Lafarge Cement, a key player in Nigeria’s construction and industrial sectors, is located in Ewekoro Local Council of Ogun State. The Senate’s intervention aims to ensure that the divestment process safeguards national interests.
During plenary, yesterday, Sen Shuaib Salisu (Ogun Central) raised a motion highlighting the strategic importance of Lafarge Cement to the country’s infrastructure development.
According to him, the company is more than just a business, as it provides jobs and supports economic growth. Holcim AG, the majority stakeholder in Lafarge Africa with an 83.8 per cent 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.
Salisu warned that the transaction could lead to capital flight, job losses and weakened regulatory oversight in a crucial sector. He also noted that Nigerian investors showed interest in acquiring Lafarge but faced challenges in participating.
“We cannot afford to wake up one day and realise 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 stressed the need to protect Nigeria’s strategic assets and called for policies that favour local investment in vital industries.
