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  •  The equity market closed on a negative note on Friday due to sell pressure on some highly capitalised stocks The market capitalisation recorded represented a decline of 0 7 per cent closing at N26 787 trillion compared to N26 976 trillion posted on Thursday Specifically the sell pressure was on stocks of BUA Cement Dangote Cement Zenith Bank Flour Mill Guaranty Trust Holding Company GTCO and Access Bank Holdings amongst others Accordingly the All Share Index declined by 350 53 points representing a decrease of 0 7 per cent to close at 49 664 07 from 50 014 6 posted the previous day Market breath was negative with 19 gainers and 24 losers BUA Foods led the gainers with 10 per cent share price appreciation closing at N59 95 per share NEM Insurance Company gained 9 98 per cent to close at N4 41 per share while Courteville Business Solutions rose by 9 8 per cent to close at 56k Also Ikeja Hotel appreciated by 9 48 per cent to close at N1 27 and Multiverse Mining and Exploration went up by 8 44 per cent to close at N2 44 per share On the losing side BUA Cement came depreciated by 9 95 per cent to close at N52 95 per share Chams as the next fell by 9 68 per cent to close at 28k per share while Cutix declined by 8 89 per cent to close at N2 05 per share Ellah Lakes was down by 6 98 per cent to close at N4 per share and Unity Bank depreciated by 6 52 per cent to close at 43k per share The total volume traded increased to 750 29 million units valued at N2 26 billion exchanged in 4 076 deals This was against a total of 266 12 million shares worth N2 26 billion achieved in 4 034 deals on Thursday Capital Hotel traded the highest share volume of 478 20 million shares worth N3 35 billion E Tranzact followed trading 77 57 million shares valued at N176 86 million Wapic Insurance sold 37 08 million shares worth N14 94 million while First Bank Nigeria Holdings Holdings FBNH sold 30 53 million shares at N333 24 million United Bank for Africa UBA traded 13 2 million shares valued at N92 68 million Analysts at Vetiva Securities Ltd said that Market closed the week down as declines in large cap names dragged the All Share index down We expect the market to pick up from Friday s close amid slight recoveries by some of the week s losers the analysts said NewsSourceCredit NAN
    Equity market closes bearish, drops 0.7%
     The equity market closed on a negative note on Friday due to sell pressure on some highly capitalised stocks The market capitalisation recorded represented a decline of 0 7 per cent closing at N26 787 trillion compared to N26 976 trillion posted on Thursday Specifically the sell pressure was on stocks of BUA Cement Dangote Cement Zenith Bank Flour Mill Guaranty Trust Holding Company GTCO and Access Bank Holdings amongst others Accordingly the All Share Index declined by 350 53 points representing a decrease of 0 7 per cent to close at 49 664 07 from 50 014 6 posted the previous day Market breath was negative with 19 gainers and 24 losers BUA Foods led the gainers with 10 per cent share price appreciation closing at N59 95 per share NEM Insurance Company gained 9 98 per cent to close at N4 41 per share while Courteville Business Solutions rose by 9 8 per cent to close at 56k Also Ikeja Hotel appreciated by 9 48 per cent to close at N1 27 and Multiverse Mining and Exploration went up by 8 44 per cent to close at N2 44 per share On the losing side BUA Cement came depreciated by 9 95 per cent to close at N52 95 per share Chams as the next fell by 9 68 per cent to close at 28k per share while Cutix declined by 8 89 per cent to close at N2 05 per share Ellah Lakes was down by 6 98 per cent to close at N4 per share and Unity Bank depreciated by 6 52 per cent to close at 43k per share The total volume traded increased to 750 29 million units valued at N2 26 billion exchanged in 4 076 deals This was against a total of 266 12 million shares worth N2 26 billion achieved in 4 034 deals on Thursday Capital Hotel traded the highest share volume of 478 20 million shares worth N3 35 billion E Tranzact followed trading 77 57 million shares valued at N176 86 million Wapic Insurance sold 37 08 million shares worth N14 94 million while First Bank Nigeria Holdings Holdings FBNH sold 30 53 million shares at N333 24 million United Bank for Africa UBA traded 13 2 million shares valued at N92 68 million Analysts at Vetiva Securities Ltd said that Market closed the week down as declines in large cap names dragged the All Share index down We expect the market to pick up from Friday s close amid slight recoveries by some of the week s losers the analysts said NewsSourceCredit NAN
    Equity market closes bearish, drops 0.7%
    Economy4 months ago

    Equity market closes bearish, drops 0.7%

    The equity market closed on a negative note on Friday due to sell pressure on some highly capitalised stocks.

    The market capitalisation recorded represented a decline of 0.7 per cent closing at N26.787 trillion, compared to N26.976 trillion posted on Thursday.

    Specifically, the sell pressure was on stocks of BUA Cement, Dangote Cement, Zenith Bank, Flour Mill, Guaranty Trust Holding Company (GTCO) and Access Bank Holdings, amongst others.

    Accordingly, the All-Share Index declined by 350.53 points, representing a decrease of 0.7 per cent to close at 49,664.07 from 50,014.6 posted the previous day.

    Market breath was negative with 19 gainers and 24 losers.

    BUA Foods led the gainers with 10 per cent share price appreciation closing at N59.95 per share.

    NEM Insurance Company gained 9.98 per cent to close at N4.41 per share, while Courteville Business Solutions rose by 9.8 per cent to close at 56k.

    Also,  Ikeja Hotel appreciated by 9.48 per cent to close at N1.27 and Multiverse Mining and Exploration went up by 8.44 per cent to close at N2.44 per share.

    On the losing side, BUA Cement came depreciated by 9.95 per cent to close at N52.95 per share.

    Chams as the next fell by 9.68 per cent to close at 28k per share, while Cutix declined by 8.89 per cent to close at N2.05 per share.

    Ellah Lakes was down by 6.98 per cent to close at N4 per share and Unity Bank depreciated by 6.52 per cent to close at 43k per share.

    The total volume traded increased to 750.29 million units valued at N2.26 billion exchanged in 4,076 deals.

    This was against a total of 266.12 million shares worth N2.26 billion achieved in 4,034 deals on Thursday.

    Capital Hotel traded the highest share volume of 478.20 million shares worth N3.35 billion.

    E-Tranzact followed, trading 77.57 million shares valued at N176.86 million.

    Wapic Insurance sold 37.08 million shares worth N14.94 million, while First Bank Nigeria Holdings Holdings (FBNH) sold 30.53 million shares at N333.24 million.

    United Bank for Africa (UBA) traded 13.2 million shares valued at N92.68 million Analysts at Vetiva Securities Ltd. said that “Market closed the week down as declines in large cap names dragged the All-Share index down.

