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BUA Cement Declares N88.047Billion Dividend Payout For Shareholders

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BUA Cement Declares N88.047Billion Dividend Payout For Shareholders

…targets 17 Million Metric Tonnes per annum by 2023

Olushola Okunlade Writes

Shareholders of one of Africa’s largest manufacturing companies, BUA Cement Plc, have approved dividends of N88.047billion for its financial year ended December 31, 2021, at N2:60k per ordinary share of 50k each.

This approval was given during the company’s 6th Annual General Meeting held in Abuja and comes on the back of a strong financial performance in the year under review that recorded revenue growth of 22.9% from N209.4 billion in 2020 to N257.3 billion in 2021. Profits after Tax also rose by 24.5% to N90.1billion in the year under review.

BUA Cement Declares N88.047Billion Dividend Payout For Shareholders
Alhaji Abdul Samad Rabiu, Chairman Board of Directors, BUA Cement Plc.

Speaking at the Annual General Meeting, Abdul Samad Rabiu, Chairman of the Board of Directors of BUA Cement Plc commented: “our performance in 2021 gives credence to our sound business model, value proposition, and the excellent team who responded to the challenges and opportunities that were confronted in the year under review. In the meantime, the BUA Cement brand continues to grow stronger in the marketplace. Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians. We expect to continue this excellent performance for the foreseeable future.”

Furthermore, Abdul Samad Rabiu disclosed that the company’s ongoing projects will be completed in 2023 to increase the cement company’s installed capacity to 17 million metric tonnes per annum which will solidify BUA’s position in the Nigerian Cement industry as well as position the company to take advantage of export opportunities.

BUA Cement Declares N88.047Billion Dividend Payout For Shareholders
Engr Yusuf Binji, Managing Director, BUA Cement Plc.

On his part, Engr Yusuf Binji, Managing Director, BUA Cement Plc, reaffirmed the company’s commitment to prioritizing excellence across all areas of business, and product quality whilst ensuring sustainability in its operations. Binji further added that when the installed capacity of the company increases by 2023, BUA Cement “will be better positioned to increase existing export volumes and, in the process, take advantage of some of the benefits of the African Continental Free trade Area”.

Binji also mentioned that as part of its sustainability initiatives, BUA Cement Plc remains operationally conscious, socially engaged, and economically involved. During the year under review, BUA Cement made significant progress on a cleaner energy mix through its transition from Heavy Fuel Oils to Liquefied Natural Gas in its Sokoto plants. The company completed the installation of a 50MW gas power plant together with the modification of its kilns to enable the use of LNG in the pyro process to reduce BUA Cement’s carbon footprints leading to the full substitution of foreign coal with LNG.

BUA Cement Plc is Nigeria’s second-largest cement company and the largest producer in its North-West, South-South, and South-East regions. BUA Cement operates strategically from Okpella, Edo State, and Kalambaina, Sokoto State with its headquarters in Lagos, Nigeria. Currently the second most capitalized manufacturing company on the Nigerian Stock Exchange (NSE), BUA Cement is committed to quality – a differentiating attribute, driven by its people, innovation, and technology; and positioned to solve West Africa’s cement under-capacity, while driving economic growth and development.

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FBNHoldings CEO, Nnamdi Okonkwo Bags Outstanding CEO Award

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L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

…as BusinessDay honours Top 25 CEOs Awards 

Rashidat Okunlade Writes

Nnamdi Okonkwo, Group Managing Director of FBN Holdings Plc, has bagged outstanding CEO in the just concluded Top 25 CEOs Awards organized by BusinessDay that was held at the Ballroom of the Federal Palace Hotel, Victoria Island, Lagos last Saturday.

L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

Left-Right: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

In this year’s edition of the BusinessDay Top 25 CEOs, the publication recognised 25 Chief Executive Officers and Managing Directors of various listed firms on the Nigerian Stock Exchange (NGX) who experienced outstanding financial development and also made important contributions to their respective industries.

FBNHoldings team that graced the event are Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance  FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

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Smartcash PSB Partners Simba Pay Limited, To Launch Inward International Remittance Service

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Smartcash PSB Partners With Simba Pay Limited, To Launch Inward International Remittance Service

Rashidat Okunlade Writes

Smartcash payment service bank, a subsidiary of Airtel Networks Nigeria, has entered into partnership with Simba Pay Limited,  a Subsidiary of MFS Africa ” for inward International Remittance Services, which is designed to enable customers to receive money instantly from abroad into their Smartcash PSB Account

This partnership will enable customers to receive remittances from anywhere in the world, directly into their Smartcash accounts, by simply sharing their phone numbers, which also serve as their account numbers. In today’s interconnected world, where global transactions are becoming increasingly common, Smartcash PSB has said it recognizes the need for a secure and efficient solution for its customers.

Managing Director, Smartcash PSB, Muyiwa Ebitanmi, while commenting on the newly launched inward international remittance services, said it is set to solve another challenge with receiving funds from family and friends abroad for the financially excluded, by providing a hassle-free and efficient solution for individuals and families in the diaspora looking to send money quickly to their loved ones in Nigeria.

“With cross-border transfers, Smartcash has brought unprecedented convenience and speed to international remittance, making it easier than ever for Nigerians to enjoy seamless transactions at a global scale via their Smartcash accounts.  We are certain that this service will not only improve the financial well-being of our customers but also contribute to the economic growth and spending capacity of Smartcash account holders in the country,” Mr Ebitanmi remarked.

Speaking on the partnership, Martin Mbonu, Director (MNOs) MFS Africa , while expressing his enthusiasm for the launch, said, “We are excited to partner with Smartcash PSB on this launch as it visibly simplifies international money transfers for customers. This product offers a new level of convenience and efficiency, providing users with a faster and more accessible way to receive funds from the diaspora, and we are glad to be a part of this solution-centric initiative,” he said.

