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Author: Day Break

BUA Cement to construct cement plants in Sokoto, Edo and Adamawa
BUA Cement has signed an agreement with Sinoma CBMI of China for the construction of three new cement plants of 3 million tons each per year in Edo, Sokoto and Adamawa states of Nigeria, to be completed by the end of 2022. Upon completion, this will bring BUA Cement’s total capacity to 20 million metric t by 2022. At 9 million t combined capacity, this is the single largest contract ever awarded in the Nigerian Cement Industry for the construction of new cement plants at the same time and by a single company, in Nigeria.
These new plants are in addition to BUA Cement’s existing 6 mmtpy plants in Edo State, 2 mmtpy plants in Sokoto State and another 3 mmtpy BUA Cement plant in Sokoto – which will be commissioned in Q2 2021.
Speaking at the ceremony held simultaneously at BUA HQ in Lagos and the CBMI HQ in China, Abdul Samad Rabiu, Chairman of BUA Cement said the expansion decision was to transform the manufacturing industry and increase Nigeria’s cement production capacity, noting that “Nigeria and the surrounding region is still home to huge opportunities in construction, housing, infrastructure, and allied industries.”
According to Abdul Samad Rabiu, “Despite these opportunities, there is no doubt that there is still a huge deficit in supply whilst demand continues to increase in Nigeria. This situation has led to an increase in the retail prices of cement despite ex-factory prices remaining partially unchanged. To bridge this huge deficit gap in Nigeria and in the absence of new major investments in the industry, we have taken this decision to invest and build these new plants at a total project cost of US$1.05 billion which will be completed by the end of 2022.”
In his comments, Mr. Tong Laigou, Chairman of SINOMA CBMI, praised the longstanding partnership between BUA and CBMI. SINOMA CBMI was pleased to work with BUA on this huge project and help BUA in its aspiration to be the best cement manufacturer in Africa. He further added that CBMI would bring their expertise and wealth of experience working in this environment to bring the project to completion on schedule.
January 6, 2021
Today’s Nigerian Newspaper Cover Stories 06- January -2021
January 6, 2021
PDP challenges Buhari to recover N15tr allegedly stolen by APC leaders
The Peoples Democratic Party (PDP) on Tuesday challenged President Muhammadu Buhari to recover N15 trillion allegedly stolen by leaders of the All Progressives Congress (APC).
The party made the call in a statement issued by its National Publicity Secretary, Kola Ologbondiyan, in Abuja.
The PDP said the Buhari presidency and the APC’s “resort to diversionary attack and churning out long epistles of lies and false performance claims would not save them from accounting for their atrocities in office.”
The party was responding to a statement issued by the APC, describing its 16 years in power as a disaster.
The statement read: “The PDP assures that these antics will not save the APC and its indicted leaders from answering for atrocities which include the stealing of over N15 trillion public funds, manipulating the Buhari administration and importing terrorists and bandits for the 2019 general elections who are now on rampage, killing innocent Nigerians, particularly in the northern part of our nation.
“We know that APC’s attack is a desperate diversionary tactics as more revelations continue to emerge on how its leaders and some presidency officials pillaged our national treasury and stole over N15 trillion as well as how the APC has been patronizing bandits with our national resources.
“This is especially giving the decision by our party to expose such APC leaders, in addition to the rising public demand on President Muhammadu Buhari to recover the money and prosecute the culprits.
“Our party also notes the plots by current APC leadership to blackmail and ridicule President Buhari by pushing out fake performance claims, like those contained in the press statement by its illegal caretaker committee on Tuesday, January 5, 2021, which was designed to rubbish Mr. President, highlight his failures and deflect attention from the atrocities of the APC.
“Such fake narratives will not help the APC as our party has details of their nefarious leaders, including APC governors, ministers, certain aides of Mr. President, as well as APC fronts in agencies of government, and would not hesitate to make such public at the fullness of time.”
January 6, 2021
APC Had Agreement That Southerner’ll Succeed Buhari In 2023 – Osoba
Former Governor of Ogun State, Chief Olusegun Osoba, has said that an agreement was reached during the All Progressives Congress merger that the presidential candidate of the party for the 2023 presidential election will come from the South.
Speaking when he featured on an Arise Television’s programme, Osoba noted that the agreement was that the North would produce the president in 2015, while the chairman of the party would come from the South.
He said, “We had a clear gentlemanly understanding that the Northern part of the country would produce the president when we did the merger in 2013. And the chairman of the party will then come from the South.
