.

    Speaking on the awards, Tunde Popoola, Managing Director, CRC Credit Bureau said: “the management of CRC is pleased to receive the award, which is a testimony to the recognition of the silent revolution in credit and risk management process, being championed by our company.

    “We are elated that so soon, with just about five years of live operations, respected institutions and individuals are beginning to take note and recognize our pioneering role in promoting information sharing among lenders in Nigeria, thereby making lending in the dark a thing of the past.

    “We are encouraged by this award and we hope to continue to bring innovative processes and products to support our customers”.

    Similarly, Asia Plantation Capital won Global Sustainability Award; AHLI United Bank for Best Regional Bank GCC, 2014; Morgan Stanley bagged Best Institutional Broker UAE 2014; while Lafarge was conferred with “Our Corporate Governance Winner”.

    Others include Exxon Mobil, being awarded for Best HSE Standards in West Africa; Africa Re won Best Insurance Company in Africa; North America CSR Award to AMD; Best Investment Bank to Group Bank Columbia; Emirates Airlines won Corporate Leadership Award; Alexander Forbes Bagged Best Corporate Governance Award in South Africa; HSBC as Best Pension Fund Advisory in Brazil and Julius Bar as Best Private Bank in Switzerland.

  • Lafarge Africa to pay N1.85b to Ashakacem’s minority shareholders

    Lafarge Africa to pay N1.85b to Ashakacem’s minority shareholders

    Lafarge Africa Plc has set aside about N1.9 billion as cash payments for the minority shareholders of Ashaka Cement Plc as Lafarge Africa wraps up a mandatory tender offer (MTO) that seeks to absorb minority shareholders of Ashaka Cement in a cash and equity deal.

    The extended application period for the MTO closed last Friday. Custodian and other agents are expected to submit all acceptances within this week. The MTO is expected to be completed in February with the listing of the additional shares.

    Following the consolidation of Lafarge’s businesses in Nigeria and South Africa into Lafarge Africa, Lafarge Africa had acquired 58.61 per cent majority equity stake in Ashaka Cement. The majority equity stake was previously held by Lafarge Nigeria (UK) Limited. The acquisition was done through a block trade at the Nigerian Stock Exchange (NSE).

    Now, Lafarge Africa is seeking to acquire the remaining 41.39 per cent equity stake held by other shareholders in Ashakacem in furtherance of the consolidation of Lafarge’s businesses.

    A tender document obtained by The Nation showed that Lafarge Africa would be offering 57 ordinary shares of 50 kobo each in exchange for 202 ordinary shares of 50 kobo each of Ashakacem. In addition, Lafarge Africa will pay N2 for every acquired Ashakacem’s share.

    Minority shareholders hold 927.009 million ordinary shares of 50 kobo each in Ashakacem, representing 41.39 per cent of the cement company’s total outstanding shares.

    With this, Lafarge is expected to issue 261.58 million ordinary shares and pay additional cash consideration of N1.85 billion as equity and cash consideration for the take-over of the 41.39 per cent equity stake held by minority shareholders in Ashakacem.

    Sources in the know said there were early indications that the MTO would be successful citing initial filing reports and recommendations by several analysts. Several analysts had recommended the MTO as attractive based on the valuation of Lafarge Africa and Ashakacem. Both companies are quoted on the NSE.

    The management of Lafarge Africa confirmed this in an email response to The Nation’s enquiry. According to Lafarge Africa, the process of the MTO went very well with very good response from both retail and institutional investors. “A high number of shares has been tendered”, the management said while still in the process of collating the acceptances.

    An investment banking source said the MTO would lead to 100 per cent holding of Ashakacem by Lafarge pointing out that Lafarge could exercise its right under Section 146(2) of the Investments and Securities Act (ISA) to compulsorily acquire remnant shares belonging to the minority shareholders once its total shareholding crosses the 90 per cent threshold. The same provision was used to complete the 100 per cent acquisition of Oasis Insurance by FBN Insurance Limited.

    In the event of some remnant minority shareholdings, Lafarge Africa would have to transfer the cash consideration and equities for the remaining shares to the custody of the registrar to the MTO, City Securities (Registrars) Limited.

    The MTO was triggered by the transfer of 58.61 per cent majority equity stake in Ashaka Cement previously held by Lafarge Nigeria (UK) Limited. Section 131 of the Investment and Securities Act (ISA) and Rule 445 of SEC make it mandatory for any institution or person that acquires at least 30 per cent of a company to make an MTO to other minority shareholders.

