By: Abba Onyekachukwu, Abuja.
The Senate through its Committee on Capital Market, resolved on Wednesday to summon Lafarge Africa Plc over planned divestment of 83.8% majority shares it controls in the cement industry
This is as the Bureau of Public Enterprises (BPE), assured the Senate that the 16.19% share held by the Nigerian public in Lafarge, is intact.
The Committee had before summoning Lafarge Africa in line with resolution of the Senate on March 27, 2025, had interactive session with 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 .
In his submission before the committee, the Director General of SEC, Emmanuel Agama represented by Director, Securities and Investment Services, Abdulkafir Abbas, said SEC has 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 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 explained further 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), resolved to summon Lafarge Africa Plc on the planned majority shareholding divestment. It also directed its clerk to write the Corporate Affairs Commission (CAC) on what memo and Lafarge article say in terms of divesting share holding.
