President Muhammadu Buhari has extended his warm greetings to the Founder/Chairman of one of Africa’s leading conglomerates BUA Group, Abdul Samad Rabiu (CON), on his 60th birthday.

Buhari who conveyed his greetings in a statement issued by Garba Shehu, the Senior Special Assistant to the President (Media & Publicity) extolled Abdul Samad for his large-heartedness for always investing in people and institutions.

The President while describing Abdul Samad’s 60 years as a milestone heralded by years of hard work, dedication and commitment to building the Nigerian economy, commended him Samad for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.

According to the statement, “President Muhammadu Buhari sends warm greetings, joining family and friends to celebrate the milestone, heralded by years of hard work, dedication and commitment to building the Nigerian economy.

“The President congratulates the business magnate for his foresight in investing extensively in agriculture, infrastructure, manufacturing and real estate, which has translated into strengthening the pillars of the economy, bolstering the government’s diversification efforts and creating chains of subsidiary industries and business outfits.

“As the Chairman of BUA Group turns 60, President Buhari extols his large-heartedness in always investing in people and institutions, commending him for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.

“The President affirms that Rabiu’s diligence and business acumen continues to inspire many, and his propensity for creating opportunities for others to prosper is legendary, urging him to remain focused on his vision of a greater and better Nigeria.

“President Buhari prays that the Almighty God will reward him with longer life, good health and more wisdom”. The statement added.

Also, Former Nigeria’s Vice President, Alhaji Atiku Abubakar in his tribute to Abdul Samad described him as an astute businessman who has created jobs and opportunities and whose philanthropic and charitable gestures speaks to the dept of his humanity.

Atiku in a tweet said, “Founder/Chairman of @BUAgroup, Abdul Samad Rabiu (CON), has distinguished himself as an astute businessman who continues to create jobs and opportunities.

“His philanthropy and charitable causes speak eloquently to the depth of his humanity. My family rejoices with him and his family on the occasion of his 60th birthday. May the Almighty Allah grant him many more years in good health and service to humanity. Ameen”.

On his part, the Governor of Kwara State, Abdulrahman Abdulrazaq thanked for Abdul Samad Rabiu for his investment and his commitment made to end the COVID-19 pandemic in the state.

He said “On behalf of my family, the people and government of Kwara State, I congratulate the founder and chairman of the BUA Group, Alhaji Abdul Samad Rabiu (CON), on his 60th birthday anniversary.

“I commend him for his huge investments in Kwara State and the donations he made towards the state’s campaign against COVID-19 pandemic. I pray the Almighty Allah to continue to bless Alhaji Rabiu and his family, and may He grant him more fruitful years and good health”.

Lagos, 4^th of August, 2020; The United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

UBA is providing $200 million (Naira equivalent) to support investment growth and liquidity requirements.  The facility will provide much-needed capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings.  UBA’s position as Lead Arranger recognises the Group’s strength in structuring and deploying financing to the oil and gas sector, and the depth and liquidity of the Group’s balance sheet.

The $1.5 billion facility is structured in two tranches.  The first tranche of $1 billion, to be repaid over a period of five years, will be provided in dollars, with UBA acting as the Facility Agent Bank. The second tranche of $500 million, will be provided in local currency, over seven years, with UBA acting as Lead Bank, providing $200 million in Naira equivalent. 

Both facilities will be repaid from an allocation of 30,000 barrels per day of NPDC’s crude oil.  UBA has a strong track record in the resources sector across Africa, having facilitated oil prepayment deals with the NNPC, including its 2013 $100 million participation in the PXF Funding Limited transaction, and a further $60 million in the 2015 Phoenix Export Funding Limited transaction.  In Senegal, UBA was responsible for the EUR 240m revolving crude oil financing facility for the Société Africaine de Raffinage and in Congo Brazzaville co-funded the $250m crude oil prepayment facility for Orion Oil Limited.

Other participants in the NNPC deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.

Speaking on this most recent support for the Nigeria’s petroleum industry, UBA Group Chairman, Tony O. Elumelu stated ‘This has been one of the most economically challenging years that Nigeria has witnessed.  With the sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic, the private sector must come together and contribute meaningfully to the economy.  This facility is clear evidence of this – UBA is providing investment that will significantly improve Nigeria’s production capacity and in doing so also demonstrating the strength, depth, and sophistication of our commercial banking capability.  I believe that together, working with governments, we can create more jobs and more wealth for people, not only in Nigeria, but across Africa’.

