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Resolutions Passed at The Annual General Meeting of BUA Cement Plc

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BUA Cement Plc - Investors King

The shareholders of BUA Cement, Nigeria’s leading cement manufacturer, on Thursday July 8, 2021 passed the Audited Financial Statements of the Company for the year ended December 31st, 2021.

The company disclosed in a statement signed by Ahmed Aliyu, Esq Company Secretary/Legal Adviser, BUA Cement Plc.

The shareholders also received the Reports of the Directors, Auditors and Audit Committee.

Other resolutions passed were as follow:

  • That a dividend of ₦2.067 kobo per 1 ordinary share (50 kobo) each in respect of the period ended December 31, 2020 be and is hereby approved.
  • That Mr. Jacques Piekarski be and is hereby elected as Executive Director- CFO.
  • That the following Directors be and are hereby re-elected as Non-Executive Directors:
    i. Finn Arnoldsen
    ii. Khairat Abdulrazaq Gwadabe
    iii. Shehu Abubakar
  • That the Directors be authorized to fix the remuneration of the Auditors.
  • The remuneration of the Managers of the Company was disclosed to members at the meeting.
  • That the following be and are hereby elected members of the Statutory Audit
    Committee:
    i. Ajibola Ajayi.
    ii. Kabiru Abdullahi Tambari.
    iii. Oderinde Akinlolu Taiwo.
    iv. Kabiru Rabiu.
    v. Shehu Abubakar.
  • That the remuneration of Non-Executive Directors for the year ending December 31, 2021 be and is hereby approved.
  • That the Articles of Association of the Company be and are hereby amended by inserting the following new article [90A].

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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Total Nigeria Rebounds from 2020 COVID-19 Damages, Grows Profit by 1,601 Percent to N8.1 Billion in H1 2021

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Total Exploration - Investors King

Total Nigeria Plc, a subsidiary of Total, grew revenue by 42 percent from N106.705 billion recorded in the first half (H1) of 2020 to N151.333 billion in the first half of 2021.

In the company’s unaudited financial statements for the period, the cost of sales inched higher by 33.4 percent from N94.305 billion filed in the first half of 2020 to N124.83 billion in the period under review.

Total Nigeria’s gross profit appreciated by 105.7 percent to N25.504 billion in the first half of 2021, up from N12.400 billion in the corresponding period of 2020.

The company grew operating profit to N12.526 billion in the first half from -N716.812 million achieved in the first half of 2020 during the peak of COVID-19.

Profit before minimum tax jumped by 2,358 percent from -N523.898 million in H1 2020 to N11.779 billion in the period under review.

Total Nigeria paid N3.713 billion as income tax in the first half of 2021 to take the total profit after tax to N8.1 billion, a 1,601 percent increase from -N537.188 million posted in the corresponding period.

Shareholders’ funds expanded by 17 percent to N32.821 billion from N28.151 billion in H1 2020.

Total Nigeria’s share price grew by 49 percent during the period under review to N145.00 a share, up from N97.50 a unit in the first half of 2020.

Earnings per share jumped from -N1.58 in H1 2020 to N23 in H1 2021.

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CBN Approves BUA Sugar Refinery, Dangote Sugar Refinery and Golden Sugar Company to Import Sugar into Nigeria

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Sugar - Investors King

The Central Bank of Nigeria on Monday said it has approved BUA Sugar Refinery Limited, Dangote Sugar Refinery and Golden Sugar Company to import sugar into Nigeria given their commitment to ensuring the country is sugar sufficient through their backward integration.

This was contained in a statement signed by Dr. O.S Nnaji, Director Trade and Exchange Department, CBN.

The decision is in line with the Federal Government of Nigeria’s plan to encourage and incentivize sugar refining companies in their Backward Integration Program (BIP) for local sugar production.

This will allow the three companies to sustain production while simultaneously building their backward integration in the sector.

However, the apex bank said, “Authorised Dealers shall Not open Forms M or Access foreign exchange in the Nigerian foreign exchange market for any company including the three listed above for the importation of sugar without the prior and express approval of the Central Bank of Nigeria as the Bank is charged with the mandate of monitoring the implementation of the backward integration programs of all the companies.”

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JPMorgan On A Blockchain Hiring Spree

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JPMorgan - Investors King

JPMorgan is on a hiring spree for its blockchain unit, seeking to fill positions across audit, engineering and marketing, several LinkedIn postings reveal.

The bank — which has been active in the blockchain space for several years — announced in October 2020 that it would bring all of its blockchain-related products and services under a new business unit, dubbed Onyx. Those services including Liink, a blockchain network of hundreds of financial-services firms and corporations, as well as its Coin Systems business, as per its website.

As for the job ads, JPMorgan has plastered dozens of new postings on LinkedIn, including engineering-related roles. One role for a blockchain platform software engineer is looking for someone with a background in proof of stake, Ethereum, and bitcoin and would create a “forum for innovation with the blockchain technology community that drives thought leadership around the digital architecture roadmap and strategy.”

There’s also evidence the firm wants a stronger external presence for the blockchain work being worked on at the firm.

“This individual will drive the Liink marketing strategy by developing a thorough understanding of our strategic objectives, positioning, brand voice, and offerings so that you can create consistent and engaging content across multiple touchpoints,” the ad reads. The person hired would be tasked with creating marketing strategies that “spark engagement — both internally and externally.”

The bank added that they want the person to have a sense of humor that is a touch irreverent.

JPMorgan has already made quite a number of big-ticket marketing hires for Onyx. At the beginning of the year, Ariana Gianacopoulos — formerly VP of global commercial marketing at Conde Nast — joined the firm as a marketing director.

Ray Beharry — previously a marketing executive for IBM’s cloud services division — also joined at the beginning of the year as head of marketing at Onyx, as per his LinkedIn.

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