Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
LAGOS, Nigeria – The name Lafarge, a global cement brand that has been a familiar presence on Nigerian infrastructure for nearly seven decades, is about to disappear from the country's corporate register. Shareholders of Lafarge Africa Plc have voted overwhelmingly to rename the company HBM Nigeria Plc, effectively bringing an end to the French multinational's branding in the country following a $1 billion takeover by China's Huaxin Cement Co.
The decision was finalized at the company's 67th annual general meeting held in Lagos on April 30, 2026, and confirmed in a formal notice filed with the Nigerian Exchange (NGX) on Tuesday. "That the name of the Company be and is hereby changed to HBM Nigeria PLC," the resolution read. Clause 1 of the Memorandum of Association will be amended to reflect the new corporate identity, pending regulatory approvals. The transition marks the fourth name change in the company's history and the most significant since the merger that created Lafarge Africa in 2014.
The rebranding is the final step in a corporate restructuring triggered by Holcim Group's decision to exit Nigeria. On December 1, 2024, the Swiss building materials giant agreed to sell its entire 83.81 percent stake in Lafarge Africa to Huaxin Cement, a Chinese firm. The deal, valued at approximately $1 billion, was completed on August 29, 2025. With Holcim formally out, Huaxin has moved swiftly to align the company's identity with its own corporate vision. The new name, HBM Nigeria, is believed to stand for "Huaxin Building Materials," cementing the Chinese parent company's ownership and strategic direction.
The shareholding change has been accompanied by a sweeping reorganization of the board. The AGM ratified the appointments of Xuanqian Wang as Executive Director, alongside Gang Xu, Qian Chen, Jiajun Wang, and Lin Zhang as Non-Executive Directors. Chairman Gbenga Oyebode was re-elected as Non-Executive Director, and independent directors Mrs. Oyinkansade Adewale and Mrs. Olusola Oworu were also confirmed. The board has been authorized to take all necessary steps to implement the rebranding, which is expected to be completed within the next few months.
Financially, Lafarge Africa has handed its new owners a company in robust health. The 2025 audited financial statements, presented at the same AGM, showed revenue soared to N1.1 trillion, a 53 percent increase from N696.8 billion in 2024. Profit after tax climbed to N273 billion from N100.1 billion the previous year, representing a staggering 173 percent growth. Operating profit rose to N392 billion, driven by cost optimization and operational efficiency improvements. Earnings per share surged from N6.22 to N17. On the back of these results, shareholders approved a final dividend payout of N96.65 billion, amounting to N6 per unit of ordinary share.
The dividend decision, however, has not been without controversy. Funds for the payout were drawn from the company's retained earnings, including proceeds from the sale of real estate assets in Lagos. Some minority shareholders had expressed concerns about the level of the payout, arguing that more capital could have been retained for expansion. Nevertheless, the resolution passed comfortably, reflecting the dominant influence of the new majority shareholder.
For Huaxin Cement, the acquisition opens a strategic gateway into one of Africa's largest and fastest-growing construction markets. Nigeria's infrastructure deficit, combined with rising urbanization and a housing shortage estimated at over 20 million units, offers a vast growth runway. The new name, HBM Nigeria, signals the company's ambition to build scale and compete more aggressively with Dangote Cement, which currently dominates the market. The Chinese firm is also likely to use Nigeria as a launchpad for further expansion across West and Central Africa.
The name change, however, has stirred debate among branding experts. Lafarge had built substantial brand recognition over nearly seven decades, starting with its acquisition of Blue Circle Industries, which held a controlling stake in the West African Portland Cement Company (WAPCO). The company began as WAPCO, was rebranded as Lafarge Cement WAPCO Nigeria Plc, and became Lafarge Africa Plc on July 9, 2014, following the merger of Lafarge and Holcim's African operations. The new name, HBM, has no existing brand equity in Nigeria and will require significant marketing investment to build trust and recognition. Chairman Gbenga Oyebode, a veteran corporate lawyer, sought to address these concerns directly at the AGM. "This development will further solidify Lafarge Africa's position as a leading contributor to Nigeria's infrastructure and economic growth," he said. "Nigeria's market holds vast potential with its positive growth indices, increasing urbanization, and infrastructure demand. We remain committed to leveraging these opportunities while maintaining our focus on sustainability and innovation."
The AGM also approved a general mandate authorizing the company to transact with related parties on normal commercial terms, in accordance with regulatory provisions. The composition of the Statutory Audit Committee was confirmed, combining shareholder and board representatives to maintain governance oversight. The board was also empowered to determine the remuneration of external auditors for the 2026 financial year.
The transition from Lafarge to HBM Nigeria is not merely cosmetic; it signals a fundamental shift in the company's strategic orientation. Under Holcim, Lafarge Africa operated as part of a global network, with decisions often taken from headquarters in Switzerland. Under Huaxin, the Nigerian subsidiary will have more direct access to Chinese capital, technology, and supply chains. This could accelerate the modernization of production facilities, reduce input costs, and potentially unlock new export markets. However, it also raises questions about local content, technology transfer, and the long-term employment of Nigerian managers in senior roles.
For now, the immediate priority is the smooth implementation of the rebrand. The company's legal name will be changed with the Corporate Affairs Commission, and new signage, stationery, and branding materials will be rolled out across the country. The NGX has been notified, and the company's ticker symbol may also change in due course. The AGM, which also included the election of directors and the approval of the remuneration report, concluded with a vote of confidence in the management team led by Chief Executive Officer Lolu Alade-Akinyemi.
As the Lafarge sign comes down, a new chapter begins for one of Nigeria's most storied industrial companies. The HBM brand may be unfamiliar today, but its owners will be hoping that, with investment and time, it becomes as synonymous with Nigerian cement as the name it has replaced.
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