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BUA CEMENT HOLDS AGM, DECLARES 72.3BILLION NAIRA PROFITS AFTER TAX, PAYS N70bn DIVIDENDS…

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…asBUA Chairman, Abdul Samad Rabiu, canvasses for new entrants, more investments, additionalcapacity in the Cement industry Abuja 08jul2021 - BUACement Plc, one of Africa’s largest Cement companies, today held its AnnualGeneral Meeting for the period ended December 31, 2020, whilst paying dividendsof N70billion at N2.067k per ordinary share in a move that shareholdersapplauded. This is coming on the heels of a profitable year for the Cementproducer with a turnover of N204bn and declared Profits After Tax ofN72.3billion in the year under review. Speaking at the AGM, Abdul Samad Rabiu, Chairman of BUACement, whilst addressing shareholders and the press, praised the efforts ofthe Yusuf Binji led management, staff, and customers of the company for ensuringthat BUA Cement remained the cement of choice for quality in Nigeria. In hiscomments on the increased demand for cement which had led to higher retailprices despite significantly lower ex-factory prices, Rabiu canvassed moreinvestments in the cement industry saying that current national productionlevels across were not enough to meet the ever-increasing national demand forcement which was increasing at a rate over 3million metric tonnes per annum. Hetherefore canvassed new investments in the cement sector and encouraged otherinvestors to develop new cement plants. It should be noted that BUA Cement isconstructing a 3million metric tonnes which is expected to come on Stream insokoto by the end of 2021 with new plants already in the works.In his comments, Yusuf Binji, Managing Director of BUACement Plc, said BUA Cement is committed to remaining a value–driven, orientedcompany that prioritizes excellence and product quality. He also added that thecompany was well-poised to sustain current profitability despite the verycompetitive landscape. According to Binji, “Our value proposition, in terms ofproduct and service support offerings has positioned BUA Cement as a marketleader. In addition, we continue to prioritize innovation and continuous improvement,thereby ensuring the continued “fit” of our products to ever-changing customerdemands and needs. We are also investing in the latest plant designs which notonly drive efficiency but translate into value addition to our customers throughthe cost savings derived.BUA Cement Plc is Nigeria’s second-largest cementcompany and the largest producer in its North-West, South-South, and South-Eastregions; BUA Cement operates strategically from Okpella, Edo State andKalambaina, Sokoto State. Currently, the second most capitalized manufacturing companyon the Nigerian Stock Exchange (NSE), BUA Cement is committed to quality - adifferentiating attribute, driven by its people, innovation, and technology;and positioned to solving Nigeria’s cement under capacity while drivingeconomic growth and development. 

BUA CEMENT HOLDS AGM, DECLARES 72.3BILLION NAIRA PROFITS AFTER TAX, PAYS N70bn DIVIDENDS…

 

 

…as BUA Chairman, Abdul Samad Rabiu, canvasses for new entrants, more investments, additional capacity in the Cement industry

 

…asBUA Chairman, Abdul Samad Rabiu, canvasses for new entrants, more investments, additionalcapacity in the Cement industry Abuja 08jul2021 - BUACement Plc, one of Africa’s largest Cement companies, today held its AnnualGeneral Meeting for the period ended December 31, 2020, whilst paying dividendsof N70billion at N2.067k per ordinary share in a move that shareholdersapplauded. This is coming on the heels of a profitable year for the Cementproducer with a turnover of N204bn and declared Profits After Tax ofN72.3billion in the year under review.    Speaking at the AGM, Abdul Samad Rabiu, Chairman of BUACement, whilst addressing shareholders and the press, praised the efforts ofthe Yusuf Binji led management, staff, and customers of the company for ensuringthat BUA Cement remained the cement of choice for quality in Nigeria. In hiscomments on the increased demand for cement which had led to higher retailprices despite significantly lower ex-factory prices, Rabiu canvassed moreinvestments in the cement industry saying that current national productionlevels across were not enough to meet the ever-increasing national demand forcement which was increasing at a rate over 3million metric tonnes per annum. Hetherefore canvassed new investments in the cement sector and encouraged otherinvestors to develop new cement plants. It should be noted that BUA Cement isconstructing a 3million metric tonnes which is expected to come on Stream insokoto by the end of 2021 with new plants already in the works.In his comments, Yusuf Binji, Managing Director of BUACement Plc, said BUA Cement is committed to remaining a value–driven, orientedcompany that prioritizes excellence and product quality. He also added that thecompany was well-poised to sustain current profitability despite the verycompetitive landscape. According to Binji, “Our value proposition, in terms ofproduct and service support offerings has positioned BUA Cement as a marketleader. In addition, we continue to prioritize innovation and continuous improvement,thereby ensuring the continued “fit” of our products to ever-changing customerdemands and needs. We are also investing in the latest plant designs which notonly drive efficiency but translate into value addition to our customers throughthe cost savings derived.BUA Cement Plc is Nigeria’s second-largest cementcompany and the largest producer in its North-West, South-South, and South-Eastregions; BUA Cement operates strategically from Okpella, Edo State andKalambaina, Sokoto State. Currently, the second most capitalized manufacturing companyon the Nigerian Stock Exchange (NSE), BUA Cement is committed to quality - adifferentiating attribute, driven by its people, innovation, and technology;and positioned to solving Nigeria’s cement under capacity while drivingeconomic growth and development. 

