Business
Lawmakers worry as Senate approves sale of third-largest cement producer
Some senators on Thursday expressed reservations over the sale of Lafarge Africa Plc, Nigeria’s third-largest cement producer, to a Chinese company.
The lawmakers expressed concerns about the transfer of ownership to Hainan Huaxin Pan-African Investment Company Plc, noting that the identities of major shareholders in the proposed ownership structure were not fully disclosed.
The ownership structure, according to the Senate ad hoc committee that reviewed the transaction, showed that Lafarge Africa is proposing to sell its 18 per cent market share to Huaxin, while Nigerian public investors currently hold a combined 16.19 per cent stake in the company.
The committee chairman, Abba Moro, while presenting the report during the plenary, recommended that the transaction be allowed to proceed and that all relevant regulatory authorities continue to monitor compliance with Nigerian laws and regulations.
However, the report did not provide details of the remaining shareholding structure, either under the current arrangement or after the completion of the proposed acquisition.
The senators who opposed the sale said that a transaction involving one of Nigeria’s major cement producers should be conducted with greater transparency, including full disclosure of the company’s ownership structure.
The senator representing Bauchi Central, Abdul Ningi, was the first to question the proposed sale, describing the transaction as insufficiently transparent. Mr Ningi, a member of the Peoples Democratic Party (PDP), criticised the committee’s report for failing to disclose the complete shareholding structure of the company.
“I would have imagined that the report of the committee should specifically give us shareholding. Sixteen per cent Nigerians, 18 per cent Lafarge, what about the remaining? Who owns that? So, we need to understand where we are coming from. It is when you know who owns the rest that you’ll understand whether Nigerians are benefiting from these sales,” he stated.
Similarly, the senator representing Gombe Central, Danjuma Goje, expressed concerns about Lafarge’s operations in Gombe State, arguing that the company had not sufficiently benefited its host communities. Mr Goje, a former governor of Gombe State, urged the committee to recommend stricter conditions that would compel the company to comply with regulatory requirements and existing agreements with host communities.
Also, the senator representing Kebbi North Senatorial District, Yahaya Abdullahi, called for stronger safeguards to ensure that Nigerians, particularly residents of host communities, derive greater benefits from the transaction.
The Deputy Senate President, Barau Jibrin, who presided over the session, maintained that the chamber could only act on the recommendations contained in the committee’s report. Mr Jibrin, who represents Kano North Senatorial District, added that anyone seeking additional details about the transaction could obtain them through the Freedom of Information (FOI) Act.
“Anybody can write an FOI to the appropriate body to ask whatever information they wanted to ask,” he said. The Deputy Senate President subsequently put the committee’s recommendations to a voice vote, with the majority of senators supporting them. The Senate thereafter approved the transaction.
Lafarge Africa, a major player in Nigeria’s cement industry, is a subsidiary of Holcim AG, a multinational building materials company listed on the Swiss stock exchange. Lafarge Africa itself is listed on the Nigerian Exchange (NGX).
Holcim AG is reportedly finalising plans to sell its 83.8 per cent stake in Lafarge Africa to China’s Huaxin Cement Co. in a deal valued at about $1 billion, subject to regulatory approvals.
The proposed sale was first debated on the floor of the Nigerian Senate in March 2025, when the senator representing Ogun Central, Shuaib Salisu, sponsored a motion to address issues such as lack of transparency in the divestment process and limited access to the deal for Nigerian investors.
During the debate, senators were divided. While some cautioned against interfering in legitimate private-sector transactions and foreign investment, the majority stressed the need for regulatory oversight.
The Senate subsequently directed the Bureau of Public Enterprises (BPE) and Securities and Exchange Commission (SEC) to ensure the sale aligns with Nigeria’s economic and national security interests, and mandated its Capital Market Committee to liaise with all relevant agencies for proper scrutiny.
READ ALSO: Lafarge unveils new corporate identity, changes name to HBM Nigeria Plc
After the Capital Market Committee submitted its report recommending approval of the transaction, some senators remained dissatisfied, prompting the Senate to establish an ad hoc committee chaired by Mr Moro, the Minority Leader, to conduct a further review.