    “We expect the market to pick up from Friday’s close amid slight recoveries by some of the week’s losers,” the analysts said.


    NewsSourceCredit: NAN

  •  President Muhammadu Buhari has urged businessman and philanthropist Abdulsamad Rabi u to carry forward his momentum of investments and charitable deeds as he marks his 62nd birthday Malam Garba Shehu the president s spokesman stated that the president gave the charge on Thursday in Abuja in a congratulatory message to the President of BUA Group of Companies The president lauded the efforts of Rabi u and other leading citizens in giving the country a good name at home and abroad Through your life and career you have persevered with determination and dignity the family traditions of business scholarship and charitable work the president noted He stressed that he cherished the businessman s compassion and concern for the weakest citizen You are a steadfast champion of the poor and the marginalised and your charitable efforts will continue to inspire fellow citizens President Buhari observed NewsSourceCredit NAN
    President Buhari challenges BUA chairman on investments, charity
     President Muhammadu Buhari has urged businessman and philanthropist Abdulsamad Rabi u to carry forward his momentum of investments and charitable deeds as he marks his 62nd birthday Malam Garba Shehu the president s spokesman stated that the president gave the charge on Thursday in Abuja in a congratulatory message to the President of BUA Group of Companies The president lauded the efforts of Rabi u and other leading citizens in giving the country a good name at home and abroad Through your life and career you have persevered with determination and dignity the family traditions of business scholarship and charitable work the president noted He stressed that he cherished the businessman s compassion and concern for the weakest citizen You are a steadfast champion of the poor and the marginalised and your charitable efforts will continue to inspire fellow citizens President Buhari observed NewsSourceCredit NAN
    President Buhari challenges BUA chairman on investments, charity
    General news4 months ago

    President Buhari challenges BUA chairman on investments, charity

    President Muhammadu Buhari has urged businessman and philanthropist, Abdulsamad Rabi’u, to carry forward his momentum of investments and charitable deeds as he marks his 62nd birthday.

    Malam Garba Shehu, the president’s spokesman stated that the president gave the charge on Thursday in Abuja in a congratulatory message to the President of BUA Group of Companies.

    The president lauded the efforts of Rabi’u and other leading citizens in giving the country a good name at home and abroad.

    “Through your life and career, you have persevered with determination and dignity, the family traditions of business, scholarship and charitable work,’’ the president noted.

    He stressed that he cherished the businessman’s compassion and concern for the weakest citizen.

    “You are a steadfast champion of the poor and the marginalised and your charitable efforts will continue to inspire fellow citizens,’’ President Buhari observed.


    NewsSourceCredit: NAN

  •  The Nigerian equity market extended loses on Thursday as the capital market closed on a negative note making the market capitalisation to stand at N27 28 trillion The market shed N6 83 billion representing 0 03 per cent when compared with N28 29 trillion recorded on Wednesday The negative performance was driven by continued sell offs of stocks of BUA Cement Dangote Sugar Transcorp and Fidelity Bank among others Similarly All Share Index ASI closed 0 03 per cent lower at 50 582 30 points from 50 594 97 points posted at the previous trading Consequently the year to date YTD return fell to 18 41 per cent Market breadth closed positive at as 24 stocks advanced and 16 declined The current market capitalisation of the Nigerian Stock Exchange is N27 3 trillion A total of 130 45 million shares valued at N1 62 billion were exchanged in 3 993 deals PZ Cussons Nigeria led the gainers with 10 per cent share price appreciation closing at N9 35 per share Honeywell Flour Mill followed by 9 64 per cent to close at N2 73 per share while Stanbic IBTC Holdings rose by 9 15 per cent to close at N31 Wapic Insurance went up by 8 11 per cent to close at 40k per share and Sovereign Insurance increased by eight per cent to close at 27k per share However Multiverse Mining amp Exploration led the losers by 10 per cent at N1 71 per share The next which is Lasaco Assurance declined by 7 07 per cent to close at 92k while FTN Cocoa Processors lost by 6 25 per cent to close at 30k per share BUA Cement depreciated by 4 51 per cent to close at N58 25 per share Also Unity Bank declined by 4 44 per cent to close at 43k per share Analysis of today s market activities showed trade turnover declined compared to the previous session with the value of transactions decreasing by 61 08 per cent A total of 130 45 million shares worth N1 622 million in 3 993 deals Aiico Insurance recorded the highest volume of 16 3 million traded shares worth N9 38 million followed by Transcorp with 11 2 million shares sold at N12 92 million Access Holdings traded 9 74 million shares worth N87 63 million Consolidated Hallmark Insurance transacted 7 49 million shares valued N4 65 million while Japaul Gold sold 6 89 million shares worth N2 14 million AIICO led the volume chart with 16 32 million shares while MTNN led the value chart in deals worth N403 58 million NewsSourceCredit NAN
    Equity market sheds N6bn, index drops 0.03%
     The Nigerian equity market extended loses on Thursday as the capital market closed on a negative note making the market capitalisation to stand at N27 28 trillion The market shed N6 83 billion representing 0 03 per cent when compared with N28 29 trillion recorded on Wednesday The negative performance was driven by continued sell offs of stocks of BUA Cement Dangote Sugar Transcorp and Fidelity Bank among others Similarly All Share Index ASI closed 0 03 per cent lower at 50 582 30 points from 50 594 97 points posted at the previous trading Consequently the year to date YTD return fell to 18 41 per cent Market breadth closed positive at as 24 stocks advanced and 16 declined The current market capitalisation of the Nigerian Stock Exchange is N27 3 trillion A total of 130 45 million shares valued at N1 62 billion were exchanged in 3 993 deals PZ Cussons Nigeria led the gainers with 10 per cent share price appreciation closing at N9 35 per share Honeywell Flour Mill followed by 9 64 per cent to close at N2 73 per share while Stanbic IBTC Holdings rose by 9 15 per cent to close at N31 Wapic Insurance went up by 8 11 per cent to close at 40k per share and Sovereign Insurance increased by eight per cent to close at 27k per share However Multiverse Mining amp Exploration led the losers by 10 per cent at N1 71 per share The next which is Lasaco Assurance declined by 7 07 per cent to close at 92k while FTN Cocoa Processors lost by 6 25 per cent to close at 30k per share BUA Cement depreciated by 4 51 per cent to close at N58 25 per share Also Unity Bank declined by 4 44 per cent to close at 43k per share Analysis of today s market activities showed trade turnover declined compared to the previous session with the value of transactions decreasing by 61 08 per cent A total of 130 45 million shares worth N1 622 million in 3 993 deals Aiico Insurance recorded the highest volume of 16 3 million traded shares worth N9 38 million followed by Transcorp with 11 2 million shares sold at N12 92 million Access Holdings traded 9 74 million shares worth N87 63 million Consolidated Hallmark Insurance transacted 7 49 million shares valued N4 65 million while Japaul Gold sold 6 89 million shares worth N2 14 million AIICO led the volume chart with 16 32 million shares while MTNN led the value chart in deals worth N403 58 million NewsSourceCredit NAN
    Equity market sheds N6bn, index drops 0.03%
    Economy4 months ago

    Equity market sheds N6bn, index drops 0.03%

    The Nigerian equity market extended loses on Thursday, as the capital market closed on a negative note, making the market capitalisation to stand at N27.28 trillion.