 

 

BUA Cement Plc, one of Africa’s largest Cement companies, today held its Annual General Meeting for the period ended December 31, 2020, whilst paying dividends of N70billion at N2.067k per ordinary share in a move that shareholders applauded. This is coming on the heels of a profitable year for the Cement producer with a turnover of N204bn and declared Profits After Tax of N72.3billion in the year under review.

 

 

…asBUA Chairman, Abdul Samad Rabiu, canvasses for new entrants, more investments, additionalcapacity in the Cement industry Abuja 08jul2021 - BUACement Plc, one of Africa’s largest Cement companies, today held its AnnualGeneral Meeting for the period ended December 31, 2020, whilst paying dividendsof N70billion at N2.067k per ordinary share in a move that shareholdersapplauded. This is coming on the heels of a profitable year for the Cementproducer with a turnover of N204bn and declared Profits After Tax ofN72.3billion in the year under review.    Speaking at the AGM, Abdul Samad Rabiu, Chairman of BUACement, whilst addressing shareholders and the press, praised the efforts ofthe Yusuf Binji led management, staff, and customers of the company for ensuringthat BUA Cement remained the cement of choice for quality in Nigeria. In hiscomments on the increased demand for cement which had led to higher retailprices despite significantly lower ex-factory prices, Rabiu canvassed moreinvestments in the cement industry saying that current national productionlevels across were not enough to meet the ever-increasing national demand forcement which was increasing at a rate over 3million metric tonnes per annum. Hetherefore canvassed new investments in the cement sector and encouraged otherinvestors to develop new cement plants. It should be noted that BUA Cement isconstructing a 3million metric tonnes which is expected to come on Stream insokoto by the end of 2021 with new plants already in the works.In his comments, Yusuf Binji, Managing Director of BUACement Plc, said BUA Cement is committed to remaining a value–driven, orientedcompany that prioritizes excellence and product quality. He also added that thecompany was well-poised to sustain current profitability despite the verycompetitive landscape. According to Binji, “Our value proposition, in terms ofproduct and service support offerings has positioned BUA Cement as a marketleader. In addition, we continue to prioritize innovation and continuous improvement,thereby ensuring the continued “fit” of our products to ever-changing customerdemands and needs. We are also investing in the latest plant designs which notonly drive efficiency but translate into value addition to our customers throughthe cost savings derived.BUA Cement Plc is Nigeria’s second-largest cementcompany and the largest producer in its North-West, South-South, and South-Eastregions; BUA Cement operates strategically from Okpella, Edo State andKalambaina, Sokoto State. Currently, the second most capitalized manufacturing companyon the Nigerian Stock Exchange (NSE), BUA Cement is committed to quality - adifferentiating attribute, driven by its people, innovation, and technology;and positioned to solving Nigeria’s cement under capacity while drivingeconomic growth and development. 

Speaking at the AGM, Abdul Samad Rabiu, Chairman of BUA Cement, whilst addressing shareholders and the press, praised the efforts of the Yusuf Binji led management, staff, and customers of the company for ensuring that BUA Cement remained the cement of choice for quality in Nigeria. In his comments on the increased demand for cement which had led to higher retail prices despite significantly lower ex-factory prices, Rabiu canvassed more investments in the cement industry saying that current national production levels across were not enough to meet the ever-increasing national demand for cement which was increasing at a rate over 3million metric tonnes per annum. He, therefore, canvassed new investments in the cement sector and encouraged other investors to develop new cement plants. It should be noted that BUA Cement is constructing a 3million metric tonnes which are expected to come on Stream in sokoto by the end of 2021 with new plants already in the works.

 

 

 

 

 

In his comments, Yusuf Binji, Managing Director of BUA Cement Plc, said BUA Cement is committed to remaining a value-driven, oriented company that prioritizes excellence and product quality. He also added that the company was well-poised to sustain current profitability despite the very competitive landscape. According to Binji, “Our value proposition, in terms of product and service support offerings has positioned BUA Cement as a market leader. In addition, we continue to prioritize innovation and continuous improvement, thereby ensuring the continued “fit” of our products to ever-changing customer demands and needs. We are also investing in the latest plant designs which not only drive efficiency but translate into value addition to our customers through the cost savings derived.

