Lafarge WAPCO's debt reduction plans

Lafarge WAPCO plans to pay off a NGN6bn (US$40m) in local debt this year, according to reports by Reuters.
 
The company owes about NGN28.4bn (US$180.43m) in total loans, of which NGN6bn is from Nigerian banks, Fred Amobi, its chief financial officer told analysts at a conference call. He said Lafarge WAPCO had a three-year bond worth NGN11.6bn and a loan from a Nigerian development bank of NGN10.8bn  in addition to the bank loans.
 
Lafarge WAPCO, reported  recorded a 50 per cent rise in its first quarter profit for this year. Turnover increased by about NGN700m, to NGN23.3bn compared to NGN22.6bn in the same period of last year.