    The market shed N6.83 billion, representing 0.03 per cent when compared with N28.29 trillion recorded on Wednesday.

    The negative performance was driven by continued sell-offs of stocks of  BUA Cement, Dangote Sugar, Transcorp and Fidelity Bank among others.

    Similarly, All-Share Index (ASI) closed 0.03 per cent lower at 50,582.30 points from 50,594.97 points posted at the previous trading.

    Consequently, the year-to-date (YTD) return fell to 18.41 per cent.

    Market breadth closed positive at as 24 stocks advanced and 16 declined.

    The current market capitalisation of the Nigerian Stock Exchange is N27.3 trillion.

    A total of 130.45 million shares valued at N1.62 billion were exchanged in 3,993 deals.

    PZ Cussons Nigeria led the gainers with 10 per cent share price appreciation closing at N9.35 per share.

    Honeywell Flour Mill followed by  9.64 per cent to close at N2.73 per share, while Stanbic IBTC Holdings rose by 9.15 per cent to close at N31.Wapic Insurance went up by 8.11 per cent to close at 40k per share and Sovereign Insurance increased by eight per cent to close at 27k per share.

    However, Multiverse Mining & Exploration led the losers by 10 per cent at N1.71 per share.

    The next, which is Lasaco Assurance, declined by 7.07 per cent to close at 92k, while FTN Cocoa Processors lost by 6.25 per cent to close at 30k per share.

    BUA Cement depreciated by 4.51 per cent to close at N58.25 per share.

    Also, Unity Bank declined by 4.44 per cent to close at 43k per share.

    Analysis of today’s market activities showed trade turnover declined compared to the previous session, with the value of transactions decreasing by 61.08 per cent.

    A total of 130.45 million shares worth N1.622 million in 3,993 deals. 

    Aiico Insurance recorded the highest volume of 16.3 million traded shares worth N9.38 million, followed by Transcorp  with 11.2 million shares sold at N12.92 million.

    Access Holdings traded 9.74 million shares worth N87.63 million.

    Consolidated Hallmark Insurance transacted 7.49 million shares valued N4.65 million, while Japaul Gold sold 6.89 million shares worth N2.14 million.

    AIICO  led the volume chart with 16.32 million shares, while MTNN led the value chart in deals worth N403.58 million.  


    NewsSourceCredit: NAN

  •  Gov Bello Matawalle of Zamfara has been conferred with a national award on security by the President Mohammed Bazoum of NigerRepublic Bazoum who presented the award to Matawalle at a ceremony on Wednesday in Niamey said the governor was recognised for his immense contribution to the fight against trans border crimes and terrorism According to a statement issued by Zailani Bappa the governor s media aide other Nigerians honoured at the ceremony were Gov Badaru Abubakar of Jigawa his Kebbi counterpart Atiku Bagudu Chairman of Dangote Group Aliko Dangote and the Chairman of BUA Abdussamd Rabiu Bazoum also said that Matawalle was recognised by the Republic of Niger for his immense contribution towards checking trans border crimes and terrorism He noted that Matawalle s effort had significantly tackled trans border crimes and helped in securing Zamfara and neighbouring North Western states of Nigeria The Nigerien president also said Matawalle is the first Governor in Nigeria to express worry to the Nigerien government over the free movement of light arms and small weapons through that Niger into parts of the North Western states of Nigeria including Zamfara Matawalle equally demonstrated much concerns through repeated visits to Niger to share intelligence support with Niger Matawalle also donated five Toyota Hilux vans to the Nigerien Government to enhance border patrol Matawalle s efforts led to the arrest of more than 40 notorious arms and ammunition dealers in Niger Republic whose destination was mostly Nigeria Bazoum was quoted as saying The ceremony which took place at Tillaperi a town of about 120 km away from the Capital Niamey witnessed the attendance of dignitaries from the Niger Republic and a large attendance of well wishers from across the Country It was attended by some dignitaries from the Niger Republic and a large attendance of well wishers from across Nigeria NewsSourceCredit NAN
    Niger Republic honours Matawalle, Bagudu, Badaru, others with National award
     Gov Bello Matawalle of Zamfara has been conferred with a national award on security by the President Mohammed Bazoum of NigerRepublic Bazoum who presented the award to Matawalle at a ceremony on Wednesday in Niamey said the governor was recognised for his immense contribution to the fight against trans border crimes and terrorism According to a statement issued by Zailani Bappa the governor s media aide other Nigerians honoured at the ceremony were Gov Badaru Abubakar of Jigawa his Kebbi counterpart Atiku Bagudu Chairman of Dangote Group Aliko Dangote and the Chairman of BUA Abdussamd Rabiu Bazoum also said that Matawalle was recognised by the Republic of Niger for his immense contribution towards checking trans border crimes and terrorism He noted that Matawalle s effort had significantly tackled trans border crimes and helped in securing Zamfara and neighbouring North Western states of Nigeria The Nigerien president also said Matawalle is the first Governor in Nigeria to express worry to the Nigerien government over the free movement of light arms and small weapons through that Niger into parts of the North Western states of Nigeria including Zamfara Matawalle equally demonstrated much concerns through repeated visits to Niger to share intelligence support with Niger Matawalle also donated five Toyota Hilux vans to the Nigerien Government to enhance border patrol Matawalle s efforts led to the arrest of more than 40 notorious arms and ammunition dealers in Niger Republic whose destination was mostly Nigeria Bazoum was quoted as saying The ceremony which took place at Tillaperi a town of about 120 km away from the Capital Niamey witnessed the attendance of dignitaries from the Niger Republic and a large attendance of well wishers from across the Country It was attended by some dignitaries from the Niger Republic and a large attendance of well wishers from across Nigeria NewsSourceCredit NAN
    Niger Republic honours Matawalle, Bagudu, Badaru, others with National award
    General news4 months ago

    Niger Republic honours Matawalle, Bagudu, Badaru, others with National award

    Gov. Bello Matawalle of Zamfara has been conferred with a national award on security by the President Mohammed Bazoum of NigerRepublic.

