David Umahi, the Minister of Works, has urged cement producers to lower their prices right away, stating that growing expenses are endangering the nation’s infrastructure projects.
When Lafarge Africa Plc formally changed its name to HBM Nigeria Plc after being acquired by China’s Huaxin Building Materials Group, Umahi made the demand in Lagos.Speaking to government officials, business executives, and investors at the event, the minister stated that rising cement costs were putting a great deal of strain on contractors working on federal infrastructure projects and driving requests for contract reviews.
“I want to insist that Lafarge, now HBM, and other cement manufacturers lower their prices,” Umahi declared.
He claims that starting on July 1, the Federal Government would start interacting with cement producers to resolve pricing issues and make sure that infrastructure projects are not negatively impacted.Given that they stand to gain a great deal from the enormous investments being made in roads, bridges, and other public works, the minister contended that cement manufacturers have an obligation to support the nation’s infrastructure building program.
According to Lolu Alade-Akinyemi, Group Managing Director and Chief Executive Officer, the company’s new identity represents a forward-looking phase while upholding its longstanding commitment to Nigeria’s economic development.
“As a top provider of building solutions, HBM Nigeria Plc marks an exciting new chapter in our history.” Our business brand is changing, but our beliefs, culture, and steadfast dedication to Nigeria have not changed,” he stated.The company’s operations, employees, clients, and shareholders will not be impacted by the name change, according to Alade-Akinyemi, who also stated that the move would be carried out in a methodical and progressive manner throughout its national activities.
According to him, the business will keep concentrating on making cement, concrete, aggregates, and other cutting-edge building materials to aid in the expansion of housing, infrastructure, and industry.
He claims that stakeholders should anticipate smooth company continuity, ongoing investments, and a greater emphasis on generating long-term social and economic benefit.
Gbenga Oyebode, chairman of HBM Nigeria Plc, stated that the change was intended to set up the business for long-term success while upholding the principles that have shaped its operations over the years.I want to sincerely thank the Board and Management for their leadership, our staff for their devotion and hard work, and our shareholders for their unwavering trust. We have faith that HBM Nigeria Plc will fulfill its long-term goals, build stakeholder trust, and produce sustainable wealth for shareholders,” Oyebode stated.
A wide range of stakeholders attended the unveiling ceremony, including Peter Odey, the deputy governor of Cross River State, representatives from the governments of Lagos and Ogun State, traditional leaders from various states, current and former board members, executive committee members, and business captains.With manufacturing facilities in Ogun, Gombe, and Cross River states, ready-mix facilities in Lagos, Abuja, and Port Harcourt, and an installed cement production capacity of 10.5 million metric tonnes annually, HBM Nigeria Plc—formerly known as Lafarge Africa Plc—remains one of Nigeria’s biggest cement producers.
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