Economy
BUA Group Mulls Listing on Nigerian Stock Exchange
By Dipo Olowookere
Founder of BUA Group, Mr Abdul Samad Rabiu, has disclosed that he plans to list his company on the floor of the Nigerian Stock Exchange (NSE).
Mr Rabiu made this known while speaking with Channels Television on the sidelines of the just-concluded Africa CEO Forum held in Ivory Coast.
In the interview, which was monitored in Lagos by Business Post, the Kano-born businessman said he would list the cement segment of BUA Group on the stock exchange as soon as the necessary parameters are met.
According to him, “We are definitely going to list the cement business [on the stock exchange] because I think we should also give others the opportunity to participate [in the business].”
The tough rival of Dangote Group emphasised that, “If you have such a big business (as BUA Group) and it is doing very well, you should give others the opportunity to be part of it.”
According to him, “That way, you can unlock some of the capital you have invested [in the business] and do other things.”
When asked how soon he would consider making the listing a reality, Mr Rabiu said, “We don’t know yet, but we are still looking into it.”
On the gains of the African CEO Forum, the business mogul, who is having a dispute with Dangote Cement over ownership of a cement mine in Edo State, stated that, “I have actually interacted with a lot of people and one of the things I have heard is that there must be synergy among African CEOs as well as governments. That way, we can add more value to what we do.”
He noted that, “If you look at most of the countries in Africa, there are many resources, but untapped.
“Look at South Africa, which produces about 100 million tonnes of iron ore, they produce steel, but a lot of the iron ore is exported.
“One of the mines in South Africa owned by an Anglo American, Kumba Mine, produces about 45 million tonnes of iron ore and if you look at iron ore, it is something that you need to produce steadily and Nigeria is in a unique situation where it has iron ore, gas, coal and other. Not many countries in this world have these resources, yet we do not produce steel.
“We need to work with the government as well as the private sector to see how we can tap into these opportunities.
“If for example we import $3 to $4 billion worth of steel every year, yet we do not have a fully integrated steel plant, what does that tell you? That there is a form of disconnect.”
When asked if he plans to invest in the solid mineral sector, Mr Rabiu said, “The mining sector is a very important sector and we are interested in it. That was why we divested in our flour milling and pasta business simply because it requires importation of raw materials.
“I will rather be in a business that allows me source for raw materials locally than getting raw materials from outside the country.
“Look at where we are today in the cement industry, where we have the raw materials locally. What is happening in the cement industry today in Nigeria should be replicated in many sectors.”
By Aduragbemi Omiyale
More petroleum marketers are looking to take advantage being offered by the Dangote Refinery in Lagos through its bulk-purchase incentives, allowing petrol stations to sell premium motor spirit (PMS), otherwise known as petrol, cheaper to motorists.
Recall that recently, Dangote Refinery entered into a deal with MRS Oil Nigeria, Ardova Plc, Heyden for the purchase of petrol at least two million litres at N909 per litre.
With this agreement, MRS Oil has been able to dispense to customers at a pump price of N935 per litre across its stations in Nigeria.
For those not under this arrangement, they have been battling with price instability, especially after depot owners recently increased their price to N950 per litre from N909 per litre because of the rise in crude oil prices in the international market.
Worried by this and attracted by the bulk-purchase agreement incentives of Dangote Petroleum Refinery, the Independent Petroleum Marketers Association (IPMAN) is already having talks to buy directly from the Lagos-based oil facility.
The national president of the group, Mr Abubakar Maigandi Garima, said members are eager to sign on with Dangote Refinery for the bulk-purchase agreement.
He argued that members could not continue to depend on depot owners for products when they can buy directly from the refinery bearing in mind that the minimum quantity to buy from Dangote Refinery is two million litres at N909 per litre.
