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BUA Foods Engages Stakeholders Through NGX Facts Behind The Listing

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Left-Right: Haruna Jalo-Waziri, Managing Director, Central Securities Clearing System (CSCS) Plc; Temi Popoola, CFA, Chief Executive Officer, Nigerian Exchange Limited; Ayodele Abioye, Acting CEO, BUA Foods Plc; Alhaji Kabiru Rabiu, Group Executive Director, BUA Foods Plc; Isyaku Rabiu, Executive Director, BUA Foods Pl and Seyi Osunkeye, Non-Executive Director, NGX during the Closing Gong Ceremony in commemoration of BUA Foods Plc Listing at the Exchange on Tuesday, January 18, 2022, in Lagos.

…BUA Foods Plc Engages Stakeholders Through NGX Facts Behind the Listing

Olushola Okunlade Writes

Nigerian Exchange Limited (NGX or The Exchange) started the year off with the listing by the introduction of BUA Foods Plc on the Main Board of The Exchange.

In keeping with its practice of intimating stakeholders with details of notable transactions such as these, NGX hosted the Management of BUA Foods to a virtual Facts Behind the Listing and Closing Gong Ceremony on Tuesday, 18 January 2022.

Speaking at the event, Chief Executive Officer, NGX, Mr. Temi Popoola, commended BUA Foods Plc for taking the bold step to join its subsidiary company, BUA Cement, as a public listed company on The Exchange. He further stated, “The listing of BUA Foods Plc on The Exchange reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabling sustainable growth and development. I must commend the efforts made by the Management of BUA Foods towards this listing and the roles played by all the professional parties to this transaction including; Stanbic IBTC Capital Limited, Rand Merchant Bank Nigeria Limited, UCML Capital Limited, APT Securities Limited, and CardinalStone Securities Limited.”

“At NGX, this milestone transaction is in line with our strategic objectives to improve listings and enhance investors’ participation in our market. As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa, and the world. I must, therefore, encourage capital market players and enthusiasts at home and abroad to pay closer attention to the plethora of opportunities available in our market both to list securities and make the most of their investments,” Mr. Popoola added

L – R shows Haruna Jalo-Waziri, Managing Director, Central Securities Clearing System (CSCS) Plc; Temi Popoola, CFA, Chief Executive Officer, Nigerian Exchange Limited; Ayodele Abioye, Acting CEO, BUA Foods Plc; Alhaji Kabiru Rabiu, Group Executive Director, BUA Foods Plc; Isyaku Rabiu, Executive Director, BUA Foods Pl and Seyi Osunkeye, Non Executive Director, NGX during the Closing Gong Ceremony in commemoration of BUA Foods Plc Listing at the Exchange on Tuesday, January 18, 2022 in Lagos.
Left-Right: Haruna Jalo-Waziri, Managing Director, Central Securities Clearing System (CSCS) Plc; Temi Popoola, CFA, Chief Executive Officer, Nigerian Exchange Limited; Ayodele Abioye, Acting CEO, BUA Foods Plc; Alhaji Kabiru Rabiu, Group Executive Director, BUA Foods Plc; Isyaku Rabiu, Executive Director, BUA Foods Pl and Seyi Osunkeye, Non-Executive Director, NGX during the Closing Gong Ceremony in commemoration of BUA Foods Plc Listing at the Exchange on Tuesday, January 18, 2022, in Lagos.

On his part, the Chairman, BUA Group Plc, Abdul Samad Rabiu, CON, represented by Group Executive Director, BUA Foods Plc, Alhaji Kabiru Rabiu stated, “Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200million and our food production capacity is still not enough to meet current demands. However, with the listing of our food business on the NGX, there is high hope for Nigeria in terms of building capacity for food sufficiency. We are, therefore, positioning our brand to take advantage of export opportunities through our strategically located plants from which foreign exchange can be generated both for the company and the economy. As a listed company, BUA Group has benefitted first-hand from NGX’s efforts to chart a path for the sustainable development of the Nigerian economy. It has, therefore, been exciting for BUA Foods to go through a similar journey and we are confident that by leveraging the collaborative approach prevalent in the market, the entire group of companies will be equipped to increasingly deliver value to its shareholders/ We certainly look forward to benefitting from the new opportunities that have opened up to as on the platform of The Exchange”.

It is noteworthy that the listing of BUA Foods’ shares has added N720Bn to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation. Following the admission of BUA Foods’ shares on the Main Board of The Exchange on Wednesday, 5 January 2022, the company has experienced an upward trend in share price, market capitalization along with the trading activity.

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Popoola Commends Access Holdings’ Contribution To Nigeria’s Growth Story

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Access Holdings Plc Held Closing Gong Ceremony To Commemorate Restructuring And Listing At NGX Today

…reiterates The Exchange’s commitment to remain a partner of choice

Olushola Okunlade Writes

The Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola, commended Access Holding Plc’s contribution to the Nigerian growth story and emphasized NGX’s commitment to collaborating with institutions driving growth in the Nigerian economy.