“We have had a President for six and a half years now from the North in APC. The president will be there for eight years until 2023. The chairmanship has moved from Chief Bisi Akande in the South-West to John Oyegun from the South-South and then from John Oyegun to Adams Oshiomhole from the South-South.
“Of course, at the end of the tenure of President Muhammadu Buhari, the gentlemanly arrangement is that the presidency will come to the south. I talk of the south in terms of the two territories that were forced to amalgamate in 1914 which means the south-south, the south-east and the south-west zones can bid and should be allowed to produce the next president for this country.
“Therefore, those from the South-East, South-South and South-West can put up candidates for the party’s primary and whoever emerges from the primary can then be the candidate of our party. That is the gentlemanly understanding that we reached when we were making the merger arrangement.”
On Monday, a former Kano State Governor and serving Senator, Ibrahim Shekarau, had said that there was no nothing like zoning in the All Progressives Congress’s constitution, ahead of the 2023 Presidential elections in the country.
Shekarau, the lawmaker representing Kano Central, had said that zoning was only considered in the Peoples Democratic Party.
Shekarau had affirmed that retaining power in a particular area does not necessarily make it superior or better.
January 6, 2021
FCMB share value records 6% loss on first day of 2021 trading
Shares of the First City Monument Bank (FCMB) posted a six per cent loss on the first day of trading on Monday, January 4.
The institution has been in the eye of the storm in the past few days following an allegation of adultery and paternity scandal involving their Managing Director, Adam Nuru,
According to data on the Nigerian Stock Exchange’s website, the bank’s shares lost 0.20k from the N3.33k it closed at on Thursday, December 31.
The data further states that the tier-2 bank which has a market capitalisation of N65.94 billion, has 19.8 billion shares listed on the Nigerian Stock Exchange but was ranked the top loser on the market on Monday.
The last time the bank’s share price suffered a decline of this magnitude was on November 13, 2020, when it suffered a 10 percent decline from N3.80 per share on November 12 to N3.42 per share on November 13.
The loss may not be unconnected with the scandal involving Nuru, with many Nigerians calling for his sack while a petition sent to the Central Bank of Nigeria (CBN) and posted to change.com has garnered more than 3,000 signatures.
The raging scandal broke on December 31, when a social media post accused Nuru of having an illicit office romance with one of his former married staff, Moyo Thomas, leading to his allegedly fathering the two children she purportedly had for her husband, Tunde Thomas.
The post narrated that the realization that it was Nuru who fathered the children caused the husband to develop depression which led to his death on December 16, due to a cardiac arrest.
Since the scandal broke, a cross-section of Nigerians had also threatened to close their accounts with the FCMB if the bank management failed to sanction Nuru over the alleged affair.
Some Nigerians have been expressing their anger and frustration with the manner the bank has handled the issue, especially a press release the bank pushed out which Nigerians believed did not address the issue adequately but rather played down on the ethical nature of the matter.
Although the FCMB has said it is investigating the scandal against its MD, Nigerians have been insistent in demanding for his sack and prosecution.
January 5, 2021
I think it is best for my sanity to avoid Buhari’s Administration- Wole Soyinka
Nobel Laureate, Prof. Wole Soyinka, has claimed he avoids talking about President Muhammadu Buhari, for the sake of his sanity.
Soyinka stated this while answering questions on Kaftan TV.
He described the new Lagos-Abeokuta-Ibadan standard gauge train as marvelous and long overdue.
Speaking onboard the new train, Soyinka said he would not like to talk about Buhari government because he imagined it does not exist.
When asked whether the new train was a plus to Buhari, he replied, “I don’t want to talk about Muhammadu Buhari’s administration
“I think it is best for my sanity just to avoid that overall question.
“I can take bits and pieces of Nigeria’s present predicament, but I think for one’s sense of balance, one must forget the existence of the Buhari administration.”
January 5, 2021
Borno State Governor Signs N248bn 2021 Appropriation Bill into Law
Borno State Governor, Prof. Babagana Zulum, yesterday signed into law the 2021 Appropriation Bill passed by the state House of Assembly.
The budget was, however, increased to N248 billion by the state Assembly from the earlier sum of N208 billion the governor proposed sometimes in December last year.
While increasing the budget, the Assembly explained that it was with the purpose of catering for industrial projects by the state plastic industry and the Maiduguri International Hotel among other provision, which it promised to be made public soon.
Zulum had in his initial presentation proposed N135.1 billion for capital projects, which represented 65 percent of the budget sum, and N72 billion for recurrent expenditure.
The governor, while signing the budget yesterday at the council chamber of the Government House in Maiduguri, the state capital, charged all ministries, agencies and departments (MDAs) of the government to comply strictly with the provisions of the 2021 budget.
