Facing Stiff Local Competition, Cement Maker, Holcim, Exits Nigeria, Sells Lafarge to Chinese Firm for $1bn Emmanuel Addeh in Abuja
After roughly 65 years of operations in Nigeria, Swiss cement and other building materials’ maker, Holcim, yesterday announced that it was set
to leave the country. The company said in a brief statement that it will exit its Nigerian business through the sale of its almost 84 per cent stake in Lafarge Africa to China's Huaxin Cement in a deal
valued at $1 billion. Nigeria has in recent years developed huge local capacity in the manufacturing of cement, led by the Dangote Group and BUA Cement among others becoming market leaders in
the business segment. However, the extant transaction is expected to close in 2025, subject to regulatory approvals by the Nigerian authorities, the global building materials manufacturing company in the
business, likely for US listing in the first half of 2025. Lafarge Africa Plc, formerly known as West African Portland Cement
statement. THISDAY gathered that the agreement aligns with Holcim's strategy to streamline its portfolio and focus on high-growth regions, including the coming spin-off of its North American
Continued on page 10
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Port Harcourt Refinery Operational, Trucking Out Products Daily, Says Facility’s MD
NSChE president, Ogbuigwe, backs NNPC, insists refinery churning out fuels
Emmanuel Addeh in Abuja and Blessing Ibunge in Port Harcourt
The Managing Director of the Port Harcourt Refining Company Limited
(PHRC), Ibrahim Onoja yesterday dismissed an allegation that production at the refinery was halted, after it was inaugurated Tuesday last week. The Group Chief Executive Officer
of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, had flagged off the rehabilitated plant at the Area 5 terminal of the refinery, with the national oil company
saying that about 200 trucks would be loading out from the plant on a daily basis. However, the joy that accompanied the event appeared to have been
short-lived when some individuals and groups started insinuating that supply at the plant had been halted and facility shutdown, alleging that the resumption of activities was
staged-managed. But during a tour of the facility alongside journalists in Eleme, Rivers Continued on page 10
Ohanaeze Joins South-west, South-south, North-central in Backing Tinubu’s Tax Bills Atiku wants transparency and full disclosure of NEC's recommendations Zulum reiterates opposition to proposed fiscal alterations
Chuks Okocha, Emmanuel Addeh in Abuja, Benjamin Nworie in Abakaliki and Segun Awofadeji in Gombe President Bola Ahmed Tinubu‘s plan to reform Nigeria’s tax laws got a boost yesterday, with Ohanaeze Ndigbo, the apex socio- cultural organisation from the South-east joining the South-west, South-south and North-central parts of Nigeria to support the landmark bills expected to significantly alter the existing fiscal framework. Wading into the debate on the much-talked-about proposed legislations, Ohanaeze Ndigbo, in a statement issued by the Secretary General of the body, Okechukwu Isiguzoro, noted that the bills represent a transformative opportunity for the rejuvenation of Small Medium Enterprises (SMEs) and the enhancement of the fortunes of Nigerian workers. But the controversy over the four tax bills continued yesterday, with former Vice President Atiku Abubukar, however urging federal lawmakers to prioritise equity and inclusivity Continued on page 10
SIGNING OF AN MOU FOR DEVELOPMENT OF SOLID MINERALS...
L-R: President Emmanuel Macron of France; Minister of Solid Minerals, Dele Alake, President Bola Tinubu, Nigeria's First Lady, Oluremi Tinubu and French First Lady, Brigitte Macron at the signing of agreement on Solid Minerals Development at the Elysee Palace, Paris during President Tinubu's official visit to France ... recently