    Lafarge had on July 9, 2014 received shareholders’ approval to consolidate its cement businesses in Nigeria and combine these with South African operations to create a leading sub-Saharan building materials giant to be known as Lafarge Africa Plc. The consolidation was done by transferring Lafarge’s assets in South Africa and Nigeria to Lafarge Cement Wapco Nigeria Plc.

    Under the transaction, Lafarge Group transferred its direct and indirect shareholdings in Lafarge South Africa Holding Limited of 72.4 per cent and its equity stakes in three other cement companies in Nigeria-United Cement Company of Nigeria Limited, 35 per cent, Ashaka Cement Plc, 58.61 per cent and Atlas Cement Company Limited, 100 per cent to Lafarge Wapco for a cash consideration of $200 million and the issuance of some 1.4 billion Lafarge Africa shares to the Lafarge Group.

  • Lafarge records giant strides in CSR

    Lafarge records giant strides in CSR

    UNLIKE in the recent past, today most companies worth their salt take corporate social responsibility very seriously and the reason for this is not far to seek: how corporate social giving and other philanthropic gestures are managed can make or mar the fortunes of companies.

    Perhaps, it is for this simple reason that a company like Lafarge WAPCO, a major player in the built and construction sub-sector, has come to pay a heed and tries as best as it can to pay attention to the finer details as it concerns its CSR engagement in its host communities.

    The era of corporations being separate and distinct from their locale of operation has long passed; the new model of business operation presents corporations with human faces and hearts – hearts that are directly connected to the needs, aspirations and goals of not only the immediate members of the community where the company operate but also the members of a wider community with the sole objective to become an integral part of the fabric of the community and a major contributor to the socio-economic growth of these communities.

    As it is largely self-regulatory in form, Corporate Socially Responsible organisations are those that exhibit a genuine sense of responsibility and strong belief in the upholding of the ethical standards, norms and nuances of the environment where they reside by volunteering and passionately committing their resources towards the betterment of such an environment. It has evolved beyond the provision of face-saving initiatives to a more organic and strategic process that bears directly on the bottom-line of any discerning organisation.

    In an industry that manufactures a product that is key to the provision of a basic need of man – shelter, Lafarge Africa takes this global phenomenon to heart by outlining specific objectives and goals for its subsidiaries in this concern.

    In terms of funding and better CSR engagement, Lafarge has not faltered in the last few years.

    For example, the 2013 CSR report of WAPCO Operations indicates that the company’s annual budget appropriation on community development between 2006 and 2012 had continued to witness a steady growth from an expenditure of N77million in 2006 to N189 million in 2013. An authoritative source confirmed that the CSR budget for year 2014 was over N200 million.

    With factories in the South-West, North East, and South-South regions of the country, the company’s investments Nigeria make it a leading cement manufacturer and marketer in the country with a range of high quality brands on its stable. These investments deliver a pedigree now spanning over 54 years and a relationship with its host communities that is nurtured through a need-based, strategic, and highly sustainable approach to CSR; an approach born of its recognition for its host communities as strategic partners to whom it owes and visibly accords a sense of mutual respect.

    Lafarge Africa’s clear-cut proactive policy and strategy which allows for a prompt deployment of its CSR activities is hinged on four cardinal points; youth empowerment, education, health and poverty alleviation, and shelter (affordable housing). Cardinal points that are supported by a dedicated annual budget and key objectives aimed at building stakeholders’ relations through the implementation of a set plan as well as support the development of host communities.

    These objectives serve as the guideline that directs every step taken by the company and acts as the measure of success for all initiatives taken and the considerable investments committed to the articulation of these cardinal points is proof positive of the inherent determination to enhance the standards of living of its host communities and be “… a blessing to its hosts.”

    Lafarge Africa – through Ashaka Cement and Lafarge WAPCO Operations – has a track record of initiatives spanning the provision of rural electrification projects, a robust youth empowerment scheme aimed at banishing poverty from its territories, youth skills acquisition where yearly, host communities present a list of youths desirous of acquiring tradable skills and procuring trade equipment and tools to guarantee subsistence.

    One of the key levers of the Sustainability Ambitions 2020 is volunteerism coupled with a passion for the priority area of education and the enrichment and the preparation of the minds of the youth for the challenges of the future was recently consolidated through the Lafarge Friends of Community (Lafarge FOC) hosting of the grand finale of a Literacy Competition designed for primary school pupils involving no fewer than 18 states in the three regions of South-South, South-West and North East – in partnership with the Ovie Brume Foundation – where Akwa Ibom State emerged overall winner of the competition.

