The Senate has set up an ad hoc committee to further investigate the circumstances surrounding the sale of Lafarge Cement PLC to Chinese investors, citing concerns that the transaction may compromise national security.
This followed the rejection of the report of the its Committee on Capital Market on a motion to halt the sale of Lafarge Cement PLC to Chinese investors in plenary on Wednesday.
Chairman of the Committee, Osita Izunaso, while commenting on the report after presenting it for consideration, informed the Senate that the sale was done according to all laid down standards and did not constitute a breach to national security.
However, the chairman of the Committee on Appropriations, Solomon Olamilekan Adeola, rejected the report, saying Nigeria ought to have been given the right of first refusal before offering it to external investors.
His position was opposed by Sen. Adegbonmire Adeniyi, who argued that the transaction was between private entities, meaning the Senate is not empowered to interfere in its activities.
This led to a division among the lawmakers, leading the Senate Leader to move for the report to be stepped down for further scrutiny. His suggestion was supported by Senate President Godswill Akpabio, who moved that a special committee should be raised to reinvestigate the matter further.
The Committee is chaired by Senate Minority Leader, Abba Moro, with Shuaibu Isa Lau, Adegbonmire Adeniyi, Joseph Ikpea, Abdullahi Yahaya and Tony Nwoye as members.