This was made known during the Closing Gong Ceremony hosted by NGX to commemorate the Access Holdings’ successful restructuring into a holding company structure and the listing of 35,545,225,622 ordinary shares of Access Holdings Plc on NGX on Thursday, 28 April 2022.

NGX CEO further noted that the Exchange is proud to be part of the progress that Access Holdings has successfully achieved over the past 20 years while assuring that the company will find a worthy partner in the Exchange as it commences its new journey”.

Speaking at the event, Mr. A.B. Mahmoud, SAN, OON, Chairman, NGX, congratulated the Board of Directors and Executive Management of Access Holdings and the parties to the transaction, Chapel Hill Denham Advisory Limited, Coronation Securities Limited, Aluko & Oyebode, and Africa Law Practice NG & Company. He said, “NGX has emerged from a recent restructuring and is better positioned to support our stakeholders in their quest to raise long-term capital”.

Access Holdings Plc Held Closing Gong Ceremony To Commemorate Restructuring And Listing At NGX Today
Left-Right: Abubakar B. Mahmoud, SAN, OON, Chairman, Nigerian Exchange Limited (NGX); Mr. Temi Popoola, Chief Executive Officer, NGX; Dr. Herbert Wigwe, Group Managing Director/Chief Executive Officer (GMD/CEO), Access Holdings Plc; Mr. Bababode Osunkoya, Chairman, Access Holdings Plc at the Closing Gong Ceremony to commemorate the restructuring and listing of Access Holdings Plc at Nigerian Exchange Limited on Thursday, April 28, 2022, in Lagos.
Access Holdings Plc Held Closing Gong Ceremony To Commemorate Restructuring And Listing At NGX Today
Left-Right: Abubakar B. Mahmoud, SAN, OON, Chairman, Nigerian Exchange Limited (NGX); Mr. Temi Popoola, Chief Executive Officer, NGX; Ms. Bolaji Agbede, Executive Director, Access Holdings Plc; Dr. Herbert Wigwe, Group Managing Director/Chief Executive Officer (GMD/CEO), Access Holdings Plc; Mr. Bababode Osunkoya, Chairman, Access Holdings Plc; and Mr. Seyi Osunkeye, Non-Executive Director, NGX during the Closing Gong Ceremony to commemorate the restructuring and listing of Access Holdings Plc at Nigerian Exchange Limited on Thursday, April 28, 2022, in Lagos.

In addition, Mr. A.B. Mahmoud, SAN, OON, said, “The Exchange is better positioned to lead government advocacy efforts for listed companies, promote technology advancement and digital innovation for the capital market, and increase retail investor participation in the capital market aimed at building a market for the future and addressing the prevailing challenge of financial inclusion. We welcome Access Holdings Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out-of-the-box ideas financial products that will dimension the next curve for the capital market”.

Delivering his remarks, Chairman, Access Holdings Plc, Mr. Bababode Osunkoya, said, “The significance of this event as our first external engagement as Access Holdings Plc is not lost on us. Access Holdings Plc is an evolutionary expression for us which signifies our moving away from what was known as Access Bank into a financial institution. We acknowledge the impact of our collaboration with The Exchange over the years and we look forward to continuing this mutually beneficial partnership to take Nigeria and Africa to the world”.

On his part, Group Chief Managing Director/Chief Executive Officer, Access Holdings Plc, Dr. Herbert Wigwe, thanked The Exchange for its remarkable contribution to the Corporation’s story. He said, “In 2004, following the Central Bank of Nigeria mandated recapitalization initiative, Access Bank came to the Exchange on its maiden journey to raise capital. NGX created the platform through which we raised capital and quickly consummated one of the largest mergers in the history of this Country.  Today’s event marks a major milestone for us as we evolve from a traditional banking institution into a full-fledged financial services provider that would create an ecosystem of financial services for all Nigerians to benefit from. This is the Exchange that made Access Bank and we thank the Exchange for its continued support over the years”.

Also present on the Trading Floor of NGX to sound the gong and bring the day’s trading to a close were Mrs. Fatima Bello-Ismail, Independent Non-Executive Director, Access Holdings Plc; Ahonsi Unuigbe, Non-Executive Director, NGX; Mr. Oluseyi Kumapayi, Non-Executive Director, Access Holdings Plc; Mr. Seyi Osunkeye, Non-Executive Director, NGX; Mr. Kamarudeen Kareem Oladosu, Non-Executive Director, NGX; Mr. Yomi Adeyemi, Non-Executive Director, NGX.

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Access Holdings Plc Held Closing Gong Ceremony To Commemorate Restructuring And Listing At NGX Today

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Access Holdings Plc Held Closing Gong Ceremony To Commemorate Restructuring And Listing At NGX Today

Closing Gong Ceremony to commemorate the restructuring and listing of Access Holdings Plc

Olushola Okunlade Writes

Access Holdings Plc held its closing gong ceremony to commemorate the restructuring and listing of Access Holdings Plc at Nigerian Exchange Limited on Thursday, April 28, 2022, in Lagos.

