The Senate has directed the Bureau of Public Procurement (BPP) to stop the planned sale of Lafarge Cement Plc to a Chinese company, citing national security and economic sovereignty concerns.
Lafarge Cement, a key player in Nigeria’s construction and industrial sectors, is located in Ewekoro Local Council of Ogun State. The firm operates three cement plants in Nigeria with one in Ewekoro in Ogun State, Mfamosing in Calabar, Cross River State and Ashaka in Gombe State. The Senate’s intervention aims to ensure that the divestment process safeguards national interests.
Holcim AG, the majority stakeholder in Lafarge Africa with an 83.8 per cent share, has agreed to sell its stake to Huaxin Cement Co., a Chinese manufacturer, in a $1 billion deal set for completion in 2025, pending regulatory approval.
The Senate stressed the need to protect Nigeria’s strategic assets and called for policies that favour local investment in vital industries.
