By Adedapo Adesanya

The Senate has directed the Bureau of Public Procurement (BPP) to halt the planned sale of Lafarge Africa to Chinese cement maker, Huaxin Cement.

The legislators made the move on national security and economic sovereignty grounds.

“The Senate notes that discussions are underway regarding the divestment of Lafarge Cement Plc, with reports indicating potential Chinese investors. This has sparked concerns over the possibility of foreign dominance in a key sector of the Nigerian economy,” the motion stated.

It further observed that Holcim AG, the majority shareholder, is planning to offload its 83.8 per cent stake in Lafarge Africa to Huaxin Cement Co., a Chinese cement manufacturer.

The $1 billion deal is expected to be finalized in 2025, pending regulatory approval.

“The cement manufacturing industry is vital to national security due to its role in infrastructure projects, including roads, bridges, housing, and public works,” the motion continued.

“Excessive foreign control in this sector could pose risks to Nigeria’s economic sovereignty and security interests.”

Some of the senators who backed the call included Mr Shuaib Afolabi Salisu, who said, “We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands. We must ensure that strategic assets like Lafarge Africa remain in the hands of those who have the country’s best interests at heart.”

On his part, Mr Olamilekan Adeola said, “The company is about to be divested and the transaction has been shrouded in secrecy. What the motion is simply asking for is that we want this transaction to be as transparent as possible. By the time the eventual sale of this company is done, we will be fully satisfied that Nigeria’s economy will be protected.”

Concerns have reportedly been raised that the deal could lead to capital flight, job losses and reduced regulatory oversight over a sector vital to national development.

Mr Jimoh Ibrahim cautioned against using the Senate to obstruct the federal government’s efforts to attract foreign investment.

He argued that investors should not feel restricted when they decide to exit or divest from their holdings.

His sentiment was echoed by Mr Sunday Karimi, advising against any legislative action that might hinder the sale.

By Adedapo Adesanya

Five stocks kept the NASD Over-the-Counter (OTC) Securities Exchange in the negative territory by 0.14 per cent on Thursday, March 27.

When the alternative stock exchange ended trading activities for the day, the NASD Unlisted Security Index (NSI) was down by 4.70 points to 3,310.51 points from the previous trading day’s 3,315.21 points.

In the same vein, the market capitalisation of the bourse fell further by N2.72 billion at session to settle at N1.912 trillion compared with the preceding day’s N1.914 trillion.

The volume of securities traded at the bourse yesterday rose by 2,272.7 per cent to 712,439 units from the 30,026 units recorded on Wednesday just as the value of securities traded went up by 728.2 per cent to N30.5 million from the N3.7 million quoted at the preceding session, with the number of deals executed at the Thursday session increasing by 253.9 per cent to 46 deals from 13 deals.

Okitipupa Plc lost N16.00 to sell at N240.50 per unit versus Wednesday’s value of N256.50 per unit, Afriland Properties Plc dropped 58 Kobo to trade at N18.92 per share compared with the previous day’s N19.50 per share, FrieslandCampina Wamco Nigeria Plc depreciated by 27 Kobo to N36.73 per unit from N37.00 per unit, Geo-Fluids Plc crashed by 15 Kobo to trade at N2.50 per share versus N2.65 per share and Food Concepts Plc fell by 5 Kobo to N1.30 per unit from N1.35 per unit.

On the flip side, Central Securities Clearing System (CSCS) Plc improved by N1.68 to N25.21 per share from N23.53 per share and Nipco Plc gained 70 Kobo to settle at N200.50 per unit, in contrast to the previous rate of N199.80 per unit.

FrieslandCampina Wamco Nigeria Plc became the most traded stock by value (year-to-date) with 13.7 million units valued at N528.90 million, Impresit Bakolori Plc followed with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units valued at N364.2 million.

However, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million followed by Industrial and General Insurance (IGI) Plc with 70.0 million units worth N23.8 million and Geo-Fluids Plc with 44.0 million units valued at N89.0 million.

By Adedapo Adesanya

The Naira witnessed the fourth straight depreciation this week on Thursday, March 27, losing 0.07 per cent or N1.11 on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) to close at N1,538.91/$1 compared with the previous day’s value of N1,537.80/$1.

The pressure on the local currency came amid claims of speculation in the FX market by the Central Bank of Nigeria (CBN).

However, there are indications that the CBN may intervene in the market soon after the nation’s foreign reserves rose to $38.322 billion on uptick in oil prices.

Equally, the Naira depreciated against the Pound Sterling in the official market by N5.50 to close at N1,990.87/£1 versus Wednesday’s closing price of N1,985.37/£1 and tumbled against the Euro by 47 Kobo to finish at closed N1,659.59/€1, in contrast to midweek’s value of N1,659.12/€1.

At the black market, the exchange rate of the Nigerian currency and it’s American counterpart remained unchanged yesterday at N1,560/$1.

In the cryptocurrency market, there were major red outcomes as the market reacted after two of President Donald Trump’s nominees for future crypto regulation – Paul Atkins expected to run the Securities and Exchnage Commission (SEC) and Jonathan Gould to lead the Office of the Comptroller of the Currency – faced the nomination hearing in the US Senate.

However, there were no proper oversights examined on the governance and growth of the industry.

Dogecoin (DOGE) depreciated by 6.7 per cent to sell at $0.1842, Ethereum (ETH) slumped by 5.2 per cent to $1,922.84, Ripple (XRP) fell by 4.6 per cent to $2.25, and Litecoin (LTC) recorded a 4.3 per cent slide to trade at $89.99.

Further, Cardano (ADA) fell by 3.8 per cent to $0.7114, Solana (SOL) declined by 3.3 per cent to $134.29, and Bitcoin (BTC) lost 1.8 per cent to sell for $85,930.47.

However, Binance Coin (BNB) went up by 0.4 per cent to $632.92, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.