According to reports, a Lafarge company in Nigeria, Nigerian Cement Holdings B.V., has entered into an agreement to purchase a 30% stake in United Cement Company of Nigeria (Unicem). The acquisition would take place in two stages, with the first 15% being acquired in 1Q15 and the second by February 2016.
Nigerian Cement Holdings, which is 50% owned by Lafarge Africa Plc, currently holds a 70% stake in Unicem, so this acquisition would give Lafarge complete control of the company. Unicem has a 2.5 million t cement plant and has recently begun work on a second 2.5 million t line. The shares are being acquired from Flour Mills of Nigeria.
After local reports that insurgents had allegedly raided a Lafarge cement plant in Nigeria, the cement producer has confirmed that no employees were hurt and no damage was incurred to the plant.
International Cement Company Ltd has reportedly secured financing for a new cement plant project in Ogun State, while people have demonstrated at the premises of the Standards Organisation of Nigeria.