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BUA Cement Grows Profit to N34.8bn in H1 2020

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BUA Cement Posts N34.8 Billion Profit in H1 2020

BUA Cement Plc, the second-largest cement manufacturer in West Africa, on Monday posted a N101.261 billion revenue for the first half (H1) of 2020.

In the unaudited financial statement released through the Nigerian Stock Exchange (NSE), this represents an increase from the N89.859 billion reported for the same period in 2019.

Gross profit increased from N44.290 billion in the first half of 2019 to N46.743 billion in H1 2020. While other income expanded from N3.533 billion in the corresponding period to N4.104 billion in the first half of 2020.

Selling and distribution cost rose from N5.813 billion filed in H1 2019 to N6.395 billion in the H1 2020.

Accordingly, the cement manufacturer’s administrative expenses grew from N3.879 billion filed in the first half of 2019 to N4.753 billion in H1 2020. Operating profit expanded from N38.132 billion in the same period of 2019 to N40.809 billion during the period under review.

Profit before tax expanded from N35.658 billion posted in H1 2019 to N39.165 billion in H1 2020.

Profit after tax grew from N30.614 billion in the first half of 2019 to N34.819 billion in the period under review. Earnings per share grew from 90 kobo achieved in the first half of 2019 to 103 kobo in the period under review.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

Ecobank Nigeria Received N50 billion 10-Year Bilateral Subordinated Loan

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Ecobank Nigeria Received N50 billion 10-Year Bilateral Subordinated Loan

Ecobank Nigeria announced it has received N50 billion 10-year subordinated Loan.

Adenike Laoye, Group Head, Corporate Communications, Ecobank Nigeria, disclosed this in a statement released through the Nigerian Stock Exchange.

The statement read in part, “The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points.

The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.

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Finance

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

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Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

Niger Insurance Plc said it is working on a plan to sell off N15 billion worth of real estate and investment property to boost its cash flow and meet the liquidity requirements of the insurance industry.

Mr. Edwin Egbiti, the Managing Director of the company disclosed this during the company’s 2019 annual general meetings held virtually in Lagos recently.

He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

It added that Niger Insurance recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.

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Finance

AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

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AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

The Asset Management Corporation of Nigeria has taken over the assets of Dr. John Abebe, the Chief Promoter of Inducon Nigeria Limited over N1.3 billion debt.

According to a statement signed by the Head, Corporate Communications Department, AMCON, Jude Nwauzor, and titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ the decision followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.

The asset management corporation said the case of Dr. John Abebe and Inducon Nigeria Limited started shortly after the loan was procured by AMCON in 2011 during the first phase of Eligible Bank Asset purchases from the defunct FinBank, Now FCMB.

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