Consultancy firm, Ernst & Young (Nigeria), has said that the bid process for the external auditor assignment of Lafarge Africa Plc was competitive.
EY, in an email post 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.”
The company said though it lost out in the bid, it was not dumped by Lafarge as due process was followed.
In the same vein, the Head, Corporate communications, Lafarge Africa, Mr. Osagie Ogunbor, in an email response, said the board of directors of Lafarge Africa as a consequence of the restructuring of the business of the group opened a tender for the audit of the company’s group accounts after the last Annual General Meeting.
He said, “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.”
Last week, Lafarge Africa Plc, in a letter signed by its Company Secretary/Legal Director, Mrs. Edith Onwuchekwa, informed the NSE of the change.