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Lawmakers worry as Senate approves sale of third-largest cement producer

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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.

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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.

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Insurance Industry Set for 2026 Almond Awards November 6

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Excitement is building within Nigeria’s insurance industry as stakeholders prepare for the 2026 Almond Insurance Industry Awards, scheduled to hold on Friday, November 6, 2026, at the Stable Event Centre.

The highly anticipated annual event, organised by Almond Productions Limited, is expected to attract leading personalities, industry professionals and other distinguished guests from within and outside the insurance sector.

Preparations for this year’s edition have been ongoing for over six months, generating considerable interest across the insurance industry and beyond.

Speaking in a press release, the Head of the Awards Team and Chief Executive Officer of Almond Productions Limited, Ms. Faith Ughwode, said the organisers had gone above and beyond to ensure that guests enjoy a memorable experience.

According to her, the organisers have lined up some of the finest entertainers in the music and comedy industries to add excitement and glamour to the occasion.

The Almond Insurance Industry Awards is an annual platform dedicated to recognising and celebrating individuals and organisations whose contributions are making a significant difference in Nigeria’s insurance ecosystem.

The 2026 edition is expected to bring together key industry stakeholders and dignitaries for an evening of recognition, networking, entertainment and celebration of excellence in the insurance sector.

The event will be strictly black-tie, with guests expected to appear in formal evening attire.

Ms. Ughwode also emphasised that admission to the event would be strictly by ticket, urging prospective attendees to make the necessary arrangements ahead of the ceremony.

The post Insurance Industry Set for 2026 Almond Awards November 6 appeared first on Business Today NG.

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Nearly 90% of Nigerian Adults Support Methane Emission Cuts – Report

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Nearly 90 per cent of Nigerian adults support measures to reduce methane emissions, one of the most potent greenhouse gases contributing to global warming, a new survey has found.

The figure represents a 17-percentage-point increase from the 72 per cent recorded in 2024. The survey also found that more than half (53 per cent) of Nigerian adults are very concerned about climate change.

The Global Methane Hub (GMH) commissioned the survey in collaboration with the Yale Program on Climate Change Communication (YPCCC), and it was published on 29 October.

Conducted across Nigeria and 17 other countries, the international survey sought to measure public awareness of climate change and methane emissions, and to examine attitudes towards solutions for reducing methane pollution.

The findings show that concern is even greater regarding immediate environmental threats. About 67 per cent of Nigerian respondents said they were very concerned about poor water quality, while 60 per cent expressed similar concerns about flooding and access to drinking water. Another 55 per cent were very concerned about poor air quality.

Researchers said the findings reflect the growing effects of climate change in Nigeria, where increasingly intense rainfall and flooding are putting communities, infrastructure and water systems at risk.

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The findings also reinforce concerns PREMIUM TIMES has repeatedly highlighted about methane emissions across Nigeria’s oil and gas sector and their consequences for the lives and livelihoods of communities in oil-producing areas.

Nigeria faces significant methane emission challenges, largely driven by oil and gas production, routine gas flaring, venting and ageing infrastructure. Concerns have also persisted over the enforcement of regulations governing gas flaring and methane emissions.

Methane leaks and routine gas flaring in the Niger Delta have been linked to environmental pollution, contamination of local water sources, damage to farmlands and respiratory health risks.

In Bille, Rivers State, for instance, severe methane bubbling and contamination of water wells have reportedly created acute health and safety concerns for residents.

The continued burning and venting of associated gas also represents a significant economic loss, as billions of cubic feet of gas that could otherwise be captured and commercialised are wasted annually.

Growing environmental concerns

In July, heavy rainfall triggered widespread flooding across parts of Nigeria, including Lagos, as saturated soils increased the risk of flash floods. Authorities also warned that 27 states could be affected.

As the rainy season intensified, authorities subsequently placed 14 states on flood alert, highlighting the growing risks facing communities already struggling with flooding, deteriorating water quality and limited access to safe drinking water.

Methane is a short-lived climate pollutant and one of the most effective targets for slowing global warming in the near term. It is more than 80 times as potent as carbon dioxide over 20 years.

Reducing methane emissions can also deliver significant public health and economic benefits, including improved air quality and reduced pollution exposure.

“As flooding and water challenges put greater pressure on communities across Nigeria, the case for tackling methane is becoming increasingly clear,” said Marcelo Mena, Chief Executive Officer of the Global Methane Hub.

“This survey shows strong and growing support for methane action, with nearly nine in ten Nigerians now supporting efforts to reduce emissions. In the oil and gas sector, for example, cutting methane leaks, venting and flaring reduces pollution and safety risks for nearby communities while helping slow warming.

“It also makes Nigerian oil and gas more competitive, as buyers in markets like Europe increasingly demand lower-methane supply.”

Tengi George-Ikoli, Nigeria Country Manager at the Natural Resource Governance Institute (NRGI), said Nigerians had legitimate reasons to be concerned about methane emissions and their effects on health, the environment and livelihoods.

“Nigerians are right to be concerned about methane emissions and the harm they cause to health, environments and livelihoods,” she said.

“In parts of the Niger Delta, those costs are already being felt, so communities are justified in calling for stronger enforcement of environmental regulations and for clear mechanisms to prevent, mitigate and respond to methane-related harm.

“As Nigeria expands its use of gas, reducing methane emissions must remain a priority to support liveable communities, protect vulnerable populations and help the country meet its climate commitments.”

