The Senator representing Ogun West Senatorial District at the Senate, Solomon Olamilekan Adeola – YAYI, has raised the alarm over lack of transparency in the sale of Lafarge Cement Africa Plc to a Chinese firm without consideration for local investors.
Yayi drew the attention of the Senate to the obvious infraction during the presentation of the report of Senate Committer on the sale of Lafarge Africa Plc, stressing that, while he’s in support of direct foreign investment into the country, Nigeria’s interests and legitimate rights of local investors must not be undermined.
Not minding public outcry against the transactions, Holcim, the giant Swiss company sold its 83.81% stake in Lafarge Africa Plc to a Chinese company, Huaxin Cement for approximately $1 billion, leaving the remaining 16.19% to Nigerian investors . The deal was completed in August 2025, marking Holcim’s exit from the Nigerian market and the transfer of control of Lafarge Africa Plc to the new Chinese firm.
While commending the Senate Committee for its fact-finding efforts in the sales transaction, Senator Adeola expressed his dissatisfaction about lack of transparency in the process.
Speaking further , YAYI stated “Mr. President, distinguished colleagues, we are not against foreign direct investments or business growth in Nigeria. What we are questioning is the level of transparency in the transfer of ownership of Lafarge Africa Plc to a new foreign owner and the protection of Nigeria’s rights and interests in this transaction.”
“The real issues raised in the original motion were not addressed. The report only captured what was found on the field but failed to tackle the core concern—was Nigeria given the opportunity to acquire this company? Were our rights protected?”, he queried.
Yayi recalled that the Senate had earlier debated a motion on the same issue, insisting that, Nigeria, having hosted and supported the company for nearly 100 years, deserves the first right of refusal in the transaction process.
Adeola, making a case for Nigerian investors maintains that, “The remaining 16.9% stake held by Nigerian investors is not sufficient, especially if capable Nigerian companies or investors are willing to acquire the departing owner’s stake”.
Basing his argument purely on legislative backing, Yayi reminded his colleagues that the “The Local Content Act, passed by the National Assembly, exists precisely to protect Nigerian participation and interests—a principle already enforced strictly in the oil and gas sector”.
He noted that regulatory bodies such as the Securities and Exchange Commission (SEC) must play clear and active roles in any major transaction affecting Nigerian assets.
He concluded by reminding the chamber of its responsibility:
“This is the Nigerian Senate. We must always protect Nigeria and Nigerians to the last. We cannot allow transactions of this magnitude to proceed without full transparency and without giving Nigerians a fair chance.”
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