Business
Cement maker Lafarge Africa renamed HBM Nigeria Plc
Lafarge Africa, acquired by Chinese investors from the Swiss-based Holcim Group last year, has adopted HBM Nigeria Plc as its new name.
According to a regulatory filing sighted on Tuesday, the cement maker’s new name tallies with the company’s long-term goals and its resolve to better serve stakeholders.
“The name change received full shareholder approval at the Annual General Meeting (AGM) held on the 30th of April 2026,” the company stated in the Nigerian Exchange filing.
“The Corporate Affairs Commission (CAC) has officially approved and issued the Certificate of Incorporation reflecting the name change,” it added.
In December 2024, Lafarge Africa disclosed that the Holcim Group had entered into a share purchase agreement with Huaxin Cement, headquartered in Wuhan, China, to acquire an 83.1 per cent stake in the company.
Until it divested its interest in Lafarge Africa, the Holcim Group held the controlling stake through Caricement BV and Associated International Cement Limited.
Regulatory hurdles, including a Senate directive ordering the Bureau of Public Procurement to halt the transaction last March, meant it was not closed until nine months after it was first made public.
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“We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands,” said Shuaib Salisu, the senator representing Ogun Central, who raised the motion at the upper legislative body at the time.
The acquisition was valued at $1 billion (approximately ₦1.6 trillion) when the deal closed last August.
The first major expansion project under the new majority owner—a planned capacity increase of the Ashaka Cement plant in Gombe to 2MT and the Shagamu plant to 3.5MT—was announced early this year.
HBM Nigeria assured shareholders in the statement that their current share certificates and electronic holdings remain valid, despite the name change. They will be updated automatically by the registrars, it said.
The Plateau State Government has intensified its strategic partnership with China as part of efforts to attract foreign investment, transform agriculture, and accelerate infrastructure development, positioning the state as a competitive destination for business and industrial growth.
Governor Caleb Manasseh Mutfwang disclosed this on Monday while receiving the Ambassador of the People’s Republic of China to Nigeria, Yu Dunhai, alongside a delegation of Chinese investors and business executives at the Government House in Jos.
The visit is part of the state’s broader strategy to strengthen international partnerships and attract foreign direct investment into critical sectors such as agriculture, mining, healthcare, tourism, infrastructure, and industrial development.
Speaking during the meeting, Governor Mutfwang described the relationship between Plateau State and China as one that has steadily evolved over the years, stressing the importance of expanding cooperation beyond national engagements through direct partnerships with Chinese provinces.
He said his administration is committed to leveraging investment, technology transfer, innovation, and knowledge exchange to unlock the state’s vast economic potential.
Agriculture at the Centre of Partnership
Governor Mutfwang identified agriculture as a key area for collaboration, noting that Plateau State has long been recognized as Nigeria’s food basket and a historic mining hub.
He explained that the government is pursuing an ambitious agricultural modernization agenda focused on mechanization, increased productivity, cold-chain infrastructure, livestock development, and agro-processing.
As part of the initiative, the governor unveiled plans for a 500-hectare Special Agro-Processing Zone near the Yakubu Gowon International Cargo Airport, designed to serve as a major export hub for agricultural products while improving value addition for farmers and agribusinesses.
He also highlighted investment opportunities in poultry, dairy farming, fisheries, and animal feed production, emphasizing the need to reduce Nigeria’s dependence on imported dairy products by building a competitive local livestock industry.
Sustainable Mining and Industrial Growth
On mining, Governor Mutfwang advocated responsible and environmentally sustainable practices that promote local value addition and community development.
He also called for closer collaboration with Chinese authorities in tackling illegal mining activities and ensuring that mineral resources contribute meaningfully to the state’s economic development.
China Reaffirms Commitment
In his remarks, Ambassador Yu described Plateau State as a strategic investment destination due to its abundant natural resources, favorable climate, and enormous agricultural potential.
He commended Governor Mutfwang’s leadership and ongoing reforms in infrastructure, agriculture, education, and governance, assuring the state of continued support from both the Chinese Government and the Chinese Embassy in Nigeria.
The ambassador disclosed that the visiting delegation comprised executives from four internationally recognized Chinese companies with extensive operational experience in Nigeria, expressing confidence that the engagement would unlock new opportunities in transportation, infrastructure, agriculture, and industrial development.
New Export Opportunities
Ambassador Yu highlighted the growing economic ties between China and Nigeria, revealing that bilateral trade between the two countries is valued at several billions of dollars annually, while Chinese direct investment in Nigeria reached approximately $700 million in the previous year.
