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UACN Property Development Company Plc Changes Name and Trading Symbol

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General Images Of Residential Property

UACN Property Development Company Plc has changed its name to UPDC Plc, according to the latest disclosure statement filed by the management of the company with the Nigerian Exchange Limited (NGX).

The company said “Trading License Holders and the investing public are hereby notified that the change of name of UACN Property Development Company Plc (the Company) to UPDC Plc has been implemented by Nigerian Exchange Limited.

UPDC Plc said the decision was in line with the resolution passed by the Company’s shareholders on 21 April 2021 and the company’s receipt of a new certificate of incorporation from the corporate affairs commission.

The company also announced that its trading symbol has changed from UAC-PROP to UPDC.

“Please note that the Company’s trading symbol has also changed from UAC-PROP to UPDC.”

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.

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Capital Market

FBNQuest Series 19 Commercial Paper Listed on FMDQ Securities Exchange Limited Platform

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FBNQuest, the investment banking and asset management business of FBN Holdings Plc, has announced the listing and acceptance of the FBNQuest Merchant Bank Series 19 Commercial Paper (CP) on the FMDQ Securities Exchange Limited platform. 

FBNQuest Merchant Bank acted as the Arranger, Dealer and Sponsor of the transaction. The issue was approved by the FMDQ Securities Exchange Limited and has been listed on its platform.

The offer was launched in June. The Series 19 CP, which is part of the bank’s N100 billion CP Program, will help the organisation meet its short-term liquidity needs and grant them access to alternative and cheaper source of funding.

The transaction adds to the organisation’s impressive portfolio and highlights its capabilities in the successful execution of sizeable capital market and commercial debt transactions. Speaking on the transaction Oluseun Olatidoye, Head Capital Markets, FBNQuest Merchant Bank, stated, “We are pleased to announce the listing and acceptance of the FBNQuest Merchant Bank Series 19 Commercial Paper on the FMDQ Securities Exchange Limited’s Platform.  The admission of the CP Offering on FMDQ’s platform reflects the potential and growth of the Nigerian Debt Capital market”.

He further stated that “The success recorded on this transaction also attests to the degree of confidence investors have in the business”.

As a full service investment bank, FBNQuest has advised on the issuance of several Bonds and Commercial Papers for organisations such as Interswitch; Mixta Real Estate plc, Dangote Cement Plc, Nigerian Breweries Plc (NB), Lafarge Africa Plc, Flour Mills of Nigeria Plc (FMN), Wema Bank Plc, and UACN Property Development Company Plc (UPDC) to mention a few.

The organisation, through its Leading Conversations with FBNQuest webinar series, recommended commercial papers and bonds to corporate issuers seeking to raise working capital, expand capital, refinance expensive debt and better match their cash obligations with revenues. The webinar was themed ‘Funding through Commercial Papers and Bonds’ and was designed to engage corporates and investors on the opportunities within issuing and investing in commercial papers and bonds.

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Oliver Alawuba, UBA Deputy Managing Director, Increases Stake in United Bank for Africa

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Oliver Alawuba - Investors King

Oliver Alawuba, Deputy Managing Director of the United Bank for Africa, has added 986,000 shares valued at N7.148 million to his stake in the bank.

The lender disclosed in a statement signed by Bili A. Odum, Group Company Secretary, UBA Plc.

Mr. Alawuba purchased the shares at N7.25 a unit on Thursday, June 24, 2021 at Lagos, Nigerian Exchange Limited trading floor.

Oliver Alawuba has worked with the UBA Group for almost 20 years and was appointed in January 2020, CEO for the Group’s Africa operations. He previously held the role as CEO of UBA in Ghana and more recently, as Regional CEO for UBA in Anglophone Africa.

Mr. Oliver Alawuba has over twenty years of work experience in the banking industry and the academia. Oliver was at various times an Executive Director at Finbank Nigeria Plc (now FCMB Plc), MD/CEO of UBA Ghana Ltd, MD/CEO of UBA West Africa, Directorate Head, Public Sector and Personal Banking and Regional CEO, UBA Africa – Anglophone.

Oliver has B.Sc and M.Sc degrees in Food Science and Technology and MBA in Banking and Finance. He is an alumnus of the AMP and SEP programmes of the prestigious Insead Business School, France, and London Business School respectively. He is also a Fellow of Nigerian Institute of Management and Honorary Senior Member of Chartered Institute of Bankers of Nigeria.

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Abdul Samad Rabiu, Chairman of BUA Cement, Transfers N7 million Worth of Shares to Godswill Egbe

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Abdul Samad Rabiu - Investors King

Mr. Abdul Samad Rabiu, the Chairman of BUA Cement Plc and founder of BUA International Limited, has transferred 100,000 shares at N69.92 each through BUA International Limited to Godswill Egbe, a project manager.

The details of the transaction were contained in the two disclosure statements released through the Nigerian Exchange Limited on Friday.

The nominal transfer was recorded as a sale of shares for BUA International Limited (Transferor) and as a purchase of shares for Godswill Egbe (Transferee).

“Nominal transfer is the transfer of unlisted public securities between a Transferor and Transferee who are related or connected parties with no exchange of money or consideration for the transfer.”

The total value of the shares stood at N6.9 million. Therefore, bringing the total value of shares divested or sold by Rabiu in the last one month to N1.933 billion.

In June 2021, Investors King had reported that the chairman divested 27,130,000 shares valued at N1,926,230,000. Rabiu still holds about 31 billion shares in the company, representing around 92 percent of the total shares issued by BUA Cement.

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