The Nation Newspaper

Tag: profile

  • Lagos improves tourism profile with monuments

    Lagos improves tourism profile with monuments

    LAGOS  State government has said it is investing heavily in building man-made monuments in the state to boost the tourism profile of the state and develop spectacles that tourists could visit.

    This was disclosed by the state Acting Commissioner for Tourism, Arts and Culture, Mrs. Adebimpe  Akinsola, during the annual ministerial briefing on the activities of the ministry.

    She said: “The ministry has continued to install new and maintain existing historical monuments in the state. Much importance is placed on  the sustenance of the cultural and historical heritage of the people of Lagos State and to attract tourists.”

    According to the her, some of the monuments the state has worked to improve include Tinubu Square, statues of King Ado,  Prince Olofin, Ma’ami and many others.

    Mrs. Akinsola said the Lagos State government had decided that for any hotelier to operate in Lagos State, the hotelier must register.

    She said: “We will monitor all the hotels that have registered. Those of them that have not registered with us, or do not want to register, we will advise them to come to the Ministry of Tourism, Arts and Culture to register.

    “We shall inspect your establishment and grade you and you continue to do what is expected of you by the law. If you have not done that, the ministry will be after you. We have begun to close down all these illegal establishments.”

    Akinsola said the state government would in addition provide the necessary infrastructure and manpower.

    She said: “We are not going to leave them just like that or in the hands of people that are not experienced. We are working to establish a school. We are still working on it. It is not in the budget, but we are looking at it, perhaps in the next year budget, it will be part of what we will be looking at. That is a tourism university where we will train people in this area that you have mentioned.

    “The Lagos State government under the Ministry of Transport and Waterways Infrastructure has begun channelization of the waterways. This is to enable people travel by water and feel secured. These are some of the facilities that the government is putting in place before we can begin to tell people that we can do this on water.

    “Part of it that we have tested is the boat regatta that we did on April 15 in  four divisions of Lagos State. That programme was not just done. The water was certified that it was safe for people to do boat regatta and display their talents. So, we are working seriously on that.”

    Presenting the scorecard of the ministry in the last one year, Akinsola said the ministry recognized the importance of destination branding, hence the state came up with One Lagos and One Lagos Fiesta which have all been registered to showcase the true spirit of Lagos through different creative expressions, while leveraging on the city’s abundant soft power to reverse the negative conversation often associated with Lagos; reinvigorate tourism across the state by celebrating our unique people, places and heritage and positively promote Lagos as the Destination in Africa.”

    Other activities by the ministry include the Lagos Street Party, the Toronto International Film Festival and other activities.

  • Lanre Nzeribe Keeps low profile

    POPULAR female heart hunter, Lanre Nzeribe, seems to have surrendered his charm and recoiled from the social scene, leaving observers to wonder what might have happened to the handsome dude.

    In his heyday, the owner of Davinci Fashion Lounge was the toast of many ladies. He moved in and out of women’s arms with a rapidity and ease that left some dismayed while others cheered.

    Scandal was never far from his doorsteps; it orbited his world as the earth orbits the sun. But ever since the owner of the defunct Lantana Taxi based in Abuja parted ways with Nollywood top actress Monalisa Chinda in acrimonious circumstances, less has been heard of him in the social space.

    He was allegedly involved in the recent assault of a female employee at his fashion lounge which may have made him shy away from the public eye.

    If Nzeribe has genuinely left his randy ways behind and turned a new leaf, it would be bad news for ladies who probably yearn for the days when he ruled like the emperor of the social scene.

  • profile of the shortlisted writers for nlng prize

    profile of the shortlisted writers for nlng prize

    On July 14, the advisory board for the Nigeria Prize for Literature, led by Emeritus Professor Ayo Banjo, announced an initial list of 11 books for the  the 2016 contest.

    The $100,000 prize rotates yearly among four genres: fiction, poetry, drama and children’s literature. This year’s edition is focusing on prose-fiction.

    The “first 11” books, chosen from 173 books, were entries from well-known and first-time Nigerian novelists at home and in the Diaspora. The judges were led by Prof. Dan Izevbaye, a literary critic and a professor of English Language; Prof Asabe Usman Kabir and Prof Isidore Diala, first winner of The Nigeria Prize for Literary Criticism. The winning entries are expected to be announced in October, in commemoration of the company’s first LNG export in 1999 .

