By Our Correspondent
The Senate has resolved to directed the Bureau of Public Procurement (BPP) to stop the planned sale of Larfage Cement Plc to Chinese company, citing national security and economic sovereignty of Nigeria.
Lafarge Cement Plc which is a key player in Nigeria’s construction and industrial sectors, is located in Ewekoro Local Government Area, Ogun State. The Senate’s intervention aims to ensure that the divestment process safeguards national interests.
During plenary on Thursday, Senator Shuaib Afolabi Salisu (Ogun Central) raised a motion highlighting the strategic importance of Lafarge Cement to Nigeria’s infrastructure development. He emphasized that the company is more than just a business, as it provides jobs and supports economic growth.
Holcim AG, the majority stakeholder in Lafarge Africa with an 83.8% 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.
Senator Salisu warned that the transaction could lead to capital flight, job losses, and weakened regulatory oversight in a crucial sector. He also noted that Nigerian investors have shown interest in acquiring Lafarge but face challenges in participating.
“We cannot afford to wake up one day and realize that our cement industry, one of the backbones of our economy, is entirely in foreign hands”, adding “this is a matter of economic patriotism”.
The Senate stressed the need to protect Nigeria’s strategic assets and called for policies that favour local investment in vital industries.