He also directed his cabinet members to accelerate activities in their ministries for the people of the state to derive maximum benefit.
Zulum expressed appreciation to the leadership and members of the state House of Assembly for their cooperation with the executive arm of the government.
The governor explained that in 2021, his administration would sustain its priority on security, education, healthcare, agriculture, provision of portable water as well as reconstruction, rehabilitation and resettlement of internally displaced persons (IDPs) and refugees.
The Speaker of the state House of Assembly, Hon. Abdulkarim Lawan, had earlier explained that increase of the budget from N208 billion to N248 billion was to cater for the industrial growth that will increase job opportunities in the state.
The state Attorney General and Commissioner of Justice, Kaka-Shehu Lawan, conducted the signing ceremony, noting that the governor’s assent was a constitutional requirement for the bill passed by the Assembly to become law of the state.
January 5, 2021
ASUU worries over COVID-19 spread as BUK announces resumption date
Academic Staff Union of Universities (ASUU) on Tuesday worried over a potential spread of COVID-19 pandemic in schools as the country battles the second wave of disease.
ASUU’s concern was announced after the Senate of Bayero university, Kano approved January 18 for resumption and commencement of lectures for the 2020/2021 academic session.
Director Public Affairs, BUK, Mal. Ahmad Shehu told The Guardian that the decision was reached at the end of the meeting presided over by the university’s Vice Chancellor, Professor Sagir Abbas.
Ahmad noted that contrary to information making round on the social media, the university did not cancelled the 2019/2020 session but rather adjusted the previous session to be concluded in April, 2021.
According to him, the postgraduate program will also commence Monday 18th January, 2021.
Chairman ASUU, Bayero University branch, Professor Haruna Musa Sheka expressed the concern while reacting to the resumption date issued by BUK Senate.
The ASUU chairman lamented that most universities have not completely fulfilled all the COVID-19 preventive measures and safety guidelines to curtail further spread of the virus while reopening for lectures.
January 5, 2021
Police decorate 29 promoted officers in Kano
The Commissioner of Police (CP) in Kano State, Mr Habu Ahmad, has tasked the 29 newly promoted officers in the Command to display a high level of professionalism while carrying out their lawful duties.
Ahmad stated this in a statement issued to newsmen on Tuesday in Kano through the Command’s Public Relations Officer, DSP Abdullahi Haruna.
The CP made the call on Monday while decorating the newly promoted officers in the Command.
According to him, the promoted officers include seven Chief Superintendents of Police (CSP) promoted to the rank of Assistant Commissioners of Police (ACPs).
“Twenty-one Superintendents of Police (SPs) to Chief Superintendents of Police (CSPs) and One Assistant Superintendent of Police (ASP) to Deputy Superintendent of Police (DSP).”
He congratulated them for their elevation to the new ranks and advised them to shun all forms of corruption and to respect human rights and the rule of law.
January 5, 2021
BUA Cement raises N115bn debt through bond issue
BUA Cement said it had concluded the raising of N115 billion debt from investors through its Series 1 Fixed Rate Senior Unsecured Bond issue under its inaugural N200 billion Bond Issuance Programme.
A request will be made to dual-list the bonds on targeted exchanges once the regulatory go-ahead is obtained, the company said in a statement on Monday.
The N100 billion Series 1 bond, said to be the biggest ever corporate bond in the Nigerian debt and capital markets, has a tenor of 7.5 per cent and was oversubscribed by N137.82 billion but the cement maker said it would only take N115 billion in conformity to the regulation allowing only absorption of the 15% excess.
“Last year, we made a strategic decision as a proudly Nigerian company to list BUA Cement on the Nigerian Stock Exchange.
“This was in line with our core strategy to continue seeking out viable investment and growth opportunities within Nigeria,” Abdul Rabiu, BUA Cement chairman.
“This bond issuance – a first by BUA Cement, demonstrates our confidence in Nigeria’s debt capital markets as well as continued investor confidence in the BUA Cement business model, our management team, and long-term strategy, all supported by strong credit ratings. We remain committed to unlocking opportunities within the industry for Nigeria.”
The chief executive of BUA Cement, Yusuf Binji, remarked that the successful completion of the bond offering accentuated the power of the brand and stakeholders’ confidence in the firm’s capacity for robust revenue generation, its credit profile as well as its proficient management.
“Diversifying and extending the duration of our funding sources with the inclusion of this bond, at a competitive rate, will further enable us to achieve our strategic objectives and vision,” he added.
January 5, 2021