First Bank

Friday, January 31, 2020

Customers In Tears, Funds Missing, Businesses Disrupted As FCMB’s System Crashes

The operation of the financial institution, First City Monument Bank(FCMB) is in shambles. gathered this development is as a result of the financial institution’s system collapsed.
Sources disclosed that

Tuesday, January 28, 2020

Billionaire Omokore Faces Fresh Charges In $1.6bn Fraud Case

The Economic and Financial Crimes Commission, EFCC on Monday, January 27, 2020, filed additional 15 criminal charges against Jide Omokore and others,

Friday, January 17, 2020

Controversy Over Buhari’s Daughter Hanan’s Use Of Presidential Jet Refuse To Go Away

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

Court Kicks Out Ifeanyi Ubah As Nigerian Senator

A Federal Capital Territory (FCT) High Court sitting in Abuja on Friday, January 17, sacked Senator Ifeanyi Ubah of the Young Progressives Party (YPP).
Senator Ubah was

Meet Dan Kunle, The Shadow Power In The Petroleum Industry & Most Trusted Aide Of Minister Timiore Sylva

There is no prevaricating the fact that Timipre Sylva is holding one of the most influential portfolios in the government of President Muhammadu Buhari;

Friday, January 10, 2020

EFCC Arrests Access Bank MD Hubert Wigwe

Access Bank MD, Herbert Wigwe Arrested by the Economic and Financial Crime Commission.

Wigwe was arrested by

With N1.3tn Capitalization, BUA Cement Now 3rd Largest Listed Company On Nigerian Stock Exchange

West Africa’s second largest Cement company, BUA Cement, today listed on the Nigerian Stock Exchange with a market capitalization of 1.2trillion Naira (USD3.3billion) bringing to conclusion, the merger between the BUA-owned cement entities, Cement Company of

First Bank Manager In Police Net For Fraudulently Using Multi-Million Naira Fund

A customer relationship manager with First Bank of Nigeria Limited, Kehinde Adewuyi, has been arraigned for allegedly converting the

NCAA Boss Segun Runsewe Jailed!

Justice Jude Okeke of an FCT High Court on Thursday sentenced Chief Olusegun Runsewe, Director-General of the National Council of Art and Crafts to prison for

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 – 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.