Access Holdings Plc Held Closing Gong Ceremony To Commemorate Restructuring And Listing At NGX Today
Left-Right: Abubakar B. Mahmoud, SAN, OON, Chairman, Nigerian Exchange Limited (NGX); Mr. Temi Popoola, Chief Executive Officer, NGX; Ms. Bolaji Agbede, Executive Director, Access Holdings Plc; Dr. Herbert Wigwe, Group Managing Director/Chief Executive Officer (GMD/CEO), Access Holdings Plc; Mr. Bababode Osunkoya, Chairman, Access Holdings Plc; and Mr. Seyi Osunkeye, Non-Executive Director, NGX during the Closing Gong Ceremony to commemorate the restructuring and listing of Access Holdings Plc at Nigerian Exchange Limited on Thursday, April 28, 2022, in Lagos.
Access Holdings Plc Held Closing Gong Ceremony To Commemorate Restructuring And Listing At NGX Today
Left-Right: Abubakar B. Mahmoud, SAN, OON, Chairman, Nigerian Exchange Limited (NGX); Mr. Temi Popoola, Chief Executive Officer, NGX; Dr. Herbert Wigwe, Group Managing Director/Chief Executive Officer (GMD/CEO), Access Holdings Plc; Mr. Bababode Osunkoya, Chairman, Access Holdings Plc at the Closing Gong Ceremony to commemorate the restructuring and listing of Access Holdings Plc at Nigerian Exchange Limited on Thursday, April 28, 2022, in Lagos.

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Market Remain Cautious, NSE All-Share Index Green  

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ForexTime Limited

Market Remain Cautious, NSE All Share Index Green  

Written on 27/04/2022 by Lukman Otunuga, Senior Research Analyst at FXTM 

Global stocks were wrapped in caution on Tuesday as investors nursed the nasty hangover from the previous day’s rout as fears over the impact of China’s new lockdowns lingered in the air.  

Yesterday, Wall Street was thrown a lifeline later in the session after Twitter agreed to be bought by billionaire Elon Musk. In the currency space, the mighty dollar climbed to its highest level since March 2020 thanks to risk aversion and expectations over the Fed raising rates by 50 basis points next month. There was no love for gold despite the risk-off mood, with the precious metal securing a daily close below $1900, while oil tumbled below $100 amid worries about the global energy demand outlook. Interestingly, Nigerian Stock markets remain in the green with the NSE All-Share Index up over 13% since the start of 2022. The economic calendar remains relatively quiet over the next few weeks but in May, much attention will be on the inflation report, latest GDP, and CBN meeting which will all be on the same day – Tuesday 24th of May according to Bloomberg. 

Caution is likely to remain the name of the game this week with sentiment fragile as strict lockdowns in China, concerns around a global slowdown, Fed rate hike fears, and geopolitical risks leave investors on edge. On the data front, there are a couple of key economic data releases from major economies, especially in the United States. Tech titans will be publishing their earnings this week with Microsoft and Google’s parent company Alphabet announcing their results on Tuesday after the market close. With so much going on, this promises to be another eventful and potentially volatile week for financial markets. Yesterday’s wild movements across the FX, commodity, and equity space are testament to this. 

Oil wobbles at around $100 

Oil benchmarks pushed back above $100 today after experiencing a sharp selloff in the previous session, due to fears that lockdowns in China will hit energy demand in the world’s second-largest economy. On top of this, an appreciating dollar is adding extra pressure on the global commodity with Brent shedding roughly 1.5% this month. That said, geopolitical risks may limit downside losses, especially if the United States and its allies consider expanding sanctions on Russian oil imports. It is worth keeping in mind that the International Monetary Fund (IMF) raised Nigeria’s growth forecast on the back of higher oil prices. However, if oil bulls fail to deliver and the commodity continues to weaken, expectations may fail to match reality.  

On the data front, it may be wise to keep a close eye on the Energy Information Administration (EIA) report published on Wednesday. Another weekly drawdown in crude inventories could lend oil bulls a helping hand.  

Dollar bulls charge on… 

The dollar kicked off the week by appreciating against almost every single G10 currency as concerns over the economic impact of China’s strict lockdown sent investors rushing towards safety.  

Market expectations over the Federal Reserve aggressively raising interest rates also empowered dollar bulls, propelling the dollar index (DXY) to a fresh two-year high. There are several key economic data points over the next few days which are likely to inject the currency with renewed vigor. US consumer confidence, Q1 GDP, and the PCE deflator will all be published, ahead of the key FOMC meeting next week. Should the data further reinforce market expectations over the Fed aggressively raising interest rates, the dollar could be set to appreciate further? 

Commodity spotlight – Gold  

After trading within a range for many weeks, gold finally experienced a solid breakdown below $1920 support with bears securing a daily close beneath the psychological $1900 level. The precious metal struggled to shine against a mighty dollar and aggressive Fed rate hike bets. With the greenback on a tear and potentially receiving further support in the week ahead, this could spell more trouble for gold despite the market caution and risk aversion.  

Looking at the technical picture, sustained weakness below $1920 could signal a decline towards $1880 and $1850. Should $1900 prove to be reliable support, prices could retest $1920. A move back above this level will send prices into the prior range with the first level of resistance at $1960. 

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