 

 

 

 

 

BUA Cement Plc is Nigeria’s second-largest cement company and the largest producer in its North-West, South-South, and South-East regions; BUA Cement operates strategically from Okpella, Edo State, and Kalambaina, Sokoto State. Currently, the second most capitalized manufacturing company on the Nigerian Stock Exchange (NSE), BUA Cement is committed to quality – a differentiating attribute, driven by its people, innovation, and technology; and positioned to solving Nigeria’s cement under capacity while driving economic growth and development.

 

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Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

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Fidelity Bank to boost Schools’ Profitability with Value-adding Products

Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

Leading financial institution, Fidelity Bank Plc has announced the promotion of 11% of its workforce, a testament to the exceptional performance and dedication of its employees. This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion.
The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognizing and rewarding excellence across its entire organization. This strategic initiative has garnered positive reactions from staff members, who see it as a validation of their hard work and contribution to the bank’s remarkable financial achievements.
In addition to the promotions, Fidelity Bank Plc has also concluded arrangements to raise a total of N127.1 billion through a Rights Issue to existing shareholders and a Public Offer. This move is part of the bank’s broader strategy to strengthen its capital base, support future growth, and enhance shareholder value.
Fidelity Bank Plc’s impressive financial performance and the subsequent employee promotions highlight the bank’s robust operational strategy and its commitment to fostering a rewarding work environment. By investing in its people and ensuring their career growth, the bank continues to build a motivated and high-performing workforce.
Ranked as one of the best banks in Nigeria, Fidelity Bank Plc is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United  Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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WEMA BANK concludes 1st tranche of Capital Raise Programme

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Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces the allotment of its N40billion Rights issue programme.

 

 

 

-Raises N40billion through a Rights Issuance process.
-Part of its larger 2-year; N150billion Capital programme.
Rights fully subscribed.
-Expected to Commence concluding tranche of additional Capital in Q4, 2024.
-Corporate Ratings affirmed by Fitch at BBB & Upgraded by Agusto to BBB+

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction. “We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.

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Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

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Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

 

 

In a bold step to enforce and ensure inclusive and equitable quality education, and to promote lifelong learning opportunities for everyone under the Sustainable Development Goal (SDG4) in Nigeria, Corporate Executive and Founder of the LightHouse Network, Nkiru Olumide-Ojo, launched her new book titled “Step Forward: Market Place Readiness.”

The book launch took place at the Alliance Française, Mike Adenuga Event Center, Osborne Road, Ikoyi, on Thursday, June 6, 2024.

According to the National Planning Commission, Nigeria faces a significant challenge with approximately 53% of its youth currently unemployed. To address this pressing issue, Nkiru Olumide-Ojo dedicated her efforts to preparing young people for the job market, equipping them with the necessary skills to seize available opportunities or even create new ones.

In her opening remarks, Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC) Lagos State Coordinator, stated that “the marketplace today is dynamic, competitive, and full of opportunities; however, it also provides numerous challenges that businesses must be ready to face. Market readiness involves understanding these challenges, adapting to changes, and strategically positioning oneself to capitalize on opportunities as they arise.” She further noted that “in the last 13 years, NYSC has sensitized three million, three hundred six thousand, six hundred and forty-six corps members, opening their eyes to entrepreneurship development.

Also speaking at the event, Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble, addressed both the corps members present and guests who are already in the workplace. She emphasized, “Be intentional about building your mindset. Stand your ground based on three things: building your character, understanding what you value, and what your values are as a human being, and building your competence.”

The event was remarkable, featuring discussions on marketplace readiness across two generations, including thought leaders, educators, and advocates for sustainable development. Attendees benefited from insightful panel sessions featuring distinguished speakers, engaging conversations, and networking opportunities with individuals passionate about education and sustainable growth.

Leading the panel session were Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble; Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC); Mr. Victor Banjo, Director of Executive Education at Lagos Business School; Joseph Onaolapo (Jay On Air), a renowned radio and TV broadcaster, content creator, actor, and event host; and Tobiloba Aboaba, a dynamic young professional at Stanbic IBTC, among others.

The book, “Step Forward: Market Place Readiness,” is a product of Nkiru and her team’s extensive work in underserved tertiary institutions, providing essential market readiness skills to students. This book aims to broaden their reach and impact, offering valuable insights and practical advice to a wider audience. It delves into situations and issues that undergraduates face in their everyday lives, preparing them for the challenges of the marketplace.

 

Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

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