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Business News

Update: BUA Cement Plc lists N1.18 trillion shares on NSE

BUA Cement Plc has listed its shares on the Nigerian Stock Exchange to become the third-largest quoted company in the country, adding N1.19 trillion shares

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CCNN/ Kalambaina Cement merger - Nigeria stock excahnge, Analysis: BUA Cement's concrete merger

BUA Cement Plc has listed its shares on the Nigerian Stock Exchange (NSE) to become the third-largest quoted company in the country, adding N1.18 trillion shares to the bourse.

BUA Cement Plc is a product of a merger between the Cement Company of Northern Nigeria (CCNN) and OBU Cement, which were entities majorly owned by Alhaji Abdulsamad Rabiu and Alhaji Isiaka Rabiu.

Following the delisting of 13,143,500,966 ordinary shares of CCNN from the daily official list of the NSE, BUA now has 33,864,354,060 ordinary shares of 50 kobo each now listed on the exchange.

The merger went through after shareholders of both CCNN and OBU Cement in separate Court-Ordered Meetings approved the process and both companies agreed that CCNN shareholders will receive 1 share in Obu Cement (now BUA Cement Plc) for every 1 share held in CCNN.

Managing Director, BUA Cement Plc, Yusuf Binji, said the companies decided to merge to leverage on synergies and create greater values for shareholders and other stakeholders of both companies.

[READ ALSO: Prestige Assurance to raise fresh capital by offering 14 billion shares]

He added that the merger would bring about increased capacity to service new and existing markets, increased operational efficiencies, economies of scale, increased profitability and creation of a platform for further investment.

BUA Group started business in 1988 as a Private Limited Liability Company specializing in the importation and marketing of iron & steel, agricultural and industrial chemicals. Since then it has rapidly developed into a fully-fledged, diversified business with a stake in a wide range of business sectors.

The Group besides BUA Cement Plc have other subsidiaries such as BUA Sugar Refinery, BUA Estates, BUA Oil Mills and BUA Ports and Terminals

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Business News

Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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Now that oil is recovering, when will naira recover?

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

Bottom line

This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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