The senate has endorsed the proposed $1 billion acquisition of Lafarge Africa Plc by Hainan Huaxin Pan-African Investment Company Plc, a Chinese company.
The senate stated that the transaction will not affect the 16.19 percent equity held by Nigerian investors.
The upper legislative chamber approved the transaction on Thursday after adopting the report of its ad hoc committee chaired by Abba Moro, senate minority leader.
The committee was constituted seven months ago to investigate the proposed sale by Holcim AG, the Swiss building materials company, following concerns about Lafarge Africa’s ownership structure and the implications of the deal.
Presenting the report, Moro said the committee engaged relevant stakeholders and found no legal impediment to the acquisition.
He recommended that the senate allow the transaction to proceed, subject to strict compliance with Nigerian laws and continued regulatory oversight.
“The senate allowed the transaction process
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