    Bazoum, who presented the award to Matawalle at a ceremony on Wednesday in Niamey, said the governor was recognised for his immense contribution to the fight against trans-border crimes and terrorism.

    According to a statement issued by Zailani Bappa, the governor’s media aide, other Nigerians honoured at the ceremony were Gov. Badaru Abubakar of Jigawa, his Kebbi counterpart, Atiku Bagudu, Chairman of Dangote Group, Aliko Dangote and the Chairman of BUA, Abdussamd Rabiu.

    Bazoum also said that Matawalle was recognised by the Republic of Niger for his immense contribution towards checking trans-border crimes and terrorism.

    He noted that Matawalle’s effort had significantly tackled trans-border crimes and helped in  securing Zamfara and neighbouring North-Western states of NigeriaThe Nigerien president also said Matawalle is the first Governor in Nigeria to express worry to the Nigerien government over the free movement of light arms and small weapons  through that Niger into parts of the North-Western states of Nigeria, including Zamfara.

    ”Matawalle equally demonstrated much concerns through repeated  visits to Niger to share intelligence support with Niger.

    ”Matawalle also donated five Toyota Hilux vans to the Nigerien Government to enhance border patrol.

    ”Matawalle’s efforts led to the arrest of more than 40 notorious arms and ammunition dealers in Niger Republic whose destination was mostly Nigeria,” Bazoum was quoted as saying.

    .

    The ceremony which took place at Tillaperi, a town of about 120 km away from the Capital, Niamey, witnessed the attendance of dignitaries from the Niger Republic and a large attendance of well wishers from across the Country.

    It was attended by some dignitaries from the Niger Republic and a large attendance of well wishers from across Nigeria.


    NewsSourceCredit: NAN

  •  Trading at the Nigerian Exchange Ltd NGX on Wednesday took a plunge as the market capitalisation closed at N27 29 trillion down from N27 3 trillion recorded on Tuesday Consequently the market lost N16 76 billion representing 0 06 per cent The negative performance was due to sell offs in some largely capitalised stocks which include BUA Cement MTN Nigeria and Nigerian Breweries Similarly the All Share Index ASI was down by 0 06 per cent to settle at 50 594 97 points from 50 626 04 posted at the previous trading The year to date YTD return fell to 18 44 per cent Market breadth closed positive as 22 stocks advanced while 15 others declined At the end of the trading session 121 16 million units of shares worth N4 169 billion were traded in 4 369 deals This represents an increase of 45 69 per cent when compared with 129 166 million units of shares worth N2 861 in 4 706 deals Lasaco Assurance led the gainers with 10 per cent price appreciation to close at 99k per share UPDC followed with 9 71 per cent increase to close at N1 13 per share while Honeywell Flour Mill went up by 9 69 per cent to close at N2 49 per share Also Chams rose by 8 7 per cent to close at 25k per share and Japaul Gold increased by 7 41 per cent to close at 29k per share On the other hand Learn Africa led the laggards chat with a depreciation of 10 per cent at N2 34 per share University Press followed by 9 79 per cent to close N2 12 per share Cornerstone Insurance and Unity Bank declined by 9 33 per cent and 4 26 per cent each to close at 68k and 45k respectively Regent Alliance Insurance dropped by 3 85 per cent to close at 25k per share MTN Nigeria recorded the highest volume of 10 4 million traded shares worth N2 4 billion FBN Holdings followed with 9 53 million shares traded amounting to N104 18 million while Zenith Bank sold 8 37 million shares worth N178 85 million Also United Bank for Africa transacted 6 81 million worth of shares at N48 08 million and AccessCorp sold 6 61 million shares worth N58 99 million NewsSourceCredit NAN
    Investors’ profit-taking pushes market capitalisation down 0.06%
     Trading at the Nigerian Exchange Ltd NGX on Wednesday took a plunge as the market capitalisation closed at N27 29 trillion down from N27 3 trillion recorded on Tuesday Consequently the market lost N16 76 billion representing 0 06 per cent The negative performance was due to sell offs in some largely capitalised stocks which include BUA Cement MTN Nigeria and Nigerian Breweries Similarly the All Share Index ASI was down by 0 06 per cent to settle at 50 594 97 points from 50 626 04 posted at the previous trading The year to date YTD return fell to 18 44 per cent Market breadth closed positive as 22 stocks advanced while 15 others declined At the end of the trading session 121 16 million units of shares worth N4 169 billion were traded in 4 369 deals This represents an increase of 45 69 per cent when compared with 129 166 million units of shares worth N2 861 in 4 706 deals Lasaco Assurance led the gainers with 10 per cent price appreciation to close at 99k per share UPDC followed with 9 71 per cent increase to close at N1 13 per share while Honeywell Flour Mill went up by 9 69 per cent to close at N2 49 per share Also Chams rose by 8 7 per cent to close at 25k per share and Japaul Gold increased by 7 41 per cent to close at 29k per share On the other hand Learn Africa led the laggards chat with a depreciation of 10 per cent at N2 34 per share University Press followed by 9 79 per cent to close N2 12 per share Cornerstone Insurance and Unity Bank declined by 9 33 per cent and 4 26 per cent each to close at 68k and 45k respectively Regent Alliance Insurance dropped by 3 85 per cent to close at 25k per share MTN Nigeria recorded the highest volume of 10 4 million traded shares worth N2 4 billion FBN Holdings followed with 9 53 million shares traded amounting to N104 18 million while Zenith Bank sold 8 37 million shares worth N178 85 million Also United Bank for Africa transacted 6 81 million worth of shares at N48 08 million and AccessCorp sold 6 61 million shares worth N58 99 million NewsSourceCredit NAN
    Investors’ profit-taking pushes market capitalisation down 0.06%
    Economy4 months ago

    Investors’ profit-taking pushes market capitalisation down 0.06%

    Trading at the Nigerian Exchange Ltd. (NGX) on Wednesday took a plunge, as the market capitalisation closed at N27.29 trillion down from N27.3 trillion recorded on Tuesday.

    Consequently, the market lost N16.76 billion, representing 0.06 per cent.

    The negative performance was due to sell-offs in some largely capitalised stocks which include BUA Cement, MTN Nigeria and Nigerian Breweries.

    Similarly the All-Share Index (ASI) was down by 0.06 per cent to settle at 50,594.97 points from 50,626.04 posted at the previous trading.

    The year-to-date (YTD) return fell to 18.44 per cent.

    Market breadth closed positive as 22 stocks advanced while 15 others declined.

    At the end of the trading session, 121.16 million units of shares worth N4.169 billion were traded in 4,369 deals.

