Monday, April 6, 2020
Following the launch of its Coronavirus (COVID-19) initiative, Prudential Zenith Life Insurance has announced some additional benefits
Friday, March 20, 2020
Tuesday, March 17, 2020
Sunday, March 15, 2020
The Speaker of the Lagos State House of Assembly Mudashiru Obasa is having it a rough.He is facing a damaging
Saturday, March 14, 2020
How Loyal Former Access Bank Boss Aig Imoukhuede Is Affected By The Removal Of Sanusi As Emir Of Kano
He is not the flash friend, the one everyone wants to copy and follow around. Rather, Aigboje Aig-Imoukhuede, the former MD/CEO of Access Bank Plc, is the
Wednesday, March 4, 2020
Thursday, February 27, 2020
Friday, February 21, 2020
Superlative Performance As Zenith Bank Re-Affirms Leadership, Crosses N200billion Profit After Tax Bench Mark
In a clear show of its resilience and market leadership, Zenith Bank has announced an impressive result for the year ended
Thursday, February 20, 2020
The Federal High Court in Yenagoa, on Thursday, issued a warrant mandating the arrest of four staff of United Bank for Africa PLC (UBA) charged with
Wednesday, February 19, 2020
Thursday, February 13, 2020
Tuesday, February 11, 2020
Sunday, February 2, 2020
The Chief Executive Officer of Access Bank, Herbert Wigwe, has sold 28.86 million shares worth N292.82 million, which represents 2.33% of his stakes in the bank. The transaction was done through Trust Capital Limited, was made public in a notice filed at the Nigerian Stock Exchange.What this means is that Wigwe had sold 6.81% of his stake in the financial institution, as he had sold a 4.48% stake on Friday. The bank disclosed in a notification of insider dealing, which was filed at the NSE on Friday, that is CEO sold 55.6 million ordinary shares, which he held indirectly.Access Bank said in a statement that Wigwe held a total of 1.24 billion indirect shares as of April 2019. The indirect shares were made up of 537.73 million shares owned by United Alliance Company of Nigeria Limited and 702.56 million shares owned by Trust and Capital Limited.The bank also said that 55.6 million shares were sold from Wigwe’s indirect holding through Trust and Capital Limited. It added that the number of shares sold was an aggregation of sales made on four different instances – 3.61 million shares on January 10, 20.14 million shares on January 13, 9.24 million shares on January 14 and 22.63 million shares on January 15.Wigwe sold the shares at a price of N10.80 on January 10, N10.70 on January, 13, N10.56 on January 14 and N10.022 on January 15.Out of the 15 members of Access Bank’s board of directors, Wigwe has the highest stake in the bank, directly owning 201.23 million shares and 1.24 billion shares indirectly. The additional 28.86 million shares were sold at N10.32 on January 16.
Friday, January 31, 2020
Tuesday, January 28, 2020
Friday, January 17, 2020
What right do the children of the president have to use the presidential plane fleet? Some Nigerians think they do not deserve the privilege as controversy rages over the use of a presidential plane by Hanan,a daughter of President Muhammadu Buhari. Hanan was
Meet Dan Kunle, The Shadow Power In The Petroleum Industry & Most Trusted Aide Of Minister Timiore Sylva
Friday, January 10, 2020
A customer relationship manager with First Bank of Nigeria Limited, Kehinde Adewuyi, has been arraigned for allegedly converting the
Thursday, January 9, 2020
Massive Growth, Major Highlights Of Opportunities For Investors As Combined Entity BUA CEMENT - Obu Cement& CCNN - Is Listed On Nigerian Stock Exchange
The combined business entity known as BUA Cement – merged between Obu Cement and Cement Company Of Northern Nigeria (CCNN)will be listed on the Nigerian Stock Exchange today, Thursday, January 9, 2020.
The move which consolidates the cement holdings of BUA group in Nigeria is part of the group’s vision of unlocking ‘’the opportunities inherent in the business space in Africa for Africans by Africans through BUA’s strategic investments in key industries within Nigeria and across the continent’’.
.The listing of the combined business entity known as BUA Cement is one of the high points of the overwhelming votes by shareholders of CCNN and Obu Cement, at their general meetings, in favor of a merger on December 4, 2019. This was followed by approvals by the courts and regulators.
Here are a few highlights from the merger which can also be extracted from the Scheme of Merger document found here – http://buacement.info or on the Nigerian Stock Exchange Website
- Merger Deal Size of about NGN1,185,252,392,100 (1.18trillion Naira) or USD3.29billion* (*USD1/NGN360)
- Current volume of shares for total combined entity (BUA cement) is 33,864,354,060 total entity shares i.e. 13,143,500,966 CCNN shares + 20,720,853,094 shares of BUA OBU Cement Shares
- Exchange ratio is 1:1 representing the number of CCNN ordinary shares to be exchanged for OBU shares
- Date of transaction voting was 4th of December, 2019 with 99.93% of minority shareholders voting in favor of the merger. Listing date scheduled for 9th of Jan, 2020.
- The new entity, BUA Cement, will be the second largest producer of cement in Nigeria by Volume with factories in Sokoto State, NorthEast Nigeria (2million mtpa) and Okpella Edo State, South South Nigeria (6million mtpa). A new 3million mtpa plant currently being constructed is scheduled to be operational in 2020 in Sokoto State.
- BUA Cement also has the benefit of market leadership positions in its key regional markets of the North West, South South and SouthEast Nigeria due to its location and proximity to those markets . It also has a huge export market in Western Africa.