     

    CHIKA UNIGWE is an award-winning short story writer and the author of two novels written in Dutch. Her  book, Night Dancer (2014), is on this year’s shortlist. It is the story of Mma, who is in a desperate search for her root. Her book, On Black Sisters’ Street, published by Jonathan Cape in 2009, won the prize in 2012.  Unigwe is a judge for the 2017 Manbooker Prize.

     

    EL-NATHAN JOHN is a past contender for the Nigeria Prize for Literature. His work, Born On A Tuesday, on this year’s shortlist explores brotherhood, religious fundamentalism, and  turbulent periods in contemporary Northern Nigeria. John was shortlisted twice for the Caine Prize for African Writing (2013 and 2015). His writing has been published in Per Contra, Evergreen Review and Chimurenga’s Chronic. He is a 2015 Civitella Ranieri Fellow.

    IFEOMA OKOYE, 79 years old, is an award-winning writer and academic. She is on the list with her The Fourth World. The book focuses on Chira (18) and her attempt to escape the deprivations and tragedies of her life in the shanty slum of Enugu’s Kasanga Avenue. Her works, Behind the Clouds and The Village Boy earned her prizes from the Nigerian National Council of Art and Culture (NCAC) in 1983, along with her being the best fiction of the year award for the novel, Men Without Ears, in 1984. In 1985, she received another award for Daily Bread after Eze at the Ife National Book Fair. She was also the African Regional winner for the Commonwealth Short Story Competition in 1999.

     

    ABUBAKAR ADAM IBRAHIM, writer and journalist, is on the list with Season of Crimson Blossoms that captures the angst and dysfunction that are contemporary to Nigerian history and the story Binta.  His debut, a short story collection, The Whispering Trees, was ‘longlisted’ for the Etisalat Prize for Prose and the title story was shortlisted for the prestigious Caine prize for African Writing. He has won the BBC African Performance Prize and the Amatu Braide Prize for Prose and has also been awarded the Gabriel Garcia Marquez Fellowship and the Civitella Ranieri Fellowship. He has been named in the Hay Festival Africa39 list of the most promising African Writers South of the Sahara under the age of 40, who will define future trends in African writing.

     

    Widely-acclaimed writer SEFI ATTA is on the list with her work: A Bit of Difference, which follows the story of 39-year-old single lady, Deola, from London to her home in Nigeria where she meets the charming Wale. In 2006, her debut, Everything Good Will Come, was awarded the inaugural Wole Soyinka Prize for Literature in Africa. Her short stories have also won prizes from Zoetrope and Red Hen Press. Her radio plays have been broadcast by the BBC. She is the winner of PEN International’s 2004/2005 David TK Wong Prize. Her short story collection, Lawless, received the 2009 Noma Award for Publishing in Africa.

     

    ARAMIDE SEGUN is on the list with her novel, Eniitan. Her debut, The Third Dimple, won her the Association of Nigerian Authors Prose Prize and was shortlisted for Commonwealth First Book Prize. Segun enjoys charcoal drawing and painting portraits in her spare time. Her works explore complex themes usually laced with romance. Eniitan x-rays the bronze albino woman in her early 20s and the complexities societal prejudices, love, politics and more.

     

    OGOCHUKWU PROMISE is a novelist, playwright, poet and essayist with over 18 novels. She is founder and coordinator of the Lumina Foundation, which instituted the Wole Soyinka Prize for Literature in Africa. Promise, a two-time contender for NLNG-sponsored prize, is on the shortlist with her book Sorrow’s Joy. The novel is a compelling tale on the onslaught of cancer and courage required to face it. Promise has received seven Association of Nigerian Authors’ (ANA) awards for her fiction and poetry. She also expresses herself in abstract painting. She is an Azikiwe Fellow, Fellow of Stiftung Kulturfonds and the Iowa International writing programme. She holds a Ph.D in Communication and Language Arts.

     

    MANSIM CHUMAH OKAFOR is on the shortlist with The Parable of the Lost Shepherds. The novel highlights the temptations of an otherwise good priest, the intrigues of his protective bishop, the push back by some determined nuns, and an outcome worth  every ounce of faith in the Divine. Okafor has also written Chinelo (Forth Dimension Publishers); Elma: This Will Heal the World (Createspace), Chinua Achebe, The Art of Fiction and a Bottle of Guinness (a tribute to Chinua Achebe).