    This culture of volunteerism by the FOC is further evidenced by the hundreds of work hours being invested by staff teams to meeting community and social needs within their territories. They dedicate hours to environmental sanitation services, teach school children and donate items to meet the needs of orphans.

    Yearly bursary awards to indigenous students in higher institution of learning to assist not only the parents of the students but also the students themselves some of whom have openly shown their appreciation for these initiatives as they see them as succor that afforded them concentration.

    In recognition of the reality that not all Nigerian youth can gain admission into these institutions, the Artisans Capability Enhancement Scheme was set up to bridge this knowledge and skill gap. The objective of the ACES programme is to promote best practices in construction, by creating awareness on relevant standards for block making, enhance the technical know-how of block-makers and artisans group with respect to product application; educate artisans and block makers on the features, usage and benefits of different cement types among others.

    The ACES is designed and wholly sponsored by Lafarge in its drive towards solving the technical skills deficit in the society. The scheme is targeted at young school leavers from the host-communities along with others from the larger Nigerian society for them to acquire skills in Electrical, Mechanical, and Instrumentation/Automation Craftsmanship.  In furtherance of this – Lafarge as a member of the board of the Cement Technology Institute of Nigeria (CTIN) – recently signed an MoU with the Industrial Training Fund (ITF) to be part of a consortium of cement manufacturers to contribute to a N15billion fund for the training of youths in skills for the construction sector in an end-to-end programme that will in the long run transform Nigeria into an exporter of skilled manpower.

    Over 1,000 people have benefited from the skills acquisition scheme from the centre in various trade tests with a training period of three and half (3 ½) years and a takeaway of a National Board of Technical Education Certificate (NABTEB) O-Level certificate.

    To ensure that the critical mass is spread participants are recruited from the catchments areas comprising of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States with an average of 17 artisan trainees graduating on yearly basis. 4-5 graduate trainees proceed to gain admission into higher institutions with their certificates.

    According to Lafarge, “Our Sustainability Ambitions 2020 will help us to make a net positive contribution to society. This is not about philanthropy; it’s about defining our role towards society while at the same time creating value for shareholders, customers, employees and communities. Our operations aim to optimise the use of natural resources and protect the environment. We want to be among the leading companies in terms of health and safety, to promote diversity and human rights, to implement strict rules for governance, and to engage in comprehensive and transparent dialogue with our stakeholders.”

    Little wonder, Lafarge Africa has consistently won several awards in recognition of its sense of responsibility towards the society across Nigeria and beyond.

    From the Ogun State Government Overall Best Company in Corporate Social Responsibility award, to the Most Responsive Tax Payer Award for 2013 in Ogun State and the jewel in the crown; Overall Best Company SERA Awards in 2013 and first runner up in 2014.

    Outside the shores of the country at the Assemblée Nationale in Paris, Lafarge Operations in Nigeria was honoured for its work on Diversity and Inclusion at the Gender Equality European/International Standard (GEEIS) Awards. Obviously, a standard has been set for Lafarge Africa itself and also for other organisations in Nigeria to take up the mantle of CSR with a face – The Lafarge Way.

  • Lafarge records giant strides in CSR

    UNLIKE in the recent past, today most companies worth their salt take corporate social responsibility very seriously and the reason for this is not far to seek: how corporate social giving and other philanthropic gestures are managed can make or mar the fortunes of companies.

    Perhaps, it is for this simple reason that a company like Lafarge WAPCO, a major player in the built and construction sub-sector, has come to pay a heed and tries as best as it can to pay attention to the finer details as it concerns its CSR engagement in its host communities.

    The era of corporations being separate and distinct from their locale of operation has long passed; the new model of business operation presents corporations with human faces and hearts – hearts that are directly connected to the needs, aspirations and goals of not only the immediate members of the community where the company operate but also the members of a wider community with the sole objective to become an integral part of the fabric of the community and a major contributor to the socio-economic growth of these communities.

    As it is largely self-regulatory in form, Corporate Socially Responsible organisations are those that exhibit a genuine sense of responsibility and strong belief in the upholding of the ethical standards, norms and nuances of the environment where they reside by volunteering and passionately committing their resources towards the betterment of such an environment. It has evolved beyond the provision of face-saving initiatives to a more organic and strategic process that bears directly on the bottom-line of any discerning organisation.

    In an industry that manufactures a product that is key to the provision of a basic need of man – shelter, Lafarge Africa takes this global phenomenon to heart by outlining specific objectives and goals for its subsidiaries in this concern.

