Senate Approves Lafarge Cement Sale to Chinese Firm

On Thursday, the Nigerian Senate approved the sale of Lafarge Cement Plc to Hainan Huaxin and Pan African Investment Company Plc, contingent upon compliance with Nigerian laws. The Senate urged regulatory authorities to oversee the transaction, addressing concerns about foreign ownership.

The ad hoc committee, chaired by Senate Minority Leader Abba Moro, investigated the sale, confirming that it would not affect the 16-19% stake held by Nigerian public investors. The committee found no immediate national security risks associated with the transaction and noted that Lafarge currently holds approximately 18% of the market share in Nigeria.

The acquisition is expected to bring additional capital investment into Lafarge's operations across Nigeria and Africa, aligning with the country's business policies aimed at attracting foreign direct investment. The Senate emphasized the importance of maintaining oversight to ensure the legitimacy of foreign investments in Nigeria's cement sector.