By Isqil Najim
Lafarge Africa Plc has officially become HBM Nigeria Plc, bringing to an end a name that Nigerians have known for decades. The change, unveiled at a colourful ceremony in Lagos this week, comes after the completion of a deal worth about $1 billion that transferred control of the company from Switzerland’s Holcim Group to China’s Huaxin Building Materials, known as HBM.
From WAPCO To Lafarge
The company’s story began in 1959 when it was incorporated as West African Portland Cement Company, popularly called WAPCO. It was a joint venture between Blue Circle Industries of Britain, the United Africa Company, and the then Western Regional Government of Nigeria.
The idea was to meet the construction needs of a country that had just gained independence.
By 1960, WAPCO had commissioned its first kiln at Ewekoro in Ogun State, producing 200,000 tonnes of cement annually. It also launched the Elephant Cement brand, which went on to become one of the most trusted names in Nigerian households.
A second factory was opened at Sagamu in 1978 and the following year, the company got listed on the Nigerian Stock Exchange.
In 2001, ownership passed from British to French hands when Lafarge SA acquired Blue Circle Industries, automatically taking over WAPCO’s majority shares. A new plant was commissioned at Ewekoro in 2003, and by 2008 the company changed its name to Lafarge Cement WAPCO Nigeria Plc to reflect its new French parentage.
Things expanded further in 2014 when the Nigerian business merged with Lafarge South Africa to form Lafarge Africa Plc. That same year, on the global stage, Lafarge SA merged with Holcim of Switzerland to create LafargeHolcim, later renamed Holcim Group.
Between 2017 and 2018, Lafarge Africa brought several local acquisitions under one roof, including AshakaCem in Gombe State, United Cement Company of Nigeria (UniCem) in Cross River State, and Atlas Cement, a packaging hub in Port Harcourt. In 2019, the company sold off its struggling South African subsidiary to focus fully on the Nigerian market, which had proven far more profitable.
Enter The Chinese Owners
The latest and perhaps most significant chapter started in December 2024 when Holcim Group agreed to sell its 83.81 per cent stake in Lafarge Africa to Huaxin Building Materials, a Chinese multinational, in a deal valued at roughly $1 billion.
Shareholders gave their approval for the rebrand at an Annual General Meeting in April 2026, and by June 2026 the Corporate Affairs Commission had completed all the paperwork, officially retiring the Lafarge name in favour of HBM Nigeria Plc.
Who Exactly Is HBM
Huaxin Building Materials, formerly Huaxin Cement Co., Ltd., is often referred to as the cradle of China’s cement industry. Its history goes back to 1907 when it was founded as the Hubei Cement Plant in Huangshi, one of China’s earliest modern industrial projects. The company restructured into Huaxin Cement Co., Ltd. in 1943 and listed on the Shanghai Stock Exchange in 1994.
For over two decades, between 1999 and 2024, Huaxin maintained a close relationship with Holcim, which was actually its biggest shareholder for a large part of that period. That long standing partnership gave Huaxin a strong understanding of Holcim’s operations, assets and safety culture, something that helps explain why Huaxin became the natural buyer when Holcim decided to exit its African businesses.
Pushed by China’s Belt and Road Initiative, Huaxin began its international expansion in 2012, starting with an overseas branch in Tajikistan. Its African expansion followed soon after, with majority stakes acquired in Lafarge Zambia, Lafarge Cement Malawi, and operations in Tanzania, Mozambique, South Africa and Zimbabwe.
The Nigerian acquisition therefore fits into a wider continental strategy rather than standing alone. The group adopted the HBM name between 2025 and 2026 to reflect how far it has diversified beyond ordinary cement.
Today, HBM’s operations cover several areas. Cement and clinker remain its main business, with a global production capacity of more than 120 million tonnes yearly. It also handles aggregates, the mining and processing of sand, gravel and crushed stone, and ready mix concrete, which involves delivering pre mixed concrete to construction sites using specialised trucks.
The company runs a strong eco business arm too, converting municipal and industrial waste into thermal energy to power its plants instead of relying solely on coal. Its new building materials division produces wall materials, mortar, tile adhesives, waterproofing products and putty powder, some of which are sold under retail sub brands like Huaxinshifu.
HBM also engages in equipment engineering, designing and building heavy duty cement manufacturing machinery for its own use and for sale to other companies around the world.
One detail that stands out is that HBM reportedly operates the world’s first industrial production line that captures carbon dioxide directly from cement kiln exhaust gas and uses it to bake eco bricks, part of efforts to cut down the carbon footprint that has long trailed cement production.
Speaking at the unveiling in Lagos, the Group Managing Director and Chief Executive Officer, Lolu Alade Akinyemi, said the new identity captures the company’s growth as a leading building solutions provider. He assured Nigerians that although the corporate name has changed, operations, staff and customer relationships remain untouched. According to him, the transition will roll out gradually across the company’s locations nationwide.
The Chairman of HBM Nigeria Plc, Gbenga Oyebode, described the move as a strategic step to position the company for long term success while staying true to the values that have guided it over the years. He thanked shareholders, the board and staff for their continued support and confidence in the company’s future.
The Minister of Works, David Umahi, who attended the event, praised the outgoing Lafarge brand for its contributions to infrastructure development in the country, describing its products as impeccable.
Other dignitaries present included the Deputy Governor of Cross River State, Peter Odey, representatives of the Lagos and Ogun State governors, and traditional rulers from Cross River, Gombe and Ogun states, states where the company has major plants.