The Nigerian Senate has approved the proposed acquisition of Lafarge Africa Plc by Hainan Huaxin Pan-African Investment Company, assuring that local investors' 16.19% equity in the cement company remains protected.

The decision followed a review by an ad hoc committee chaired by Abba Moro, which addressed concerns over ownership structure and national security implications.The Senate directed regulatory agencies like SEC and FCCPC to maintain oversight during the transaction.Committee findings revealed that the deal involves transferring ownership from Holcim to Huaxin, with no impact on Nigerian shareholders' rights.While some lawmakers raised transparency issues about shareholding breakdowns, the committee recommended proceeding with the transaction.Lafarge Africa, a key player in Nigeria's cement market, is set for a $1 billion divestment by Holcim to China’s Huaxin.The approval aligns with Nigeria’s policy on foreign investment while ensuring compliance with local laws and protecting public interests.