Abdul Samad Rabiu Donates N2 Billion to Support Maiduguri Flood Victims

In response to the recent devastating floods in Maiduguri and President Bola Tinubu’s call to private sector to support recovery efforts, Abdul Samad Rabiu, Industrualist, philanthropist and Founder of BUA Group, one of Africa’s leading conglomerates, has extended a donation of N2 billion to aid the victims and support recovery efforts in Borno State. The donation includes N1 billion in cash and N1 billion worth of essential food supplies, aimed at alleviating the suffering of displaced persons and communities affected by the floods. This was made known when a delegation from him visited Maiduguri to deliver the food items as well as the cash donation.

Speaking on the donation, Abdul Samad Rabiu, who is the Chairman of BUA Group and founder of ASR Africa, reaffirmed his commitment to standing by Nigerians in times of need. “The recent flooding in Maiduguri has caused untold hardship for thousands of families. I believe it is my responsibility and that of my organisation which is deeply rooted in the fabric of Nigerian society, to act swiftly and meaningfully in providing relief to those affected. This N2 billion donation to the victims of the recent flooding in Borno is one way of supporting the most vulnerable in times of crisis.”

The N1 billion worth of food items consists of flour, pasta, sugar, rice, and other essential commodities. These will be distributed to the hardest-hit areas to provide immediate relief. In addition, a N1 billion cash donation was presented to the state government through the governor to ensure that aid reaches those in need as swiftly as possible.

Abdul Samad Rabiu, through the philanthropic arm of his company, BUA Foundation, and his personal philanthropy, the Abdul Samad Rabiu Africa Initiative (ASR Africa), has continuously demonstrated his commitment to supporting communities across Nigeria and Africa at large, particularly during crises. This latest contribution is part of broader effort to support recovery and rebuilding efforts across flood-affected regions in the country.

In collaboration with government agencies, NGOs, and other stakeholders, BUA Foundation and ASR Africa will continue to monitor the situation and ensure that the necessary resources are provided to help the people of Maiduguri recover and rebuild in the wake of this disaster.

Abdul Samad Rabiu added, “Our thoughts are with the families and individuals who have been affected by this disaster. As we continue to extend our support, we urge other corporate organisations and well-meaning individuals to join us in this effort to restore hope and rebuild lives.”

Adron Homes Visits Ooni, Unveils Partnership for Olojo Festival

In alignment with its commitment to promoting Nigeria’s cultural heritage and supporting national development and sustainability, Adron Homes and Properties has recently unveiled sponsorship and partnership with the House of Oduduwa for the 2024 Olojo Festival in Ile-Ife, Osun State.

This significant collaboration was revealed during a courtesy visit by Adron Homes and Properties management, led by Managing Director Mrs. Adenike Ajobo, to the Ooni of Ife and the progenitor of Yoruba Race, Ooni Adeyeye Babatunde Enitan Ogunwusi Ojaja II CFR, on September 19, 2024, at his Enuwa palace. For the past six years, Adron Homes and Properties has been a proud sponsor of the Olojo Festival, which marks the new year in Yoruba cosmology. This historic festival attracts visitors from diverse backgrounds who come to celebrate with the Ooni as he dons the sacred Aare crown and offers prayers for the well-being of the Yoruba people, both locally and in the diaspora.

In a message from Aare Adetola Emmanuel-King, Chairman and CEO of Adron Homes, Mrs. Ajobo emphasized the festival’s importance to the Yoruba community. She stated, “Adron will always support excellence and initiatives that promote Nigeria’s cultural uniqueness and diversity. This year’s theme, ‘Evolving Transformational Domestic Tourism with Community Festivals,’ perfectly encapsulates the essence of cultural heritage as a vital driver of economic progress. The Olojo Festival has evolved into an international showcase of our traditions and the potential of domestic tourism for sustainable development.”

She continued, “The Olojo Festival is a celebration of unity, resilience, and the rich cultural values of the Yoruba people. At Adron Homes, we view this festival not merely as a cultural event but as a platform for economic empowerment and transformation. Domestic tourism, driven by community festivals like Olojo, can significantly boost local economies, create job opportunities, and attract investments. Our mission aligns seamlessly with our commitment to providing affordable and accessible land and housing solutions across Nigeria and the diaspora.”

Adron Homes also highlighted that the Ooni’s dedication to promoting local tourism and preserving cultural traditions was a key factor in the company’s continued support. “As we unveil the 2024 Olojo Festival, Adron Group stands firmly behind His Majesty’s vision of utilizing community festivals to drive transformational domestic tourism. We believe in the synergy of culture, tourism, and real estate development as a pathway to a stronger, more prosperous Nigeria. Together, we are committed to enhancing our communities and ensuring that both our land products and our communities continue to thrive in harmony with the values that define us.”

Fidelity Bank Stock record Over 20% Growth Following Combined Offer

Growing investor confidence and strong market participation have continue to boost optimism about Fidelity Bank’s stock as the bank experienced a remarkable 20% surge on the Nigerian stock market, with its share price surpassing the N13 mark by the third week of September. This upward trend follows the bank’s combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024.

The combined offer consisted of 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising N127.1 billion. After a consolidation period from June to August, coinciding with the close of the combined offer, Fidelity Bank’s shares have gained over 20% month-to-date (MtD) in September.

Fidelity Bank has maintained a robust bullish trajectory since August 2018, when its stock dipped below N2. Since then, it has surged by more than 680%. The bank started trading in 2024 at N10.85, with 900 million shares exchanged. However, uncertainties related to recapitalization efforts among major Nigerian banks led to a temporary decline to N9 per share in April. Despite this setback, the stock regained its upward momentum after touching a low of N9.00.

Following the completion of the combined offer in August, Fidelity Bank’s share price climbed once again, gaining over 20% by mid-September. A key factor contributing to this latest surge is the successful combined offer, which paves the way for an upcoming private placement.

The Fidelity Bank combined offer, which was the first in the current recapitalization phase in the banking industry, saw significant demand, prompting an extension that added 8.2 billion shares. Of these, 5 billion were sold through the Public Offer and 3.2 billion via the Rights Issue. This high demand resulted in increased market activity, with over 2 billion shares traded in June and 3 billion in July.

As the combined offer concluded on August 12, the stock entered a consolidation phase, but trading activity picked up notably by mid-September. Weekly trading volumes reached 27 million shares, pushing the stock past the N13.00 threshold, sustaining its upward trend.

In a recent note to investors, the bank’s Managing Director, Dr. Nneka Onyeali-Ikpe,OON expressed gratitude for the strong response to the capital raise, stating that, “With the conclusion of the Combined Offer, I am delighted to announce that we have met and surpassed our capital-raise target for the first phase of this exercise.”

“My profound gratitude goes to our customers, new investors and existing shareholders for supporting us in this journey.  We will forever be grateful for the support we received during this capital-raise exercise.

“Our deepest thanks go to our regulators namely the CBN, Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX): the CBN for its vision of recapitalizing Nigerian banks to ensure banks have sufficient capital to sustain a $1tn economy in the near future and improve the overall confidence in the banking industry; SEC and the NGX for the role they played in ensuring the seamless execution of this first phase of our recapitalization plans.”