     

    MARYAM AWAISU, a radio presenter in Kaduna, is a survivor of sickle cell anaemia. Her first novel, Burning Bright, is on the shortlist. The disease did not stop her from getting an education, both in Nigeria and abroad, and earning a degree in business administration. She is a volunteer at Sickle Cell Foundation in Kaduna, providing services to Nigerians, who cannot afford necessary treatment. The Burning Bright is set within the complexities of Nigerian culture. It is the story of an over-achieving young lady, who is determined not to let sickle cell anaemia stand in her way and young people trying to make their way in a world they didn’t make.

     

    Like Awaisu, IFEOLUWA ADENIYI, the writer of On the Bank of the River listed for the NLNG-sponsored prize, is also an On Air Personality (OAP) with Splash FM radio in Ibadan. Adeniyi published her first novella, The Twin Sisters, at age 11, and started writing her debut novel, at her late teens. The book is a story of the ever ironical nature of love, of the paradox of human relationships and of Enitan that grows up with a certain ill-feeling towards a mother, whose past threatens to eclipse the girl’s future.

     

    YEJIDE KILANKO is a writer of poetry and fiction with her debut novel Daughters Who Walk This Path, which is on the shortlist. She started the work in 2009. It was later published in Canada (2012) and in the USA (2013). It focuses on spirited and intelligent, Morayo, who is determined to fiercely protect herself and her sister, Eniayo, in a complex and politically charged country.

  • $64b debt profile comfortable, says DMO D-G

    There is no cause for alarm over Nigeria’s $64b debt profile,  Debt Management Office (DMO) Director-General Dr. Abraham Nwankwo said yesterday.

    Nwankwo said the country’s $64b debt profile is 84 per cent internal and 16 per cent external.

    He said the country can afford to borrow $25 billion annually for the next 10 years.

    Nwankwo, who spoke when he appeared before Senate Committee on Local and Foreign Debts, said: “We have been sensitising Nigerians that we need to do better because our tax- Gross Domestic Product (GDP) ratio is very low compared to countries in our debt role.

    “Their entire GDP ratio is about 18 per cent whereas for Nigeria, it is about 6 per cent, which means that we are not being effective in collecting taxes to reflect the size of our economy.

    “This has implications for debt service. Certainly there is the need to be careful even though there is space we need to relate debt service to revenue. The solution is that we have a big gap to fill because when we move upward from the 6 per cent tax-GDP ratio, we will have a lot of money to solve our problems including servicing our debts.

    “For now our debt servicing-GDP ratio is still very low, but we are optimistic because there is room to collect tax from the existing level of economic activities.”

    Nwankwo also justified the loans taken by the country, saying repayment period for most of the loans is spread for 40 years.

    The Senate committee expressed concern about the use of borrowed funds at the meeting. It said the Federal Government should take any form of misapplication of borrowed funds seriously.

    A member of the committee, Senator Philip Gyunka (Nasarawa North), demanded to know how the loans obtained by the country are applied and whether they were applied for the purposes they were sourced.

    Gyunka noted that he believed that if the facilities were applied for the purposes they were obtained, the country would have been better.

    He noted that instead of applying the loan judiciously, some of them were misapplied without punishment being meted to those involved.

    The lawmaker said the present generation of Nigerians must not allow a situation where the upcoming Nigerians would accuse the older generation of mortgaging their future.

    Gyunka also frowned at the situation where the solid mineral sector of the country is left untapped.

    According to him, the government should take the issue of diversification seriously in the interest of the development of the country, insisting that the debt profile of the country is low.

  • Sandra Solebo adopts low profile

    Sandra Solebo adopts low profile

    Sandra, the beautiful wife of Femi Solebo, is a woman who exudes a lot of confidence and strives to stand tall among the Nigerians elites.  Sandra, who runs the much talked about Homeshop, does not blow her own trumpet. And this is not because she feels it would not yield a melodious tune.

    The elegant woman has an enviable pedigree for which many have described her as one of the most respected silver spoon kids. One would expect that a woman with such lofty status will grace the social scene for decades, but events have proven otherwise. Gone seems the days when Sandra graced high society events with enviable grace and aplomb. She has withdrawn into a shell of isolation, choosing to stay away from the limelight.

