Umahi demands cut in cement prices as Lafarge rebrands to HBM

The Minister of Works, David Umahi, has called on cement manufacturers to immediately reduce the price of cement, warning that rising costs are threatening the execution of infrastructure projects across the country.

Umahi made the demand in Lagos during the unveiling of the new corporate identity of Lafarge Africa Plc, which officially changed its name to HBM Nigeria Plc following its acquisition by China’s Huaxin Building Materials Group.

Addressing industry leaders, investors and government officials at the event, the minister said escalating cement prices were placing enormous pressure on contractors handling federal infrastructure projects and fuelling demands for contract reviews.

“I want to insist that Lafarge, now HBM, and other manufacturers of cement should reduce their prices,” Umahi said.

According to him, the Federal Government will begin engagements with cement manufacturers from July 1 to address concerns over pricing and ensure that infrastructure projects are not adversely affected.

The minister argued that cement producers have a responsibility to support the country’s infrastructure expansion programme, noting that they stand to benefit significantly from the massive investments being made in roads, bridges and other public works.

The Group Managing Director and Chief Executive Officer, Lolu Alade-Akinyemi, said the new identity signals a forward-looking phase for the company while maintaining its longstanding commitment to Nigeria’s economic development.

“HBM Nigeria Plc represents an exciting new chapter in our journey as a leading building solutions company. While our corporate identity is evolving, our values remain the same, our culture remains the same and our commitment to Nigeria remains unwavering,” he said.

Alade-Akinyemi explained that the name change would not affect the company’s operations, workforce, customers or shareholders, adding that the transition would be implemented through a structured and phased process across its nationwide operations.

He said the company would continue to focus on producing cement, concrete, aggregates and other innovative building solutions to support infrastructure development, housing growth and industrialisation.

According to him, stakeholders should expect seamless business continuity, sustained investments and a stronger focus on creating long-term economic and social value.

Chairman of HBM Nigeria Plc, Gbenga Oyebode, said the transition was designed to position the company for long-term success while preserving the values that have defined its operations over the decades.

“I would like to express my sincere appreciation to our shareholders for their continued trust, to the Board and Management for their leadership, and to our employees whose dedication and commitment continue to drive the company forward. We are confident that HBM Nigeria Plc will continue to create sustainable value for shareholders, strengthen stakeholder trust and deliver on its long-term ambitions,” Oyebode said.

The unveiling ceremony attracted a broad spectrum of stakeholders, including the Deputy Governor of Cross River State, Peter Odey, representatives of the Lagos and Ogun State governments, traditional rulers from several states, former and current board members, members of the executive committee and captains of industry.

Formerly Lafarge Africa Plc, HBM Nigeria Plc remains one of Nigeria’s largest cement producers, with manufacturing operations in Ogun, Gombe and Cross River states, Ready-Mix operations in Lagos, Abuja and Port Harcourt, and an installed cement production capacity of 10.5 million metric tonnes per annum.

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