The Nigerian Senate has endorsed the proposed sale of Lafarge Africa Plc to Chinese investor Huaxin Pan-African Investment Company, declaring that the transaction should proceed provided all Nigerian laws and regulatory requirements are fully complied with.
The upper chamber also assured that the 16.19 per cent equity held by Nigerian public investors in the cement company would remain unaffected by the transaction.
The resolution followed the adoption of the report of an ad hoc committee chaired by the Senate Minority Leader, Senator Abba Moro, which investigated the proposed acquisition after concerns were raised over Lafarge’s ownership structure and Nigeria’s stake in the company.
The probe began in December 2025 under the Senate Committee on Capital Market before it was transferred to the Moro-led ad hoc committee for a more comprehensive review.
Presenting its findings, the committee concluded that the proposed acquisition should be allowed to proceed, while urging all relevant regulatory agencies to sustain close oversight of the transaction.
The Senate resolved that all agencies involved in the approval process should continue to monitor compliance with extant laws and regulations governing the transaction.
The committee said much of the controversy surrounding the sale stemmed from a misconception that Lafarge was wholly Nigerian-owned.
According to the report, the transaction is essentially a transfer of ownership from one foreign investor to another, as Lafarge’s majority shareholder is a foreign company disposing of its stake to Huaxin.
It stressed that the acquisition would not affect the interests of Nigerian shareholders, whose combined 16.19 per cent stake in the company would remain intact. Africans& Diaspora
The lawmakers further described the investment as consistent with Nigeria’s drive to attract foreign direct investment (FDI) and promote industrial growth.
The committee also disclosed that key regulatory agencies, including the Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), Federal Competition and Consumer Protection Commission (FCCPC), Nigerian Investment Promotion Commission (NIPC) and the Bureau of Public Enterprises (BPE), had reviewed various aspects of the transaction and found it to be in compliance with applicable laws. Africans& Diaspora
It added that available evidence revealed no immediate national security threat arising from the proposed acquisition.
According to the report, the acquiring company has indicated plans to inject fresh capital into Lafarge’s operations in Nigeria and across Africa.
The committee also noted that concerns over foreign ownership in the cement industry were misplaced, pointing out that Lafarge currently controls about 18 per cent of Nigeria’s cement market.
It further said assurances had been received on the protection of workers during the transition, in line with directives issued by the FCCPC.
The report maintained that the acquisition would not introduce a new pattern of foreign majority ownership in the sector but would simply sustain an existing ownership structure.
It also noted that Holcim’s continued participation through its partnership with Huaxin would strengthen corporate governance in line with international standards.
The committee concluded that Huaxin’s proposed investment programme would stimulate economic activities, create jobs and deepen foreign direct investment in Nigeria.
It therefore urged the Senate to continue supporting policies that encourage responsible investment in the cement industry while ensuring effective oversight of strategic national assets.
Credit: thenationonlineng.net
