BUHARI, ABBAS, AKUME, OTHERS AMONG AS WIKE REVOKES ALLOCATION OF 762 FCT LANDOWNERS. (PHOTO).

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 𝐁𝐮𝐡𝐚𝐫𝐢, 𝐀𝐛𝐛𝐚𝐬, 𝐀𝐤𝐮𝐦𝐞, 𝐎𝐭𝐡𝐞𝐫𝐬 𝐀𝐦𝐨𝐧𝐠 𝐚𝐬 𝐖𝐢𝐤𝐞 𝐑𝐞𝐯𝐨𝐤𝐞𝐬 𝐀𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝟕𝟔𝟐 𝐅𝐂𝐓 𝐋𝐚𝐧𝐝𝐨𝐰𝐧𝐞𝐫𝐬 Nyesom Wike, the Minister of the Federal Capital Territory, has revoked the lands allocated to several prominent Nigerians, including former President Muhammadu Buhari, Speaker of the House of Representatives Tajudeen Abbas, and Secretary to the Government of the Federation George Akume, due to non-payment of Certificate of Occupancy fees. Also, 759 other prominent figures and organisations in Maitama II, Abuja. were also affected by the revocation which was for non-payment of Certificate of Occupancy. This was contained in a publication by the FCT Administration and made available to newsmen by the Special Adviser to the FCT Minister, Lere Olayinka. In a separate publication, the minister also threatened to revoke lands belonging to the Minority Leader of the House of Representatives, Kingsley Chinda; former presidents of the Sena...
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SWISS CEMENT MAKER HOLCIM EXITS NIGERIA, SELLS BUSINESS TO CHINESE FIRM. (PHOTO).

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 Swiss cement maker Holcim exits Nigeria, sells business to Chinese firm


Swiss cement maker Holcim will exit its Nigerian business through the sale of its nearly 84% stake in Lafarge Africa to China’s Huaxin Cement, it was announced on Sunday.


The sale price is $1 billion for a 100% stake.


The sale aligns with Holcim’s strategy to streamline its portfolio and focus on high-growth regions, including the upcoming spin-off of its North American business, which remains on track for a U.S. listing in the first half of 2025.


The transaction is expected to close in 2025, subject to regulatory approval, according to Holcim’s statement, which did not provide further details on the reason for this specific sale.


In November 2023, Holcim said it had signed deals to sell its businesses in Uganda and Tanzania, further advancing its strategy to consolidate leadership in core markets as the global leader in innovative and sustainable building solutions.


According to Reuters, The deal marks the latest in a series of African acquisitions by Huaxin Cement. In 2021, Huaxin Cement announced it had agreed to buy two businesses that were part of Lafarge, which merged with Holcim in 2015: a 75% stake in Lafarge Zambia and all of Lafarge Cement Malawi.

Last year, it also announced the purchase of South Africa’s Natal Portland Cement Company.


Holcim has been focusing on sustainable growth in its core markets, higher-margin products, and strategic infrastructure investments. The company is also working to enhance its environmental credentials, having taken a stake in Sublime Systems, a U.S. tech start-up focused on low-carbon cement.


In October, Holcim reported a slightly better-than-expected recurring operating profit of 1.67 billion Swiss francs ($1.90 billion) for the third quarter.

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