Lafarge Africa has many factories in Nigeria with cement operations in the South-west (Ewekoro and Sagamu in Ogun State), North-east (Ashaka, in Gombe State), and South-south (Mfamosing, Cross Rivers State). It also has Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5 metric tonnes per annum.
Business
CCTV Footage: Keyamo demands apology, N25,000 fine from Peter Obi over airport parking claim
The Minister of Aviation and Aerospace Development, Festus Keyamo, has demanded a public apology from the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, over claims that his vehicle was “unjustly” clamped at the Nnamdi Azikiwe International Airport, Abuja, describing the allegation as false.
Mr Keyamo, in a statement posted on his X page on Friday, also asked Mr Obi to pay the N25,000 fine prescribed for violating airport parking regulations, warning that failure to do so within one week could lead to further action by the Federal Airports Authority of Nigeria (FAAN).
The minister said he ordered an internal investigation after Mr Obi alleged that the incident formed part of a broader campaign of political persecution against him.
According to Mr Keyamo, CCTV footage from the airport showed that Mr Obi’s vehicle was parked unattended for about 30 minutes in a designated drop-off zone, contrary to airport regulations.
“Politics aside, every Nigerian is entitled to fair treatment under the law,” the minister said.
He added that, “I therefore instituted an internal inquiry over the issue.”
Minister disputes Obi’s account
Mr Keyamo said the footage showed that Mr Obi arrived at the airport on 4 July at about 8:28 p.m. and entered the terminal with two other occupants after alighting from the vehicle, which was being driven by a police officer.
According to him, the police officer also left the vehicle unattended after briefly returning to collect an item, prompting airport security personnel to clamp its tyres.
He said the officials were unaware the vehicle belonged to Mr Obi when they carried out the enforcement action.
The minister further alleged that after discovering the vehicle had been clamped, the police officer contacted Mr Obi by telephone and handed the phone to an airport manager.
Mr Keyamo claimed Mr Obi identified himself and requested the release of the vehicle, which was eventually released without payment of the prescribed fine.
He argued that leaving a vehicle unattended in a drop-off zone constitutes a security risk, particularly at an international airport.
“What has emerged from this is a clear case of an opposition candidate trying to whip up unnecessary sentiments for a wrong he committed with his driver,” Mr Keyamo said.
He dismissed Mr Obi’s claim that other improperly parked vehicles were ignored, describing the allegation as false.
Demands
The minister said Mr Obi should publicly apologise to airport personnel whom he accused of persecuting him while carrying out their lawful duties.
He also asked the former Anambra governor to return to the airport voluntarily and pay the N25,000 penalty for wrongful parking.
“If these demands are not met within one week, I will be giving the necessary directives to the Federal Airports Authority of Nigeria (FAAN) to take the next steps against him,” Mr Keyamo said.
Background
Earlier, Mr Obi, during an appearance on the With Chude podcast last week, alleged that he might not survive to contest the 2027 presidential election, citing what he described as a pattern of harassment against him and his associates.
Among the incidents he referenced was the airport episode, where he claimed his vehicle was clamped while other vehicles parked in the same area were left untouched. He also alleged that some of his associates had become reluctant to publicly associate with him for fear of government reprisal.
READ ALSO: Presidency reacts to Peter Obis safety concerns
The Presidency rejected the allegations, with President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, saying the airport incident stemmed from a breach of parking regulations rather than any act of political persecution.
Mr Obi, a former governor of Anambra State and the Labour Party’s presidential candidate in the 2023 general election, defected to the Nigeria Democratic Congress in December 2025 and is now the party’s presidential candidate for the 2027 election.
As of the time of filing this report, Mr Obi had not publicly responded to Mr Keyamo’s demands.
-
News3 days agoAPC Election Officials Break Silence on Pankshin/Kanke/Kanam Primary Dispute
-
Events2 days ago
Plateau Records 87% Drop in Malaria Prevalence as Stakeholders Rally Support for 2026 SMC Campaign
-
News4 days ago
‘Africa Deserved Better’ — Engr. Samuel Jackson Laments Heartbreaking Exit of Egypt, Senegal, as Continent Wins Global Respect
-
News4 days ago
FG suspends new internet platform rules pending harmonisation
