The Senate Committee on Capital Market, on Wednesday, resolved to summon Lafarge Africa Plc over planned divestment of 83.8% majority shares it controls in the cement industry.

This was however, as the Bureau of Public Enterprises (BPE), assured the Senate that the 16.19% share held by the Nigerian public in Lafarge was intact.

The Committee had in line with the resolution of the Senate on March 27, 2025, had interactive session with the management of Securities and Exchange Commission (SEC), Bureau of Public Enterprises (BPE) and Federal Competition and Consumer Protection Commission (FCCPC) on alleged planned sale of Lafarge Africa Plc to Chinese Investors.

Thereafter, the Committee summoned the establishment over the planned divestment of 83.8% majority shares it controls in the cement industry.

Making his submission before the Senate Panel, the Director General of SEC, Emmanuel Agama represented by Director, Securities and Investment Services, Abdulkafir Abbas, said that the Commission had not received any formal filling regarding the proposed divestment of majority shareholding in Lafarge Africa Plc.

He however, explained that SEC was notified of an internal restructuring involving Holcim Group, which is the majority shareholder in Lafarge Africa Pic.

“Holcim Group holds 83.81% of Lafarge Africa Pic’s issued share capital through the following wholly owned entities:

“As part of the internal restructuring, the 27.77% equity stake held by Associated International Cement Limited was transferred to another Holcim-owned entity. Davis Peak Holdings Limited. There has been no change in the ultimate beneficial ownership of the shares as a result of this transaction.

“In light of the foregoing, the Commission wishes to clarify that no format filing has been made with respect to any proposed sale of Lafarge Africa Pic to Chinese investors”, he said.

Representative of the Bureau of Public Enterprises, Satura Aisha Bello, in her capacity as Director, Post Transaction, told the Committee that the Share Lafarge Africa Plc wants to divest, belong to the company and not the 16.19% share hold by Nigerians.

She also explained that Lafarge quoted on stock exchange holds 83% of the total shares of the three federal government owned cement companies , sold to it in 2001 and 2002 and has not in any way tampered with the 16.19% share meant for Nigerians.

However, the Committee chaired by Senator Osita Izunaso (APC Imo West), while resolving to summon Lafarge Africa Plc, also directed its clerk to write the Corporate Affairs Commission (CAC) on what memo and Lafarge article say in terms of divesting share holding.