The Nigerian Senate has officially given the green light for the acquisition of Lafarge Africa Plc by Hainan Huaxin Pan-African Investment Company Plc. Lawmakers emphasized that the transition must strictly adhere to national regulations and statutory protocols. This decision follows the adoption of a report submitted by the Senate Ad Hoc Committee, which was led by Senator Abba Moro.
Addressing the upper chamber, Senator Moro confirmed that the investigation revealed no threats to national security. The committee noted that the deal effectively involves the transfer of control between foreign entities, as Lafarge is already majority-owned by international interests. Crucially, the interests of local Nigerian shareholders remain protected, and their 16.19 per cent equity stake will be unaffected.
The committee highlighted several key assurances: the company brand and logo will stay the same, and there will be no staff layoffs for a minimum of two years. Furthermore, the acquisition is expected to bolster the domestic cement market and stimulate broader economic growth. While the Senate encourages foreign direct investment, it has explicitly directed all relevant regulatory bodies to maintain rigorous oversight throughout the change in ownership. The legislative body also encouraged the firm to boost its corporate social responsibility efforts for the benefit of host communities.