    In effect, Sandra no longer appears at parties and has kept away from the prying eyes of the media.  No one knows how long her self-imposed exile would last.

  • Mohammed Abacha adopts low profile

    Mohammed Abacha adopts low profile

    Although the Nigerian political scene has been a beehive of activities in recent times, many elites are still feeling the wrenching emptiness that has been caused by the absence of Mohammed Abacha on the socio-political scene.

    The presence of Mohammed Abacha has not been felt on the nation’s political scene for quite some time, provoking speculations about the whereabouts of the man whose name once inspired awe and opened doors. The eldest surviving son of the late former head of state, Gen. Sani Abacha, seems to have recoiled into a shell of anonymity for reasons known only to him.

    A few years before the 2015 general election, he was touted as the heir to the seat of the Kano State governor. It was almost certain that nothing would come between him and the governorship seat of the state until he was booted out of reckoning by master political tacticians. Since then, he has maintained a low profile.

  • Mary Akpobome’s rising profile

    Mary Akpobome’s rising profile

    Highly cerebral Mary Akpobome who is the wife of king of comedy, Ali Baba, is not resting on her oars, especially in the banking profession. A seasoned banker par excellence with over 20 years’ experience now steers the affairs of Enterprise Bank. She has been saddled with the responsibility of managing the internal transition processes within Enterprise Bank as well as ensuring seamless integration of the bank into the Heritage Bank operating system and culture. A woman with an eagle eye for growth opportunities, Mary was a key executive member in the acquisition of Enterprise Bank by Heritage Bank in 2014.

    The holder of an executive MBA from the University of Lagos, and a B.A (Hons) Theatre Arts degree from the University of Benin, Edo State, has in the past successfully undertaken similar tough but sound business decisions that revolutionised the banking business and generated substantial profits for shareholders from her days at Citizens Bank and Bank PHB.

  • APC hails Fashola on Lagos debt profile

    APC hails Fashola on Lagos debt profile

    •Party urges Fed Govt to explain N8.8tr liability

    Lagos State All Progressives Congress (APC) has hailed Governor Babatunde Raji Fashola (SAN) on his explanations about the status of the state’s debt profile.

    The party also urged the Peoples Democratic Party (PDP)-led Federal Government to furnish Nigerians with an account of the status and performance of the financial liabilities it has piled up.

    Its Publicity Secretary, Joe Igbokwe, in a statement yesterday, said every Nigerian should be grateful to Fashola and the APC government in Lagos for utilising the state’s resources to better the lives of Nigerians.

    The APC noted that while the state was alive to its responsibilities, the Federal Government has abandoned its.

    The party stressed that Nigerians should demand from their leaders at the federal level what it did with the hefty debt it has accumulated in recent times.

    The statement reads: “We salute Governor Fashola for this brilliant answer to what was obviously a blackmail from the PDP-led Federal Government that has been pilling debts for Nigerians at an alarming rate.

    “Even with the huge accruals the Federal Government is harnessing, it has once again, ran Nigeria into a tricky debt trap after the controversial exit from the debt trap during the Obasanjo regime.

    “It must interest Nigerians while the publication was making an issue that a viable state like Lagos is owing N160 billion, it wanted to play down the fact that the Federal Government it works for has piled up Nigeria’s debt to N8.8 trillion!

    “Lagos has the fifth largest economy in Africa, catering for over 21 million people with such gigantic projects like the famous light rail project, the several independent power projects, the Eko Atlantic City, ambitious city roads, gigantic municipal water works, etc.

    “Lagos has a reputation as a solid state that has met all its previous debt obligations. Lagos invests in regenerative projects that have contributed to not only make Lagos productive and viable to all Nigerians, but the mainstay of the Nigerian economy.”

    The party wondered how an agency of the Federal Government that has nothing to show for the huge tranche of resources it sits on wants to play politics with the debt profile of Lagos State, “if not for the same arcane politics that the same government has used to wreck the country.”

    “It may interest Nigerians to know that the Federal Government, which collects 52 per cent of monthly allocations while all the 36 states, including Lagos share 26 per cent, has a debt portfolio that far exceeds the debts owed by all the states in Nigeria.

    “We want to also let Nigerians know that the same Federal Government is supervising the ruination of the infrastructural base of the nation, pushing Nigerians to flock to Lagos for survival and succour.

