Lafarge

Lafarge Africa saw earnings for 2023 drop to N51.4 billion for the first time in half a dozen years, during which not even waves of pandemic lockdowns battering other businesses were unable to slow the progress of its profitability. Details of its unaudited financials for the year showed that a jump in its accrued tax liabilities for the year weighed on the bottom line. An accumulation of obligations to tax authorities over the previous years hit N23.6 billion in 2023, translating to an 86.9 per cent surge.…

The Senate on Wednesday mandated its Committee on Industries to unravel the reasons behind the increase in the price of cement by producers of the commodity in Nigeria. The Senate President, Godswill Akpabio, directed the committee to find a possible solution to the high prices of cement and influence the manufacturing companies in the country to adhere to the regulations. The resolution was sequel to a motion sponsored by the senator representing Kwara South, Lola Ashiru, during the plenary. Mr Ashiru, a member…

Major cement manufacturers in Nigeria, Dangote, BUA and Lafarge have agreed that the price of a bag of cement will not exceed between N7,000 and N8,000. The resolution was reached following a meeting between the Minister of Works, David Umahi, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite as well as representatives of BUA Cement, Dangote Cement, Lafarge and Cement Producers Association on Monday. The recent development follows the increase in prices of cement in the country reaching as high as…

Lafarge Africa Wednesday chose Nigerian Lolu Alade-Akinyemi to take over the helm after its directors’ board held an emergency meeting at which it agreed to CEO Khaled El-Dokani’s decision to exit the firm. Mr El-Dokani’s service ends at the end of June, capping three years of stewardship, which has its defining moment as leading the cement maker to double annual profit in 2020 amid Covid-19 lockdowns. Profits at the local unit of Paris-based world’s largest cement manufacturer LafargeHolcim jumped to N30.8…

French cement firm Lafarge SA pleaded guilty Tuesday in a New York federal court to paying Islamic State and an al Qaeda affiliate to protect its Syrian cement plant, marking what the Justice Department said was the first time it has charged a company with supporting terrorist organizations. Lafarge agreed to pay about $778 million in financial penalties and serve a term of three years probation. The company and its defunct subsidiary, Lafarge Cement Syria, pleaded guilty to conspiracy…

A view of a Lafarge Cement plant is seen in Paris, France on September 8, 2021.Julien Mattia | Anadolu Agency | Getty ImagesLafarge SA pleaded guilty and agreed to pay $777.8 million Tuesday to resolve a U.S. federal criminal charge related to the French company's payments to ISIS another terror group to keep a cement plant operating in Syria.The nearly $17 million payments to ISIS and the al-Nusrah Front were made from August 2013 through October 2014, and occurred even as the terror group was kidnapping and killing…

A French appeals court confirms a charge of complicity in crimes against humanity against the cement group Lafarge over alleged payoffs to the Daesh terror group during Syria's civil war. The court also upheld charges of endangering the lives of others for putting its Syrian employees at risk as Daesh terrorists…