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ENTERS A FRANCHISE AGREEMENT
Lafarge Cement WAPCO Nigeria Plc has informed The Exchange, that it has entered into an Industrial Franchise Agreement and a Service Agreement with Lafarge S. A. of France. The terms of the agreements include:
1. The right for Lafarge Cement WAPCO to use technical research and development information relating to production and distribution of cement products
2.The provision by Lafarge S A of technical and operational support through the secondment of qualified expatriate personnel, as requested by Lafarge Cement WAPCO Nigeria Plc and approved by the Federal Government of Nigeria.
3.The guarantee by Lafarge S A of the achievement of raw material reserves and production targets by Lafarge Cement WAPCO Nigeria Plc
The payment by Lafarge Cement WAPCO Nigeria Plc to Lafarge S A of a fee of 2% of net sales for the Industrial Franchise Agreement which amounted to
N801.312 million (2007: N714.530 million). that there are no conflict of interests
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