Lafarge shareholders support Nigeria, South Africa merger plans

09 July 2014

Shareholders of Lafarge are unanimous in supporting the cement manufacturing company in combining its businesses in Nigeria and South Africa to create Lafarge Africa. They have also given their support to Lafarge to seek a legal redress to address the standardisation of cement, which has identified 42.5-MPa-grade cement for general purposes.

Sunny Nwosu, president, Independent Shareholders Association of Nigeria, urged stakeholders in the cement industry not to allow politics to override technical issues in the ongoing debate about classification of cement.

He condemned the move by some individuals and groups to present 32.5, a grade of cement that has long been in use in the country, as sub-standard.

He said: “The brand of cement being produced by our company is one that has built Nigeria since our independence and these notable buildings are still standing as monuments to the quality of cement that is our pride.”

The shareholders stated that they have aligned with the views of the professionals in the industry, who have since established that there is no substandard cement in the country and that cement cannot be the cause of building collapse.

“Monopoly does no good in any society, and Nigerians should be discerning enough not to be misled into creating one in this vibrant sector of our economy. We are watching the issues closely and we ask for a level playing field in the industry. We will not hesitate to also go to court, if necessary, as individuals or associations to save our investments from being hijacked or destroyed.”
By Raheem Akingbolu


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