Bank
CEMENTING THE FUTURE: HOW BUA AND EDO STATE BUILT A PARTNERSHIP THAT’S TRANSFORMING LIVES By Jerry Wright-Ukwu
FROM DUST TO DEVELOPMENT: HOW BUA CEMENT IS BUILDING A NEW ERA IN PARTNERSHIP WITH EDO STATE
~ Jerry Wright-Ukwu
In the quiet, lush landscapes of Okpella, Edo State, a visible transformation is underway. Once a sleepy community, it has become a bustling centre of industrial activity, with BUA Cement Plants at its heart. This is not just a story of cement production; it is a saga of growth, resilience, and an enduring partnership between BUA Cement PLC and the resilient people of Edo State.
It all began in 2008, when BUA Group, under the leadership of Abdul Samad Rabiu, acquired the struggling Edo Cement Company during Nigeria’s Federal Government-led divestment and privatisation exercise. The Edo Cement plant was barely functional, with antiquated equipment and limited output.
BUA Cement’s journey began in 2008 when the BUA Group acquired the struggling Edo Cement Company. At the time, the plant was operating well below capacity, saddled with outdated equipment, limited output, and inefficiencies. For many, it was a symbol of lost potential. But for Rabiu, it was an opportunity to redefine what was possible for Edo State’s industrial landscape – a chance to turn it into a powerhouse. By 2015, after investing over $1 billion, the first line of the Obu Cement Plant was operational, and it quickly became one of Africa’s most advanced cement facilities.
Since then, the company’s financial fortunes have mirrored its operational growth. In 2019, BUA Cement consolidated its operations by merging its subsidiaries, including the Cement Company of Northern Nigeria (CCNN) and Obu Cement Company. The merger streamlined operations and positioned BUA Cement as Nigeria’s second-largest cement producer, with a market share rivalling industry leader Dangote Cement.
The next milestone came in January 2020 when BUA Cement was listed on the Nigerian Exchange Group (NGX). With an initial market capitalisation of ₦1.18 trillion, it instantly became one of the most valuable companies on the exchange. The listing unlocked access to capital markets, enabling BUA Cement to fund expansions and further strengthen its balance sheet.
Today, BUA Cement’s financial performance is nothing short of stellar. Despite challenges in Nigeria’s broader economic landscape, the company has consistently delivered strong revenue growth and profitability. In the most recent fiscal year, BUA Cement reported revenues exceeding ₦300 billion, driven by increased production capacity and robust demand for cement in Nigeria’s booming construction sector.
While BUA Cement’s financial success is impressive, its contributions to Edo State’s economy go far beyond corporate earnings. The company is one of the state’s largest taxpayers, significantly contributing to Edo’s internally generated revenue (IGR).
Challenges, Settlements, and a Renewed Partnership
Despite its success, BUA Cement’s journey in Edo State hasn’t been without challenges. Disputes over ownership, royalties, and mining leases led to legal battles that threatened to overshadow the company’s contributions. These disputes culminated in the 2019 Terms of Settlement, a landmark agreement that resolved all outstanding issues and paved the way for collaboration.
Under the settlement, BUA Cement agreed to pay ₦5 billion in total, including an upfront payment of ₦2 billion and six monthly instalments of ₦500 million. The company also purchased the remaining shares in Edo Cement from minority stakeholders, consolidating its ownership.
“This settlement wasn’t just about resolving disputes,” says a senior government official. “It was about setting the stage for growth for BUA, Edo State, and our people.”
For years, legal battles cast a shadow over what was otherwise a story of progress. The 2019 Terms of Settlement with the Edo State Government, entered into judgment by the courts, ended years of litigation and legal battles. These payments were not merely obligations; they became the foundation for renewed trust and collaboration. The settlement not only resolved the disputes but also bolstered the state’s fiscal capacity, enabling investments in infrastructure, healthcare, and education, thereby benefiting the community at large.
Building Communities, Not Just Cement Plant
But BUA Cement’s impact goes far beyond the balance sheet. For the people of Okpella and Edo State, it has meant jobs, empowerment, and a sense of belonging. Currently, over 2,000 people are directly employed by the company, with thousands more benefiting indirectly. Women like Efe, who lives in the state capital, Benin, and now runs a thriving cleaning services business, speak of opportunities that were once unimaginable. Thanks to the bustling activity around the plant, farmers like Azeez now have a reliable market for their goods. These are just some of the stories of transformation driven by BUA Cement’s presence.
