Business News
Deal: BUA Group makes major move, acquires P.W Nigeria
A leading food, cement and infrastructure conglomerate, BUA Group, has announced the acquisition of majority stake in P.W. Nigeria Limited.
A leading food, cement and infrastructure conglomerate, BUA Group, has announced the acquisition of majority stake in P.W. Nigeria Limited – one of the largest construction, engineering and mining companies in Nigeria.
According to a statement from BUA, the acquisition was done in order to further deepen its investments in the infrastructure business in Sub-Saharan Africa.
PW Nigeria Limited
The Founder/Executive Chairman of the group, Abdul Samad Rabiu, said, “This acquisition marks the beginning of the next phase of our medium-term strategy for our infrastructure business following the completion of the consolidation of our cement arm, BUA Cement, in January 2020.
“BUA’s acquisition of majority holdings in PW Nigeria Limited provides a prime opportunity to increase our investments in the entire value chain of the Cement, Mining and Construction industry where we already have BUA Cement Plc, the second-largest cement company in Nigeria, as well as investments in other areas including mining, quarrying, construction, power and logistics amongst others.”
[READ MORE: RMB aids acquisition of Nigeria’s Lucky pen by South Africa’s BIC)
Rabiu expressed the belief that P.W. Nigeria Ltd provided a strong value proposition too difficult to ignore with its solid experience in building dams, roads, airports, water projects and other infrastructure projects in Nigeria.
He further disclosed that as Nigeria and most of West Africa looks to improve infrastructural development in coming years, it became quite necessary for BUA to position itself strategically to support critical investments and government effort and unlock untapped opportunities in the infrastructure development sector.
With the acquisition of P.W. Nigeria, the BUA Group will extend its investments, leadership and capacity in the infrastructure space and projects are expected to benefit from tight integration of BUA’s cement business and PW Nigeria’s construction business.
About P.W. Nigeria Limited: The company was founded in 1948 in Ireland but began operations in Nigeria in 1974. The construction firm has an extensive modern fleet of construction equipment and a team of highly trained and professional staff.
It is one of the leading construction contractors of roads, bridges, airports, urban infrastructure, dams and water treatment facilities. It has worked with an array of clients which include World Bank, Federal Government, State Governments, Local Governments, Multinationals and so on.
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About BUA Group: The conglomerate was established in 1988 by founder and industrialist, Abdul Samad Rabiu as a Private limited liability company with interests in marketing of iron & steel, agricultural and industrial chemical. I
t has grown over the years to entrench its place as a leading player in the foods, mining, manufacturing and infrastructure space in Africa with major investments in cement, mining, real estate, steel, port operations, sugar and agribusiness.
Coronavirus
Covid-19: Russia applies to WHO for emergency use tag for its vaccine
Russia has submitted applications to the World Health Organization for approval of its COVID-19 vaccine, Sputnik V.
The Russian Direct Investment Fund (RDIF), which is one of the developers of the Sputnik V, has submitted applications to the World Health Organization (WHO) for an Emergency Use Listing and prequalification of the coronavirus vaccine.
The acceptance of the Covid-19 vaccine by the UN health agency could help allay concerns over its safety and quality.
This was disclosed by Russia’s sovereign wealth fund on Tuesday, October 27, 2020.
Russia was the first country to grant regulatory approval for a novel coronavirus vaccine and did so before large-scale trials were complete, stirring concerns among scientists and doctors about the safety and efficacy of the shot, especially from the western countries.
An Emergency Use Listing (EUL) is meant to make a vaccine available globally faster, while a WHO prequalification is a global quality tag that ensures vaccines are safe and effective.
The Chief Executive Officer of RDIF, Kirill Dmitriev, in a statement, pointed out that the procedures would allow Sputnik V to be included in the list of medical products that meet leading quality, safety and efficacy standards.
In July, Dmitriev had said that Russia aimed to produce 30 million doses in 2020, a goal that was this month dubbed impossible by Russia’s Industry Minister, Denis Manturov, who said a maximum of 2.3 million doses would be made.
The vaccine, developed by Moscow’s Gamaleya Research Institute and marketed by RDIF, is based on a platform of human adenoviral vectors.
What you should know
Nairametrics had earlier reported that President Vladimir Putin announced the approval of the Sputnik V, as the first Covid-19 vaccine to be registered in the world. The approval, which was announced even before the completion of the phase 3 trials, had elicited safety concerns from scientists.
ENDSARS
#EndSARS: Army denies shooting at Lekki protesters, says Lagos asked for military
The Nigerian Army has once again denied it fired gunshots at protesters who were gathered at the Lekki toll plaza.
Coronavirus
COVID-19 Update in Nigeria
On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,224 confirmed cases.
On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,326 samples across the country.
To date, 62,224 cases have been confirmed, 57,916 cases have been discharged and 1,135 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 614,480 tests have been carried out as of October 27th, 2020 compared to 612,154 tests a day earlier.
COVID-19 Case Updates- 27th October 2020,
- Total Number of Cases – 62,224
- Total Number Discharged – 57,916
- Total Deaths – 1,1135
- Total Tests Carried out – 614,480
According to the NCDC, the 113 new cases were reported from 12 states- Lagos (51), FCT (15), Plateau (11), Kaduna (8), Oyo (8), Rivers (8), Ogun (4), Edo (2), Imo (2), Kwara (2), Delta (1), Kano (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,935, followed by Abuja (6,008), Plateau (3,614), Oyo (3,433), Rivers (2,781), Edo (2,654), Kaduna (2,625), Ogun (2,014), Delta (1,813), Kano (1,743), Ondo (1,666), Enugu (1,314), Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883). Borno (745), and Bauchi (710).
Imo State has recorded 616 cases, Benue (486), Nasarawa (479), Bayelsa (403), Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (140), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
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COVID-19 Update in Nigeria
COVID-19 Update in Nigeria
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