The Senate has summoned Lafarge Africa Plc over its planned divestment of a staggering 83.8% majority stake in the company, amid growing speculation that the shares may be transferred to Chinese interests.

The move by the Senate is to safeguard Nigeria’s economic sovereignty and protect public investment.

The summon followed an investigative session convened by the Senate Committee on Capital Market with regulatory agencies, including the Securities and Exchange Commission (SEC), Bureau of Public Enterprises (BPE), and Federal Competition and Consumer Protection Commission (FCCPC).

The engagement was sparked by a March 27 Senate resolution to scrutinise the transaction, which many fear could shift strategic control of the cement giant out of Nigerian hands.

Though Lafarge is yet to make a formal submission to the SEC regarding the alleged sale, regulators confirmed awareness of a quiet internal restructuring by its majority owner, Holcim Group.

According to the SEC, a 27.77% stake held by one Holcim-owned entity was merely transferred to another (Davis Peak Holdings Limited), with no apparent change in ultimate ownership. Still, the Senate insisted on transparency.

“We must ensure that no hidden agenda undermines the Nigerian people’s stake in this company,” said Committee Chairman Senator Osita Izunaso (APC, Imo West), who directed the Committee Clerk to write the Corporate Affairs Commission (CAC) to review Lafarge’s articles and legal provisions on divestment procedures.

The BPE provided some assurance, with Director of Post-Transaction Management, Satura Aisha Bello, confirming that the 16.19% equity held by Nigerian public shareholders remains untouched and unthreatened by the ongoing process.

Yet lawmakers remained cautious, especially given Lafarge Africa’s deep historical ties to Nigeria’s economic backbone.

The company holds 83% of shares in three formerly state-owned cement firms privatized in the early 2000s.