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BUA Group, a leading foods, infrastructure, mining and manufacturing conglomerate in Nigeria with diversified investments, has listed its food unit, BUA Foods Plc on the Nigerian Exchange Limited on Wednesday.
The Nigerian Exchange Limited listed the company by introduction on the Main Board of the Exchange.
BUA Foods Plc listed a total of 18 billion ordinary shares at N40.00 a unit under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS.
Following the listing of BUA Foods, the market capitalisation of the Nigerian Exchange Limited grew by N720 billion, further boosting the liquidity in the Nigerian capital market and providing opportunities for wealth creation.
According to the NGX, “it is expected that this listing will also increase the visibility of the food manufacturing, processing, and distribution company, BUA Foods, to investors on the African continent and across the globe.
“NGX facilitated over N7 Trillion worth of capital raises across several asset classes for both public and private corporations in 2021. As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.”
Since listing on the Exchange on Wednesday, the price of BUA Foods Plc has appreciated by 20 percent to N48.40 a unit with investors trading 11,289,437 shares valued at N544,692,788.80 on Thursday.
In 2020, BUA Group listed BUA Cement Plc on the Nigerian Stock Exchange, now Nigerian Exchange Limited, and in 2021, BUA consolidates its foods business into BUA Foods and subsequently listed it on the stock market on January 5, 2022.
Founded by Abdul Samad Rabiu in 1988, BUA Group is a leading conglomerate with diversified investments spanning key business sectors in Africa. BUA Cement Plc, the second-largest cement manufacturing company in West Africa, now produces 8,000,000 MTPA, Combined Cement Production Capacity. While BUA Sugar Refinery Limited combined sugar production capacity stood at 1,500,000 MTPA.
BUA Foods Plc comprises of:
BUA Infrastructure includes:
Fidelity Bank Boosts Well-being of Host Communities With CSR Projects
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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Foremost financial institution, Fidelity Bank Plc, has inaugurated Corporate Social Responsibility (CSR) projects in three South-Western states of Oyo, Ondo and Ekiti; as well as Kwara State.
The projects which include the provision of maternal and healthcare materials for hospitals, renovation and furnishing of a juvenile correctional facility as well as provision of computers for secondary and tertiary institutions were officially inaugurated on Thursday, 30 and Friday, 31 December 2021.
Speaking on the rationale behind the projects, Managing Director/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe said that the initiatives were executed in pursuit of the Bank’s CSR objectives which are centered on the environment, education, health/social welfare, and youth empowerment.
According to Onyeali-Ikpe, “These projects, which are in line with the United Nations Sustainable Development Goals (SDG) Nos. 3 – Good Health and Well-being and 4 – Quality Education; are in demonstration of our corporate belief that profits should not only be measured in naira but in terms of the wellbeing of our host communities. That is why we regularly look for opportunities to advance the fortunes of people in locations we do business”.
At the official handover of the renovated boys’ hostel and administrative block facilities of the Oyo State Juvenile Correctional Institution/Child Care Unit, Ijokodo, Ibadan, the Oyo State governor, Seyi Makinde, who was represented by the Permanent Secretary, Ministry of Women Affairs and Social Inclusion, Mrs. Christiana Abioye, thanked Fidelity Bank for the intervention explaining that, “Oyo state government, in its drive to deliver a number of people oriented and social services to the teeming population of the state, has been able to reach out to many individuals, organisations and corporate groups to partner with it in the achievement of these mandates through the running of an open and sincere administration.
“I am glad that the management of this financial institution was able to avail itself of one of such opportunities offered by this administration to discharge its Corporate Social Responsibility in the state and in particular in this very special welfare institution”, said Gov. Seyi Makinde.
Fidelity Bank is fast developing a reputation of a people-friendly institution with its numerous CSR programmes. It would be recalled that earlier in 2021, the bank completed the renovation of a primary health care center and a block of classrooms in the Southeast and Southwest regions of Nigeria respectively.
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Globally acclaimed Dotmount Communications Group, publishers of Pleasures Magazine today announced its acquisition of Gannett Co.Inc’s shares, a highly respected diversified news and media information company that operates in broadcasting, publishing, and digital, in a move expected to enhance the Dotmount Communications’s global reach with comprehensive integrated services for a strong stable of clients and projects.
Gannett (GCI) is a diversified news and media information company that operates in broadcasting, publishing, and digital. The most famous brand the company owns is USA Today. Its broadcasting segment runs 43 TV stations; its publishing segment provides daily content through more than 80 daily publications and more than 400 non-daily local publications; and its digital segment covers content through digital platforms, digital marketing services, and an online HR software solution.
“In just ten years of existence, the parent company of Pleasures Magazine, Dotmount Communications Group has made an extraordinary impact in the ever-evolving world of media and digital marketing — establishing itself as an emerging dominant player in the field, we are thrilled with this addition to our growing roster of media platforms,” says Adedotun Babatunde Olaoluwa, President and Executive Chairman of Dotmount Communications Group.
“We respect and recognize that chairman Mike Reed has been at the forefront of thought leadership about the convergence of media platforms – and his team’s abilities will be great assets for our firm.”
Dotmount’s new acquisition comes on the heels of a string of acquisitions over the past two years. Since fall 2019, the company has snapped up shares from major media companies.
Dotmount Communications Group, an international strategic communications consultancy that uses an in-depth understanding of public, commercial and political drivers to provide insightful strategic counsel and meet complex communications challenges.
