Nigeria's Senate has approved the proposed US$1bn acquisition of Lafarge Africa by China's Huaxin Cement following a review by an ad hoc committee.
The committee found no legal impediment to the transaction and recommended that the deal proceed, subject to compliance with all applicable Nigerian laws and continued oversight by the relevant regulatory authorities. It also called on Huaxin to strengthen corporate social responsibility programmes in communities hosting Lafarge Africa's operations.
During the debate, some senators questioned the company's shareholding structure, noting that the ownership of around 66 per cent of Lafarge Africa's equity was not clarified during proceedings. However, the Senate adopted the committee's report and approved the continuation of the transaction.
Holcim announced in December 2024 that it had agreed to sell its 83.8 per cent stake in Lafarge Africa to Huaxin Cement as part of its strategy to optimise its portfolio.
In June, it was announced that Lafarge Africa has now been rebranded as HBM Nigeria as it announced plans to increase its capacity in Nigeria by 5.5Mt.
