Holcim exits Nigeria; sells 84% Lafarge Africa stake to Huaxin for $1bn

Today’s Menu ☕️

• Holcim to exit Nigeria by selling its 84% Lafarge Africa stake to Huaxin Cement for $1 billion

• Penalty for Cash Shortages in ATMs: Can CBN’s Tough Measures Fix Nigeria’s Banking Challenges?

• FCCPC Launches Investigations Into GTBank, MTN, and Air Peace Over Consumer Complaints

• Senegal-Based Solarbox Africa Secures $1 Million Pre-Seed Funding to Expand Solar-Powered EV Solutions

• WTO Reappoints Dr. Ngozi Okonjo-Iweala for a Second Term as Director-General
  

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 ACQUISITION

Holcim to exit Nigeria by selling its 84% Lafarge Africa stake to Huaxin Cement for $1 billion

Swiss cement maker Holcim AG is set to exit the Nigerian market by selling its 83.8% stake in Lafarge Africa to China’s Huaxin Cement Co. in a landmark $1 billion deal. The transaction, expected to close in 2025 pending regulatory approvals, underscores Holcim’s ongoing strategy to streamline its portfolio and focus on high-growth regions and sustainable building solutions.

This move continues Holcim’s global divestment trend. In 2021, the company sold its 75% stake in Lafarge Zambia to Huaxin Cement for $100 million, alongside the divestment of its operations in the Indian Ocean region, including markets like Madagascar, Reunion, and Seychelles. These actions align with Holcim’s strategy to consolidate operations in core markets, prioritizing higher-margin products and innovative solutions.....continue reading

🏧 BANKING

Penalty for Cash Shortages in ATMs: Can CBN’s Tough Measures Fix Nigeria’s Banking Challenges?

Nigeria’s Central Bank (CBN) is taking a decisive stand against the persistent cash shortages that have plagued the nation’s banking system. Starting December 1, 2024, commercial banks that fail to ensure adequate cash availability at ATMs and branches will face penalties. This directive, announced by CBN Governor Olayemi Cardoso, aims to tackle a crisis that has frustrated millions of Nigerians, disrupted businesses, and threatened trust in the financial system.

The CBN’s latest directive reflects its commitment to addressing these issues. Banks will be subjected to spot checks, and customers experiencing difficulties withdrawing cash are encouraged to report incidents via state-specific channels. “We are imposing penalties on underperforming institutions to ensure regulatory compliance and service improvement,” Governor Cardoso stated at the 2024 Annual Bankers Dinner in Lagos.

These penalties are designed to ensure that banks prioritize cash availability at ATMs and branches, with the goal of restoring customer trust. The CBN has also pledged to maintain a robust cash buffer to meet seasonal demands, such as during the festive period....……continue reading

 CUSTOMER SERVICE

FCCPC Launches Investigations Into GTBank, MTN, and Air Peace Over Consumer Complaints

The Federal Competition and Consumer Protection Commission (FCCPC) has launched a significant inquiry into consumer complaints involving three major industries: banking, telecommunications, and aviation. The investigations aim to address allegations of poor service delivery, exploitative practices, and potential violations of consumer rights.

According to FCCPC in a statement, the inquiries, scheduled for December 3, 4, and 5, 2024, will scrutinize Guaranty Trust Bank (GTB), MTN Nigeria, and Air Peace Limited, respectively. The FCCPC’s actions underscore its dedication to upholding consumer protection laws and fostering a fair marketplace...……continue reading

🔋 ALTERNATIVE ENERGY

Senegal-Based Solarbox Africa Secures $1 Million Pre-Seed Funding to Expand Solar-Powered EV Solutions

Senegal-based startup Solarbox Africa, specializing in e-mobility and energy solutions, has successfully closed a US$1 million pre-seed funding round. This funding will enable the company to meet the growing demand for its solar-powered electric vehicles (EVs) in Senegal and the broader West African region.

Founded in 2022 by Tijan Watt and incubated under Wuri Ventures, Solarbox Africa focuses on designing, assembling, and deploying light electric vehicles, including two- and three-wheelers, specifically tailored for corporate clients. The startup integrates solar charging systems, flexible financing models, and fleet management solutions into its offerings, catering to businesses seeking sustainable transportation alternatives.

The US$1 million pre-seed funding round was led by a consortium of investors, including Digital Energy Facility—a collaboration between Agence Française de Développement (AFD), IetP, and Gaia Impact Fund—alongside Launch Africa Ventures, JLL Foundation, and Teranga Capital....……continue reading

OTHER STORIES

• WTO Reappoints Dr. Ngozi Okonjo-Iweala for a Second Term as Director-General……read more

• Federal Communications Commission (FCC) has granted SpaceX approval to launch its innovative Direct-to-Cell service, developed in collaboration with T-Mobile……read more

• Ralph Mupita’s tenure at MTN extended until 2030…….read more

• Nigerian VC firm Venture Garden Group partners with Ascend Studios and USAID to launch Africa Creative Blueprint……read more

• How Social Media Impacts Mental Health And Connection…….read more

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