31st May, 2011
Shareholders of Lafarge Cement WAPCO Nig. Plc have commended the board and management of the company for declaring N750million as dividends, despite its ongoing multi-billion naira expansion project.
Lafarge Cement commenced its expansion project,Lakatabu, in 2008. It has so far gulped about N45.27 billion.
Inspite of the project, the company has been paying dividends to shareholders. The shareholders get a dividend of N300million, which translated to 10k per share for the 2009 financial year.
The directors raised the dividend to N750million or 25k per share for the 2010 financial year.
Speaking at the 52nd AGM held in Lagos recently, the shareholders hailed the decision to pay the dividend, saying that the development showed that the directors are not selfish.
Some of the shareholders who gave the commendation include, Chief Timothy Adesinyan, Alhaji Muktar Muktar, Sir Sunny Nwosu, Mr. Boniface Okezie, Mrs. Esther Augustine and Godwin Anono.
The shareholders pledged their support for the company.
Responding, the chairman of the company, Chief Olusegun Osunkeye assured stakeholders of a bright future and continuous sustainability of the company.
â€œThe completion of the Lakatabu project will take companyâ€™scapacity to 4.4 million metric tonnes per year.
He said Lafarge Cement recorded a turnover of N43.84 billion for the year ended December, 31, 2010. Profit after taxation, he said, stood at N4.88 billion as against N5.055 billion in 2009.