Subomi Balogun’s son, Bolaji Balogun, retires as Lafarge Africa chairman

Lafarge Africa on Friday announced the retirement of Mr Mobolaji Balogun as the chairman of the company effective June 4.

The company said this in a statement by Mrs Folashade Ambrose-Medebem, Director, Communications, Public Affairs and Sustainable Development, posted on the Nigerian Stock Exchange (NSE) website.

It said Balogun had 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.

The statement said Balogun served for 15 years, having joined the board in March 2005, while he served for the first 10 years as a non-Executive Director and was appointed Chairman in May 2015.

It said that Mr Adebode Adefioye would succeed Balogun as Chairman effective June 4.

The statement said Adefioye, a Non-Executive Director of the company, was the Chairman, Board Finance and Strategy Committee, Chairman, Board Property Optimisation Committee and a Member of the Nominations, Governance and Remuneration Committee.

“He has also served on the Statutory Audit Committee and the Risk Management and Ethics Committee of the Company.

“He has over 32 years work experience in different industries and is a graduate of the University of Lagos with 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 December 20 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,”it said.

Commenting on the retirement, Balogun said he was happy to oversee the progress in the company’s transformation plan.

“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.”

 

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