Nigeria’s Senate approved the US$1 billion acquisition of Lafarge Africa by China’s Huaxin Cement. Holcim is selling its majority stake to optimize its global business portfolio.
An ad hoc committee cleared the deal after finding no legal impediments. The transaction must proceed in full compliance with Nigerian laws.
The approval removes a major hurdle for the divestment first announced in late 2024. The committee confirmed the deal transfers ownership between foreign investors without affecting Nigerian shareholders.