Anthony Leiserowitz, Director of the Yale Program on Climate Change Communication, said understanding public awareness and perceptions was essential to effective communication and policymaking.

“Understanding what people know and think is essential to effective public communication and policymaking,” he said.

“Methane reduction is one of the fastest ways to limit global warming, making it critical that the public understands both the challenge and the solutions.

“This research helps provide the data needed to identify public knowledge gaps, strengthen communication campaigns, and help informed citizens participate in these climate change solutions.”

Key findings of the survey

The survey found that 69 per cent of Nigerian respondents believe climate change is caused by human activities, while 89 per cent support measures to reduce methane emissions.

It also found that nearly two-thirds (64 per cent) of respondents were familiar with methane.

Oil and gas companies were identified as both significant contributors to climate change and important actors capable of addressing it.

About 57 per cent of respondents ranked oil and gas companies among the three entities most responsible for climate change, while 78 per cent considered them very capable of making meaningful changes.

Nigerians want industries to address climate change

The findings show broad support for reducing methane emissions across the three major sectors responsible for most human-caused methane pollution: agriculture, waste and energy.

In agriculture, 84 per cent of respondents supported efforts to minimise methane emissions, while 88 per cent backed measures to reduce emissions from waste disposal.

Similarly, 88 per cent supported reducing methane emissions from energy production.

Overall, the 89 per cent support for methane reduction matched the proportion of respondents who backed broader climate action.

The report said the findings demonstrate widespread public support for industry-led interventions and stronger environmental protections.

It also noted that Nigerians see corruption as a major obstacle to enforcing environmental regulations effectively.

With strong majorities supporting methane reduction across all three sectors, the report said policymakers and industries have an opportunity to advance solutions that reduce pollution while strengthening environmental accountability.

Global support for methane reduction remains strong

The international survey covered 18 countries across four continents: Brazil, China, Denmark, Ethiopia, Germany, Greece, Indonesia, Italy, Malaysia, Morocco, Nigeria, Paraguay, South Africa, South Korea, Spain, the United Arab Emirates, the United Kingdom and Uruguay.

The online survey gathered responses from 12,189 adults, including at least 700 respondents in Nigeria.

Participants were asked questions about their perceptions of climate change, environmental concerns, awareness of methane emissions and support for specific policies to reduce methane pollution.

Across the countries surveyed, 85 per cent of respondents supported action to reduce methane emissions, indicating widespread international backing for efforts to tackle the pollutant.

Support was particularly strong in Asia, Africa and Latin America, reaching 94 per cent in South Korea, 91 per cent in Malaysia, 90 per cent in China and Brazil, and 89 per cent in Nigeria and South Africa.

The findings also showed that respondents who reported experiencing greater climate change impacts were more likely to support measures to reduce methane emissions.

Across regions, respondents expressed concern about the tangible effects of climate change in their communities, including extreme heat, wildfires, drought, flooding and deteriorating water quality.

Waste emerged as a particularly prominent area for methane reduction in several countries, alongside strong support for interventions in the energy and agriculture sectors.

The report further highlighted public expectations for governments and industries to take greater responsibility for reducing methane emissions.

Why reducing methane is critical to tackling climate change

The report described methane reduction as one of the fastest ways to slow global warming in the near term.

Methane accounts for approximately 30 per cent of the warming experienced since pre-industrial times and is more than 80 times as powerful as carbon dioxide over 20 years.

Unlike carbon dioxide, which can remain in the atmosphere for centuries, most methane breaks down within approximately a decade.

According to the report, cutting human-caused methane emissions by 45 per cent this decade could prevent nearly 0.3 degrees Celsius of warming by 2045, helping to keep international climate commitments within reach.

Reducing methane emissions would also improve air quality, protect agricultural production, create jobs, strengthen food systems, reduce health risks, and improve community resilience.

The report stressed that because methane pollution crosses national borders, coordinated action among governments, businesses, researchers and communities is essential to achieving significant reductions.

Melissa Bell, Senior Vice President of Research at Global Strategy Group, GMH’s research partner, said the consistent findings across countries demonstrated sustained public support for methane reduction.

“The consistency of these findings sends a clear signal: support for reducing methane emissions is strong and sustained,” she said.

“People are concerned about the impacts of climate change, they support action across the major sources of methane emissions, and they expect those with the greatest ability to make a difference to take responsibility.”

Survey methodology

Global Strategy Group conducted the 10-minute online survey between 3 and 25 August 2026. The questionnaire was translated into 13 languages and administered across Europe, South America, Africa and Asia.

READ ALSO: Nigeria renews 2030 gas flaring pledge despite enforcement, methane monitoring gaps

Responses were collected from adults aged 18 and above who currently reside in the participating countries and have internet access.

The researchers applied weights for age, gender, geographical location, and education to ensure the samples represented adults with internet access in each country.

At least 700 responses were collected in 15 countries, including Nigeria, South Africa, China, Indonesia, Malaysia, South Korea, Morocco, Brazil, Denmark, the United Kingdom, Germany, Greece, Spain, Italy and the United Arab Emirates.

The margin of error was ±3.7 per cent in these countries, except Morocco and Brazil, where it was ±3.6 per cent.

In Ethiopia, Paraguay and Uruguay, at least 400 responses were collected, with margins of error of ±4.9 per cent, ±4.5 per cent and ±3.9 per cent, respectively.


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