Dangote Cement Rival, Lafarge, Proposes Name Change, New Prices Emerge
- Lafarge Africa Plc has sought the approval of shareholders to change its name
- The decision will be discussed at its AGM scheduled for April 30, 2026
- The company’s stock has recorded significant gains on the NGX in 2026
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Lafarge Africa Plc has announced plans to seek shareholder approval to change its corporate name to “HBM Nigeria Plc” at its 67th Annual General Meeting scheduled for April 30, 2026, in Lagos.
The disclosure was made in a filing with the Nigerian Exchange on Thursday, April 9.
Source: Getty Images
The company stated that the proposed rebranding forms part of key resolutions to be considered at the meeting, alongside approval of audited financial statements, dividend declaration, and board restructuring.
According to the filing, the name change will require a special resolution from shareholders and will involve an amendment to Clause 1 of the company’s Memorandum of Association to reflect its new legal identity.
The company also noted that its Register of Members and Transfer Books were closed between April 6 and April 10, 2026, to update records for dividend payment. If approved, dividends are scheduled to be paid on April 30 to eligible shareholders.
Name change proposal made days after cement price hike
The proposal to change the corporate name of Lafarge is coming days after leading manufacturers of cement, including Lafarge Cement, Dangote Cement and BUA Cement, increased the prices of cement across the country.
A bag of cement now sells for as high as N12,000 in many parts of the country. Industry operators say the latest increase marks another sharp jump from previous prices of between N11,000 and N11,500, raising concerns about affordability and housing deficit.
Strategic shift signalled
The proposed rebranding is seen as part of a broader effort by the company to reposition itself and signal a new phase of growth and strategic alignment.
This would mark the fourth name change in the company’s history, beginning from its original identity as West Africa Portland Cement Company (WAPCO).
It later became Lafarge Cement WAPCO Nigeria Plc following the acquisition of Blue Circle Industries, before adopting its current name after the merger of Lafarge and Holcim’s African operations in 2014.
Strong financial performance in 2025
The planned changes come on the back of improved financial results for the 2025 financial year.
The company reported revenue of N1.1 trillion, representing a 53 per cent increase from N696.8 billion in 2024.
Profit after tax rose significantly to N273 billion from N100.1 billion, while operating profit increased to N392 billion from N193 billion, driven by cost efficiency measures.
Earnings per share also climbed from N6.22 to N17, reflecting stronger profitability.
Source: Getty Images
Lafarge expands capacity of Ashaka, Sagamu plants
Legit.ng earlier reported that Lafarge Africa plans to expand capacity at its Ashaka and Sagamu plants to a combined 5.5 million metric tonnes per year.
The expansion, a move that lifted its share price to N165, could slightly ease cement supply constraints in a market dominated by three producers.
While higher capacity may improve availability, meaningful price reductions are unlikely without broader competition or policy changes.
Source: Legit.ng
