The Senate has directed the Bureau of Public Procurement to immediately halt the planned sale of Lafarge Cement Plc to a Chinese company citing national security and economic concerns.
It explained that this is to ensure that the divestment process prioritises national security and economic sovereignty.
In a motion at the plenary on Thursday, Sen. Shuaib Afolabi Salisu representing Ogun Central noted Lafarge Cement Plc strategic importance to Nigeria’s construction and industrial sectors, saying it is not just another company but a key pillar of Nigeria’s infrastructure development which provides jobs and supports economic growth.
The company is located in Ewekoro Local Government Area in Ogun State.
He noted that Holcim AG, which holds an 83.8% stake in Lafarge Africa, is set to sell its shares to Huaxin Cement Co., a Chinese cement manufacturer, in a deal valued at $1 billion in a transaction that is set for completion in 2025, pending regulatory approval.
According to him, there are concerns as the deal could lead to capital flight, job losses, and reduced regulatory oversight over a sector vital to national development.
Sen. Afolabi added that, “We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands.
“Local investors have shown willingness to participate, yet they face unnecessary barriers. This is a matter of economic patriotism.”
“This is about protecting Nigeria’s economic future,” Senator Salisu concluded. “We must ensure that strategic assets like Lafarge Cement remain in the hands of those who have the country’s best interests at heart.”
