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BUA Foods Plc Makes Impressive Debut On Listing, Beats NGX Closing Gong

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Kabiru Rabiu, Non-Executive Director, BUA Foods Plc (8th Right)) beating the Nigerian Exchange Limited (NGX) closing gong to commemorate the listing of BUA Foods Plc on the NGX. He was flanked by Temi Popoola, CEO, Nigerian Exchange (7th Left) and Ayodele Abioye, Ag. Managing Director, BUA Foods Plc (8th Left), partner to the listing and other Executive members of BUA Foods Plc and the Nigerian Exchange Limited (NGX).

…BUA FOODS PLC MAKES IMPRESSIVE DEBUT ON LISTING, BEATS NGX CLOSING GONG

Olushola Okunlade Writes


The management of BUA Foods Plc. was on Tuesday, January 18, 2022, hosted a closing gong ceremony on the main floor of the Nigerian Exchange (NGX) Limited.

This was after addressing market stakeholders with a fact behind the listing presentation in a webinar held earlier in the day.

BUA Foods was listed on the Nigerian Exchange on Jan 5, 2022, and has since received significant acceptance going by the volume of demand for the shares which has boosted the market capitalization of the Nigerian Exchange Limited by over N1trillion.

The company has maintained an unbroken record of year-on-year growth and has eight ultra-modern manufacturing facilities across the country. BUA Foods currently has a refining capacity of 1.5 million metric tonnes of sugar yearly from two ultra-modern sugar refineries in Lagos and Port Harcourt. As part of its expansion strategy in 2022, BUA Foods plans to double its flour milling capacity from about 500,000 metric tonnes per annum to over a million metric tonnes per annum. Similarly, that of pasta will grow from 5 lines to 11 lines.

L – R: Ayodele Abioye, Ag. Managing Director, BUA Foods Plc; Kabiru Rabiu, Non-Executive Director, BUA Foods Plc and Temi Popoola, CEO, Nigerian Exchange (NGX) at the closing gong ceremony to commemorate the listing of BUA Foods Plc at the NGX in Lagos.
Left-Right: Ayodele Abioye, Ag. Managing Director, BUA Foods Plc; Kabiru Rabiu, Non-Executive Director, BUA Foods Plc and Temi Popoola, CEO, Nigerian Exchange (NGX) at the closing gong ceremony to commemorate the listing of BUA Foods Plc at the NGX in Lagos.
L – R: Ayodele Abioye, Ag. Managing Director, BUA Foods Plc; Kabiru Rabiu, Non-Executive Director, BUA Foods Plc and Temi Popoola, CEO, Nigerian Exchange (NGX) at the closing gong ceremony to commemorate the listing of BUA Foods Plc at the NGX in Lagos.

The company’s rice mill, one of the largest in the country, has a capacity to produce 200,000 tonnes of rice per annum with work currently in progress on a rice plantation that will change the face of rice production in Nigeria.

Kabiru Rabiu, Group Executive Director speaking on behalf of the Chairman of BUA Foods Plc. stated that the company is determined to explore the huge opportunities available in the agribusiness to promote food security and growth for Nigerians and Africans.

According to Rabiu, “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.”

“As a country, we have agricultural resources coupled with human capital to harness needed raw materials to produce what we need for our consumption and develop our nation. We are 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 economy”, Rabiu added.

The Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, also stated, “our fast-paced and strategic investments in the food industry position us to capture growth opportunities within the sector, create headroom ahead of demand, generate sustainable employment while promoting national food security.

Additionally, as a business, we will continue to create sustainable value for our consumers and stakeholders”.

On his part, the Chief Executive Officer, NGX, Mr. Temi Popoola, stated, “This listing marks a new beginning for BUA Foods Plc who plays a critical role in the FMCG industry as the company can leverage services the Exchange offers to achieve its strategic objectives.

BUA Foods has experienced an upward trend in share price, market capitalization, and trading activity since its listing on the Exchange. 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. NGX will continue to provide innovative solutions that meet the ever-evolving needs of our stakeholders.”

Know More About BUA Foods PLC

BUA Foods is a leading food business with well-diversified and scalable operations producing sugar, flour, pasta, rice, and edible oils. With strategically located plants across Nigeria, coupled with a cordial alliance with local stakeholders in host communities, BUA Foods is a resilient business built on a strong brand proposition and is an operator with a reputation for delivering high-quality products.

BUA Foods continues to invest in modern technology for efficient food production, innovatively expanding with strategic partners across the value chain. The company is also well-positioned to leverage significant export potentials across West Africa and the larger African continent.

Headquartered and listed in Nigeria, BUA Foods has become one of the most capitalized companies on the NGX and a leading consumer goods firm by market value.

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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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