    “We want to challenge the Federal Government to do a detailed explanation of what it does with the huge debt it had piled up for Nigerians, we want them to let Nigerians know what it does with the hefty 52 per cent it collects from the Federation Account each month while poverty, unemployment, infrastructural decay, insecurity, etc have all taken over the country.

    “What is the Federal Government doing with the debt it continues pilling each day? Lagos is doing fantastic developmental and regenerative works with the mere N160 billion debt it had accumulated. It is up to date in its debt settlement profile as the projects it had invested in are high yielding projects that drive not only the economy of Lagos but that of Nigeria.

    “So, we challenge the Federal Government to come out in equal clarity, as deployed by Governor Fashola to tell Nigerians what they are doing with the huge N8.8 trillion debt it has piled up for Nigeria.”

  • The rising profile of Lafarge Wapco

    The rising profile of Lafarge Wapco

    This is a momentous period for Lafarge Cement Wapco Nigeria Plc, both in Nigeria and globally. From the landmark global merger that would consolidate Lafarge’s global leadership in cement and building materials to the consolidation of Lafarge’s operations in Nigeria and South Africa to create Lafarge Africa Plc as a continental leader, Lafarge Cement Wapco’s fundamentals and operations appeared on a formidable structure. As shareholders of Lafarge Cement Wapco Nigeria meet today at the Annual General Meeting (AGM), Capital Market Editor Taofik Salako reports on the key considerations that will dominate the meeting

    Today’s annual general meeting is important to Lafarge Cement Wapco Nigeria Plc and also its shareholders. With 175 per cent increase in dividend payout and sustained growths in key fundamentals over the periods, the mood for the meeting, for speculative and short-term investors, could be dictated by the growing earnings and returns of the cement company. But for most of the shareholders, the long-term investors that have traversed the decades with Nigeria’s oldest cement company, the main considerations would be the emerging opportunities in the continental and global consolidations being spearheaded by Lafarge.

    Lafarge Wapco had grown net earnings by 92 per cent in 2013, prompting the board of directors of the cement company to increase dividend payout by 175 per cent. The board of directors had recommended increase in dividend per share to N3.30 for the 2013 business year as against N1.20 paid for the previous year. This underlined continuous growth for investors who had received dividend per share of 75 kobo for the 2011 business year.

     

    Fundamentals of the business

    Key extracts of the audited report and accounts of Lafarge Wapco for the year ended December 31, 2013 showed that profit after tax grew by 92 per cent to N28.2 billion in 2013 as against N14.7 billion recorded in 2012. Profit before tax grew by 30 per cent from N21.3 billion to N27.7 billion. Turnover increased by 12 per cent to N98.8 billion as against N87.9 billion in 2012. The company witnessed significant reduction in interest expenses N5.5 billion to N3.8 billion as a result of the reduction in interest charges due to the full repayment of the Naira syndicated bank loans. Consequently, basic earnings per share grew from N4.90 to N9.42; an increase of 92 per cent.

    Lafarge Wapco’s new ready-mix concrete business contributed N1.6 billion to the total turnover of N98.8 billion. The company not only focused on increasing its turnover but has ensured that its operational costs are curtailed without compromising on service to its customers. The strong operational performance and efficient working capital management resulted in an increase in cash holdings of N11.5 billion. With the company being in a more cash positive position, it was able to reduce its debt by 42 per cent, paying off its variable rate medium term syndicated Naira and foreign currency loans ahead of tenor. Accordingly, Lafarge Wapco’s debt position closed 2013 at N21.5 billion comprising a fixed rate corporate bond and a power intervention fund loan. The debt-to-equity ratio halved to 23 per cent in 2013 as against 55 per cent in 2012.

    Already, emerging results showed positive outlook for the current business year. Lafarge Wapco recorded significant growths in sales and profit in the first quarter of this year as pre-tax profit totaled N8.62 billion in three months.

    Interim report and accounts of Lafarge Wapco for the three-month ended March 31, 2014 showed that sales rose by 16 per cent while pre and post tax profits grew by 20 per cent and 34 per cent respectively. The report showed that turnover rose to N27.03 billion in first quarter of 2014 as against N23.24 billion recorded in comparable period of 2013. Profit before tax increased from N7.20 billion to N8.62 billion. Profit after tax also rose from N6.07 billion to N8.15 billion. Earnings per share grew by 34 per cent from N2.02 to N2.71.