As Smartcash hits its one-year service milestone, the launch of the SmartCash PSB International Remittances Service marks a significant innovatory for both the company, its customers and the Nigerian payment service bank market at large. By providing a fast, affordable, and secure solution for international remittances, SmartCash PSB is empowering Nigerians to effortlessly support their families and loved ones, regardless of geographical boundaries.

Smartcash PSB was launched in 2022, following the need for the unbanked to access banking activities at their convenience. For this reason, the Central Bank of Nigeria granted the PSB license to entities and investors who seek to comply with its policies and obtain its objective, to enhance financial inclusion by increasing access to deposit products, payments,  and remittance services to individuals, small businesses, low-income households, and other financially excluded entities.

 

 

 

 

 

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7th ACT Foundation Breakfast Dialogue Set To Illuminate Path To Sustainable Development In Africa

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7th ACT Foundation Breakfast Dialogue Set To Illuminate Path To Sustainable Development In Africa

Rashidat Okunlade Writes

The Aspire Coronation Trust (ACT) Foundation is gearing up to host the highly-anticipated 7th ACT Foundation Breakfast Dialogue (BFD) on October 5th, 2023, at the prestigious Lagos Oriental Hotel, Lekki Expressway, Victoria Island, Lagos.

The ACT Foundation Breakfast Dialogue has become a marquee event, drawing luminaries from diverse sectors, to tackle pivotal issues surrounding sustainable development in Africa. This year, the event takes on even greater significance as it zooms in on the transformative potential of Economic, Social, and Governance (ESG) strategies in advancing sustainable development.

Themed ‘Advancing Sustainable Development in Africa: Unleashing the Power of Environmental, Social, Governance Strategies for Impact, this year’s Breakfast Dialogue aspires to bring together an eclectic mix of leaders representing various sectors, all poised to engage in a deep dive into how ESG principles can be leveraged to propel the sustainable development of organisations and, consequently, Africa’s broader sustainable development agenda.

 

Osayi Allie, CEO of ACT Foundation, underscored the significance of this event, remarking, “The 7th ACT Foundation Breakfast Dialogue promises to be a game-changer, offering a unique platform for leaders in the public, private, and social sectors to decode the immense potential that Economic, Social, and Governance principles hold for organisations of various scales. Effective implementation of ESG practices by African institutions can make a monumental contribution to achieving sustainable development across the continent.”

The event’s keynote speaker, Oyeyimika Adeboye, Managing Director, West Africa, Mondelez International, will take centre stage to share her profound insights on this pivotal subject. She will be joined by an esteemed lineup of speakers, including Marilyn Obaisa-Osula, Associate Director, ESG and Sustainability Services, KPMG; Dr. Eugene Itua, CEO of Natural Eco Capital; Tendai Matika, Manager of the Global Reporting Initiative, Africa; and Mudrakat Alabi-Macfoy, Head of Sustainability and Circularity at Lagos State Waste Management Authority (LAWMA).

One of the day’s high points will be the unveiling of the finalists and winners of the 2023 ACT Foundation Changemakers Innovation Challenge. These exceptional individuals and organisations will secure grant funding and technical support from ACT Foundation, empowering them to amplify their innovative solutions and projects within targeted communities.

Interested participants can click here to register for the virtual session.

The Aspire Coronation Trust (ACT) Foundation is gearing up to host the highly-anticipated 7th ACT Foundation Breakfast Dialogue (BFD) on October 5th, 2023, at the prestigious Lagos Oriental Hotel, Lekki Expressway, Victoria Island, Lagos.The ACT Foundation Breakfast Dialogue has become a marquee event, drawing luminaries from diverse sectors, to tackle pivotal issues surrounding sustainable development in Africa. This year, the event takes on even greater significance as it zooms in on the transformative potential of Economic, Social, and Governance (ESG) strategies in advancing sustainable development.

Themed ‘Advancing Sustainable Development in Africa: Unleashing the Power of Environmental, Social, Governance Strategies for Impact, this year's Breakfast Dialogue aspires to bring together an eclectic mix of leaders representing various sectors, all poised to engage in a deep dive into how ESG principles can be leveraged to propel the sustainable development of organisations and, consequently, Africa's broader sustainable development agenda.

Osayi Alile

Osayi Allie, CEO of ACT Foundation, underscored the significance of this event, remarking, "The 7th ACT Foundation Breakfast Dialogue promises to be a game-changer, offering a unique platform for leaders in the public, private, and social sectors to decode the immense potential that Economic, Social, and Governance principles hold for organisations of various scales. Effective implementation of ESG practices by African institutions can make a monumental contribution to achieving sustainable development across the continent."

The event's keynote speaker, Oyeyimika Adeboye, Managing Director, West Africa, Mondelez International, will take centre stage to share her profound insights on this pivotal subject. She will be joined by an esteemed lineup of speakers, including Marilyn Obaisa-Osula, Associate Director, ESG and Sustainability Services, KPMG; Dr. Eugene Itua, CEO of Natural Eco Capital; Tendai Matika, Manager of the Global Reporting Initiative, Africa; and Mudrakat Alabi-Macfoy, Head of Sustainability and Circularity at Lagos State Waste Management Authority (LAWMA).

One of the day's high points will be the unveiling of the finalists and winners of the 2023 ACT Foundation Changemakers Innovation Challenge. These exceptional individuals and organisations will secure grant funding and technical support from ACT Foundation, empowering them to amplify their innovative solutions and projects within targeted communities.

Interested participants can click here to register for the virtual session.

Osayi Alile

 

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