Interestingly, Caricement BV holds 56.04 percent shareholding of N9.03 billion while Associated Int. Cements Ltd U.K holds 27.77 percent shareholding of N4.47 billion. Lafarge's 2020 Annual report notes that these two companies which jointly hold 83.81 shares of the company are subsidiaries of Holcim, the parent company of Lafarge Africa. Thus, considering the provisions of CAMA, the only entity with at least 5 percent voting rights is Holcim. Their two subsidiaries make them the substantial shareholder or otherwise referred to as the beneficial owners of Lafarge Africa. Who then are the faces behind Holcim?