“BUA is not just a company,” says a community leader in Okpella. “It’s a partner in our growth. We have a community development agreement with them which they faithfully keep to”
BUA’s Corporate Social Responsibility (CSR) efforts have also transformed the community. Roads that were once impassable now connect villages and markets. Schools have been renovated, scholarships awarded, and health centers established. Clean water, once a luxury, now flows in homes across Okpella. Additionally, BUA Cement has initiated programs to support local entrepreneurs, promote education, and improve healthcare facilities in the region.
“We don’t just produce cement here,” says a senior executive at BUA Cement. “We build communities.”
The Future of BUA Cement in Edo State
However, beyond production targets and financial milestones, BUA Cement envisions its role as a partner in Edo State’s progress, reaffirming its commitment to the state. “We’re not just here to do business,” says a senior executive at BUA Cement. “We’re here to build a future—one where Edo State thrives alongside us, a future that we are committed to shaping and nurturing.”
As Nigeria’s infrastructure needs to grow, so does the role of BUA Cement. Plans are already underway to expand production capacity to 20 million metric tonnes per annum by 2027, a move that will create even more jobs and economic opportunities. But expansion isn’t just about scaling up; it’s about doing so responsibly. Environmental sustainability remains a priority, with investments in cleaner energy and advanced technologies to reduce emissions, minimise ecological footprint, and ensure its operations align with global sustainability standards.
“We see Edo State as a partner, not just a location for our business,” the executive adds. “Our investment here is long-term. We want to grow together, to ensure that our success translates to prosperity for everyone—government, communities, and businesses alike.”
For residents of Okpella and beyond, BUA Cement is more than a corporate giant; it’s a neighbour, a partner, and a symbol of what is possible when business and community grow together. With its strong financial foundation, unwavering commitment to development, and vision for the future, BUA Cement is not just producing cement—it’s building the foundations of prosperity in Edo State.
For the Edo State Government, the relationship with BUA Cement represents a model for how public and private sectors can collaborate for mutual benefit. While the challenges of the past cannot be forgotten, they serve as a reminder of what can be achieved when both sides commit to a shared vision.
As Okpella continues to grow, the story of BUA Cement is a powerful example of what is possible when vision meets partnership. It’s not just about the cement; it’s about building a future where industry and community thrive side by side. For the people of Edo State, BUA Cement is more than a business—it’s a beacon of what progress can look like, and as the company looks to the future, one thing is clear: its commitment to Edo State remains unshaken. Together, they will continue to write a story of resilience, growth, and shared success.
Wema Bank Meets Central Bank of Nigeria’s Recapitalisation; Retains National Banking License
Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank. This achievement represents a critical milestone in the Bank’s growth journey, reflecting its ability to meet regulatory expectations and its deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.
The milestone follows the Bank’s successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing its Total Qualifying Capital to ₦264.7 billion, well above the regulatory minimum. This achievement was concluded six months ahead of the CBN’s stipulated deadline, further reinforcing the Bank’s strong financial position, shareholder confidence, and long-term growth trajectory.
Earlier in April 2026, the Central Bank of Nigeria also formally confirmed that Wema Bank, alongside 32 other financial institutions across international, national, and regional categories, had successfully concluded the recapitalisation process. Notably, Wema stands among only ten national banks that met and surpassed the minimum required capital threshold, thereby sustaining its national banking license.
This milestone not only affirms regulatory compliance but also signals a new phase of accelerated growth for the Bank; one defined by stronger capital base, increased capacity to support customers, and a reinforced position within Nigeria’s competitive banking landscape.
Commenting on the milestone, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, stated, “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank. It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision. We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a National Bank with the scale, strength, and stability to compete and lead.”
In March 2024, the Central Bank of Nigeria announced the recapitalisation programme requiring all national banks to maintain a minimum capital base of ₦200 billion. The initiative was designed to strengthen the resilience of financial institutions, enhance their capacity to absorb economic shocks, and position them to drive sustainable economic growth.
In response, Wema Bank embarked on a strategic capital raise through the stock market, successfully strengthening its shareholder base and securing the required capital through strong participation from existing investors. The ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, marked a significant step in this journey. This was subsequently complemented by a ₦50 billion special placement later in the year, ensuring the Bank not only met but exceeded the regulatory threshold well ahead of schedule.
For Wema Bank, this journey is a testament to its transformation. After regaining its national license in 2015, the Bank has consistently demonstrated financial discipline and strategic foresight. By raising the necessary capital primarily from existing shareholders, the Bank has underscored a deep-seated mutual trust between the institution and its investors.
Speaking further on what this achievement means for the Bank’s future and its customers, Oseni added: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders.
Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments. This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank.”
