Lafarge Africa Renames to HBM Nigeria Plc After Chinese Acquisition
Lafarge Africa has officially changed its name to HBM Nigeria Plc after Chinese cement giant Huaxin Cement completed its acquisition of an 83.1% stake from Holcim Group. The name change followed shareholder approval at the 30 April 2026 AGM and received formal approval from the Corporate Affairs Commission, which issued a new Certificate of Incorporation. The acquisition, valued at approximately $1 billion (about ₦1.6 trillion), was finalized in August 2024 after overcoming regulatory hurdles, including a Senate directive that temporarily halted the deal.
For Nigerians, the shift raises concerns about foreign control of a key industrial sector, as highlighted by Senator Shuaib Salisu’s warning that the nation cannot afford to wake up to its cement industry being entirely foreign-owned. At the same time, HBM Nigeria outlined expansion plans: increasing capacity at the Ashaka Cement plant in Gombe to 2 million metric tonnes and at the Shagamu plant in Ogun State to 3.5 million metric tonnes. The company assured shareholders that existing share certificates and electronic holdings remain valid and will be automatically updated by registrars.
Investors and stakeholders should note that while ownership has changed, the company’s operations and shareholder rights continue uninterrupted. The expansion projects signal continued investment in local capacity, but the long‑term implications of foreign majority control warrant monitoring.