    The company indicated that net finance cost reduced from N980 million to N760 million due to lower interest charges following the full repayment of the Naira syndicated bank loans. Investment income simultaneously grew by N160 million to N260 million.

    Managing director, Lafarge Cement Wapco Nigeria Plc, Joe Hudson, said the good performance in the first quarter was a reflection of the increasing demand for the company’s quality products and an outcome of the implementation of various volume and cost improvement strategies.

    “We are especially pleased that the new line in Ewekoro continues to gain momentum and remain very optimistic about the rest of the year despite the challenging operating environment,” Hudson said.

    Chief financial officer, Anders Kristiansson, noted that the company further strengthened its financial position during the quarter as it remains committed to delivering value to shareholders and other stakeholders in 2014.

    Chairman, board of directors, Lafarge Cement Wapco Nigeria Plc, Chief Olusegun Osunkeye said the latest earnings reports showed steady growth and demonstrated the strength of the company in delivering value to shareholders and to other stakeholders.

     

    Consolidating the leadership

    Besides the earnings and returns, shareholders would focus on emerging opportunities from the new Lafarge as they vote on a proposal to merge Lafarge Wapco with other Lafarge’s business in South Africa. Already, Lafarge Wapco has been the toast of investors since its parent company, Lafarge Group, announced plan to merge its businesses in Nigeria and South Africa to create a new company to be known as Lafarge Africa Plc.

    The consolidation of the South Africa and Nigeria’s businesses will be done through Lafarge Wapco, which will subsequently be renamed Lafarge Africa while sustaining its listing on the NSE. Under the proposed terms, Lafarge Group will transfer 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. The transaction is valued at $1.35 billion while the market value is over $3 billion.

    The transaction will be concluded through a cash consideration of $200 million and the issuance of about 1.40 billion ordinary shares of Lafarge Africa to Lafarge Group. The transaction is expected to be concluded before the end of this year, subject shareholders’ approvals and regulatory and other customary authorizations. Also, Lafarge Wapco plans to raise some N100 billion in new capital, through debt or equity through the Nigerian and global capital markets.

    There are indications that shareholders would approve all the resolutions on the agenda including the consolidation and new capital issue. Ahead of the meeting, most shareholders’ groups have voiced supports for the consolidation and new capital issue as they commended the performance of the company.

    Lafarge has outlined the key benefits of the consolidation. Osunkeye said that the new company will create the platform for strong growth as the transaction allows the company to consolidate its Nigerian operation with that of South Africa.

    “I am proud to be part of the creation of this leading African building materials platform. It will provide access to growth in two of the largest economies on the continent. It will mean that our shareholders are invested in a larger and more geographically diverse business; and it will contribute significantly to the economic growth of both our nations,” Osunkeye said.

    Lafarge executive Vice President and country chief executive officer, Nigeria and Benin Republic, Guillaume Roux said the new platform would strongly position to benefit the two countries and Africa as the company cement capacity currently at 5.5 million metric tonnes will increase to 12 million tones.

    He said the strong operational track record and management skills within the combined businesses as well as continued support and expertise from Lafarge group would position Lafarge Africa to offer a full range of value added solutions to meet customers’ needs.

    “Today’s announcement marks a key milestone. It adds momentum to our push for differentiation in order to deliver innovation that increases and improves our product portfolio. Our objective is to bring more housing and even better solution to contribute to building better cities that are more beautiful, more compact, more connected and more durable,” Roux said.

    Roux had earlier outlined plan double Lafarge’s production capacity in Nigeria as part of a new expansion programme that would see additional investments by the foreign majority shareholders in its Nigerian subsidiaries.

    Roux, who noted that Lafarge had recently increased its capacity from 3.0 million metric tonnes to 8.0 million metric tonnes, said the group would be making new investments in the next few years to double its capacity and strengthen its position as a leader in the Nigerian cement industry.

    He pointed out the historic importance of Lafarge Wapco as the oldest cement company in Nigeria and the operational spread of the group’s business from the south to the north adding that the expansions will also be across the regions.

    He underscored the importance of Nigerian market to the Lafarge global operations noting that the group has continuously demonstrated its commitments to the long-term development of its business and the Nigerian economy by sustained investments, development of new innovative solutions and building of Nigeria’s indigenous know-how and capacity.

    “We will make a lot of new investments in the next few years,” Roux said.