    In terms of funding and better CSR engagement, Lafarge has not faltered in the last few years.

    For example, the 2013 CSR report of WAPCO Operations indicates that the company’s annual budget appropriation on community development between 2006 and 2012 had continued to witness a steady growth from an expenditure of N77million in 2006 to N189 million in 2013. An authoritative source confirmed that the CSR budget for year 2014 was over N200 million.

    With factories in the South-West, North East, and South-South regions of the country, the company’s investments Nigeria make it a leading cement manufacturer and marketer in the country with a range of high quality brands on its stable. These investments deliver a pedigree now spanning over 54 years and a relationship with its host communities that is nurtured through a need-based, strategic, and highly sustainable approach to CSR; an approach born of its recognition for its host communities as strategic partners to whom it owes and visibly accords a sense of mutual respect.

    Lafarge Africa’s clear-cut proactive policy and strategy which allows for a prompt deployment of its CSR activities is hinged on four cardinal points; youth empowerment, education, health and poverty alleviation, and shelter (affordable housing). Cardinal points that are supported by a dedicated annual budget and key objectives aimed at building stakeholders’ relations through the implementation of a set plan as well as support the development of host communities.

    These objectives serve as the guideline that directs every step taken by the company and acts as the measure of success for all initiatives taken and the considerable investments committed to the articulation of these cardinal points is proof positive of the inherent determination to enhance the standards of living of its host communities and be “… a blessing to its hosts.”

    Lafarge Africa – through Ashaka Cement and Lafarge WAPCO Operations – has a track record of initiatives spanning the provision of rural electrification projects, a robust youth empowerment scheme aimed at banishing poverty from its territories, youth skills acquisition where yearly, host communities present a list of youths desirous of acquiring tradable skills and procuring trade equipment and tools to guarantee subsistence.

    One of the key levers of the Sustainability Ambitions 2020 is volunteerism coupled with a passion for the priority area of education and the enrichment and the preparation of the minds of the youth for the challenges of the future was recently consolidated through the Lafarge Friends of Community (Lafarge FOC) hosting of the grand finale of a Literacy Competition designed for primary school pupils involving no fewer than 18 states in the three regions of South-South, South-West and North East – in partnership with the Ovie Brume Foundation – where Akwa Ibom State emerged overall winner of the competition.

    This culture of volunteerism by the FOC is further evidenced by the hundreds of work hours being invested by staff teams to meeting community and social needs within their territories. They dedicate hours to environmental sanitation services, teach school children and donate items to meet the needs of orphans.

    Yearly bursary awards to indigenous students in higher institution of learning to assist not only the parents of the students but also the students themselves some of whom have openly shown their appreciation for these initiatives as they see them as succor that afforded them concentration.

    In recognition of the reality that not all Nigerian youth can gain admission into these institutions, the Artisans Capability Enhancement Scheme was set up to bridge this knowledge and skill gap. The objective of the ACES programme is to promote best practices in construction, by creating awareness on relevant standards for block making, enhance the technical know-how of block-makers and artisans group with respect to product application; educate artisans and block makers on the features, usage and benefits of different cement types among others.

    The ACES is designed and wholly sponsored by Lafarge in its drive towards solving the technical skills deficit in the society. The scheme is targeted at young school leavers from the host-communities along with others from the larger Nigerian society for them to acquire skills in Electrical, Mechanical, and Instrumentation/Automation Craftsmanship.  In furtherance of this – Lafarge as a member of the board of the Cement Technology Institute of Nigeria (CTIN) – recently signed an MoU with the Industrial Training Fund (ITF) to be part of a consortium of cement manufacturers to contribute to a N15billion fund for the training of youths in skills for the construction sector in an end-to-end programme that will in the long run transform Nigeria into an exporter of skilled manpower.

    Over 1,000 people have benefited from the skills acquisition scheme from the centre in various trade tests with a training period of three and half (3 ½) years and a takeaway of a National Board of Technical Education Certificate (NABTEB) O-Level certificate.

    To ensure that the critical mass is spread participants are recruited from the catchments areas comprising of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States with an average of 17 artisan trainees graduating on yearly basis. 4-5 graduate trainees proceed to gain admission into higher institutions with their certificates.

    According to Lafarge, “Our Sustainability Ambitions 2020 will help us to make a net positive contribution to society. This is not about philanthropy; it’s about defining our role towards society while at the same time creating value for shareholders, customers, employees and communities. Our operations aim to optimise the use of natural resources and protect the environment. We want to be among the leading companies in terms of health and safety, to promote diversity and human rights, to implement strict rules for governance, and to engage in comprehensive and transparent dialogue with our stakeholders.”

