Nigerian Senate approves $1bn Lafarge sale to Chinese firm

The Nigerian Senate has endorsed the proposed $1 billion acquisition of Lafarge Africa Plc by China's Hainan Huaxin PanAfrican Investment Company Plc, concluding a months-long legislative review. The upper legislative chamber approved the transaction on Thursday, July 9, 2026, after adopting the report of an ad hoc committee, effectively giving the deal legislative backing subject to strict compliance with Nigerian laws.

The committee, chaired by Senate Minority Leader Abba Moro, was established to investigate the sale following public concerns about the cement producer's ownership structure and the implications of the deal. In its findings, the committee stated the controversy stemmed largely from a misconception that Lafarge Africa is wholly Nigerian-owned. It clarified that the transaction represents a transfer of ownership from one foreign investor to another, as the Swiss-based Holcim AG, the current majority shareholder, is divesting its 83.81 percent stake to Huaxin.

A central assurance from the committee is that the transaction will not affect the 16.19 percent equity stake held by Nigerian public investors, which will remain intact. The report also concluded that...