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BUA Cement Posts N66.2b Profit

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BUA Cement has recorded a 47.5 per cent increase in revenue, peaking N175.52billion in its just released Full-year result for the 2019 Financial Year.

Its profit also rose by 69.1 per cent from N39.17 billion in 2018 to N66.24 billion in 2019.

The company’s Managing Director, Yusuf Binji said: ”Through the adoption of a focused and disciplined approach, we continue to record strong revenue growth, even as we derive revenue and cost synergies from the merger across, pricing, scale and operational efficiencies; all supported by a sustainable business model and a value-oriented strategy, which have translated to growing market acceptance and is reflective in our margins.”

Binji said these achievements were attained despite the uncertainty that trailed the economic environment in 2019, saying the company delivered on important strategic priorities, such as the inauguration of our 3mmtpa Line-2 at our Obu Plant in March, 2019; the merger completion between CCNN Plc and Obu Cement Company Limited and commenced the listing process of BUA Cement Plc, the resultant entity of the merger on the floor of the NSE.

‘’Our focus is to further harness the full benefits of the merger while making further in-roads to “new markets” locally and outside Nigeria. We understand that the local and indeed the global economy would experience more uncertainties, yet we expect continued strong showing across the business, spurred-on by continued recovery across the global economy.”

Also, the Acting Chief Financial Officer (CFO), Chike Ajaero, said: “In 2019 we reported a decline in Profit after Tax (PAT) from N64.07 billion in 2018 to N60.61 billion which was due to income tax credit of N26.76 billion in 2018 from reversal of previous tax provision made on Obu Line 1 and deferred tax credit on securing approval for tax exemptions under pioneer status incentive in 2019. Net deferred tax charge of N5.15 billion was provided for in the current year and actual tax payable of N475.29 million.

He said Obu Line-1 and Kalambaina Line -2 are both on pioneer status approved in February, this year for two-year (extension) and three-year. The computation of Earnings per Share (EPS) for 2018 has been re-stated to reflect a business combination under common control, as at January 2018.

BUA Cement is Nigeria’s second largest cement producer and the largest producer in the Northwest, Southsouth and Southeast regions; with a combined installed capacity of eight mmtpa and has plans to increase its capacity to 11 mmtpa through the inauguration of a new three mmtpa plant by the first half of next year in Sokoto.

BUA Cement operates from Okpella, Edo State and Kalambaina, Sokoto State

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Nigeria Reports 553 New COVID-19 Cases, Highest Single-Day Infections

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Nigeria witnessed a spike in COVID-19 cases on Saturday, recording more than 500 new single-day infections for the first time.

The new cases were confirmed by the specialist agency, the Nigeria Centre for Disease Control (NCDC) on Twitter.

This takes the country’s total infections to 9,855, out of which 2856 have been discharged with 273 losing their lives.

Data from the NCDC showed that the cases were spread across 14 states and the FCT, with Lagos accounting for the highest number of infections for the day with 378 cases.

NCDC

@NCDCgov

Lagos-378
FCT-52
Delta-23
Edo-22
Rivers-14
Ogun-13
Kaduna-12
Kano-9
Borno-7
Katsina-6
Jigawa-5
Oyo-5
Yobe-3
Plateau-3
Osun-1

9855 cases of
Discharged: 2856
Deaths: 273

 

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The Country’s Economy Sliding Into Depression – Gov. El-Rufai

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Kaduna State Governor, Nasir El-Rufai has said Nigeria’s economy is going into a state of depression.

The governor said all the states are presently dealing with very difficult situation as they battle the Covid-19 pandemic.

El-Rufai said this while speaking to State House correspondents on Friday at the Presidential Villa, Abuja.

“The economy is going to go into depression; there is nothing we can do about that; revenues have collapsed; yet you still have to invest in more public health facilities.

“Most of the leaders have to invest in treatment despite the condition and weighed to invest in security.”

He added that it is a difficult time for those at the leadership positions even as he called on all leaders to work in unity.

“This time is a very difficult time to be in a leadership position and that is why the people and the leaders must all work together and pray for God to end this Coronavirus pandemic.

“It is a major problem, but we are working together,” El-rufai added.

The Kaduna Governor, however, added that Nigeria will surely overcome as a resilient nation.

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Maikanti Baru, Former NNPC GMD, Dies at 60

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Maikanti Baru, the immediate past group managing director of the Nigerian National Petroleum Corporation (NNPC), is dead.

He was 60 years old as at the time of his death, and only two months away from his 61st birthday.

This was disclosed by Mele Kyari, the current GMD of the state-run oil company.

“My brother, my friend and my mentor, Dr Maikanti Kachalla Baru, immediate past GMD of NNPC died late last night,” Kyari said.

“He was of exemplary character and disposition. May Allah forgive him and have mercy upon him.”

Baru was appointed NNPC GMD by President Muhammadu Buhari in July 2016, a position he held up until 2019.

Baru announced his retirement from NNPC in July 2019 when he clocked the age of 60.

“Today, having clocked the statutory age of 60, I have retired from the services of NNPC. I wish the new GMD Mallam Mele Kyari and his Team success. Thank you President Muhammadu Buhari for the opportunity to serve,” he tweeted on July, 2019.

Baru was born in July 1959 in Misau, Bauchi state.

He attended Federal Government College, Jos for his secondary education where he graduated in 1978.

In 1982, he obtained his bachelor of engineering degree from Ahmadu Bello University.

Baru has a doctorate in Computer Aided Engineering from the University of Sussex in the United Kingdom.

He was the 18th GMD of NNPC.

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