The United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees and serving over 20 million customers.  UBA operates in 20 African countries and globally in the United Kingdom, the United States of America and France, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

One of Africa’s largest cement producers, BUA Cement, has announced an impressive 2020 half-year results declaring revenues of N101.3billion and a Profit After Tax of N34.82billion representing an increase of 12.7% and 13.74% respectively from the corresponding period in 2019. This was contained in a filing to the Nigerian Stock Exchange.

Speaking on the results, Yusuf Binji, Managing Director of BUA Cement said that the continued impressive performance in 2020 despite the challenging operating environment occasioned by the COVID-19 pandemic, was a pointer to the value and strength of the BUA Cement brand and product offerings as well as a nod to the excellent implementation of the company’s Business Continuity Plan which ensured that BUA Cement was able to withstand the impact of the pandemic in the period under review.

“Our resilient performance continues to showcase the value and strength in our product offering alongside our strategic business model. Our revenues increased by 12.7% to N101.3 billion from the corresponding period in 2019 whilst Operating profits increased by 7.0%, from N38.1 billion in H1’2019 to N40.8 billion in H1’2020. Equally, EBITDA margin improved in this quarter to 48.1% – an improvement from 45.6% in Q1, 2020.”

“In a bid to further drive cost efficiencies and sustainability, we entered into strategic alliances for the supply of Liquefied Natural Gas (LNG) at the Kalambaina, Sokoto State and the management of our mining operations. Given these deliberate and strategic choices amongst other cost management efforts, we continue to combine development and innovation into our offerings and activities,” Binji added.

On the impact of the pandemic on the business, Binji noted that, “despite the prevailing economic conditions, we are quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy.”

 It should be noted that BUA Cement has also been actively involved in alleviating the impact of the virus on the most vulnerable in society while also supporting the government’s efforts by providing foodstuff, PPEs and medical equipment to host communities amongst others.

1. Financial Highlights

• Revenue increases by 12.7% from N9 billion in H1’2019 to N101.3 billion, as at H1’2020
• EBITDA increases by 5.8% from N8 billion in H1’2019 to N47.4 billion, as at H1’2020 (Quarter-on Quarter (q/q), EBITDA margin increases from 45.6% in Q1’2020 to 48.1%, as at Q2’2020)
• Operating profit up 7.0%, from N1 billion in H1’2019 to N40.8 billion in H1’2020
• Profit before Tax (PBT) increases by 9.8% from N7 billion, as at H1’2019 to N39.2 billion, as at H1’2020.
• Profit after Tax (PAT) up by 13.7%, from N61 billion in H1’2019 to N34.8 billion, as at H1’2020,
• Earnings Per Share (EPS) increases by 14.4% from N90 kobo in H1’2019 to N1.03 Kobo, as at H1’2020

1. Operational Highlights

• Cement volume dispatched up 7.9% from 2,282 kt in H1’2019 to 2,463 kt, as at H1’2020; underpinned by growing market acceptance, our COVID business continuity plan and particularly, a business environment not inundated by the Coronavirus pandemic
• To boost energy efficiency and reduce energy costs, we entered into strategic alliances for the supply of Liquefied Natural Gas (LNG) for the Kalambaina operations and management of our mining operations
• Continued push to ‘new markets’ aided by a focused distribution strategy

Conference call details

BUA Cement Plc will hold a conference call for analysts and investors on 06 August 2020 at 14:00hrs Lagos (09:00hrs New York, 14:00hrs London, 15:00hrs Johannesburg). To pre-register, please click on this Registration link to receive the dial-in details, which includes the passcode.

A copy of the presentation will be made available before the call and can also be downloaded from the Company’s website at http://www.buacement.com/presentations/

About BUA Cement Plc

BUA Cement Plc is Nigeria’s second-largest cement company and the largest producer in its North-West, South-South and South-East regions; with a combined installed capacity of 8 mmtpa and with plans underway to increase existing capacity to 11 mmtpa, through the commissioning of a new 3 mmtpa plant by the first half of 2021 in Sokoto State, Nigeria. BUA Cement operates strategically from Okpella, Edo State and Kalambaina, Sokoto State.

BUA Cement Plc is the third most capitalised company on the floor of the Nigerian Stock Exchange.

BUA Cement is committed to quality – a differentiating attribute, driven by its people, innovation and technology; and positioned to solving Nigeria and Africa’s challenges while driving economic growth and development.

More information can be found at www.buacement.com