Connect with us

Business

Court Battles Stalling Huaxin Takeover of Lafarge Cement

The suit was instituted by Strategic Consultancy Ltd, a Nigerian firm and shareholder in Lafarge Africa, seeking to halt what it called the “surreptitious” divestment of Lafarge’s 83.81 percent stake by the Holcim Group—a Swiss multinational and Lafarge’s parent company.

Published

on

523 Views

Justice Lewis Allagoa of the Federal High Court in Lagos has ordered parties in the ongoing legal dispute over the sale of Lafarge Africa Plc to Chinese firm Huaxin Cement Ltd to maintain the status quo pending the outcome of an appeal.

The order followed the filing of a Notice of Appeal by Lafarge Africa, challenging the court’s earlier decision that dismissed its objection to jurisdiction.

The suit was instituted by Strategic Consultancy Ltd, a Nigerian firm and shareholder in Lafarge Africa, seeking to halt what it called the “surreptitious” divestment of Lafarge’s 83.81 percent stake by the Holcim Group—a Swiss multinational and Lafarge’s parent company.

Strategic Consultancy is asking the court to determine whether the transaction violates Nigerian corporate and investment laws, including the Companies and Allied Matters Act (CAMA) 2020, the Securities and Exchange Commission (SEC) Act, and the Nigeria Investment Promotion Commission (NIPC) Act—particularly in relation to minority shareholder rights and foreign ownership regulations.

During the proceedings, Lafarge Africa’s counsel, Mr. Babatunde Fagbohunlu, SAN, informed the court that the appeal had already been filed, and that records of proceedings had been transmitted to the Court of Appeal, along with an application for a stay of proceedings.

(ThisDay)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

NAFDAC Seals 18 Warehouses Over Expired Products in Niger State

According to NAFDAC, about 80,000 packets of expired non-alcoholic drinks, 5,000 packets of dairy milk, 16,000 packets of bottled water, 28 cartons of pasta and other assorted expired products were uncovered during the operation.

Published

on

By

5 Views

Photo: Expired beverages ; Credit: NAFDAC

The National Agency for Food and Drug Administration and Control (NAFDAC) has sealed no fewer than 18 warehouses in Bida, Niger State, following the discovery of large quantities of expired food and beverage products valued at over ₦100 million.

The warehouses, located around Ndazabo White House along Minna Road and behind Bida Modern Market, were shut after NAFDAC’s Investigation and Enforcement team acted on credible intelligence.

Items recovered during the raid included expired non-alcoholic beverages, dairy milk, candies, bottled water and pasta, some of which were already packaged for distribution.

According to NAFDAC, about 80,000 packets of expired non-alcoholic drinks, 5,000 packets of dairy milk, 16,000 packets of bottled water, 28 cartons of pasta and other assorted expired products were uncovered during the operation.

Managers of the affected warehouses were arrested for interrogation, during which preliminary findings linked the facilities to a company identified as BY Ventures.

This prompted NAFDAC officials to extend their operation to supermarkets owned by the company in Minna, where additional expired products and counterfeit Goya oil were allegedly found.

Both supermarkets were subsequently sealed, while the Managing Director of the company, Alhaji Yusuf Nadabo, was invited for further questioning.

The agency said that he admitted ownership of the expired products during interrogation.

NAFDAC stated that investigations are ongoing and that appropriate regulatory sanctions would be imposed at the conclusion of the process to serve as a deterrent to others.

Continue Reading

Business

Wema Bank Announces Grand Event for International Women’s Day 2026 on March 4

Published

on

11 Views

Wema Bank, Nigeria’s oldest indigenous financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced it will host its highly anticipated 2026 International Women’s Day (IWD) Grand Event on Tuesday, March 4, 2026.

The event, described by the bank as the industry’s biggest celebration of its kind, aligns with the global IWD 2026 theme “Give To Gain.” Wema Bank has adopted the sub-theme “When Women Gain, We Grow,” emphasizing the transformative impact of supporting and investing in women across personal, professional, and societal levels.

According to Managing Director/CEO Moruf Oseni, the initiative underscores the bank’s long-standing commitment to women’s empowerment and gender inclusion, in line with United Nations Sustainable Development Goal 5.

Through its women-focused proposition, SARA by Wema (launched in 2019), the institution has consistently championed programs like SARA Gives and the Big Sister Graduation Challenge to uplift women at every stage.

The March 4 event is expected to feature keynote addresses, fireside chats, panel discussions, networking sessions, and opportunities to convene top women leaders from diverse industries alongside everyday women navigating their paths to success.

It aims to foster actionable conversations on empowerment, leadership, and collective growth.

Registration is now open via the official portal at wemabank.com/iwd, with the bank encouraging early participation to secure spots.

This announcement builds on Wema Bank’s history of impactful IWD celebrations and reinforces its dedication to promoting gender equality and women’s advancement in Nigeria and beyond.

Further details on the venue, speakers, and full agenda are expected to be released in the coming weeks.

Continue Reading

Business

Dangote expands daughters’ roles as succession plan accelerates

Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.

Published

on

By

16 Views

• Aliko Dangote and his daughters

Aliko Dangote, Africa’s richest man, has assigned expanded leadership roles to his three daughters as part of preparations for the future of his industrial conglomerate, which he aims to grow into a $100 billion business within the next four years.

According to Business Day, an internal memo confirmed by a company spokesperson, Halima, Fatima and Mariya Dangote will take on broader responsibilities across key divisions of the Dangote Group, signalling a deliberate shift towards the next generation.

Fatima Dangote, the youngest, will assume a senior commercial role within the group’s energy division, which includes its Lagos-based oil refinery.

She will continue to oversee corporate communications and administration for the wider group.

Halima Dangote, who currently manages the family office in Dubai, will extend her oversight to its London operations while supporting the company’s international expansion efforts.

Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.

She will also take on responsibility for shaping strategy across the group’s food operations in all markets.

In the memo, the company said that the appointments were intended to “empower a new generation to take on expanded responsibilities in shaping our future.

”The changes mark a clear step in Dangote’s succession planning, transferring more operational authority to his daughters while he retains overall strategic control.

Continue Reading

Trending