Swiss cement giant Holcim has completed its long-anticipated withdrawal from Nigeria, sealing a $1 billion deal to transfer its controlling 83.81 percent stake in Lafarge Africa Plc to China’s Huaxin Cement.
The agreement, concluded eight months after the initial announcement, marks Holcim’s full exit from Nigeria’s cement market. The transaction was valued on a 100 percent equity basis, subject to dividend adjustments.
Lafarge Africa, previously part of Holcim’s global operations, is a key producer of cement, aggregates, and ready-mix concrete in Nigeria.
Announcing the completion, Martin Kriegner, Holcim’s regional head for Asia, the Middle East, and Africa, said the divestment would allow the group to concentrate on growth in other regions while ensuring stability for Lafarge’s Nigerian operations under its new ownership.
“We are pleased to hand over to Huaxin Cement, a strong partner committed to investing in the Nigerian market,” Kriegner said, noting that the proceeds would strengthen Holcim’s growth-focused capital allocation strategy.
Huaxin Cement, one of China’s leading cement manufacturers, has been expanding its presence across Africa in recent years, with the Lafarge acquisition expected to deepen its footprint on the continent.
