Business
NGX Commends BUA Foods at Virtual Facts Behind the Listing
By Edozie Obasi-Eze
In keeping with its practice of intimating stakeholders with details of notable transactions such as these, Nigerian Exchange Limited (NGX)hosted the management of BUA Foods Plc to a virtual Facts Behind the Listing and Closing Gong Ceremony on Tuesday.
Chief Executive Officer, NGX, Temi Popoola, commended BUA Foods on the bold step to join its subsidiary company, BUA Cement, as a publicity listed company on The Exchange.
In his words, “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.”
He pointed out that the NGX was well positioned to serve the domestic and global markets. “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,” Popoola added.
In the same vein, Chairman, BUA Group Plc, Abdul Samad Rabiu, represented by Group Executive Director, BUA Foods Plc, 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 200 million 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.”
Rabiu highlighted that his company was poised to explore the global market. “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 economy.”
On other advantages of the listing, he noted that “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 was gathered that the listing of BUA Foods’ shares added N720Bn to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
Admission of BUA Foods’ shares on the Main Board of The Exchange was on Wednesday, 5 January 2022.
Business
Fertiliser Plants: Dangote Vows to Ensure Food Security in Africa
President of the Dangote Group, Aliko Dangote, has reaffirmed his commitment to boosting food security across Africa through large-scale fertiliser investments, declaring that the continent has the capacity to feed itself and become a net exporter of agricultural products.
Dangote made this known while addressing journalists in Gode, in Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed. The Prime Minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway.
Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges are largely due to limited access to key inputs.
“Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertiliser,” he said. “Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency.”
He added that the Group’s ambition, though bold, is achievable with sustained investment in fertiliser production and agricultural infrastructure.
“Africa has the capacity to feed itself and even export to the rest of the world. Our fertiliser investments across the continent are designed to unlock that potential and secure a prosperous future for our people,” Dangote stated.
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Dangote also announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion. The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.
He described Ethiopia as a key strategic destination for Dangote Group’s long-term investments.
“In total, our declared and signed investments in Ethiopia now exceed $4 billion. This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine per cent of our continental outlay between now and 2030,” he said.
Dangote further commended Prime Minister Abiy Ahmed’s leadership and vision for economic transformation.
“The Prime Minister is driving development beyond expectations, but such progress requires strong private sector collaboration. We are proud to partner with Ethiopia to help build one of Africa’s most dynamic economies in the coming decade,” he added.
Prime Minister Abiy Ahmed, in his remarks, described Dangote as a trusted partner and commended the pace of work on the fertiliser project, which he said aligns with Ethiopia’s broader development priorities.
He emphasised that the project would significantly boost domestic fertiliser production, reduce dependence on imports, and provide critical support to millions of Ethiopian farmers.
According to the Prime Minister, the fertiliser plant will also create extensive employment opportunities, strengthen the industrial value chain, and reinforce Ethiopia’s position as an emerging agro-industrial hub in Africa.
“This type of large-scale investment demonstrates the power of strong collaboration between government and the private sector,” he said. “Expanding such partnerships will accelerate economic growth, attract further investment, and improve the livelihoods of our people.”
The Dangote fertiliser initiative is widely seen as a transformative step toward reshaping Africa’s agricultural landscape, with the potential to enhance productivity, reduce import dependence, and drive inclusive economic growth across the continent.
Photo Caption – L-R: President of Dangote Group, Aliko Dangote, being welcome by the Prime Minister of Ethiopia, Abiy Ahmed to Gode, in Ethiopia’s Somali region, during an inspection of the fertiliser plant under construction in Gode, Ethiopia, over the weekend.
Business
Navy Uncovers, Dismantles Illegal Refined Petroleum Products Depot in Rivers
The Nigerian Navy (NN) has uncovered and dismantled an illegal refined petroleum products depot in Okrika, Rivers State, as part of ongoing operations against crude oil theft and illicit petroleum activities in the Niger Delta.
The Navy disclosed that the operation was carried out by Nigerian Navy Ship (NNS) Pathfinder under Operation Delta Sentinel during anti-crude oil theft patrols targeted at economic saboteurs and illegal petroleum distribution networks.
According to the Navy, the operation led to the discovery of a major storage facility linked to the distribution of suspected illegally refined Automotive Gas Oil (AGO) within Rivers State.
“During the raid, naval personnel uncovered a warehouse located around Okochiri Kingdom in Okrika Local Government Area containing 410 drums loaded with approximately 123,000 litres of suspected illegally refined AGO,” the Service said.
In a statement yesterday, the Director of Naval Information, Navy Captain Abiodun Folorunsho, said preliminary investigations indicated that the products were transported from illegal refining sites outside the community and stockpiled in the warehouse for onward distribution through illicit supply channels.
Folorunsho stated that the discovery underscored the growing trend of illegal petroleum operators shifting from refining camps to concealed storage and distribution systems in a bid to evade ongoing anti-crude oil theft operations and sustain black-market fuel trade across the region.
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He added that the products were handled in line with established anti-crude oil theft procedures, while further surveillance and assessments within the area were ongoing.
The Navy also stated that current operations under Operation Delta Sentinel remain focused on dismantling the logistics and supply networks sustaining crude oil theft, illegal refining, and illicit petroleum distribution across the Niger Delta.
Reaffirming its commitment to protecting critical national assets, the Nigerian Navy said it would continue to sustain intelligence-driven operations aimed at denying economic saboteurs freedom of operation within Nigeria’s maritime and littoral environment, in line with the vision of the Chief of the Naval Staff.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
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The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.





