Nigeria’s Senate approves the proposed sale of Lafarge Africa Plc to Hainan Huaxin Pan-African Investment Company (Huaxin), setting conditions for the transaction to proceed. According to reports, senators endorse the acquisition subject to full compliance with Nigerian laws and completion of all required statutory processes and due diligence. The Senate also calls on relevant regulatory agencies to closely supervise the deal to ensure it follows established regulatory and transactional procedures.
The transaction is described as a purchase of Lafarge Africa valued at about $1 billion, involving a Chinese firm. One outlet notes that the approval comes amid concerns related to ownership and associated corporate responsibilities, including the need for improved corporate social responsibility.
While the Senate backs the move, the reported focus is on oversight and adherence to regulatory requirements rather than any change in the transaction’s basic structure. The approval therefore signals legislative support while leaving implementation to regulators and the parties involved, with compliance requirements expected to be met before finalization.
