Lafarge Africa Plc has announced major changes to its Board of Directors following the ongoing divestment of its former majority shareholder, Holcim Group. Five non-executive directors — Mr. Kaspar Theiler, Mr. Khaled El Dokani, Mr. Rajesh Surana, Mr. Grant Earnshaw, and Mr. Taner Demir — have resigned.
In their place, the cement producer has appointed five new non-executive directors: Mr. Gang Xu, Mr. Qian Chen, Mr. Jiajun Wang, Mr. Xuanqian Wang, and Mr. Lin Zhang, subject to ratification by shareholders at the next Annual General Meeting (AGM).
The reshuffle underscores a strategic realignment at Lafarge Africa as it transitions from European to Chinese ownership.
Background: Holcim’s $1 Billion Exit from Nigeria
In December 2024, Switzerland-based Holcim Group, one of the world’s largest building-materials multinationals, announced plans to sell its entire 83.81% stake in Lafarge Africa Plc to China’s Huaxin Cement Ltd in a transaction valued at about $1 billion on a 100% equity basis.
The divestment marks Holcim’s exit from Nigeria after more than 65 years of operation through Lafarge Africa and its predecessors such as the West African Portland Cement Company (WAPCO).
Holcim said the decision aligns with its global strategy to streamline its portfolio and focus on higher-margin core markets in Europe and North America. Nigeria’s cement industry, while large and growing, has faced challenges — including foreign exchange scarcity, high energy costs, and complex regulatory hurdles.
Huaxin Cement’s acquisition represents one of the largest Chinese investments in Nigeria’s industrial sector in recent years. The transaction, still subject to regulatory approvals, has drawn scrutiny from Nigerian lawmakers and the Securities and Exchange Commission, given Lafarge Africa’s systemic importance to the domestic construction and infrastructure sectors.
Analysts see the ownership transition as part of a broader realignment of global industrial capital, with Chinese investors expanding into strategic African industries once dominated by European multinationals.
Who Are the New Directors?
The five new directors bring strong technical, financial, and operational expertise from Huaxin Cement’s global operations:
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Mr. Gang Xu — MBA from Tsinghua University and B.Eng. in Safety Engineering. Over 24 years’ experience in business strategy, project investment, and cement operations.
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Mr. Qian Chen — Chinese CPA and Fellow of the Chartered Global Management Accountants; former CFO of Sika Group China and Bureau Veritas China.
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Mr. Jiajun Wang — Senior Engineer with over 23 years’ experience in environmental protection and R&D; currently Vice President of Huaxin Cement.
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Mr. Xuanqian Wang — CEO of Natal Portland Cement (South Africa) and Technical Director of Huaxin Overseas Operations; an expert in cement process engineering.
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Mr. Lin Zhang — Over 30 years in finance and internal control at Huaxin; Chinese CPA and former head of the group’s internal audit department.
Their appointments are expected to deepen Lafarge Africa’s integration with Huaxin Cement’s international network and bring advanced process-engineering and environmental-management capabilities to Nigeria’s cement operations.
The new board signals a shift in governance and capital direction for Lafarge Africa. Analysts anticipate that Huaxin’s operational style — characterised by vertical integration, digital process control, and cost discipline — could reshape Lafarge Africa’s competitiveness in a market long dominated by Dangote Cement and BUA Group.
It may also accelerate the transfer of Chinese production technologies and sustainability practices, especially in energy efficiency and low-carbon cement production.
At the same time, the divestment raises questions about Nigeria’s industrial sovereignty in critical sectors. The Senate Committee on Capital Markets has already summoned Lafarge Africa’s leadership to explain the deal’s implications for local ownership and employment.
Outlook
If completed, Huaxin Cement’s takeover and the new board structure could mark the beginning of a new era for Lafarge Africa — one that blends Chinese industrial capacity with Nigerian market scale.
The company’s immediate challenge will be to maintain governance continuity, reassure investors, and sustain growth amid Nigeria’s volatile currency and infrastructure environment.
As Lafarge Africa’s new leadership team takes shape, industry observers will be watching closely for operational synergies, capital-investment signals, and shifts in sustainability strategy under Huaxin’s ownership.
