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Nigerian Senate approves $1 billion acquisition of Lafarge Africa by Huaxin Cement despite ownership concernsSenator Ningi demands clarity on Lafarge’s shareholding before important foreign transaction endorsementLawmakers call on Huaxin Cement to enhance corporate social responsibility in local communities during acquisition process
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian Senate has approved the proposed $1 billion acquisition of Lafarge Africa Plc by Chinese cement giant Huaxin Cement, clearing the way for a major shake-up in Nigeria’s highly competitive cement industry.
The approval positions Huaxin as a formidable competitor to market leaders Dangote Cement and BUA Cement, although lawmakers raised concerns over unanswered questions surrounding Lafarge Africa’s ownership structure before giving the transaction the green light.
It’s official: Senate okays $1 billion Lafarge sale to Chinese investorsSource: Facebook
Senate gives conditional approval
The approval followed the presentation of a report by the Senate Ad
