NGX CEO, Popoola Names BUA Foods Plc’ Debut Listing “Milestone Transaction”

The management of BUA Foods Plc. was on Tuesday, January 18, 2022 hosted to a closing gong ceremony on the main floor of the Nigerian Exchange (NGX) Limited. This was after addressing market stakeholders with a fact behind the listing presentation in a webinar held earlier in the day.

BUA Foods was listed on the Nigerian Exchange on Jan 5, 2022 and has since received significant acceptance going by the volume of demand for the shares which has boosted the market capitalization of the Nigerian Exchange Limited by over N1trillion.

The company has maintained an unbroken record of year-on-year growth and has eight ultra-modern manufacturing facilities across the country.BUA Foods currently has a refining capacity of 1.5 million metric tonnes of sugar yearly from two ultra-modern sugar refineries in Lagos and Port Harcourt. As part of its expansion strategy in 2022, BUA Foods plans to double its flour milling capacity from about 500,000 metric tonnes per annum to over a million metric tonnes per annum. Similarly, that of pasta will grow from 5 lines to 11 lines.

The company’s rice mill, one of the largest in the country, has a capacity to produce 200,000 tonnes of rice per annum with work currently in progress on a rice plantation that will change the face of rice production in Nigeria.

Kabiru Rabiu, Group Executive Director speaking on behalf of the Chairman of BUA Foods Plc. stated that the company is determined to explore the huge opportunities available in the agribusiness to promote food security and growth for Nigerians and Africans.

According to Rabiu, “Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200million and our food production capacity is still not enough to meet current demands. However,with the listing of our food business on the NGX, there is high hope for Nigeria in terms of building capacity for food sufficiency.”

“As a country, we have agricultural resources coupled with human capital to harness needed raw materials to produce what we need for our consumption and develop our nation. We are positioning our brand to take advantage of export opportunities through our strategically located plants from which foreign exchange can be generated both for the company and economy”, Rabiu added.

The Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, also stated, “our fast paced and strategic investments in the food industry position us to capture growth opportunities within the sector, create headroom ahead of demand, generate sustainable employment while promoting national food security.

Additionally, as a business, we will continue to create sustainable value for our consumers and stakeholders”.

On his part, the Chief Executive Officer, NGX, Mr. Temi Popoola, stated, “This listing marks a new beginning for BUA Foods Plc who plays a critical role in the FMCG industry as the company can leverage services the Exchange offers to achieve its strategic objectives. BUA Foods has experienced an upward trend in share price, market capitalization, and trading activity since its listing on the Exchange. At NGX, this milestone transaction is in line with our strategic objectives to improve listings and enhance investors’ participation in our market. As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa, and the world. I must, therefore, encourage capital market players and enthusiasts at home and abroad to pay closer attention to the plethora of opportunities available in our market both to list securities and make the most of their investments. NGX will continue to provide innovative solutions that meet the ever-evolving needs of our stakeholders.”