The Ogun State House of Assembly has passed a resolution emphasizing the need for indigenous participation in the divestment of Lafarge Cement Plc to protect the state’s economic and environmental interests.
This decision followed a debate led by the Chairman of the House Committee on Commerce and Industry, Assemblyman Adebisi Oyedele, who sponsored the motion.
The plenary session was presided over by the Speaker, Rt. Hon. Oludaisi Elemide, at the Assembly Complex, Oke-Mosan, Abeokuta.
Assemblyman Oyedele highlighted the strategic importance of the cement factory, which operates in Ewekoro Local Government Area, a region with one of Nigeria’s largest limestone deposits essential for cement production.
He noted that Holcim AG, the majority shareholder of Lafarge Cement Plc, plans to divest its 83.8% stake, with reports indicating that Chinese firm Huaxin Cement Co. is set to acquire the controlling shares in a deal worth $1 billion.
Expressing concerns over the implications of foreign-dominated ownership, Oyedele warned that such a move could impact economic sovereignty, environmental responsibility, and long-term industrial growth in the state.
He argued that selling Lafarge Cement Plc to foreign investors without prioritizing local participation could lead to capital flight, loss of local control, and reduced accountability to host communities.
The House, therefore, urged the state government to engage relevant federal authorities, including the Bureau of Public Enterprises (BPE) and the Federal Competition and Consumer Protection Commission (FCCPC), to advocate for indigenous investors in the divestment process.
The lawmakers also called on Lafarge Cement Plc and Holcim AG to ensure that local investors are given the first right of refusal before finalizing any sale to foreign entities.
Additionally, the Assembly mandated the State Ministry of Environment to ensure that any new owners of the company commit to addressing environmental concerns in Ewekoro and other affected areas.
The lawmakers emphasized the importance of sustainable industrial practices to safeguard the well-being of the host communities.
In a related development, the Ogun State House of Assembly also passed a resolution calling for the rehabilitation of the Bilikisu Sungbo Tourist Centre and the Oke-Eri Road in Ijebu-North East Local Government Area.
The resolution was sponsored by Assemblyman Oluseun Adesanya, who represents the constituency, and was supported by other members during the debate.
The House urged the state government to direct the Ministries of Works and Infrastructure, as well as Culture and Tourism, to commence the reconstruction of the Oke-Eri Road and the Bilikisu Sungbo Tourist Centre.
The lawmakers stressed that improving infrastructure around these sites would boost local commerce and enhance tourism development in the state.