    Little wonder, Lafarge Africa has consistently won several awards in recognition of its sense of responsibility towards the society across Nigeria and beyond.

    From the Ogun State Government Overall Best Company in Corporate Social Responsibility award, to the Most Responsive Tax Payer Award for 2013 in Ogun State and the jewel in the crown; Overall Best Company SERA Awards in 2013 and first runner up in 2014.

    Outside the shores of the country at the Assemblée Nationale in Paris, Lafarge Operations in Nigeria was honoured for its work on Diversity and Inclusion at the Gender Equality European/International Standard (GEEIS) Awards. Obviously, a standard has been set for Lafarge Africa itself and also for other organisations in Nigeria to take up the mantle of CSR with a face – The Lafarge Way.

  • Lafarge to train artisans

    Lafarge WAPCO Cement has introduced an Artisan Capability Enhancements Programme (ACE).

    It is to promote best practices in construction, by creating awareness on standards for block making, enhancing the technical know-how of blockmakers and artisans groups on product application; educate artisans and block makers on the features, usage and benefits of different cement types among others.

    Managing Director,  WAPCO Operations, Mrs Adepeju Adebajo, said: “In the course of implementing ACES, Lafarge has organised series of programmes, including seminars and conferences, ‘train the trainer’ programmes and on site education and engagements. Overall, we have reached out to over 5,000 block-makers in over 26 locations in Nigeria.

    “Our Supaset brand is designed to meet the specific needs of block-makers as it was designed with their needs in mind, after exhaustive consultations and hence very popular becoming the brand of choice for them. We will continue to engage and educate artisans and block-makers while partnering with the Federal Government to increase the skills and competencies of artisans in the building sector.”

    She said Lafarge would also use the platform to seek partnerships  with relevant group to enhance and accelerate product knowledge, leading to brand acceptance, and subsequent recommendations and endorsement.

    Lafarge is partnering Standards Organisation of Nigeria (SON) and the Block Makers Associations in Nigeria.

    The partnership has afforded Lafarge the opportunity to fast- track the implementation of ACES.

  • Lafarge bursary for Ogun undergraduates

    No fewer than 2,319 indigent students in the nation’s various tertiary institutions have benefited from the WAPCO Lafarge Africa (Lafarge cement) yearly bursary awards.

    The beneficiaries were drawn across Lafarge cement plants’ host communities of Ewekoro in Ewekoro Local government and Sagamu – both in Ogun state.

    The Managing Director, WAPCO Operations, Lafarge Africa, Adepeju Adebajo, who disclosed this on a Wednesday at the 2014 Community Development Programmes in Sagamu and Ewekoro respectively, also added that amount spent as bursary for the said beneficiaries in the last six years stands at N231.9 million.

    Adepeju said the company had this year, also spent a total N200 million – (N100 million each) for Sagamu and Ewekoro communities in the areas education, youth empowerment, health and infrastructural development.

    According to her, five blocks of classrooms were re-constructed in five public primary schools. She assured that Lafarge Africa Plc would continue to live to its billing as a socially-responsible and community-focused organisation as attested to by several notable independent national bodies and Ogun state government.

    Responding, the Commissioner for Education, Science and Technology, Segun Odubela, lauded Lafarge for its intervention in educational development of the state, saying it had really improved the standard of education since the yearly education initiatives began.

    Odubela urged other investors in the state to emulate Lafarge Africa by extending hands of support to their host communities and the entire state for even development.

     

  • Lafarge invests 120 million euros in R&D

    Lafarge invests 120 million euros in R&D

    Lafarge Plc has invested 120 million Euros in Research

    and Development (R&D).

    Its General Manager ReadyMix, Mr. Chris Lobel made this known at a forum on Commercial ReadyMix Concrete as a Project Eabler-benefits for Owners and Contractors for the firm’s stakeholders in Lagos.

    He said the firm’s ready mix product was designed to meet construction needs as it is mixed to project specification and delivered to construction sites on need.

    He said it has a clear strategy as a project enabler, driving quality and innovation forward and promoting a sustainable environment for generations to come.

    According to him, the company achieves the development by working closely with its valued customers and partners.

    Lobel said: “As a member of the Lafarge Group, we have a unique opportunity to draw on the expertise of our employees worldwide to bring innovative value to our Nigerian customers.”

    He saidLafarge is one of the few concrete producers capable of manufacturing a wide range of concrete.

