Lafarge Africa Plc will change its corporate name to HBM Nigeria Plc, reflecting new majority ownership by China’s Huaxin Cement Co., subject to approval by shareholders of the 67-year old cement maker.
The company will ask shareholders to approve the change of its corporate identity to HBM Nigeria Plc at its 67th Annual General Meeting scheduled for April 30, 2026, in Lagos.
The proposed name change is part of a broader AGM agenda that also includes financial reporting, dividend approval, and board restructuring.
The rebrand marks a new chapter following Holcim’s exit and signals Huaxin’s intent to deepen its footprint in Nigeria’s construction materials sector.
The company highlighted the proposed name change as a key special resolution requiring shareholder approval at the meeting. Management noted that the amendment will formally alter Clause 1 of its Memorandum of Association, redefining its legal identity.
Lafarge Africa Plc reported strong financial performance for the 2025 financial year, underscoring the backdrop to its proposed strategic shift. The company recorded significant growth across key financial metrics.
Revenue rose to N1.1 trillion in 2025, up 53 per cent from N696.8 billion in 2024. Profit after tax increased from N100.1 billion to N273 billion, representing a 173 per cent growth. Operating profit climbed from N193 billion to N392 billion, driven by cost optimisation and operational efficiency.
Earnings per share surged from N6.22 to N17, reflecting improved profitability. The company has proposed a final dividend of N6.00 per share, subject to shareholder approval and applicable withholding tax.
Huaxin Cement acquired a controlling 83.81 per cent stake in Lafarge Africa Plc from the Holcim Group for roughly $1 billion. The deal, finalised in late 2025, marks Holcim’s complete exit from Nigeria to focus on other markets, with Huaxin aimed at expanding its footprint in Africa.
The chairman of Lafarge Africa, Mr Gbenga Oyebode, said Nigeria’s market holds vast potential with its positive growth indices, increasing urbanisation, and infrastructure demand.
“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 urbanisation, and infrastructure demand. We remain committed to leveraging these opportunities while maintaining our focus on sustainability and innovation.”
Lafarge expanded into Nigeria in 2001 through the acquisition of Blue Circle, thereby taking over its stake in West African Portland Cement Company (WAPCO), later rebranding it as Lafarge Cement WAPCO Plc and significantly increasing production capacity with new plants and infrastructure in Ogun State.