The successful conclusion of the recapitalisation process underscores Wema Bank’s financial strength, disciplined execution, and unwavering commitment to regulatory compliance as it continues to expand its footprint across Nigeria. With a significantly strengthened capital base, the Bank is now positioned to do more – support more customers, enable more businesses, and unlock more opportunities across every segment it serves.
As it enters this new phase, Wema Bank is not only reaffirming its status as a National Bank; it is stepping forward with greater scale, sharper ambition, and a clear intent to lead. The Bank remains firmly committed to powering progress, driving innovation through ALAT, and delivering sustained value; powering a future of possibilities for all its stakeholders.
Wema Bank Releases Full Year 2025 Audited Financial Results
…Declares ₦221.85bn Profit Before Tax, ₦1.25 Dividend, Total Assets hit ₦5 trillion mark.
Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has released its FY 2025 Audited Financial Results, achieving record-breaking growth and unparalleled performance across several key metrics.
Key figures include the doubling of the Bank’s Profit Before Tax (PBT) from ₦102.5bn in FY 2024 to ₦221.9bn, an impressive 116.4% increase. Profit After Tax (PAT) also surged by 125.4% from FY 2024’s ₦86.2bn to ₦194.5bn. Total assets also reached the 5 trillion mark, with the attainment of ₦5.07tn, a 41.5% increase from FY 2024’s ₦3.59tn, reflecting a growingly resilient balance sheet. Gross earnings increased by 52.8% to ₦660.6 billion from ₦432.3 billion in FY 2024, a feat driven largely by a 62.7% growth in interest income, reflecting improved yields on earning assets and growth in the loan book.
Customer deposits grew by 30.3% to ₦3.29 trillion from ₦2.52 trillion in FY 2024, demonstrating sustained customer confidence. This growth in deposits provided stable funding for asset growth while supporting liquidity and balance sheet resilience. Net interest income more than doubled, rising by 103.9% to ₦361.0 billion, supported by improved asset pricing and balance sheet expansion. Non-interest income also grew modestly by 8.3% to ₦85.3 billion. Net loans and advances increased by 44.7% to ₦1.74 trillion, up from ₦1.20 trillion in FY 2024, thus reflecting Wema Bank’s continued support for key sectors of the economy while maintaining a disciplined risk management approach. Overall, Wema Bank is set to pay dividend per share of N1.25.
Commenting on the remarkable performance, Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, reiterated the Bank’s unwavering commitment to sustaining its impressive growth momentum and delivering superior value to all stakeholders. According to him, “Wema Bank has delivered one of the strongest growth trajectories in its history. From a Profit Before Tax of ₦14.75 billion three years ago, we grew to ₦43.59 billion in 2023 and reached ₦102 billion in 2024. In 2025, we have taken an even bolder step forward, recording a Profit Before Tax of ₦221 billion. Our Total Assets, which hit the ₦1tn mark in 2021, surpassed ₦3tn in 2024, standing at a staggering ₦5tn as of FY2025. This overall performance not only speaks strongly of Wema Bank’s exceptional financial strength and capacity for sustained growth, but also reflects disciplined execution, a resilient business model, and the unwavering commitment of our people”.
“As of September 2025, Wema Bank successfully surpassed the ₦200bn recapitalisation minimum threshold for commercial banks with national authorisation. Our FY2025 Financial Results only corroborate what has become abundantly clear—Wema Bank is here not just to stay, but to lead the future of banking in Africa. Our 80th anniversary celebration in 2025 marked a fitting commemoration of our 80 years of impact in the finance industry and beyond. With the launch of ‘ALAT: The Evolution’, the upgraded version of our pioneering fully digital bank, ALAT, we not just redefining the digital banking experience with enhanced intelligence, personalisation and flexibility; we ushering Africa into a future filled with profound possibilities”, Oseni concluded.
Wema Bank is a leading financial services entity with banking operations across Nigeria and the globe, through its trailblazing innovative solution, Africa’s first fully digital bank, ALAT. From surpassing the recapitalisation benchmark set by the Central Bank of Nigeria (CBN) to maintaining an unparalleled growth trajectory over the past 5 years, Wema Bank has proven itself stronger than ever—numbers perpetually skyrocketing.
The Bank’s position as leading innovative bank further proves that it is not only able to meet the prevalent needs of its customers but also equipped to anticipate and meet evolving needs as digital banking continues to reshape the finance industry.
GTCO Plc Releases 2025 Full Year Audited Result
…Declares Another Record Dividend of ₦12.76k; Re-affirming Unrivalled Capacity to Creating Value
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of ₦1.23trillion underpinned by strong growth in core earnings, with interest income and fee income increasing y-o-y by 23.2% and 25.9%, respectively. The performance reaffirms its capacity to generate sustainable earnings and builds on the momentum from 2024, when GTCO delivered a record profit of ₦1.27trillion, driven in part by ₦517.5billion in fair value gains, which did not recur in 2025.
