Business
BUA Cement posts N460bn in FY 2023
The management of BUA Cement Plc has announced an increase in net revenue of N460 billion in 2023, a 27.4 per cent increase from the N361 billion recorded in 2022.
Chairman of BUA’s Board of Directors, AbdulSamad Rabiu, during its eighth AGM, said the company improved its capacity utilisation to 61.2 per cent in 2023 from 59.8 per cent in 2022 due to an increase in cement volumes dispatched.
He said the increase in volumes dispatched also increased market share but that profit after tax declined by 31.2 per cent due to foreign exchange losses.
He said, “Furthermore, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose to N169bn from N155bn recorded in the prior year.
However, profit after tax declined by 31.2 per cent to N70bn from N101bn recorded in the corresponding period in 2022.
This was impacted by foreign exchange losses, which arose from the devaluation and the continued depreciation of the naira.”
While disclosing that the company was committed to shareholder value despite the reduction in its bottom line, he announced a dividend of N2 per share for the year ended December 31, 2023, to be distributed to shareholders.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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