The desire to be part of the bulk-purchase agreement, it was also gathered, was also apparently being fuelled by the testimonies from motorists who have been praising the impressive burn rate of fuel sourced from Dangote Refinery and sold in MRS filing stations which they said lasts longer compared to other products imported into the country and sold by others.
The management of the Dangote Refinery, citing economic relief provided by President Bola Ahmed Tinubu’s crude-for-naira swap initiative, had announced a bulk-purchase offer incentives to the three leading downstream sector operators, so that Nigerians could heave a sigh of relief on the reduced pump price.
By Adedapo Adesanya
The World Bank has projected a 3.6 per cent economic growth for Nigerian in 2025 and 2026 on the back of ongoing reforms by the federal government.
The Bretton Wood institution in its report titled Global Economic Prospects, January 2025 published on Thursday, said recent reforms, including subsidy removal, Naira liberalisation and the introduction of tax reform bills would help to boost business confidence.
“In Nigeria, Gross Domestic Product (GDP) growth increased to an estimated 3.3 per cent in 2024, mainly driven by services sector activity, particularly in financial and telecommunication services.
“Macroeconomic and fiscal reforms helped improve business confidence. In response to rising inflation and a weak naira, the central bank tightened monetary policy.
“Meanwhile, the fiscal deficit narrowed due to a surge in revenues driven by the elimination of the implicit foreign exchange subsidy, following the unification of the exchange rate and improved revenue administration,” a part of the report stated.
The World Bank noted that the wider Sub-Saharan Africa, to which Nigeria belongs would see a 4.1 per cent growth in the current year, before seeing a 4.3 per cent rise in 2026.
“Growth in Sub-Saharan Africa, SSA is expected to firm to 4.1 per cent in 2025 and 4.3 per cent in 2026, as financial conditions ease alongside further declines in inflation. Following weaker-than-expected regional growth last year, growth projections for 2025 have been revised upward by 0.2 percentage points, and for 2026 by 0.3 percentage points, with improvements seen across various subgroups. At the country level, projected growth has been upgraded for nearly half of SSA economies in both 2025 and 2026.
“Growth in Nigeria is forecast to strengthen to an average of 3.6 per cent a year in 2025-26. Following monetary policy tightening in 2024, inflation is projected to gradually decline, boosting consumption and supporting growth in the services sector, which continues to be the main driver of growth,” it added.
The global lender disclosed that oil production is expected to increase over the forecast period but remain below the 1.5 million barrels per day quota of the Organisation of the Petroleum Exporting Countries (OPEC).
By Adedapo Adesanya
Four price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange close higher by 0.35 per cent on Thursday, January 16.
The value of the trading platform jumped by N3.69 billion during the session to N1.072 trillion from the N1.068 trillion it closed in the preceding session, and the NASD Unlisted Security Index (NSI) made an addition of 10.67 points to wrap the session at 3,103.83 points compared with 3,093.16 points recorded at the previous session.
Industrial and General Insurance (IGI) Plc added 3 Kobo to its price yesterday to trade at 33 Kobo per unit compared with Wednesday’s closing price of 30 Kobo per unit, Newrest Asl Plc appreciated by N2.85 to N31.18 per share from N28.53 per share, 11 Plc gained N2.90 to close at N256.00 per unit versus the N253.10 per unit it finished a day earlier, and FrieslandCampina Wamco Nigeria Plc grew by 21 Kobo to N39.16 per share, in contrast to midweek’s N38.95 per share.
On Thursday. there was an 85.3 per cent increase in the volume of securities traded by investors to 1.2 million units from the 666,494 units recorded in the preceding session, the value of shares traded surged by 8.9 per cent to N18.0 million from N16.5 million, and the number of deals leapt by 65 per cent to 33 deals from 20 deals.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, trailed by Geo-Fluids Plc with 8.9 million units sold for N43.0 million, and Afriland Properties Plc valued at 690,825 sold for N11.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 23.5 million units sold for N5.3 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc followed with 3.4 million units worth N134.9 million.
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