    This represents an increase of 45.69 per cent when compared with 129.166 million units of shares worth N2.861 in 4,706 deals.

    Lasaco Assurance led the gainers with 10 per cent price appreciation to close at 99k per share.

    UPDC followed with 9.71 per cent increase to close at N1.13 per share, while Honeywell Flour Mill went up by 9.69 per cent to close at N2.49 per share.

    Also, Chams rose by 8.7 per cent to close at 25k per share and Japaul Gold increased by 7.41 per cent to close at 29k per share.

    On the other hand, Learn Africa led the laggards’ chat with a depreciation of 10 per cent at N2.34 per share.

    University Press followed by 9.79 per cent to close N2.12 per share.

    Cornerstone Insurance and Unity Bank declined by 9.33 per cent and 4.26 per cent each to close at 68k and 45k respectively.

    Regent Alliance Insurance dropped by 3.85 per cent to close at 25k per share.

    MTN Nigeria recorded the highest volume of 10.4 million traded shares worth N2.4 billion.

    FBN Holdings followed with 9.53 million shares traded amounting to N104.18 million, while Zenith Bank sold 8.37 million shares worth N178.85 million.

    Also, United Bank for Africa transacted 6.81 million worth of shares at N48.08 million and AccessCorp sold 6.61 million shares worth N58.99 million .


    NewsSourceCredit: NAN

  •  BUA Cement on Wednesday handed over clinic school and mosque worth N280 million to Gidan Boka community in Wamakko Local Government Area of Sokoto State The company handed over the completed projects along with 170 tonnes of cement to 68 communities in the LGA The Managing Director of BUA Cement Alhaji Yusuf Binji said the gesture was part of the company s corporate social responsibility Banji represented by the Director Human Resources BUA Alhaji Altine Wali said the company engaged in relocation of settlements as part of quarry expansion programme cleared lands in new Gidan Boka community and allocated lands to the affected families Speaking the company s Head of Administration and Corporate Services Mr Sada Suleiman said the company also constructed roads provided grave yards pipe born water and electricity to the community He said the company ensured a routine distribution of cement to the communities to repair mosque and other infrastructures and supply drugs and other consumables to citizens in the host communities BUA cement has been supporting the communities in the area of healthcare skills training provision of scholarship and educational materials he said Suleiman commended the state and local governments as well as the host communities for the cordial relationship with the company which facilitated the interventions According to him the projects were to complement the efforts of the Sokoto State Government in improving the living condition of the people Responding on behalf of the beneficiaries the Chairman of Wamakko LGA Alhaji Halliru Guiwa represented by the Vice Chairman Alhaji Garba Muhammad thanked the company for the intervention Guiwa said that the residents were lucky to have the company in their domain considering its contributions to infrastructure development in the area He however appealed for more supports in view of the population and the need of the residents The News Agency of Nigeria reports that the traditional rulers in the communities received the cement allocations on behalf of their respective communities NewsSourceCredit NAN
    BUA donates clinic, school worth N280m to Sokoto community
     BUA Cement on Wednesday handed over clinic school and mosque worth N280 million to Gidan Boka community in Wamakko Local Government Area of Sokoto State The company handed over the completed projects along with 170 tonnes of cement to 68 communities in the LGA The Managing Director of BUA Cement Alhaji Yusuf Binji said the gesture was part of the company s corporate social responsibility Banji represented by the Director Human Resources BUA Alhaji Altine Wali said the company engaged in relocation of settlements as part of quarry expansion programme cleared lands in new Gidan Boka community and allocated lands to the affected families Speaking the company s Head of Administration and Corporate Services Mr Sada Suleiman said the company also constructed roads provided grave yards pipe born water and electricity to the community He said the company ensured a routine distribution of cement to the communities to repair mosque and other infrastructures and supply drugs and other consumables to citizens in the host communities BUA cement has been supporting the communities in the area of healthcare skills training provision of scholarship and educational materials he said Suleiman commended the state and local governments as well as the host communities for the cordial relationship with the company which facilitated the interventions According to him the projects were to complement the efforts of the Sokoto State Government in improving the living condition of the people Responding on behalf of the beneficiaries the Chairman of Wamakko LGA Alhaji Halliru Guiwa represented by the Vice Chairman Alhaji Garba Muhammad thanked the company for the intervention Guiwa said that the residents were lucky to have the company in their domain considering its contributions to infrastructure development in the area He however appealed for more supports in view of the population and the need of the residents The News Agency of Nigeria reports that the traditional rulers in the communities received the cement allocations on behalf of their respective communities NewsSourceCredit NAN
    BUA donates clinic, school worth N280m to Sokoto community
    General news4 months ago

    BUA donates clinic, school worth N280m to Sokoto community

    BUA Cement on Wednesday handed over clinic, school and mosque worth N280 million to Gidan Boka community in Wamakko Local Government Area of Sokoto State.

    The company handed over the completed projects along with 170 tonnes of cement to 68 communities in the LGA.

    The Managing Director of BUA Cement, Alhaji Yusuf Binji, said the gesture was part of the company’s corporate social responsibility.

    Banji, represented by the Director Human Resources, BUA, Alhaji Altine Wali, said the company engaged in relocation of settlements as part of quarry expansion programme, cleared lands in new Gidan Boka community and allocated lands to the affected families.

    Speaking, the company’s Head of Administration and Corporate Services, Mr Sada Suleiman, said the company also constructed roads, provided grave yards, pipe born water and electricity to the community.

    He said the company ensured a routine distribution of cement to the communities to repair mosque and other infrastructures, and supply drugs and other consumables to citizens in the host communities.

    “BUA cement has been supporting the communities in the area of healthcare, skills training, provision of scholarship and educational materials,” he said.

    Suleiman commended the state and local governments, as well as the host communities, for the cordial relationship with the company, which facilitated the interventions.

    According to him, the projects were to complement the efforts of the Sokoto State Government in improving the living condition of the people.

    Responding on behalf of the beneficiaries, the Chairman of Wamakko LGA, Alhaji Halliru Guiwa, represented by the Vice Chairman, Alhaji Garba Muhammad, thanked the company for the intervention.

    Guiwa said that the residents were lucky to have the company in their domain, considering its contributions to infrastructure development in the area.

    He, however, appealed for more supports in view of the population and the need of the residents.

    The News Agency of Nigeria reports that the traditional rulers in the communities received the cement allocations on behalf of their respective communities.


