Lafarge Africa Reaffirms Commitment to Nigeria Amid Ownership Transition

LAGOS, Nigeria — Lafarge Africa Plc has reiterated its dedication to Nigeria’s economic and infrastructure development following a significant ownership change. On December 1, 2024, Holcim Group announced an agreement to sell its 83.81% stake in Lafarge Africa to China’s Huaxin Cement Ltd., a transaction valued at $1 billion.

Gbenga Oyebode, Chairman of Lafarge Africa, emphasized the company’s commitment to leveraging Nigeria’s growth opportunities, stating, “This development will further solidify Lafarge Africa’s position as a leading contributor to Nigeria’s infrastructure and economic growth. Nigeria’s market holds vast potential with its positive growth indices, increasing urbanization, and infrastructure demand.”

Huaxin Cement, established in 1907, has been expanding its footprint in Africa. The company previously acquired Lafarge Zambia and Lafarge Cement Malawi in 2021.

Xu, Vice President of Huaxin Cement, expressed enthusiasm about the Nigerian market, stating, “We look forward to welcoming Lafarge Africa into the Huaxin family of companies… Together, we will build on the proud and long history of Lafarge Africa and will honor its legacy by bringing it to the next level of development.”

Lolu Alade-Akinyemi, CEO of Lafarge Africa, reassured stakeholders of a seamless transition, highlighting the company’s 65-year history in Nigeria marked by “resilience, collaboration, and consistent growth.” She added, “This transition provides an opportunity for Lafarge Africa to continue growing and evolving, supported by the investment and global expertise of Huaxin Cement Ltd.”

The transaction is anticipated to close in 2025, subject to regulatory approvals. Lafarge Africa remains committed to sustainability, innovation, and delivering value to its customers and stakeholders throughout this transition.