Senator Abdul Ningi Questions Ownership of Lafarge Africa Amid $1 Billion Huaxin Acquisition

The senator representing Bauchi Central, Abdul Ningi, has challenged the ownership structure of Chinese cement maker Huaxin after the Senate gave the green light to its proposed $1 billion takeover of Lafarge Africa Plc.

The approval came without any explanation of who holds the remaining 66 percent equity in Lafarge Africa.

The decision followed the presentation of a report by the Senate Ad‑hoc Committee set up to scrutinise the acquisition by Holcim AG, the Swiss parent of Lafarge Africa.

Committee chairman and Senate minority leader Senator Abba Moro told the house that the panel consulted stakeholders and found no legal barrier to the deal. He recommended approval, provided all due‑process steps and Nigerian laws governing such transactions are observed.

The committee also urged regulators to keep tight oversight throughout the process and called on the incoming investors to bolster Corporate Social Responsibility (CSR) programmes in Lafarge’s host communities.

During plenary, Senator Ningi seized on the report’s omission, noting that while it disclosed Nigerian interests (including the Federal Government and local investors) holding about 16 percent and Holcim owning roughly 18 percent, it left the remaining 66 percent unexplained.

“I would have expected the committee’s report to spell out the shareholding structure clearly,” Ningi said. “Nigerians have about 16 percent, Lafarge has 18 percent. Who owns the other 66 percent? We need to know where we stand.”

He added that without knowing who controls the bulk of the shares, lawmakers cannot judge whether Nigerians will truly benefit from the transaction.

Ningi dismissed the notion that the deal amounts to selling a strategic Nigerian asset, describing it instead as a shift of ownership from one foreign entity to another.

“There is a misconception about Lafarge’s ownership. What we see is a foreign company transferring its shares to another foreign company,” he stated. “I expected the committee to cite the specific Nigerian legal provisions that allow such a transfer and to disclose the ownership structure before asking us to approve it.”

Despite his protests, no clarification was offered on the Senate floor regarding the unidentified 66 percent stake before the report was adopted.

Senator Danjuma Goje supported the deal, urging the new owners to improve ties with host communities by strengthening CSR initiatives. He pointed out Lafarge’s shortfalls in Gombe State and called for closer monitoring to ensure the investors meet their obligations.

Senator Osita Izunaso, chairman of the Senate Committee on Capital Markets, backed the report, saying the panel had carried out a thorough review before recommending approval. Senator Shuaib Salisu also endorsed the report, noting that all critical stakeholders had participated in the review.

After deliberations, the Senate adopted the committee’s report and cleared the continuation of the $1 billion acquisition, directing relevant regulatory agencies to ensure strict compliance with Nigerian laws throughout the process.