Lafarge Africa Changes Name To HBM Nigeria After Chinese Takeover

Lafarge Africa Plc has officially changed its name to HBM Nigeria Plc, marking a major corporate transition less than a year after the company came under the control of Chinese cement giant Huaxin Cement.

The company disclosed the development in a regulatory filing on Tuesday, stating that the rebranding reflects its long-term strategic direction and commitment to delivering greater value to stakeholders.

According to the filing, shareholders approved the name change during the company's Annual General Meeting held on April 30, 2026.

"The name change received full shareholder approval at the Annual General Meeting (AGM) held on the 30th of April 2026," the company said.

It added that the Corporate Affairs Commission (CAC) has formally approved the change and issued a new Certificate of Incorporation reflecting the company's new identity as HBM Nigeria Plc.

The development follows a major ownership transition that began in December 2024 when Swiss building materials group Holcim announced an agreement to sell its controlling stake in Lafarge Africa to China-based Huaxin Cement.

Huaxin Cement, headquartered in Wuhan, acquired an 83.1 per cent stake in the Nigerian cement producer through a transaction valued at approximately $1 billion (about ₦1.6 trillion).

Before the divestment, Holcim controlled Lafarge Africa through Caricement BV and Associated International Cement Limited.

The acquisition faced regulatory and political scrutiny in Nigeria, including concerns raised by members of the Senate over increasing foreign ownership of strategic industries.

At the time, Senator Shuaib Salisu, representing Ogun Central, warned against allowing the country's cement sector to become dominated by foreign interests.

"We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands," Salisu said while presenting a motion before the Senate.

Despite those concerns, the transaction was eventually completed in August 2025 after securing the necessary approvals.

Since taking over, Huaxin Cement has signalled plans to expand operations in Nigeria.

Earlier this year, the company announced plans to increase production capacity at its major facilities, including expanding the Ashaka Cement plant in Gombe State to two million metric tonnes and the Sagamu plant in Ogun State to 3.5 million metric tonnes.

HBM Nigeria assured investors that the name change would not affect their shareholdings.

The company stated that all existing share certificates and electronic share records remain valid and will be updated automatically by its registrars.

The rebranding effectively brings to an end the Lafarge Africa name, which has been a prominent fixture in Nigeria's cement industry for years, while signalling the beginning of a new phase under its Chinese majority shareholder.