Larfage majority shareholder completes $1 billion divestment to Huaxin Cement amid legal disputes

 

Swiss cement giant Holcim, the majority shareholder of Lafarge Africa PLC, has announced that it has completed the sale of its 83.81% stake in the company to China’s Huaxin Cement Co., Ltd. . for an equity value of $1 billion on a 100% basis, before dividend adjustments. The transaction, announced in December 2024 and completed in 2025 following regulatory approvals, marks Holcim’s exit from the Nigerian market as part of its strategic restructuring.

The deal aligns with Huaxin Cement’s African expansion strategy, following its $265 million acquisition of InterCement Brasil’s South African business in December 2023. However, the divestment faced legal opposition in Nigeria. In June 2025, Strategic Consultancy Limited, a Nigerian firm, filed a lawsuit at the Federal High Court in Lagos, alleging that Holcim’s sale to Huaxin was conducted without offering minority shareholders the chance to acquire the shares. 

The plaintiff further claimed the transaction with an unregistered foreign entity violated Nigerian laws, including the Companies & Allied Matters Act, 2020, the Securities & Exchange Act, and the Nigeria Investment Promotions Act.

The lawsuit, targeting Lafarge Africa PLC, Holcim Group, the Nigerian Exchange Limited, and the Central Securities Clearing System, sought to block the sale. Dr. D.A. Awosika (SAN) represented Strategic Consultancy Limited, while Lafarge Africa PLC and Holcim Group were defended by Babatunde Fagbohunlu (SAN) and Uzoma Azikiwe (SAN), respectively. Despite the legal challenge, the divestment has been completed.