Holcim says that it has finalised the sale of Lafarge Africa, offloading its entire 83.81% stake in Lafarge Africa Plc to China’s Huaxin Cement. The deal, valued at $1 billion on a 100 percent equity basis before dividend adjustments, marks Holcim’s exit from Nigeria.

Martin Kriegner, Regional Head for Asia, Middle East & Africa, in a press release, said the transaction provides Holcim with fresh capacity for growth-focused investments. In the statement, he also expressed confidence in Huaxin’s commitment to expanding Lafarge Africa’s footprint in Nigeria.

However, this claim is an about-face from ground reality, as a Nigerian Federal High Court has ordered all parties to maintain the status quo while an appeal is underway. The case, brought by Strategic Consultancy Ltd, a local shareholder, challenges the legality of the sale and alleges infringements of Nigeria’s Companies and Allied Matters Act (CAMA) 2020, Securities and Exchange Commission Act, and the Nigeria Investment Promotion Commission (NIPC) Act. Key issues include whether the divestment was executed transparently and with due regard for minority shareholder rights. (BusinessDay)