Connect with us

News

Court Rejects Lafarge’s Bid to Stop Suit Over Planned Sale to Chinese Firm

Published

on

Court Rejects Lafarge’s Bid to Stop Suit Over Planned Sale to Chinese Firm

A Federal High Court in Ikoyi, Lagos, has dismissed an application by Lafarge Africa Plc challenging its jurisdiction to hear a suit over the company’s proposed sale of majority shares to a Chinese firm.
Justice Lewis Allagoa, delivering a ruling on Thursday, May 15, 2025, upheld the court’s authority to proceed with the matter filed by Strategic Consultancy Limited, a Nigerian firm and minority shareholder in Lafarge Africa.

Strategic Consultancy is seeking to stop Lafarge’s planned sale of 83 percent of its shares to Huaxin Cement Limited, a Chinese-based company. The plaintiff contends that the transaction was carried out secretly, excluding minority shareholders from the opportunity to purchase the shares. The suit also argues that the sale contravenes key Nigerian laws, including the Companies and Allied Matters Act (CAMA) 2020, the Securities and Exchange Act, and the Nigerian Investment Promotion Act, which prohibit certain transactions involving unregistered foreign entities and protect minority shareholder rights.

Lafarge, which is listed on the Nigerian Exchange, had earlier disclosed that the deal was part of an internal restructuring within the Holcim Group, a Swiss conglomerate that owns over 83 percent of Lafarge Africa’s issued share capital. The planned sale has drawn attention due to Lafarge’s historic acquisition of shares from three government-owned cement firms during the privatisation rounds of 2001 and 2002.

Justice Allagoa also ruled in favor of the plaintiff’s request to join two foreign entities—Caricement BV (Netherlands) and Associated International Cements Ltd (England)—which Lafarge identified as shareholders. The judge granted leave for the two new defendants to be served court processes outside Nigeria.

“The 1st and 2nd defendants’ motion objecting to the court’s jurisdiction is hereby dismissed,” Justice Allagoa ruled. “The persons sought to be joined herein are hereby joined as prayed, and leave to issue and serve the Originating Summons out of jurisdiction is hereby granted.”

The matter has been adjourned to June 11, 2025, for further proceedings

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

News

Adron Group Chairman Hails Dapo Abiodun’s Leadership at 66

Published

on

Adron Group Chairman Hails Dapo Abiodun’s Leadership at 66

The Chairman/Chief Executive Officer of Adron Group, Aare Adetola Emmanuel King, has extended his warm congratulations to the Executive Governor of Ogun State, His Excellency Prince Dapo Abiodun, CON, on the occasion of his 66th birthday.

In a goodwill message issued to commemorate the occasion, Aare EmmanuelKing described Governor Dapo Abiodun as a visionary leader, accomplished administrator, and distinguished statesman whose purposeful and people-oriented leadership continues to foster remarkable transformation, progressive governance, and sustainable development across Ogun State.

He noted that Governor Abiodun’s steadfast commitment to infrastructural development, economic advancement, youth empowerment, and the overall welfare of the citizenry has significantly positioned Ogun State as a foremost destination for investment, innovation, and socio-economic progress in Nigeria.

“On behalf of my family, the management, and staff of Adron Group, I sincerely felicitate with Your Excellency, Prince Dapo Abiodun, CON, on the occasion of your 66th birthday. Your exemplary leadership, humility, and unwavering dedication to public service remain highly commendable and inspiring. Ogun State has continued to experience substantial growth and development under your administration, while your contributions to governance and human capital development are truly noteworthy,” Aare EmmanuelKing stated.

He further offered prayers for God’s continued grace, wisdom, strength, and good health for the Governor as he continues to render selfless service to Ogun State and the nation at large.

Aare EmmanuelKing also wished Governor Abiodun many more years of impactful leadership, peace, and fulfillment in service to humanity.

Continue Reading

News

Adron Homes Felicitates Muslims on Eid Celebration

Published

on

Adron Homes Felicitates Muslims on Eid Celebration

Adron Homes & Properties has congratulated Muslim faithful across Nigeria and around the world on the occasion of Eid, urging them to continue embracing the virtues of peace, sacrifice, love, and unity that the season symbolizes.

In a statement issued by the management of Adron Homes & Properties, the company described Eid as a sacred period that promotes spiritual renewal, compassion, gratitude, and harmonious coexistence among people irrespective of tribe, religion, or social status.

The foremost real estate company noted that the values of selflessness, obedience, and generosity demonstrated during the holy season remain essential ingredients for national growth and societal development.

According to the statement, Nigerians should use the festive period as an opportunity to strengthen bonds of brotherhood, extend love to the less privileged, and pray for enduring peace and economic prosperity in the country.

Adron Homes further reaffirmed its commitment to providing affordable luxury homes and building sustainable communities that promote comfort, security, and family values for Nigerians at home and abroad.

The company prayed for divine blessings, joy, and fulfillment for all Muslim faithful celebrating Eid and wished them a peaceful and memorable celebration.

Continue Reading

News

RERAPAN CELEBRATES AMB. ENGR. (DR.) EMMANUEL ADEJIDE FAJUMO ON HIS BIRTHDAY

Published

on

RERAPAN CELEBRATES AMB. ENGR. (DR.) EMMANUEL ADEJIDE FAJUMO ON HIS BIRTHDAY

The Real Estate Reporters and Publishers Association of Nigeria (RERAPAN) has extended the association warm congratulations to Amb. Engr. (Dr.) Emmanuel Adejide Fajumo PhD, the Chairman, Oinz Homes and Properties Ltd on the occasion of his birthday celebration.

In a congratulatory message, Real Estate Reporters and Publishers Association of Nigeria praised Amb. Engr. (Dr.) Emmanuel Adejide Fajumo PhD, for his Outstanding dedication and immense contributions to the Nigerian Real Estate sector.

RERAPAN described the celebrant as a shining example in the business community, whose passion and commitment have left an indelible mark on the Real Estate Industry in Nigeria.

“You are indeed a source of inspiration to your generation and a shining example within the business environment”.

There is no doubt that you have written your name in gold and have revolutionized the Nigeria Real Estate Industry.

The National President of RERAPAN, Mr. Okpe Anthony Okpe further describe Amb. Engr. (Dr.) Emmanuel Adejide Fajumo PhD, the Chairman, Oinz Homes and Properties Ltd as the Most Media friendly and Philanthropic Real Estate Personality and Real Estate company in Nigeria.

RERAPAN offered prayers for good health, greater accomplishments, and many more remarkable years ahead for the business mogul.

Inconclusion, He also said RERAPAN looks forward to partner and have a cordial working relationship with Oinz Homes and Properties Ltd.

Continue Reading

Trending