The Group’s 2025 profit after tax came in at ₦865.75billion against ₦1.02trillion recorded in 2024. The profit after tax reflects the impact of recent fiscal policy adjustments to the taxation of investment securities, notably withholding tax on short-term instruments. However, when normalised for this effect, underlying earnings remain robust, driven by growth in core operating income.
The Group continues to maintain a well-structured, healthy, and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals. Total assets and shareholders’ funds closed at ₦17.8trillion and ₦3.4trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 43.8%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.4% and 5.0% at Bank and Group level in FY-2025 (Bank, 3.5%, and Group, 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024. In specific terms, the Group’s loan book (net) grew by 12.4% from ₦2.79trillion as of December 2024 to ₦3.13trillion in December 2025. Similarly, deposit liabilities grew by 23.8% from ₦10.40trillion to ₦12.87trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our 2025 result underscores the resilience and depth of our earnings capacity. Following a record 2024, which included significant fair value gains, our focus has been on strengthening the sustainability of our earnings by driving growth across our core banking and ecosystem businesses. The strength of our underlying earnings, despite a stronger Naira and tighter regulatory parameters, reflects the quality of our franchise and the discipline with which we execute our strategy. Importantly, this strong core earnings performance underpins our capacity to sustain and grow shareholder returns. Our record dividend payout this year is not only a reflection of our current profitability but also of our confidence in the Group’s long-term earnings potential. Looking ahead, we remain focused on scaling our ecosystem, driving innovation across our financial services platform, and delivering consistent, high-quality earnings that support superior value creation for our shareholders.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 28.3%, Post-Tax Return on Assets (ROAA) of 5.3%, Capital Adequacy Ratio (CAR) of 43.8% and Cost to Income Ratio of 27.9%.
Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. GTCO Plc is committed to delivering long-term value to stakeholders while driving growth and development across its markets
- Gambia Petroleum Commission Director General (DG) to Advance Energy Investment Case at Invest in African Energy (IAE) 2026 April 20, 2026
- Emirates completes more than 40 Travel Rehearsals for youth with autism globally, easing travel anxiety for more than 250 families April 20, 2026
- International Olympic Committee (IOC) announces Olympic champions, medallists and Olympians as Athlete Role Models for Dakar 2026 April 20, 2026
- Windhoek mobility session uses commitment to build a trust-rich pathway April 20, 2026
- Petrobras President Joins Angola Oil & Gas (AOG) 2026, Strengthening South Atlantic Partnerships April 20, 2026
- African Energy Chamber (AEC) Supports Namibia’s 2026 Energy Investment Surge as Sintana Listing Unlocks Local Ownership April 20, 2026
- Ghana’s Energy Minister to Headline African Energy Week (AEW) 2026 Following $3.5B Investment Drive April 20, 2026
- African Development Bank Group's (AfDB) New African Financial Architecture for Development gets off to a bold start at Abidjan meeting April 20, 2026
- Integral Appointed as Referral Agent for Ghana, Ivory Coast and Senegal for FIFA World Cup 26™ Hospitality Sales April 20, 2026
- Liquid Intelligent Technologies Draws Outsized Demand for $300 Million Bond, Signalling Investor Confidence in African Digital Infrastructure April 20, 2026
- Gambia Petroleum Commission Director General (DG) to Advance Energy Investment Case at Invest in African Energy (IAE) 2026 April 20, 2026
- Emirates completes more than 40 Travel Rehearsals for youth with autism globally, easing travel anxiety for more than 250 families April 20, 2026
- International Olympic Committee (IOC) announces Olympic champions, medallists and Olympians as Athlete Role Models for Dakar 2026 April 20, 2026
- Windhoek mobility session uses commitment to build a trust-rich pathway April 20, 2026
- Petrobras President Joins Angola Oil & Gas (AOG) 2026, Strengthening South Atlantic Partnerships April 20, 2026
- African Energy Chamber (AEC) Supports Namibia’s 2026 Energy Investment Surge as Sintana Listing Unlocks Local Ownership April 20, 2026
- Ghana’s Energy Minister to Headline African Energy Week (AEW) 2026 Following $3.5B Investment Drive April 20, 2026
-
news4 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
celebrity radar - gossips3 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips6 months agoEnd of an Era: Nigeria Mourns Evangelist Dr. Uma Ukpai, 80
-
celebrity radar - gossips4 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’