Business

Lafarge Africa Plc Posts N97.95bn Profit, Up 101% in Q1 2026

Published

6 months ago

April 30, 2026

BY NKECHI NAECHE-ESEZOBOR—The Board of Directors of Lafarge Africa Plc has reported a strong financial performance for the first quarter of 2026, with Profit After Tax (PAT) rising to N97.95 billion—representing a 101 per cent increase from N48.64 billion recorded in the corresponding period of 2025.

The company also recorded significant growth in revenue, with net sales climbing by 35 per cent to N334.88 billion in Q1 2026, compared to N248.35 billion in the same period last year.

Commenting on the results, the Group Managing Director/Chief Executive Officer, Lolu Alade-Akinyemi, attributed the strong performance to sustained revenue growth, improved operational efficiency, and disciplined cost management.

“Our Q1 2026 results reflect continued progress in executing our strategic priorities. Net sales grew by 35 per cent year-on-year, supported by improved volumes, enhanced plant stability, and greater distribution efficiency. Operating profit rose by 97 per cent to N141 billion, while profit after tax increased by 101 per cent to N98 billion,” he said.

He added that the performance was driven by supply reliability, prudent financial management, and an improved route-to-market strategy.

Alade-Akinyemi noted that the company will continue to leverage the industrial and technical expertise of its strategic partner, Huaxin Building Materials Ltd, to further optimise operations and unlock additional efficiencies.

Looking ahead, he said the company would maintain a strong focus on disciplined capital deployment, cost control, and capturing growth opportunities across its markets. He added that improving macroeconomic conditions and easing global supply chain disruptions have supported rising consumer demand and volume growth.

“We anticipate continued expansion in Nigeria’s infrastructure and construction sectors, driven by improving economic fundamentals and demand across key segments. We remain focused on capturing these opportunities while maintaining cost optimisation to protect margins,” he stated.

He also expressed appreciation to customers and stakeholders for their continued support, reaffirming the company’s commitment to delivering consistent performance and long-term value.

“Our sustainability-led growth model remains central to our long-term value creation, supported by disciplined execution and operational excellence,” he added.

Lafarge Africa Plc said it will continue to prioritise supply reliability, cost leadership, innovation, and sustainability, while maintaining high standards in health and safety across its operations.

About Lafarge Africa Plc

Lafarge Africa Plc, a member of the Huaxin Group, is a leading provider of innovative and sustainable building solutions in Nigeria. Established in 1959 and listed on the Premium Board of the Nigerian Exchange Limited, the company operates cement plants in Sagamu and Ewekoro (Ogun State), Ashaka (Gombe State), and Mfamosing (Cross River State), with a total installed production capacity of 10.5 million metric tonnes per annum. It remains committed to sustainable development, combining industrial efficiency with environmental responsibility and stakeholder value creation.

The post Lafarge Africa Plc Posts N97.95bn Profit, Up 101% in Q1 2026 appeared first on Business Today NG.

Business

REA Ends 16 Years of Darkness in Two Kano Communities

Published

11 hours ago

October 25, 2026

PlateauReports

BY GABRIEL MICHEAL—The Rural Electrification Agency (REA) has again advanced its goal of deepening electricity access across the country with the commissioning of two mini-grid projects in Kano State after over sixteen years of darkness.

The agency commissioned two projects comprising a 195kWp system in Ballagaza and a 70kWp system in Marayar Rogo, located in Warawa, which will serve 2,222 households ending over sixteen years of darkness.

Speaking at the ceremony, the Managing Director of REA, Abba Aliyu, described the project as another step toward achieving the Renewed Hope Agenda’s goal of electrifying over 17 million Nigerians.

He described the project as a strong example of what public-private partnerships can achieve.

He also thanked the Kano State Governor, Abba Kabir Yusuf for identifying electricity as a key deliverable of his administration and for providing a conducive environment for the execution of the project.

“The Federal Government did not build these mini-grids and hand them over. Alfuttaim Nigeria Limited invested its own money, built them, and will own and operate them for many years. What the government did, through the DARES programme delivered by the REA with support from the World Bank, was to subsidize part of the cost to ensure the electricity is affordable for you.”

“Under DARES, Nigeria is working toward 1,350 mini-grids, and the programme has already brought new or improved electricity to more than five million Nigerians. Our country still has more people without electricity than any other nation in the world. That challenge will not be solved by a single agency or programme; it will be solved community by community, in places like Ballagaza and Marayar Rogo, when private companies are willing to invest and communities take ownership of what is built for them. The government’s job is to keep its word to both,” he said.

The Gabazawa community which is known for groundnuts, millet, sorghum, and soya, as well as its blacksmiths, weavers, and dyers, will experience advanced production, allowing groundnuts to be pressed into oil and kuli-kuli using electric machines and sold at a better price.

The mini-grid project will also serve the primary healthcare centre in the Gabazawa community, which has previously been without power.

In her remarks at the event, the Co-founder of Alfuttaim, Dr. Nabilah Sani, expressed delight at the completion of the project, noting that it will not only power homes but also boost agricultural productivity.

She thanked the Federal Government for facilitating the funding that brought the project to fruition while noting that these are just two of ten sites currently under development in Kano.

She further urged residents of the community to protect the infrastructure as their own and shun vandalism.

The post REA Ends 16 Years of Darkness in Two Kano Communities appeared first on Business Today NG.

Business

CBN grants JP Morgan approval-in-principle to set up merchant bank

Published

19 hours ago

October 24, 2026

PlateauReports

The Central Bank of Nigeria (CBN) has granted approval-in-principle to JP Morgan to set up a merchant in the country.

The move eases the path for the US largest bank to expand its services – payments, lending, trade finance and corporate banking – in Nigeria, where it has operated a representative office for years.

JP Morgan Merchant Bank Nigeria Limited plans to run wholesale banking, capital markets and advisory services, Michael Akuka, the CBN’s director of corporate communications and investor relations, said in a statement on Friday.

The approval-in-principle is the first phase of the licensing process, and does not translate into an ultimate banking permit.

JP Morgan needs to clear further regulatory hurdles such as incorporation with the Corporate Affairs Commission and operational approvals before it can commence operations, the regulator stated.

The push comes amidst hordes of banking sector reforms in Africa’s most populous country, aimed at bolstering the financial system, enhancing market confidence and boosting resilience.

According to the statement, the CBN also approved the nomination of Adedapo Olagunju as the managing director of the bank and Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors.

“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” said CBN Governor Olayemi Cardoso.

READ ALSO: CBN outlines market infrastructure supporting Nigeria–China financial flows at Beijing investor forum

“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive,” he added.

On Tuesday, Bloomberg, citing sources with knowledge of the deal, reported that JP Morgan was on course to secure a banking licence in the country after depositing N50 billion ($38 million) with the CBN.

It noted that the bank hopes to receive the licence by year-end or in early 2027, provided it is able to obtain all the requisite approvals

P Morgan’s presence in Nigeria dates back to 1961, when Chase Manhattan Bank, which later evolved into JP Morgan Chase & Co., opened a branch in Lagos, providing a wide range of commercial banking services to local businesses and individuals.

A year earlier, Chase International Investment Corporation, a unit of Chase Manhattan Bank, served as the lead partner in organising Nigerian Textile Mills in Lagos, regarded as the first major private industrial project with an American interest in Nigeria.