    NewsSourceCredit: NAN

  •  The equity market started the week and the month on a weak note due to sell off in some largely capitalised making capital capitalisation to drop by N226 45 billion The negative performance was driven by BUA Cement Neimeith Fidelity Bank International Breweries among others Consequently the market capitalisation close at N26 936 trillion from the N27 163 recorded on Friday Also the All Share Index lost 0 83 per cent to close at 49 950 32 points compared to 49 667 14 recorded on Friday The year to date YTD return fell to 16 93 per cent Similarly traded volume declined by 28 per cent with 176 million units traded and value traded fell 19 per cent to N2 2 billion However market breath was positive as 21 stocks gained and 14 declined Caverton Offshore Support Group and Courtville Business Solutions led the gainers chart in percentage terms by 10 per cent to close at N1 10 and 44k per share respectively Champion Breweries followed with a gain of 9 59 per cent to close at N4 while Unity Bank rose by 9 30 per cent to close at 47k per share Livestock also went up by 8 70 per cent each to close at N1 25 On the other hand Bua Cement led the losers chart in percentage terms by 9 96 per cent each to close at N62 40 per share McNichols Consolidated shed 9 89 per cent to close at 82k per share Neimeth International Pharmaceuticals also lost 9 68 per cent to close at N1 40 per share while International Breweries lost 6 54 per cent to close at N5 per share Meyer amp Baker declined by 6 42 per cent to close at N3 35 per share Analysis of the market activities showed trade turnover settled lower relative to the previous session with the value of transactions reducing by 19 21 per cent A total of 176 05 million units of shares valued at N2 27 billion Transactions in the shares of Guaranty Trust Holding Company GTCO topped the most volume chart with 21 37 million shares valued N426 8 million Zenith Bank followed with 20 452 million shares worth N429 28 million while AccessCorp traded 16 79 million shares valued N149 67 million First Bank of Nigeria FBNH traded 14 31 million shares valued N153 13 million while United Bank for Africa transacted 14 26 million shares worth N100 53 million NewsSourceCredit NAN
    Sell-off: Fidelity Bank, BUA Cement shares drop market capitalisation by  N226.45bn
     The equity market started the week and the month on a weak note due to sell off in some largely capitalised making capital capitalisation to drop by N226 45 billion The negative performance was driven by BUA Cement Neimeith Fidelity Bank International Breweries among others Consequently the market capitalisation close at N26 936 trillion from the N27 163 recorded on Friday Also the All Share Index lost 0 83 per cent to close at 49 950 32 points compared to 49 667 14 recorded on Friday The year to date YTD return fell to 16 93 per cent Similarly traded volume declined by 28 per cent with 176 million units traded and value traded fell 19 per cent to N2 2 billion However market breath was positive as 21 stocks gained and 14 declined Caverton Offshore Support Group and Courtville Business Solutions led the gainers chart in percentage terms by 10 per cent to close at N1 10 and 44k per share respectively Champion Breweries followed with a gain of 9 59 per cent to close at N4 while Unity Bank rose by 9 30 per cent to close at 47k per share Livestock also went up by 8 70 per cent each to close at N1 25 On the other hand Bua Cement led the losers chart in percentage terms by 9 96 per cent each to close at N62 40 per share McNichols Consolidated shed 9 89 per cent to close at 82k per share Neimeth International Pharmaceuticals also lost 9 68 per cent to close at N1 40 per share while International Breweries lost 6 54 per cent to close at N5 per share Meyer amp Baker declined by 6 42 per cent to close at N3 35 per share Analysis of the market activities showed trade turnover settled lower relative to the previous session with the value of transactions reducing by 19 21 per cent A total of 176 05 million units of shares valued at N2 27 billion Transactions in the shares of Guaranty Trust Holding Company GTCO topped the most volume chart with 21 37 million shares valued N426 8 million Zenith Bank followed with 20 452 million shares worth N429 28 million while AccessCorp traded 16 79 million shares valued N149 67 million First Bank of Nigeria FBNH traded 14 31 million shares valued N153 13 million while United Bank for Africa transacted 14 26 million shares worth N100 53 million NewsSourceCredit NAN
    Sell-off: Fidelity Bank, BUA Cement shares drop market capitalisation by  N226.45bn
    Economy4 months ago

    Sell-off: Fidelity Bank, BUA Cement shares drop market capitalisation by  N226.45bn

    The equity market started the week and the month on a weak note due to sell-off in some largely capitalised, making capital capitalisation to drop by N226.45 billion.   

    The negative performance was driven by BUA Cement, Neimeith, Fidelity Bank, International Breweries, among others.  

    Consequently, the market capitalisation close at N26.936 trillion from the N27.163 recorded on Friday.  

    Also, the All-Share Index lost 0.83 per cent to close at 49,950.32 points compared to 49,667.14 recorded on Friday.  

    The year-to-date (YTD) return fell to 16.93 per cent.  

    Similarly, traded volume declined by 28 per cent with 176 million units traded and value traded fell 19 per cent to N2.2 billion.  

    However, market breath was  positive as 21 stocks gained and 14 declined.    

    Caverton Offshore Support Group and Courtville Business Solutions led the gainers’ chart in percentage terms by 10 per cent to close at N1.10  and 44k per share, respectively.  

    Champion Breweries followed with a gain of  9.59 per cent to close at  N4, while Unity Bank rose by 9.30 per cent to close at 47k per share.  

    Livestock also went up by 8.70 per cent each to close at N1.25. On the other hand, Bua Cement led the losers’ chart in percentage terms by 9.96 per cent each to close at N62.40  per share.  

    McNichols Consolidated  shed 9.89 per cent to close at 82k per share.  

    Neimeth International Pharmaceuticals also lost 9.68 per cent to close at N1.40 per share, while International Breweries lost 6.54 per cent to close at N5 per share.  

    Meyer & Baker declined by 6.42 per cent to close at N3.35 per share.  

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions reducing by 19.21 per cent.    

    A total of 176.05 million units of  shares valued at N2.27 billion.  

    Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the most volume chart with 21.37 million shares valued N426.8 million.  

    Zenith Bank followed with 20.452 million shares worth N429.28 million, while AccessCorp traded 16.79 million shares valued N149.67 million.  

    First Bank of Nigeria (FBNH)  traded 14.31 million shares valued N153.13 million, while United Bank for Africa transacted 14.26 million shares worth N100.53 million.


