By Henry Umoru, Abuja

The Nigerian Senate has called on the Bureau of Public Enterprises (BPE) and the Securities and Exchange Commission (SEC) to intervene in the divestment process of Lafarge Cement Plc, citing economic and national security concerns.

This resolution followed a motion titled, “Urging the Federal Government to Halt the Sale of Lafarge Cement Plc to Chinese Investors in the Interest of National Security,” sponsored by Senator Salisu Shuaib Afolabi (APC, Ogun Central).

Presenting the motion, Senator Afolabi highlighted the strategic importance of Lafarge Cement Plc to Nigeria’s construction and industrial sectors. He noted that the company, located in Ewekoro, Ogun State, sits on one of Nigeria’s largest limestone deposits, a key raw material in cement production.

He raised concerns over plans by Holcim AG to sell its 83.8% stake in Lafarge Africa to Chinese company Huaxin Cement Co. in a deal valued at $1 billion, set for finalization in 2025, pending regulatory approval.

The Senate observed that allowing foreign dominance in such a critical sector could pose risks to Nigeria’s economic sovereignty, job security, and industrial growth.

The cement industry plays a crucial role in infrastructure development, including roads, bridges, and housing projects.

The sale to foreign investors could lead to capital flight, job losses, and regulatory challenges.

Several local investors have shown interest in acquiring Lafarge shares but have raised concerns about transparency in the divestment process.

The Nigerian Constitution (Section 16, 1999, as amended) emphasizes preventing wealth concentration in the hands of a few individuals or foreign entities.

Past government policies have encouraged local investment to drive economic growth and industrialization.

The Senate, therefore, urged BPE and SEC to intervene in the transaction to ensure fairness, transparency, and local participation in the divestment process.

The lawmakers stressed the need to prioritize national economic interests and prevent excessive foreign control of key industries crucial to Nigeria’s long-term development.