    He said that contrary to recent speculations about presence of low-grade cement products in Nigeria, there could be no low-grade cement in the country as Nigeria has the most modern cement industry in Africa.

     

    Global leader

     Today’s meeting also comes as Lafarge and Holcim of Switzerland take further steps to create a company with more than $40 billion in sales in Europe’s largest deal this year. Both companies on Monday proposed a multi-billion euro series of asset sales as they seek regulatory approval for their merger to create the world’s biggest cement maker.

    Chief executive officer, Holcim, Bernard Fontana said the companies planned to officially apply for approval from EU competition regulators this summer. The tie-up is expected to be completed in the first half of 2015. Both Lafarge and Holcim have repeatedly said their merger, which would create a group with global headquarters in Zurich, would not entail any plant closures or industrial job cuts.

     

    Re-pricing the stock

     While the emergent Lafarge Africa would be the sixth largest company on the Nigerian Stock Exchange (NSE), the NSE  on April 22, 2014 admitted Lafarge Wapco to the special pricing model for the highly capitalised stocks. With this, investors with 10,000 shares of Lafarge Wapco can move the price of the stock as against the 50,000 shares generally required for other stocks. Lafarge Wapco has been trading above N100 in recent period. Lafarge Wapco’s share price closed on Monday at N111 per share.

    Justifying the inclusion of Lafarge Wapco, head, market surveillance, Nigerian Stock Exchange (NSE), Mr. Abimbola Babalola said a review of trading activities of the company in the last six months showed that the company met the criteria set by the Exchange.

    According to him, the Exchange commenced the pilot programme for the “Group B” stocks with nine stocks including Dangote Cement, Guinness Plc, Nestle Plc, Nigerian Breweries, SIM Capital Fund, Skye Shelter Fund, Nigerian Energy Sector Fund (NESF) and Total Plc.

    “The Programme became permanent in 2013 and the nine initial pilot stocks remained. Lafarge Cement WAPCO Nigeria Plc will become the 10th stock on the programme. We have observed that the prices of these high priced stocks have been rather stable with none falling below the N100 mark which is currently the benchmark,” Babalola said.

    Generally, the building and construction industry still holds immense potential. The largest country in Africa, with some 170 million population, Nigeria is in critical need of development of infrastructure and this has continued to grow year-on-year. With steady Gross Domestic Products (GDP) growth, the outlook for the construction industry remains bright as it is generally accepted that the level of GDP per capita positively correlates with the level of construction activity. Investors in Lafarge Wapco would particularly look out for the growth trend that suggests improved benefits from the recent strategic investments.

  • Adaeze Yobo’s profile soars

    Adaeze Yobo’s profile soars

    Most Beautiful Girl in Nigeria (2008), Adaeze Stephanie Yobo, has joined the echelon of world class super celebrities on the Africa Fashion Week Ambassadors List.

    Adaeze joined the ranks of other Celebrity Ambasadors on the AFWL platform such as Ghana Ex Beauty Queen, Menaye Donkor, Congo DCR Ex Beauty Queen, Supermodel and UN Ambassador for Peace, Noella Coursaris Musunka, Bassist and lead vocalist of the Noisettes British Band, Shinghai Shoniwa, Sky Tv Presenter, Lukwesa Burak, and Ugandan Born Editor of the London-based New Africa Woman Magazine, Regina Jane Jere.

    In her capacity as AFWL ambassador, Adaeze will be working closely with some of the world’s best celebrities of African origin such as Yinka Shonibare, artist and Member of the British Empire (MBE) and director of the Tiwanis Art Gallery London, and Princess Fifi Ejindu, Nigerian-born, world class architect and real estate entrepreneur and life patron of Africa Fashion Week London. Together, they will all gear-up efforts towards increasing and strengthening the pedestal for launching the careers of young African-inspired fashion designers globally.

    Married to international soccer star, Joseph Yobo, 24-year-old Adaeze achieved her childhood dream of becoming the most beautiful girl in Nigeria in 2008, at the age of 18, beating 29 other beautiful Nigerian women to the crown. She also represented Nigeria at Miss World 2008 in South Africa, making the top 20 list in Miss World Talent, and placed second in Miss World Sports. In 2011, she was ranked 92, in a list of 101 sexiest soccer wives and girlfriends, according to Bleacher Report.