Economy
BUA Group Also Got Exemption from Border Closure—Dangote
By Dipo Olowookere
The management of Dangote Group has described reports that its cement subsidiary, Dangote Cement, was the only company in Nigeria allowed to transport its goods to neighbouring countries through the land borders.
Recall that on August 20, 2019, the federal government announced an indefinite closure of the nation’s land borders, claiming the action was to stop smuggling and the importation of arms into the country used for terrorism in the northern part of Nigeria.
Bloomberg, in a report on Monday, said Dangote Cement was given the sole approval by the Nigerian authorities to export cement through the already closed land borders.
But the firm, in a statement to the media on Tuesday through its corporate communications department, explained that the Nigeria Customs Service (NCS), through its spokesman, Mr Joseph Attah, confirmed that BUA Group and one other firm in the oil/gas sector, also enjoyed from the FG’s gesture.
“Contrary to reports by Bloomberg that Dangote Cement was granted sole approval to export cement through the land borders, information has emerged that other companies also got approval to export through the land borders.
“Nigerian Customs Service has reportedly revealed that BUA Group and a gas company have also received presidential approval to move goods across the land borders.
“Joseph Attah, the spokesperson for Nigerian Customs Service, was said to have clarified on phone from Lagos,” the statement from Dangote to the media today, said.
“Dangote Cement and other companies in July 2020 got partial special dispensation to export their products with a certain sequence of crossing at Ilela land border in Sokoto State and Ohumbe land border in Ogun State,” the company clarified.
Also, the Group Chief, Branding and Communications, Dangote Group, Mr Anthony Chiejina, described the report as misleading and mischievous because it focused only on Dangote Cement as the sole beneficiary of the partial special dispensation.
Recall that in his presentation on investor call held this week, the CEO of Dangote Cement, Mr Michel Puchercos, had explained that the company is continuously focused on exporting cement to West and Central Africa by sea through its export terminals.
He added that six vessels of clinker were exported in the third quarter of 2020 via the Apapa export terminal, while plans are on track to commission the Port Harcourt export terminal before the end of this year.
For the quarter, Dangote Cement exported only 69 kilotonnes of cement via the land borders in contrast to previous volumes of 180 kilotonnes before the border closures, which indicates just 38 per cent of the export volumes.
By Aduragbemi Omiyale
Africa’s richest man, Mr Aliko Dangote, has taken a significant step to reduce the annual sugar import bill of Ghana by $162 million with the establishment of a sugar refinery in the country.
The sugar milling project is to be sited in Kwame-Danso, Bono Region under the West African nation’s ambitious One District, One Factory (1D1F) initiative.
All the required permits as well as land for the massive project have been secured and the next step should be the commencement of the factory, according to Mr Dangote in a post on a LinkedIn.
Business Post reports that the Dangote Sugar Refinery Ghana will have the capacity to crush 12,000 tonnes of sugarcane daily, and an irrigation infrastructure spanning 25,000 hectares of farmland, with production lines for sugar, molasses, and ethanol.
“We’re thrilled to announce the launch of a major agro-industrial project in Kwame-Danso, Bono Region: Dangote Sugar Refinery,” the Nigerian businessman said, describing the venture as “a new chapter” in Ghana’s economic journey.
“With land secured and necessary permits obtained, we’re moving forward with the support of Ghana’s ‘One District, One Factory’ initiative.
“This project tackles Ghana’s $162 million sugar import bill while fostering a sustainable, homegrown solution.
“At Dangote, we envision more than just a factory. We see a catalyst for economic independence, job creation, and transformative impact across Africa. Join us in shaping the continent’s future,” he stated.
When completed, the project is expected to boost the revenue of Dangote Sugar Refinery Plc, an entity listed on the Nigerian Exchange (NGX) Limited.
Recall that in the 2024 financial year, the sugar refiner grew its turnover by 51 per cent to N665.6 billion from N441.5 billion a year earlier, with the earnings per share (EPS) rising to N15.80 from N6.00 in 2023.
Mr Dangote has consistently assured the company would build a sustainable business, target the production of 1.5 million metric tonnes of refined sugar annually and at the same time generate over 75,000 employment opportunities in its value chain.
Also, the chief executive of Dangote Sugar, Ravindra Singh Singhvi, reiterated the company’s goal of achieving self-sufficiency in sugar production for Nigeria, with a target of producing 700,000 tonnes of sugar locally within the next five years.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.63 per cent in Week 18 of the 2025 trading year, supported by gains posted by five stocks on the platform.
Just like in the previous week, there were four trading days last week due to the Workers’ Day holiday, and over these days, investors carried out 130 deals in 19 stocks.
