The board of directors of Lafarge Africa, the global leader in innovative and sustainable building solutions, has appointed Lolu Alade-Akinyemi as the new group managing director and chief executive officer, with effect from 1st July 2023.
The disclosure was made by Adewunmi Alode, general counsel & company secretary, in a statement sent to the Nigerian Exchange Group. According to him, the decision to appoint new GMD/CEO was taken at the meeting of the board of directors which was held on the 7th of June 2023 following the resignation of Khaled El-Dokani, the outgoing GMD/CEO whose tenure will lapse on 30th June 2023.
“Prior to this appointment, Mr. Alade-Akinyemi was the Chief Financial Officer (CFO) and the supply chain director of the Company. He was appointed an Executive Director to the Board on the 8th of April 2020. Mr. Lolu Alade-Akinyemi has over 20 years cross functional experience in finance, supply chain, business development and sales.
“Lolu is a seasoned business executive with multifaceted international experience and accomplishments in turnaround situations, transforming processes to improve business performance, fostering growth in challenging business environments, and profit & loss oversight”, Alode said.
He added that Lolu was the finance director, PZ Cussons Nigeria Plc for 4 years just as he also worked for Coca-Cola Company for 16 years during which he gathered work experience in countries such as the UK, Belgium, Ghana and Nigeria handling responsibilities in finance, business development, supply chain and sales.
At the end of the first quarter of 2023, Lafarge Africa realized N91.82 billion as revenue which was slightly above the N90.61 billion made in the corresponding period of 2022. However, profit after tax for the period fell to N14.93 billion compared to N17.56 billion realized as of March 2022. The reduction in the first quarter profit was due to higher tax obligations. Lafarge Africa paid N7.55 billion during the first quarter of 2023 compared to N3.91 billion as of March 2022.
