By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Lafarge Africa Plc said on Monday it had entered into an agreement with Flour Mills of Nigeria to purchase a 30 percent stake in United Cement Company of Nigeria.

Lafarge said in a statement in pursuant to the agreement, a first 15 percent tranche would be acquired in the first quarter of 2015, while the second 15 percent tranche is scheduled to be acquired by February 2016 at the latest.

Reports say the transaction will give Lafarge Africa a complete control of United Cement, Nigeria’s third-largest cement manufacturer.