The group has over the years supported government, corporate and private entities, delivering sophisticated communications programmes that shape awareness, guide opinion and enhance understanding on a national, regional and international basis.
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More facts emerge on why SEPLAT terminated Avuru’s appointment as Non-Executive Director.
The investing public may not have heard in details the main reasons why Austin Avuru, a former chief executive officer of Seplat Energy Plc who later became a Non-Executive Director was sacked from the Board of the energy company.
Seplat Energy Plc had on Thursday December 23 notified the Nigerian Exchange Limited (NGX) that its Board has terminated the contract of appointment of Austin Avuru as a Non-Executive Director.
Seplat Energy told the NGX that Avuru’s appointment was terminated on December 22, 2021, “due to breaches of the Company’s corporate governance policies and his fiduciary duties.”
Shortly after SEPLAT hammer fell on Avuru, Perchstone & Graeys, law firm representing the sacked Non-Executive Director said the allegations levelled against him (Avuru) by Seplat Energy Plc were aimed at “damaging his hard-earned reputation” based on “fictitious allegations” even though the same statement accepted that their client (Austin Avuru) had taken “an ill-advised action”.
The law firm had said this in a statement issued last week and signed by Osaro Eghobamien and Folabi Kuti, its lawyers.
However, the emerging facts seem to bear serious consequences.
Under the Companies and Allied Matters Act, 2020 (CAMA), directors have a duty to exercise their powers and discharge their duties honestly, in good faith and in the best interests of the company. They are also expected to exercise that degree of care, diligence and skill which a reasonably prudent director would exercise in comparable circumstances.
It was learnt that following an enquiry by the Board of Directors of SEPLAT, Avuru had on December 1, 2020 admitted his conflict of interest in connection with SEPLAT’s business and more particularly its proposed acquisition of some Nigerian assets in which ExxonMobil Corporation has interests.
Avuru also admitted that he had on that date been appointed the Chairman of Chappal Petroleum Development Company Limited (Chappal) and that Chappal had been invited by ExxonMobil Corporation for discussions and possible access to their database in respect of the Assets.
Further enquiries by SEPLAT Board revealed that Avuru had already acquired interest in Chappal over nine months earlier, as far back as March 2020, whilst he was still CEO of Seplat Energy.
More revealing was that the incorporation documents of Chappal as shown at the Corporate Affairs Commission (CAC) revealed that Avuru was and remained both a founding shareholder and director of Chappal, but he failed to disclose his interests in Chappal to the Board in December 2020.
It was further learnt that prior to December 1, 2020 Avuru was much aware, but failed to disclose, that Chappal had put in a bid for the said oil and gas Assets.
SEPLAT Board after completing the process of its review was satisfied that Avuru failed or refused to disclose a conflict of interest as soon as he acquired interest in and was appointed a director of Chappal and became aware that Chappal was bidding for the Assets.
Avuru knew that SEPLAT which he was a Non-Executive Director was also interested in the Assets and he had participated in SEPLAT’s Board discussions relating to SEPLAT’S bid for the Assets.
These findings seemed to have affirmed for Board of SEPLAT that Avuru by his actions clearly breached his fiduciary duties and obligations as a director as stipulated under existing Nigerian Code of Corporate Governance (NCCG) as well as the Securities and Exchange Commission (SEC) Code of Corporate Governance to which Avuru’s appointment was subject.
Avuru as then Non-Executive Director had a duty to notify SEPLAT of his appointment onto the board of Chappal, bearing in mind that he was the CEO of SEPLAT at the time and both companies operate within the same industry.
SEPLAT Energy has a standard listing on the Main Market of the London Stock Exchange (LSE), therefore the company is publicly committed to comply voluntarily with and to abide by the United Kingdom’s Code of Corporate Governance (UK Code).
In accordance with the UK Code provisions, Board directors are not only expected to act in a manner consistent with their duties under company law, but also to uphold the highest standards of integrity.
Prior to appointment into the Board, directors are expected to disclose their significant commitments to the board (together with an indication of the time involved) and additional external appointments are not to be undertaken by directors without prior approval of the board.
By not notifying the SEPLAT board of his appointment to the board of Chappal in March 2020, at a time when Avuru was the CEO of SEPLAT, and not seeking prior approval from the SEPLAT board to take on this new appointment, Avuru acted in a manner that was inconsistent with the provisions of the UK Code and the guidance.
It was further learnt that Avuru also failed to disclose his appointment as a director of Chappal when he accepted the role of a Non-Executive Director (NED) of SEPLAT.
No doubt, prompt and timely disclosure of this board appointment was particularly key in allowing SEPLAT Board to assess the risk of any conflict of interest arising and to take appropriate measures to manage a potential conflict.
Considering the statutory requirement from directors, Avuru had a duty to exercise good faith and a reasonable degree of care and prudence in how Avuru handled the potential conflict.
He failed to exercise his duty of care to SEPLAT by being forthright in disclosing the conflict or likelihood of conflict of interest to SEPLAT, before or promoting/ incorporating Chappal in March 2020.
By failing to promptly disclose his directorship in Chappal, Avuru placed himself in a position where his duties as a director of SEPLAT conflicted with the concurrent opportunities he pursued as founding shareholder and director of Chappal and SEPLAT in a position where it was temporarily unable to take prompt action to manage the potential conflict of interest and to comply with the provisions of CAMA as well as the principles of the NCCG, SEC and UK codes.
For almost one year, Avuru’s attention was said to have been fully with Chappal as against SEPLAT, a situation that was most unfair to SEPLAT, its shareholders and other stakeholders.
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