Ogun State House of Assembly has passed a  resolution requesting the need to ensure the indigenous participation in the divestment of Lafarge Cement Plc to safeguard the State economic and environmental interest.

The passage of the resolution was consequent upon the debate on the motion led by the House Committee Chairman on Commerce and Industry, who is also the sponsor, Hon. Adebisi Oyedele, as supported by other lawmakers during the plenary presided over by the Speaker, Oludaisi Elemide at the Assembly, Complex, Oke-Mosan, Abeokuta.

According to Hon. Oyedele, the cement factory being "a major player in Nigeria’s cement industry, is strategically located in Ewekoro Local Government Area of Ogun State, a region with one of Nigeria’s largest limestone deposits, which is essential for cement production". 

Recalling that the company had significantly contributed to the State’s economic development through job creation, infrastructure development, and corporate social responsibility initiatives.

He noted that "Holcim AG, the majority shareholder of Lafarge Cement Plc, is set to divest its 83.8% stake in the company, with reports indicating that a Chinese company, Huaxin Cement Co., is positioned to acquire the controlling shares in a deal valued at $1 billion".

He explained that there were growing concerns over the implications of such foreign-dominated ownership, particularly in terms of economic sovereignty, environmental responsibility, and long-term industrial development in the State.

The lawmaker posited that "the sale of Lafarge Cement Plc to a foreign entity without prioritizing local investors may lead to capital flight, loss of local control, and reduced accountability to the host communities".

He urged the State Government to immediately engage with the relevant Federal authorities, including the Bureau of Public Enterprises (BPE) and the Federal Competition and Consumer Protection Commission (FCCPC), to advocate for the prioritization of local investors in the divestment process.

The lawmaker called on Lafarge Cement Plc and Holcim AG to ensure that indigenous investors are given the first right of refusal before any sale to foreign entities was finalized

He called on the State Ministry of Environment to ensure that any potential new owners of the company commit to addressing environmental degradation in Ewekoro and other affected communities.

Also, the Assembly has passed a resolution requesting the rehabilitation of Bilikisu Sungbon and rehabilitation of Oke- Eri road leading to the legendary tourist centre in Ijebu- North East Local Government Area of the State.

The passage of the resolution followed the debate on the motion led by the sponsor, and member representing Ijebu-North East State Constituency, Hon. Oluseun Adesanya and supported by other members of the Assembly.

According to the resolution, the State Government should direct the Ministries of Works and Infrastructure as well as that of Culture and Tourism to commence the reconstruction of the Oke- Eri Road and Bilikisu Sungbon Tourist Centre to promote local  commerce and tourism  development.