    NewsSourceCredit: NAN

  •  BUA Cement says it is in discussion with the International Finance Corporation IFC to obtain a loan for expansion of its integrated cement plant in Kalambaina Sokoto State The cement company disclosed this in a statement signed by Hauwa Garba Satomi the Deputy Company Secretary and obtained from the Nigerian Exchange Ltd NGX on Monday It also said that IFC would be serving as lead arranger in conjunction with a number of other lenders in a syndication pool In the statement the company wrote to its shareholders and the investing public that the company has gone into discussion with the International Finance Corporation IFC serving as lead arranger in conjunction with a number of other lenders in a syndication pool To obtain a loan for the expansion of BUA Cement s integrated cement plant in Kalambaina Sokoto State Nigeria which shall include increasing its capacity from 2 0 million tons per annum MTPA to 8 0 MTPA and the development of other ancillary utilities the Expansion Project Meanwhile shareholders of the manufacturing companies have approved dividends of N88 047 billion for its financial year ended Dec 31 2021 at N2 60k per ordinary share of 50k each The approval was given during the company s 6th Annual General Meeting held in Abuja The approval was based on strong financial performance in the year under review that recorded revenue growth of 22 9 per cent from N209 4 billion in 2020 to N257 3 billion in 2021 Profits after Tax also rose by 24 5 per cent to N90 1 billion in the year under review Speaking at the Annual General Meeting Abdul Samad Rabiu Chairman of the Board of Directors of BUA Cement Plc commented Our performance in 2021 gives credence to our sound business model value proposition and the excellent team who responded to the challenges and opportunities that were confronted in the year under review In the meantime the BUA Cement brand continues to grow stronger in the marketplace Our aim is to invest more in the cement industry until Nigeria is self sufficient and cement is readily available accessible and affordable for all Nigerians We expect to continue this excellent performance for the foreseeable future NewsSourceCredit NAN
    Capacity Expansion: BUA Cement to raise capital
     BUA Cement says it is in discussion with the International Finance Corporation IFC to obtain a loan for expansion of its integrated cement plant in Kalambaina Sokoto State The cement company disclosed this in a statement signed by Hauwa Garba Satomi the Deputy Company Secretary and obtained from the Nigerian Exchange Ltd NGX on Monday It also said that IFC would be serving as lead arranger in conjunction with a number of other lenders in a syndication pool In the statement the company wrote to its shareholders and the investing public that the company has gone into discussion with the International Finance Corporation IFC serving as lead arranger in conjunction with a number of other lenders in a syndication pool To obtain a loan for the expansion of BUA Cement s integrated cement plant in Kalambaina Sokoto State Nigeria which shall include increasing its capacity from 2 0 million tons per annum MTPA to 8 0 MTPA and the development of other ancillary utilities the Expansion Project Meanwhile shareholders of the manufacturing companies have approved dividends of N88 047 billion for its financial year ended Dec 31 2021 at N2 60k per ordinary share of 50k each The approval was given during the company s 6th Annual General Meeting held in Abuja The approval was based on strong financial performance in the year under review that recorded revenue growth of 22 9 per cent from N209 4 billion in 2020 to N257 3 billion in 2021 Profits after Tax also rose by 24 5 per cent to N90 1 billion in the year under review Speaking at the Annual General Meeting Abdul Samad Rabiu Chairman of the Board of Directors of BUA Cement Plc commented Our performance in 2021 gives credence to our sound business model value proposition and the excellent team who responded to the challenges and opportunities that were confronted in the year under review In the meantime the BUA Cement brand continues to grow stronger in the marketplace Our aim is to invest more in the cement industry until Nigeria is self sufficient and cement is readily available accessible and affordable for all Nigerians We expect to continue this excellent performance for the foreseeable future NewsSourceCredit NAN
    Capacity Expansion: BUA Cement to raise capital
    Economy4 months ago

    Capacity Expansion: BUA Cement to raise capital

    BUA Cement says it is in discussion with the International Finance Corporation (IFC) to obtain a loan for expansion of its integrated cement plant in Kalambaina, Sokoto State.

    The cement company disclosed this in a statement signed by Hauwa Garba Satomi, the Deputy Company Secretary and obtained from the Nigerian Exchange Ltd. (NGX) on Monday.

    It also said that IFC would be serving as lead arranger in conjunction with a number of other lenders in a syndication pool.

    In the statement, the company wrote to its shareholders and the investing public that the company “has gone into discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool.

      “To obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria, which shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project).” Meanwhile, shareholders of the manufacturing companies have approved dividends of N88.047 billion for its financial year ended Dec. 31, 2021 at N2:60k per ordinary share of 50k each.

    The approval was given during the company’s 6th Annual General Meeting held in Abuja.

    The approval was based on strong financial performance in the year under review that recorded revenue growth of 22.9 per cent from N209.4 billion in 2020 to N257.3 billion in 2021.

    Profits after Tax also rose by 24.5 per cent to N90.1 billion in the year under review.

    Speaking at the Annual General Meeting, Abdul Samad Rabiu, Chairman of the Board of Directors of BUA Cement Plc commented: “Our performance in 2021 gives credence to our sound business model, value proposition, and the excellent team who responded to the challenges and opportunities that were confronted in the year under review.

    “In the meantime, the BUA Cement brand continues to grow stronger in the marketplace.

    “Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians.

    “We expect to continue this excellent performance for the foreseeable future.”

    NewsSourceCredit: NAN

  •  The Senate Chief Whip Orji Kalu has congratulated the Founder and Chairman BUA Group of Companies Alhaji Abdulsamad Rabiu on his re appointment as Chairman of France Nigeria Business Council Kalu in a goodwill message on Wednesday in Abuja applauded the giant strides of the business magnate in the business community According to Kalu Rabiu s re appointment is well deserved and for the good of Nigeria France and the international community He said that Rabiu s accomplishments in his role as President of the business entity were enormous remarkable and unbeatable The re appointment of Alhaji Abdulsamad Rabiu as President of France Nigeria Business Council by President Emmanuel Marcon of France is not a surprise to me This is owing to the laudable contributions of Rabiu to the business world through various platforms The newly re appointed president is a household name in the business community at the national and international levels His contributions to the growth and progress of bilateral business relationships between France and Nigeria are commendable I am confident that the business mogul will continue to strengthen the business ties between France and Nigeria in a bid to strengthen the healthy relationship between both countries Kalu said While acknowledging the antecedents of the business mogul in various sectors of the global economy Kalu commended the organised private sector for complementing the efforts of government in building a robust economy at the national and international levels Kalu wished Rabiu continued success in his noble role NewsSourceCredit NAN
    Kalu applauds BUA Chairman’s re-appointment as President France-Nigeria Business Council
     The Senate Chief Whip Orji Kalu has congratulated the Founder and Chairman BUA Group of Companies Alhaji Abdulsamad Rabiu on his re appointment as Chairman of France Nigeria Business Council Kalu in a goodwill message on Wednesday in Abuja applauded the giant strides of the business magnate in the business community According to Kalu Rabiu s re appointment is well deserved and for the good of Nigeria France and the international community He said that Rabiu s accomplishments in his role as President of the business entity were enormous remarkable and unbeatable The re appointment of Alhaji Abdulsamad Rabiu as President of France Nigeria Business Council by President Emmanuel Marcon of France is not a surprise to me This is owing to the laudable contributions of Rabiu to the business world through various platforms The newly re appointed president is a household name in the business community at the national and international levels His contributions to the growth and progress of bilateral business relationships between France and Nigeria are commendable I am confident that the business mogul will continue to strengthen the business ties between France and Nigeria in a bid to strengthen the healthy relationship between both countries Kalu said While acknowledging the antecedents of the business mogul in various sectors of the global economy Kalu commended the organised private sector for complementing the efforts of government in building a robust economy at the national and international levels Kalu wished Rabiu continued success in his noble role NewsSourceCredit NAN
    Kalu applauds BUA Chairman’s re-appointment as President France-Nigeria Business Council
    General news5 months ago

