The Nigerian Senate debates the $1 billion sale of Lafarge Africa to China’s Huaxin Cement, raising concerns over economic sovereignty and transparency. Lawmakers urge regulatory oversight to ensure fairness, while some warn against excessive interference in private transactions. The deal’s approval awaits further regulatory decisions.
The Nigerian Senate on Thursday engaged in a heated debate over the proposed sale of Lafarge Africa, the country’s third-largest cement manufacturer, to a Chinese firm. Lawmakers raised concerns about economic sovereignty, transparency, and foreign dominance in the cement industry.
Following deliberations, the Senate directed the Bureau of Public Enterprises (BPE) and the Securities and Exchange Commission (SEC) to monitor the sale to ensure compliance with national security and economic interests. The Senate’s Capital Market Committee was also tasked with working alongside government agencies to guarantee transparency in the transaction.
The motion was introduced by Senator Shuaib Salisu (APC, Ogun Central), who warned that allowing foreign control over critical industries could weaken Nigeria’s economic independence. He also criticized the divestment process for allegedly excluding local investors.
While some senators cautioned against excessive government intervention in private transactions, the majority agreed that oversight was necessary to protect national interests. Senator Solomon Olamilekan (APC, Ogun West) emphasized that transparency was key, stating that “every Nigerian should have the opportunity to participate.”
However, Senator Jimoh Ibrahim (APC, Ondo South) opposed any interference, arguing that the Senate should not obstruct free-market transactions. Similarly, Senator Binos Yaroe (PDP, Adamawa Central) noted that corporate acquisitions are routine in business and that unnecessary barriers could discourage foreign investment.
Despite opposing views, the Senate approved the motion. Senate President Godswill Akpabio reiterated that while companies have the right to sell their assets, the process must be open and fair, with consideration for national security and local investment opportunities.
The proposed deal, reportedly worth $1 billion, involves Holcim AG’s sale of its 83.8% stake in Lafarge Africa to China’s Huaxin Cement Co. If approved, the transaction will be finalized in 2025, pending regulatory clearances.
The Senate’s intervention highlights Nigeria’s broader struggle to balance foreign investment with economic self-reliance. Observers now await further regulatory decisions on the controversial deal.
