Lafarge Africa Names Adefioye Chairman, As Balogun Exits Board After 15 Years

The board of Lafarge Africa Plc, on Thursday, announced the appointment of Adebode Adefioye as chairman from June 4, 2020, replacing Mobolaji Balogun who voluntarily retires as chairman and exits the board after 15 years.
A notice to the Nigerian Stock Exchange (NSE) said Balogun has notified the company’s board of his intention to step down as a member after the conclusion of the 2020 Annual General Meeting.
The statement by Folashade Ambrose-Medebem, Director, Communications, Public Affairs, and Sustainable Development at Lafarge Africa, said Balogun joined the board in March 2005, serving for the first 10 years as a Non-Executive Director, before being appointed chairman in May 2015.
The board, she said, is pleased that Adefioye, a Non-Executive Director and Chairman, Board Finance and Strategy Committee; Chairman, Board Property
Optimization Committee and a member of the Nominations, Governance and Remuneration Committee, will succeed Balogun as Chairman.
With over 32 years of work experience in different industries, Adefioye, a graduate of the University of Lagos, where he obtained a Masters of Science degree, also served on the Statutory Audit Committee and the Risk Management & Ethics Committee of the Company.
A member of the Institute of Directors and the Institute of Public Analysts of Nigeria, Adefioye joined the board of Lafarge Africa 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.
He also sits on the Governing Council of Bank Directors Association in Nigeria.
Commenting, Balogun said expressed satisfaction that during his tenure and under his watch, the company completed landmark achievements such as the “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.”
He appreciated the unwavering commitment and support of the staff and board, as a result of which Lafarge Africa enjoyed strong shareholder and market support, describing Prince Adefioye as someone who has been an active member of the board, bringing on added skills in an energetic and pragmatic manner.
Balogun said his successor is one who understands the heritage and fits within the culture of Lafarge Africa at the 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.”
The statement quoted 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,” he added, expressing appreciation to Balogun for the limited period they worked together.
“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 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”.
On his part, Adefioye expressed honour at being appointed Chairman of the company, describing Balogun as 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 ensure a positive outcome for the Company’s objectives.”

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