BY WILLIAM ANAEBONAM
The Nigerian Exchange Limited has listed BUA Cement Plc’s N115 billion 7-Year Series 1 Fixed Rate Senior Unsecured Bond issue, the first listing in the NGX era. Even as the corporate bond has set a record in the capital market as the largest so far in history.
The BUA Cement bond listing was commemorated with a digital Closing Gong Ceremony featuring the Chief Executive Officer, BUA Cement, Yusuf Haliru Binji, according to a statement by NGX.
Contributing during the ceremony, the Divisional Head, Listings Business, NGX Limited, Olumide Bolumole, said, “In line with its commitment to supporting Nigeria’s economic growth by providing a liquid, efficient, and multi-asset securities exchange hub, NGX Limited continues to provide a platform that offers investors varied options including equity, fixed income, exchanged traded products and other funds.
“We are, therefore, excited about BUA Cement’s debut bond offering, which was oversubscribed by 37 per cent to the tune of N137.82bn and represents the largest amount raised by a corporate issuer in the history of Nigeria’s debt capital market,” he said.
“Without doubt, this is a testament to the high level of confidence placed on this reputable brand by its investors and the entire market,” the bank said. On his part, the CEO thanked the management of NGX Limited for the invitation to bring trading activities to a close.
BUA Company as a brand has been making some waves in the economy in recent times with viable business projects across the country. The Department of Petroleum Resources named 28 investors, including BUA Refinery & Petrochemicals Limited, as those with active refining licenses.
The DPR, in a new list as of April 2021 published on its website said 28 licences were active while 29 were inactive. Refineries with active Licence to establish are BUA Refinery & Petrochemicals, Ogini Refinery Limited, Excel Exploration & Production, Lowrie Refinery Limited, NPDC/ND WESTERN OML 34 JV, Ogini Refinery, Eghudu Refinery and Kingdom Global Trading Petroleum & Gas Nigeria, among others.