    Our technical expertise, state-of-the-art plants, and commitment to innovation enable us to make a concrete that can assist our customers with all their construction needs. Our portfolio includes products ranging from standard concrete used in everyday driveways and sidewalks to customised mixes used in complex high-rises that must meet strict design specifications to our proprietary technology, Chronolia, which lets users strip a wall from just a few hours after the concrete arrives on the jobsite.”

    Its Managing Director, ReadyMix/Aggregates & Country Key Accounts Director, Loren Zanin, said Lafarge enjoys doing business in Nigeria and will continue to invest in the economy while ensuring to make the best cement and concrete solutions available in all parts of the country – not just the best cement and concrete solutions, but its building expertise as well.

  • Lafarge Africa to take over Ashakacem’s minority shares

    Lafarge Africa to take over Ashakacem’s minority shares

    •Mandatory tender for 41.4% minority shares launched

    Lafarge Africa Plc has secured the approval of the Securities and Exchange Commission (SEC) to proceed on a mandatory tender offer to acquire equity stakes held by minority shareholders in Ashaka Cement Plc.

    The board of Lafarge Africa Plc has already notified the board of Ashaka Cement of its intention to proceed with the takeover bid by sending the tender documents to all minority shareholders in Ashaka Cement. Both Lafarge Africa and Ashaka Cement have also notified the Nigerian Stock Exchange (NSE) of the development.

    Following the consolidation of Lafarge’s businesses in Nigeria and South Africa into Lafarge Africa, Lafarge Africa had acquired 58.61 per cent majority equity stake in Ashaka Cement. The majority equity stake was previously held by Lafarge Nigeria (UK) Limited. The acquisition was done through a block trade at the NSE.

    The acquisition thus triggered the mandatory tender offer (MTO) provision of the Section 131 of the Investment and Securities Act (ISA) and Rule 445 of SEC, which make it mandatory for any institution or person that acquires at least 30 per cent of a company to make an MTO to other minority shareholders.

    Ashaka Cement’s share price rose by 1.13 per cent to close at N22.30 per share yesterday at the NSE.

    Lafarge had on July 9, 2014 received shareholders’ approval to consolidate its cement businesses in Nigeria and combine these with South African operations to create a leading sub-Saharan building materials giant to be known as Lafarge Africa Plc. The consolidation was done by transferring Lafarge’s assets in South Africa and Nigeria to Lafarge Cement Wapco Nigeria Plc.

    Under the transaction, Lafarge Group transferred its direct and indirect shareholdings in Lafarge South Africa Holding Limited of 72.4 per cent and its equity stakes in three other cement companies in Nigeria-United Cement Company of Nigeria Limited, 35 per cent, Ashaka Cement Plc, 58.61 per cent and Atlas Cement Company Limited, 100 per cent to Lafarge Wapco for a cash consideration of $200 million and the issuance of some 1.4 billion Lafarge Africa shares to the Lafarge Group.

  • Preparing them  for the future

    Preparing them for the future

    In the last 10 years, the Ovie Brume Foundation (OBF) has placed over 300 students as interns in the financial, oil and gas, telecoms and pharmaceutical sectors, among others. The beneficiaries are equipped with requisite skills that could earn them jobs or turn them to entrepreneurs. The foundation is also partnering with Lafarge Nigeria in its maiden literacy competition developed to hone the students’skills to achieve their career goals, writes COLLINS NWEZE.

    Youths are the leaders of tomorrow. The Ovie Brume Foun-dation (OBF), a non-governmental organisation (NGO) with bias for youth education and empowerment, believes in this attruism. This explains why the OBF is implementing a long-term goal for the youth. The foundation, now in its 10th year, is creating a future for the youth to either build successful careers, or become job creators.

    Executive Director, Ovie Brume Foundation, Mrs. Iwalola Akin-Jimoh, said the firm has helped over 300 school leavers achieve successful careers in banking, pharmaceutical, energy, security, clothing, and other key sectors of the economy.

    Her words: “We take children, place them in different companies, in line with their career aspirations. They learn on the job, after which they go back to school. This helps to motivate them. We also guide them along their career paths and after school, we always place them as interns in these organisations, especially those at the Senior Secondary School level.”

    She explained that many of these students have been deployed as interns to the Bank of Industry (BoI), Flying Doctors, Emzor Pharmaceuticals, printing companies, fashion companies and Marina Securities, among other real sector operators.

    Mrs. Akin-Jimoh expained that they spend at least a month, while some stay longer especially if they find their skills very useful. She  said the body has been doing this for more than 10 years.

