Business Hilights
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Lafarge, EY clear the air on the emergence of KPMG

Contrary to speculations that audit consultancy firm, Ernst & Young Nigeria (EY), was eased out in the services of Lafarge Africa Plc, both the cement giant and EY have attested to the fact that due process was followed in the bidding that saw KPMD as the new auditor of the company.

EY said “The selection of external auditor by Lafarge Africa was through a competitive selection process where EY, the existing auditor, was replaced by another Big 4 firm,” explaining that it lost out in the bid and was not in any way dumped by Lafarge.

Explaining more, the Head of Corporate Communications at Lafarge Africa, Mr. Osagie Ogunbor, said the selection of KPMG by the board of directors of Lafarge Africa was as a consequence of the restructuring of the business of the group which had opened a tender for the audit of the company’s group accounts after the last Annual General Meeting.

Ogunbor averred that “Following from the tender, KPMG Professional Services was approved by the board of directors to hold office as external auditors until the next Annual General Meeting of the company at which the shareholders would be asked to ratify their appointment”.

“The board of directors of Lafarge Africa Plc has appreciated the services of Ernst & Young, the former external auditors of the group and commended the professional manner they handed over to the new group external auditors.

“In line with listing requirements, the appointment of KPMG Professional Services as the new group external auditors has since been notified to the Nigerian Stock Exchange.”

Business Hilights recalls that last week, Lafarge Africa Plc, in a letter signed by its Company Secretary/Legal Director, Mrs. Edith Onwuchekwa, notified the Nigerian Stock Exchange (NSE) of the new auditor of Lafarge Africa Plc.