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Economy

High Court Hears Suit Challenging Sale Of Lafarge To Chinese Coy On Wednesday

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Senate Summons Lafarge Africa over

High Court Hears Suit Challenging Sale Of Lafarge To Chinese Coy On Wednesday

High court hears suit challenging sale of Lafarge to Chinese Coy on Wednesday. The planned sale of Lafarge Africa Plc to a Chinese-based multinational, Huaxin Cement, is at the centre of the controversy.

The Federal High Court in Ikoyi, Lagos is to begin hearing in a suit challenging the proposed sale of Lafarge Africa Plc to Chinese firm, Huaxin Cement Limited on Wednesday.

‎‎This follows a major legal blow to Lafarge Africa and its parent company, Holcim Group, after the court dismissed a motion seeking to challenge its jurisdiction to hear the case.

‎The suit was initiated by Strategic Consultancy Limited, a Nigerian firm and shareholder in Lafarge Africa, over what it describes as a “surreptitious” divestment of the company’s 83.81 percent majority shares held by Holcim Group.

‎The planned sale to Huaxin Cement, a Chinese-based multinational, is at the centre of the controversy.

‎The court is expected to examine whether the transaction violates Nigerian laws, including the Companies and Allied Matters Act (CAMA) 2020.
Others are the Securities and Exchange Commission Act, and the Nigeria Investment Promotion Commission (NIPC) Act, especially in relation to minority shareholder rights and dealings with foreign entities not registered in Nigeria.

‎Lafarge Africa, which is publicly listed on the Nigerian Exchange, became a dominant force in the local cement market after acquiring 83 percent stakes in three former federal government-owned cement firms during the privatisation exercises of 2001 and 2002.

Holcim Group, a Swiss multinational and majority owner of Lafarge Africa, had notified the Securities and Exchange Commission (SEC) of an ongoing internal restructuring.

‎However, Strategic Consultancy alleged that the planned share divestment was conducted secretly and without giving local shareholders, including itself, the right of first refusal or opportunity to acquire the shares.

‎Meanwhile the suit, filed against Lafarge Africa, Holcim Group, the Nigerian Exchange Limited, and the Central Securities Clearing System, argues that the transaction undermines the rights of minority shareholders and involves unlawful dealings with unregistered foreign corporations.

During the pre-trial session on May 15, presided over by Justice Lewis Allagoa, the court ruled against Lafarge’s preliminary objection contesting its jurisdiction.

‎The objection, raised by Babatunde Fagbohunlu (SAN) for Lafarge and Uzoma Azikiwe (SAN) for Holcim Group, was dismissed following arguments from Dr D.A. Awosika (SAN), counsel to Strategic Consultancy Limited.

‎“The 1st and 2nd defendants’ motion objecting to the cCourt’s jurisdiction is hereby dismissed,” Justice Allagoa ruled.

‎However in a further twist, the court ordered that Caricement BV (Netherlands) and Associated International Cements Ltd (England) be joined as the 5th and 6th defendants, respectively.

High Court Hears Suit Challenging Sale Of Lafarge To Chinese Coy

High Court Hears Suit Challenging Sale Of Lafarge To Chinese Coy


‎Both entities were identified by the respondents as beneficial owners of the shares in question.

“The court also granted leave to serve the new parties with court documents outside Nigeria.‎

‎It is hereby ordered that the persons sought to be joined herein and hereby joined as prayed and leave to issue and serve the originating summons out of jurisdiction is hereby granted,” the judge held.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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