    “We place up to 30 kids in a year, that’s about 300 kids in 10 years. Sometimes, we match students’ skills with industry. But most of the students that are placed are those that have passed through the Ovie Brume Foundation. Those we can vouch for in terms of their skills and ability, and the fact that when they get to these institutions, they will deliver,” she said.

     

    Capacity building

    The OBF Director said when organisations invest in capacity building for their workforce, it enables them achieve their objectives. She said a lot of organisations have high expectations about the people coming into their companies, but most times they are disappointed by what they find.

    “So, we also talk about the quality of education that the people are getting. Most tertiary institutions teach students practicals, but they fail to relate what they teach to the Nigerian situation. So, if you get someone, for instance with first class in mathematics, to go and work in an oil servicing company, you still need to train such person on how to deploy his mathematical skills on the oil industry,” she said.

    She said a lot of graduates that are being churned out are not suitable for the jobs that are currently available, adding that it is important that our educational systems are structured in a way that people that are coming out are able to fill spaces that are available.

    On entrepreneurship, Mrs. Akin-Jimoh said the available jobs are not enough to cater for the graduates churned out yearly. “So, it is even better, where people are not coming out and be looking for white collar jobs. They come out with skills that enable them start their own businesses. So, instead of looking for a job, one can be a job creator. We need people to think more along the line of creating jobs, rather than seeking jobs,” she said.

     

    Partnership with Lafarge

    The OBF American Corner Coordinator, Lois Ekeleme, explained the group’s partnership with Lafarge Nigeria on its maiden Literacy Competition and what it intends to achieve.

    She said the project is part of OBF’s strategy to encourage literacy and literacy appreciation amongst primary school students in Nigeria. She said the group is also celebrating its results from the Books on Wheels Project that was carried out in different Lafarge sites around the country. Books on wheels is one of the many literacy programmes put together by the OBF to enhance writing skills, promote reading culture and improve the vocabulary of public primary school pupils within the country.

    The competitions will feature tests to assess reading and writing ability and spelling bees. Selected schools from various regions will provide two primary six pupils as their representatives at the regional level. The first two winners from each region will then proceed to represent the region at the finals in Lagos.

    So far, 250 primary school children have benefitted from the Books on Wheels Project. She said the group is promoting literacy programmes because it sees it as one of the ways it can address the current learning and skills gap in the country.

    “What that entails is taking books to the schools, reading with the students, tracking how they improve with time, in their reading and writing abilities. We tracked the project into a period of about one year, and found that it was successful.  It was in the process of this, that we now have a budding relationship with Lafarge which have bought into some of our literacy projects in the past,” she said.

    Speaking further, she said the firm had suggested putting in some hours to volunteer from their different locations. “In Nigeria, the Books on Wheels is one the initiatives they bought into for their education Corporate Social Responsibility projects. They are implementing Books on Wheels in their locations in Nigeria, which include Rivers State, Ashaka in Gombe State, Ewekoro and Shagamu in Ogun State and in Lagos.

    “We work with the primary schools that they identified in primary five and six, and over a period of one year, we have read short story books of about 20 titles across five locations, and we try to read about two books every month to about 50 children. Across board, we have enabled 250 primary schools children, read about 20 titles. The books are written by local authors,” she explained.

    Mrs. Ekeleme said the group has about 39 volunteers, not only in Lafarge, but also in other organisations. “And if you look at the total number of children that have access to our books, it is well over 800. When we started, we never knew we were going to get a lot of support from corporate organisations. We have held three regional competitions in Nigeria, and because we are implementing it in three geo-political zones: Southwest, Southsouth and Northeast, we conducted literacy competitions in those three units,” she said.

    “In each of them, six states were invited to participate. Only two states declined.We have 16 states participating across board. In the Southsouth, Delta and Akwa Ibom states came first. Southwest- Ekiti and Ogun states while for Northeast, Bauchi and Taraba states. The six states will in December, be in Lagos for the grand finale.

    They will be represented each by a young girl and boy of Primary six status who had competed in the regional competition,” she added.

    Speaking on the educational programmes, Mrs. Akin-Jimoh said a lot of state governments are committed to building physical infrastructure in schools but fail to realise that students need to also learn phonetics, dictions among other modern learning systems.

    Regretably, not many of them are paying attention to type and quality of education the students are getting and what the teachers are teaching. “Some teachers are still doing ‘A for Apple’, ‘B for Ball’, when a lot of primary schools are already teaching phonetics and diction, so that the students can pronounce very well. That is a major problem for all. Those who are doing it, you will see their students excelling in these literacy competitions.  What we want is for the people concerned to pay more attention,” she said.

