Business
Holcim exits Nigeria after $1 billion sell-off of Lafarge Stake to Huaxin Cement
Swiss cement maker Holcim -the parent company of Lafarge Africa, is set to exit Nigeria over unfavourable economic conditions.
Reuters reported on Sunday that Holcim, which owned an 84 per cent stake in Lafarge Africa (WAPCO.LG) said it has now sold its stake to China’s Huaxin Cement for $1 billion. According to Holcim, the deal, projected to be sealed by 2025, is subject to regulatory approvals.
The transaction is geared towards streamlining its portfolio by targeting high-growth regions like North America, which will, in 2025, the U.S. The company is said to be focused on sustainable growth in its core markets, higher-margin products and strategic infrastructure investments.
The development comes after the company, in September, acquired a stake in Sublime Systems, a U.S. tech start-up dealing in low-carbon cement, as it plans to improve its environmental credentials.
It’s also coming after the company, in October, reported a slightly better than expected after making a recurring operating profit of 1.67 billion Swiss francs ($1.90 billion) for the third quarter of 2024.
Other companies that have dumped Nigeria in 2024 include Pick n Pay, Microsoft Nigeria, Total Energies Nigeria, PZ Cussons Nigeria PLC, Kimberly-Clark Nigeria, and Diageo PLC, while a few others have left in 2023.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
-
Politics3 days agoBREAKING: Supreme Court Again Voids PDP’s Ibadan Convention In The Second Appeal
-
Business3 days agoNigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
-
News3 days agoEgbin Shutdown Throws Lagos Into Darkness, says NISO
-
News3 days agoPresident Tinubu Designates Joseph Tegbe New Minister of Power
-
Opinions2 days agoNigeria: Act Now Before It’s Too Late, By Emeka Monye
-
News2 days agoFrom 10-16 to 8-hour Workday, The Story of Worker’s Day May 1
-
Politics3 days agoBreaking: Supreme Court restores David Mark-led ADC leadership
-
News2 days agoContractor Dies in Egbin Power Plant ‘s Accident
