Nigerian Senate Approves Lafarge Sale to Chinese Firm

On June 9, 2026, the Nigerian Senate endorsed the proposed sale of Lafarge Africa Plc to Hainan Huaxin Pan African Investment Company Plc. The Senate's approval followed the adoption of a report by an ad hoc committee chaired by Senator Abba Moro, which investigated concerns regarding Lafarge's ownership structure and the implications of the acquisition.

The Senate assured that the transaction would not affect the 16-19% equity held by local investors and directed that it strictly comply with Nigerian law. Relevant regulatory agencies, including the Securities and Exchange Commission (SEC) and the Federal Competition and Consumer Protection Commission (FCCPC), will oversee the process to ensure compliance.

The committee found no breaches of Nigerian law and concluded that the acquisition posed no immediate national security risk. Hainan Huaxin plans to inject fresh capital into Lafarge's operations in Nigeria and across Africa, maintaining the existing ownership structure characteristic of Lafarge's operations over the years.