He also announced that China’s recently introduced 100 percent zero-tariff policy on Nigerian exports presents a significant opportunity for Plateau State’s agricultural products to gain access to one of the world’s largest consumer markets.
Drawing from China’s development experience, Yu noted that agricultural reforms had lifted more than 800 million people out of poverty, pledging China’s support in improving agricultural productivity, expanding processing capacity, strengthening livestock production, and developing agricultural value chains in Plateau State.
Addressing concerns over illegal mining, the ambassador reiterated China’s zero-tolerance policy against unlawful mining activities and assured the state government of cooperation in identifying and prosecuting offenders while encouraging legitimate investors to comply with established regulations.
Both leaders expressed optimism that the renewed engagement would usher in a new era of mutually beneficial cooperation, delivering increased investment, job creation, economic growth, and sustainable development for Plateau State.
Africa added more than 4,200 megawatts (MW) of new hydropower capacity in 2025, making it a fast growing region for hydropower development globally, according to a new report released by the International Hydropower Association (IHA).
The report, 2026 World Hydropower Outlook, said the continent commissioned 4,297 MW of new hydropower capacity during the year, the second consecutive year that additions exceeded 4,000 MW.
The growth was driven largely by the completion of mega projects in Ethiopia and Tanzania, even as more than 90 per cent of Africa’s hydropower potential remains untapped.
The findings come as Nigeria continues to grapple with chronic power shortages, frequent grid collapses and one of the world’s largest electricity access deficits despite possessing significant hydropower resources.
Malcolm Turnbull, president of the International Hydropower Association, said countries are increasingly turning to hydropower and energy storage solutions as they seek reliable electricity supplies amid growing dependence on renewable energy and rising geopolitical uncertainties.
“As electricity systems become more dependent on variable renewables, and geopolitical tensions make reliance on imports more challenging, countries are increasingly recognising the importance of flexibility, long-duration storage and resilient domestic generation. Hydropower and pumped storage are uniquely positioned to provide these services at scale,” he said.
Ethiopia, Tanzania lead Africa’s growth
According to the report, Ethiopia fully inaugurated the 5,000 MW Grand Ethiopian Renaissance Dam (GERD) in 2025, making it the largest power station in Africa.
Tanzania also completed the Julius Nyerere Hydropower Project, a development the report said has substantially reduced the country’s dependence on diesel-powered electricity generation.
The report noted that Africa’s hydropower expansion places the continent at the forefront of global growth in conventional hydropower development.
However, it warned that progress remains far below potential.
“Despite progress, only around 10% of Africa’s hydropower potential has been realised, representing one of the most significant development opportunities in the world, with direct implications for electrification, industrial growth and energy security across a continent growing at twice the global average,” the report stated.
Most projects, it said, remain stalled by financing difficulties, regulatory bottlenecks and delays in securing approvals.
The report also identified weak transmission infrastructure and fragmented electricity networks as major barriers preventing power generated from reaching consumers efficiently.
Nigeria’s modest progress
Nigeria received only a brief mention in the report, which highlighted the rehabilitation of the Kainji Hydroelectric Power Station.
According to the report, the upgrade added 80 MW to the facility, increasing its installed capacity to 600 MW.
The modest increase contrasts sharply with the scale of new investments seen elsewhere on the continent.
Hydropower remains a critical component of Nigeria’s electricity supply. The Kainji, Jebba and Shiroro hydroelectric plants together account for a significant share of power delivered to the national grid.
Yet electricity supply remains inadequate for Africa’s most populous nation.
Data from the Nigerian Electricity Regulatory Commission (NERC) show that while Nigeria’s installed generation capacity exceeds 14,000 MW, actual available generation is significantly lower because of gas constraints, transmission limitations, ageing infrastructure and operational challenges.
The country has also experienced multiple national grid collapses in recent years, highlighting long-standing weaknesses in the electricity value chain.
Energy access challenge
The report arrives at a time when Nigeria is seeking to expand electricity access and reduce dependence on self-generated power.
According to the World Bank, about 86 million Nigerians lack access to electricity, giving the country the largest electricity access deficit in the world.
Businesses and households spend billions of naira annually on diesel and petrol generators to compensate for unreliable grid supply, a situation that raises production costs and constrains economic growth.
Although the 700 MW Zungeru Hydropower Plant has begun contributing electricity to the grid, several proposed hydropower projects across the country have faced delays linked to funding, environmental concerns and implementation challenges.
The IHA report suggests that while Africa is witnessing a resurgence in hydropower development, countries such as Nigeria will require significant investments in generation, transmission and energy storage infrastructure to fully benefit from the continent’s vast renewable energy potential.
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