    Lack of proper teaching, she said has led to skills gap in the country. “We are already in a crisis situation, when it comes to people that are being employed, and not having the right skills. Employers are complaining about poor manpower. The foundation is very important because if you do not get the primary and secondary right, you are not going to get the tertiary right too,” she said.

     

    Prizes for winners

    Speaking on the prizes, Ekeleme said the contestants for the final competition will have to do reading and comprehension writing, spelling, and the marks will be added together and you now have the final scores.

    “But they had written essays, which were collected at the regional competitions. Now, those essays and other assessments will be added to the summary writing scores, spelling at the finals. It is from there we will get the first, second and third winners.

    We want to improve literacy skills. They will get e-readers; the issue of digital technology will no longer be strange to them. They are also getting digital computers for their schools while the teachers will get tablets. The consolation prizes include CDs that will help in teaching phonetics in the schools,” she said.

     

    Funding

    On funding, the OBF Director said: “It is funded by Lafarge, but the foundation has also brought in funds. The project will cost about N15 million for the competition alone. If we want to combine it with the intervention in schools, it will be like between N25 and N30 million.

    “Our mid-line assessment showed that some of the students were at zero level when it comes to reading and writing, before the intervention. But after four months of intervention, it has improved. We have nine per cent improvement in Lagos, 19 per cent in Shagamu, 23 per cent in Onne, 49 in Ewekoro and 62 per cent improvement in Ashaka after reading 20 titles. We forecast that if we do this for 12 months, the figure we will get, you times it by four quarters. I think that’s a major feat,” she said.

    She said the uniqueness of this intervention is that all you need to do is read. “So, once you can read to a child, you ensure that if there is any difficult word, the child is able to pick a dictionary, write down the meaning. That’s all that is needed. So, everyone can implement this intervention, once the person can  read and speak English. In places where the literacy level went up, a lot of teachers actually bought into the project. If teachers are able to go, just an extra mile and read to the kids, and make sure that they follow the tracks, there will be great success,” she said.

     

    Job statistics

    The latest Job Creation and Employment Survey from the National Bureau of Statistics show formal sector employment at 3.24 million in September, this year.

    The survey defines formal sector as consisting of establishments with 10 or more employees, and is based on a sample of 5,000 firms across the 36 states of Nigeria. The total was slightly higher than the 3.15 million recorded in the previous quarter. While the exercise does not report employment totals in the informal sector or public institutions, and even allowing for a median age of 17.2 years in 2013 according to the UN Population Division, we can quickly see why the Federal Government of Nigeria is focused on job creation for Nigeria’s population of more than 170 million.

  • Firm misses estimates as European woes hurt profit

    Firm misses estimates as European woes hurt profit

    Holcim Ltd. (HOLN), which is merging with Lafarge SA (LG) to form the world’s largest cement maker, missed analysts’ estimates for profit and revenue as sluggish European demand and currencies effects in Latin America hurt business.

    Net income declined by 4.7 per cent to 447 million Swiss francs ($463 million) in the third quarter, missing the 452.5 million-franc analysts’ estimate. Sales of 5.2 billion francs also lagged behind analysts’ predictions.

    The profit decline highlights the need for the two cement makers to cut costs and reduce their exposure to the troubled European economy. Their $40 billion merger will couple Lafarge’s African cement plants with Holcim’s Asian assets, two regions where building is expected to boom over the next decades.

    “Europe’s economic recovery slowed down in the course of the first nine months of this year, with lower than expected growth in major economies such as Germany and France and the Ukraine crisis contributed to challenging conditions,” the company said. Its Chief Executive Officer, Bernard Fontana said the company also felt the impact of “weak emerging market currencies,” especially in Asia Pacific and Latin America.

    Holcim shares fell as much as 2.8 per cent and were down by 2.6 per cent in Zurich, valuing the company at 21.7 billion Swiss francs.

    Meanwhile,cement volumes won’t increase in Europe this year, the Jona, Switzerland-based company said. Holcim had earlier expected an increase and reiterated targets of organic growth in operating profit and a further expansion in margins in 2014. A cost-cutting plan begun by Fontana in 2012 had contributed about 200 million francs more to operating profit than originally planned by the end of the third quarter.

    Holcim and Lafarge will sell units to make sure regulators approve the planned merger. In Europe, where the largest part of cement and crushed rock divestments will take place, regulators have set a Dec. 15 deadline to either approve the deal or open a deeper investigation.