The Senate, on Thursday, backed the sale of Lafarge Cement Plc to Hainan Huaxin Pan-African Investment Company Plc.

This followed the consideration of the report of the Senate ad hoc committee on the sale of Lafarge Cement Company Plc to Hainan Huaxin Pan-African Investment Company Plc during plenary.

Chairman of the ad hoc committee, Senator Abba Moro, presented the report.

He said the committee found no immediate national security risk associated with the transaction and urged all relevant regulatory agencies to sustain strict oversight throughout the process.

Mr Moro also said the committee recommended that in finalising the transaction, the parties must comply with due process and “all Nigerian extant laws on the subject.”

They recalled that the sale of the firm was the subject of a probe conducted by the Senate committee on the capital market in December 2025.

This was after questions were raised over the ownership status of Lafarge and the investment stake of Nigeria in the firm.

An ad hoc committee, chaired by Mr Moro, later took over the investigation to further review the process.

The report of the committee, which the Senate approved on Thursday, fully backed the sale of the cement firm so long as it complied with Nigeria’s extant laws.

Mr Moro said, “The Senate does urge and encourage all the regulatory authorities involved in this transaction to continue to carry out their respective regulatory oversight.

“And to monitor compliance in line with our extant laws and regulations.”

According to him, the committee noted that the whole uproar surrounding the sale of Lafarge emanated from a misconception over the ownership of the firm, especially when it was thought to be wholly owned by Nigeria.

“That there is a misconception about the ownership of Lafarge, as the current development is basically a transfer from one foreign ownership to another, being that Lafarge itself, is a foreign firm that is selling its ownership to Huaxin.

“As such, this transaction will not affect the investment of Nigerian public investors in the company,” he said.

Mr Moro further said, “that the integration of foreign investment, through this transaction, is viewed as an economic necessity and strategic initiative that aligns with national development goals.”

He added that the committee also found that relevant regulatory authorities, including the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC), had reviewed aspects of the transactions to ensure compliance with applicable laws and regulations.

“And based on available information, the committee found no immediate national security risk associated with the transaction,” he said.

He further reported that the 16.19 per cent shares owned by Nigerians in the firm remained intact despite the sale.

“That the concern surrounding foreign ownership within the cement industry should not be a source of concern, as Lafarge at the moment, currently holds approximately 18 per cent of the market share,” he added.

In his remarks, Deputy Senate President Jibrin Barau commended the committee, saying its report has resolved concerns surrounding the transaction.

He described the report as comprehensive and well-articulated, noting that it had established the facts surrounding the transaction and effectively laid the matter to rest.

“The information is well put together and well understood. This matter has now been put to rest,” he said.

(NAN)