Data indicated that the value of transactions went down by 98.9 per cent to N105.9 million from the preceding week’s N9.9 billion and the volume of trades shrank by 99.6 per cent to 14.5 million units from 3.9 billion units in the previous week.
The most active stock by value in the week was FrieslandCampina Wamco Nigeria Plc with N70.7 million, Afriland Properties Plc recorded N13.6 million, Geo-Fluids Plc traded N13.0 million, Capital Hotels Plc posted N6.0 million, and IPWA Plc reported N2.0 million.
Geo-Fluids Plc was the most traded stock by volume with 6.4 million units, IPWA Plc transacted 4.0 million units, FrieslandCampina Wamco Nigeria Plc recorded 1.9 million, Capital Hotels Plc traded 1.2 million units, and Afriland Properties Plc exchanged 0.902 million units.
The NASD Unlisted Security Index (NSI) added 20.60 points to settle at 3,289.66 points compared with the 3,269.06 points recorded in the preceding trading week, and the bourse’s market capitalisation gained N12.07 billion to close at N1.926 trillion compared with the N1.914 trillion posted the previous week.
FrieslandCampina Wamco Nigeria Plc improved by 13.1 per cent to N40.00 per unit from N35.37 per unit, Geo-Fluids Plc appreciated by 11.1 per cent to N2.00 per share from N1.80 per share, Food Concepts Plc grew by 10.3 per cent to N1.29 per unit from N1.17 per unit, Lagos Building Investment Company (LBIC) Plc jumped by 10.00 per cent to N3.08 per share from N2.80 per share, and UBN Property Plc increased by 4.8 per cent to N2.20 per unit from N2.10 per unit.
On the flip side, Afriland Properties Plc dropped 10 per cent to end at N16.00 per share compared with the preceding week’s N17.78 per share. IPWA Plc dipped by 9.1 per cent to 50 Kobo per unit from 55 Kobo per unit, Acorn Petroleum Plc lost 5.9 per cent to close at N1.10 per share versus N1.17 per share, and Mass Telecomm Innovation Plc shed 2.4 per cent to finish at 40 Kobo per unit versus 41 Kobo per unit.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited expanded by 0.27 per cent on a week-on-week basis last week, driven by gains recorded by 52 stocks, led by ABC Transport.
The notable transport and logistics firm posted a 44.87 per cent surge in its share price in the four-day trading week, closing at N2.26.
Legend Internet appreciated by 32.40 per cent to N9.03, Fidson rose by 22.85 per cent to N22.85, University Press jumped by 20.88 per cent to N4.11, and NAHCO flew by 20.17 per cent to N82.50.
On the flip side, Ecobank lost 18.75 per cent to sell at N26.00, Multiverse declined by 18.59 per cent to N6.35, Livestock Feeds crashed by 10.63 per cent to N8.49, Aradel Holdings slipped by 9.86 per cent to N448.00, and Tripple Gee depreciated by 9.60 per cent to N1.79.
Business Post reports that 52 shares gained weight in the week versus 64 shares a week earlier, 37 stocks depreciated versus 27 stocks in the previous week, and 59 equities closed flat versus 57 equities in the preceding week.
The All-Share Index (ASI) and the market capitalisation improved by 0.27 per cent and 0.28 per cent each to 106,042.57 points and N66.648 trillion, respectively.
Similarly, all other indices finished higher apart from the banking, insurance, AFR Bank Value, MERI Value, energy, Lotus II, sovereign bond and commodity indices, which depreciated by 0.38 per cent, 2.89 per cent, 0.04 per cent, 2.08 per cent, 2.90 per cent, 0.01 per cent, 0.19 per cent and 1.12 per cent, respectively.
The market operated for four days last week because of the public holiday observed on Thursday for the 2025 Workers’ Day celebration.
Despite this, Customs Street witnessed a higher turnover compared with the preceding trading week, as investors bought and sold 2.200 billion shares worth N75.409 billion in 70,329 deals versus the 1.854 billion shares valued at N56.025 billion traded in 51,386 deals a week earlier.
The financial services sector led the activity chart with 1.432 billion equities valued at N30.908 billion in 33,095 deals, contributing 65.09 per cent and 40.99 per cent to the total trading volume and value, respectively, as the ICT industry transacted 230.248 million shares worth N27.453 billion in 4,811 deals, and the consumer goods space sold 166.345 million stocks for N4.708 billion in 8,284 deals.
Fidelity Bank, Access Holdings, and UBA transacted 704.639 million units worth N16.757 billion in 10,466 deals, accounting for 32.03 per cent and 22.22 per cent of the total trading volume and value, respectively.
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