The Nigerian Senate has instructed the Bureau of Public Procurement (BPP) to halt the proposed sale of Lafarge Cement Plc to a Chinese company, citing concerns over national security and economic sovereignty.
Lafarge Cement, a major player in Nigeria’s construction and industrial sectors, operates in Ewekoro Local Government Area, Ogun State.
The Senate’s decision aims to ensure that any divestment safeguards national interests.
During Thursday’s plenary, Senator Shuaib Afolabi Salisu (Ogun Central) presented a motion stressing the strategic importance of Lafarge Cement to Nigeria’s infrastructure and economic development.
He underscored that the company is not merely a business but a vital contributor to Nigeria’s 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.
Expressing concerns over the sale, Senator Salisu warned that the deal could result in capital flight, job losses, and weakened regulatory oversight in the cement industry.
He also highlighted that Nigerian investors have shown interest in acquiring Lafarge but face obstacles 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,” he said. “This is a matter of economic patriotism.”
The Senate emphasized the importance of protecting Nigeria’s strategic assets and urged the government to implement policies that encourage local investment in critical industries.
