The Senate, on Thursday, supported the proposed sale of Lafarge Africa Plc to Chinese investors after adopting the report of its Ad-hoc Committee set up to investigate the transaction, despite concerns raised by some lawmakers over transparency and Nigeria's stake in the cement manufacturer.

Lafarge Africa Plc, Nigeria's third-largest cement producer by market capitalization, is a subsidiary of global building materials company Holcim AG.

Holcim is reportedly finalising a $1 billion deal to divest its 83.8 per cent stake in Lafarge Africa to Huaxin Cement Co., a Chinese company, subject to regulatory approvals.

The proposed divestment first came before the Senate, following a motion sponsored by the Senator, representing Ogun Central, Shuaib Salisu, who expressed concerns over the transparency of the transaction and the limited opportunity for Nigerian investors to participate in the acquisition.

Presenting the report of the Ad-hoc Committee, its Chairman and Senator, representing Benue South, Abba Moro, said the committee thoroughly reviewed the proposed transaction and found no legal impediment to prevent the sale from proceeding.

During the debate, however, some lawmakers urged caution, insisting that greater transparency was needed regarding the ownership structure of Lafarge Africa.

After considering the committee's recommendations and contributions from lawmakers, the Deputy President of the Senate, Senator Barau Jibrin, who presided the session, put the report to a voice vote, and it was overwhelmingly adopted.