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BUA declares N209.4bn profit in 2020

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BUA Cement Plc has declared an increase in revenue by 19.3 per cent to N209.4 billion profit for the year 2020.

The Chairman, Board of Directors of BUA Cement Plc, Abdul-Samad Rabiu disclosed this at the 5th Annual General Meeting of the company in Abuja on Thursday.

He said the profit for 2020 increased from N175.5 billion that was realised in 2019.

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“While revenue grew by 19.3 per cent in the year under review, the volumes rose to 5.1 million tonnes, EBITDA increased by 18.0 per cent to N96.8 billion from N81.9 billion in 2019.

“With EBITDA margin being resilient at 46.2 per cent, we also recorded 19.4 per cent growth in Profit After Tax (PAT) to N72.3 billion and 19.6 per cent rise in Earnings Per Share (ESP) to N2.14 from N1.79 as at 2019”.

“In view of our sustained performance, the board has recommended for your approval a dividend of N2.067 per ordinary share,” he announced.

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Meanwhile, Mr Rabiu also disclosed plans to inaugurate additional production lines to raise the firms’ current cement capacity of 11 metric tonnes per annum in 2021 to 20 metric tonnes per annum by 2022.

He said in addition to new lines to the existing ones, BUA board believed it was a strategy to taming insatiable and sustained demand for cement, which had led to exorbitant prices to detriment of builders and potential homeowners.

Mr Rabiu told shareholders that efforts were on for the inauguration of Kalambaina line-three.

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According to him, the new line will add three million tonnes per annum to the existing eight million tonnes in 2021.

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Education

NUC grants ESUT full accreditation for Law, 7 other programmes

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The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.

According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.

Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.

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Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.

Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.

He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.

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He said the session also empowers the NUC to accredit such programmes.

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Crime

Court remands 2 over alleged attempted murder

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Court discharges man accused of burning father’s house in Abuja

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.

Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.

The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.

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Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.

He thereafter adjourned the case until May 31 for mention.

The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.

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She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.

“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.

Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.

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He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.

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Headlines

Plateau Governor Sets Up Committee to Probe Two Decades of Attacks

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Plateau State Governor, Caleb Mutfwang, has inaugurated a 10-member fact-finding committee tasked with uncovering the root causes of the persistent attacks plaguing communities across the state.

Speaking during the inauguration ceremony on Tuesday in Jos, Governor Mutfwang charged the committee with conducting a comprehensive review of violent incidents from 2001 to date. “We thought that we should set up this high-powered fact-finding committee to look at the incessant attacks on our communities,” the governor stated.

According to Mutfwang, the committee is expected to perform an in-depth assessment of the recurring security breaches, determine the number of affected communities, and assess the extent of damage done over the years. “We want to understand the root causes and propose actionable recommendations for lasting peace, justice, and stability in the affected communities,” he said.

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The committee’s mandate also includes establishing the number of casualties, identifying possible perpetrators and their motives, and uncovering potential routes used by bandits to access Plateau State. “Identify possible routes of bandits into the state and recommend measures to limit their access,” the governor added.

Chairman of the committee, retired Maj.-Gen. Rojas Nicholas, thanked the governor for the confidence reposed in the members. He pledged that the committee would approach its assignment with fairness and commitment. “We will do our best to produce a report that would befit its assignment,” Nicholas assured.

The committee is expected to submit its findings and recommendations in due course, with hopes that the report will provide a pathway to durable peace and security in the state.

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