The Nigerian Senate has officially given its legislative backing to the proposed $1 billion acquisition of Lafarge Africa Plc by the Chinese investor group, Hainan Huaxin Pan-African Investment Company Plc.

The clearance followed the presentation and adoption of a report by the Senate Ad Hoc Committee, chaired by Senate Minority Leader Senator Abba Moro.

The committee had been mandated to thoroughly investigate the transaction following public concerns and initial legislative resistance regarding the transparency of the divestment process and the protection of domestic assets.

* Misconception of Ownership: The Senate noted that much of the public controversy arose from a mistaken belief that Lafarge Africa was a wholly Nigerian-owned entity. The committee clarified that Lafarge Africa is a subsidiary of Swiss multinational Holcim AG, meaning the transaction is fundamentally a cross-border asset transfer from one foreign investor to another rather than the sale of a state-owned strategic asset.
* Nigerian Equity Intact: The Senate emphasized that the transaction would not alter or diminish the rights of local public investors, confirming that the 16.19% equity held by Nigerian public investors in Lafarge remains completely untouched and safe.
* National Security & Competitive Integrity: The investigation found no immediate national security risks linked to the acquisition. Furthermore, since Lafarge currently commands an 18% market share in the domestic cement sector, regulators confirmed the acquisition would not adversely disrupt the competitive structure of the industry or create a harmful monopoly.
* Job Stability and Capital Injection: The Federal Competition and Consumer Protection Commission (FCCPC) provided assurances that the transition would maintain workforce stability, protecting local jobs, while Huaxin is expected to inject fresh capital to expand the company’s manufacturing footprint.

Despite the unanimous adoption of the report, the legislative approval was preceded by a spirited debate on the floor of the upper chamber. Senator Abdul Ningi questioned the completeness of the report’s shareholding data, pointing out that while local investors hold roughly 16% and the divesting Holcim group holds an 18% market share, the report remained silent on the definitive breakdown of the remaining 66% equity before and after the deal.

Deputy Senate President Jibrin Barau, who presided over the session, maintained that the Senate must act on the verified recommendations presented by the committee, adding that interested parties could seek further institutional granular data under the Freedom of Information (FOI) Act.

The Senate ultimately directed regulatory bodies—including the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), and the FCCPC—to maintain rigorous oversight to guarantee that the final execution of the $1 billion deal strictly complies with all extant Nigerian laws.

Additionally, incoming investors were urged to implement stricter Corporate Social Responsibility (CSR) obligations to support host communities across the country.