    Kalu applauds BUA Chairman’s re-appointment as President France-Nigeria Business Council

    The Senate Chief Whip, Orji Kalu has congratulated the Founder and Chairman, BUA Group of Companies , Alhaji Abdulsamad Rabiu on his re-appointment as Chairman of France-Nigeria Business Council.

    Kalu, in a  goodwill message  on Wednesday in Abuja, applauded the giant strides of the business magnate in the business community.

    According to Kalu, Rabiu’s re-appointment is well deserved and for the good of Nigeria, France and the international community.

    He said that Rabiu’s accomplishments in his role as President of the business entity were enormous, remarkable and unbeatable.

    “The re-appointment of Alhaji Abdulsamad Rabiu as President of France-Nigeria Business Council by President Emmanuel Marcon of France is not a surprise to me.

    “This is owing to the laudable contributions of Rabiu to the business world through various platforms.

    “The newly re-appointed president is a household name in the business community at the national and international levels.

    “His contributions to the growth and progress of bilateral business relationships between France and Nigeria are commendable.

    “I am confident that the business mogul, will continue to strengthen the business ties between France and Nigeria in a bid to strengthen the healthy relationship between both countries,” Kalu said.

    While acknowledging the antecedents of the business mogul in various sectors of the global economy, Kalu commended the organised private sector for complementing the efforts of government in building a robust economy at the national and international levels.

    Kalu wished Rabiu continued success in his noble role.

    NewsSourceCredit: NAN

  •  President Muhammadu Buhari has congratulated Abdul Samad Rabiu Chairman of BUA Group on his reappointment as President of the France Nigeria Business Council by the President of France Emmanuel Macron The President s congratulatory message is contained in a statement by Malam Garba Shehu the Senior Special Assistant to the President on Media and Publicity on Tuesday in Abuja Buhari commended Rabiu for his very pivotal role in nudging forward the objectives of the association inaugurated a year ago and for retaining the trust and confidence of members of the strategic council The President acknowledged with delight that under one year of Rabiu s leadership the council had recorded appreciable progress in plans by some of Nigeria s biggest banks to set up subsidiaries in France BUA s partnership with Axes France to build a 200 000bpd refinery in Akwa Ibom among others President Buhari assured the Chairman of BUA and pioneer president of the council of Federal Government s unflinching support as top business leaders continued to build strategic partnerships aimed at improving business relations between the two countries He also lauded the efforts of the council for supporting the economic programme of government in the areas of infrastructural development agriculture power job and wealth creation According to him the focus of this administration s economic diplomacy is attracting foreign investments into the country which makes the ordinary Nigerian a prime beneficiary He therefore assured Nigerians and all foreign policy stakeholders that having reaped the benefits of major investments into the country in the last seven years his administration would continue to vigorously promote Nigeria as a preferred and attractive destination to international investors NewsSourceCredit NAN
    Buhari congratulates BUA Chairman on reappointment as President, France-Nigeria Business Council
     President Muhammadu Buhari has congratulated Abdul Samad Rabiu Chairman of BUA Group on his reappointment as President of the France Nigeria Business Council by the President of France Emmanuel Macron The President s congratulatory message is contained in a statement by Malam Garba Shehu the Senior Special Assistant to the President on Media and Publicity on Tuesday in Abuja Buhari commended Rabiu for his very pivotal role in nudging forward the objectives of the association inaugurated a year ago and for retaining the trust and confidence of members of the strategic council The President acknowledged with delight that under one year of Rabiu s leadership the council had recorded appreciable progress in plans by some of Nigeria s biggest banks to set up subsidiaries in France BUA s partnership with Axes France to build a 200 000bpd refinery in Akwa Ibom among others President Buhari assured the Chairman of BUA and pioneer president of the council of Federal Government s unflinching support as top business leaders continued to build strategic partnerships aimed at improving business relations between the two countries He also lauded the efforts of the council for supporting the economic programme of government in the areas of infrastructural development agriculture power job and wealth creation According to him the focus of this administration s economic diplomacy is attracting foreign investments into the country which makes the ordinary Nigerian a prime beneficiary He therefore assured Nigerians and all foreign policy stakeholders that having reaped the benefits of major investments into the country in the last seven years his administration would continue to vigorously promote Nigeria as a preferred and attractive destination to international investors NewsSourceCredit NAN
    Buhari congratulates BUA Chairman on reappointment as President, France-Nigeria Business Council
    General news5 months ago

    Buhari congratulates BUA Chairman on reappointment as President, France-Nigeria Business Council

    President Muhammadu Buhari has congratulated Abdul-Samad Rabiu, Chairman of BUA Group, on his reappointment as President of the France-Nigeria Business Council by the President of France, Emmanuel Macron.

    The President’s congratulatory message is contained in a statement  by Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, on Tuesday in Abuja.

    Buhari commended Rabiu for his very pivotal role in nudging forward, the objectives of the association inaugurated a year ago, and for retaining the trust and confidence of members of the strategic council.

    The President acknowledged with delight that under one year of Rabiu’s leadership,  the council had recorded appreciable progress in plans by some of Nigeria’s biggest banks to set up subsidiaries in France, BUA’s partnership with Axes France to build a 200,000bpd refinery in Akwa Ibom, among others.

    President Buhari assured the Chairman of BUA and pioneer president of the council of  Federal Government’s  unflinching support as top business leaders continued to build strategic partnerships aimed at improving  business relations between the two countries.

    He also lauded the efforts of the council for supporting the economic programme of government in the areas of infrastructural development, agriculture, power, job and wealth creation.

    According to him, the focus of this administration’s economic diplomacy is attracting foreign investments into the country which makes the ordinary Nigerian a prime beneficiary.

    He, therefore, assured Nigerians and all foreign policy stakeholders that having reaped the benefits of major investments into the country in the last seven years, his administration would continue to vigorously promote Nigeria as a preferred and attractive destination to international investors.

    NewsSourceCredit: NAN

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