Balogun’s Bitter-Sweet Years At Lafarge

By Emmanuel Aziken

The exit of corporate guru, Mr. Bolaji Balogun from the board of Lafarge Nigeria has come at a phenomenal point for both the exiting chairman and the company.

Lafarge will for the first time in five years make a return to its shareholders after nearly five years of dividend drought occasioned by challenges within and outside the institution.

Balogun, was well prepared coming to the board of Lafarge, having cut his teeth in CSL Stockbrokers and FCMB, institutions founded by his remarkable dad, Otunba Subomi Balogun. He is the elder son of the corporate giant.

He was also one of the prominent faces at the advent of GSM operations in the country having been the Chief Marketing Officer of the former Econet Wireless and was the face of the company’s successful bid for one of the country’s GSM licences in 2001.

He was first appointed to the board of Lafarge in 2005 as a non-executive director and ten years after emerged as the chairman.

His emergence at that time, however, happened at a particularly challenging time for Nigerian businesses, especially those who like Lafarge were much exposed to the vagaries of the foreign exchange market.

The company’s performance over the five year period as reflected in the Earning Per Share is as shown:

After returning the company to profitability, and on the part to growth, Mr. Balogun has decided to step aside.

The company while announcing the decision said he would be succeeded by Mr. Adebode Adefioye, who is presently a non-executive director and has been on the board since 2012.

Mr. Balogun while giving his experience as chairman said:

“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.

“Prince Adefioye has been an active member of the board and brought added skills to the board in an energetic and pragmatic manner.

“He understands the heritage and fits within the culture of Lafarge Africa at 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.”

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