Rountrip

  The race for the 2023 general elections has taken many twists and turns, especially in the ruling All Progressives Congress (APC), where over 20 aspirants have indicated interest in the presidential primary of the party. However, despite the number of those josling to fly the flag of the APC in 2023, political analysts and pundits are agreed that a former governor of Lagos State and the National Leader of the party, Asiwaju Bola Ahmed Tinubu would defeat others at the primary and win the general election. They traced the whole issue to the roles Tinubu has been playing in the nation's national politics since 2011, when his support for former president Goodluck Jonathan gave him victory at the polls. The same scenario, they said, played out in 2014, when his party, the then Action Congress of Nigeria (ACN) merged with the then Congress for Progressives Change (CPC), the All Nigeria's People's Party (ANPP)and others to form the APC under which President Muhammadu Buhari was...

Fitch, the world’s biggest global rating agency has alleged that Africa’s wealthiest man, Aliko Dangote is broke. It alleged that his company, Dangote Industries has limited financial flexibility with which to complete its refinery. Fitch is basing its allegation on the timely completion or lack thereof of the project, adding that only limited delays or cost overruns may be tolerated in the current rating. Fitch argues that Dangote Industries suffers from weak corporate governance. It says that the existence of a “complex group structure with a large number of related-party transactions” has “a negative effect on operational and financial transparency.” “We also think it’s a risk that Aliko Dangote, as CEO and main shareholder, has a lot of power over operations,” it added. Dangote had promised to commission the $19 billion refinery project before President Muhammadu Buhari’s tenure ends next year. Not only is the Dangote refinery very dear to Buhari’s government, Fitch claims that the...

     BUA Group’s new baby, BUA Foods is truly blazing the trail and the figures are looking up for investors as the company marches on even in first year of being listed.   BUA Foods is Nigeria’s leading food and fast-moving consumer goods (FMCG) business, which processes, manufactures, produces and distributes food materials such as sugar, flour, pasta, rice, and edible oils as well as packaged foods.   The Company’s products currently include fortified and non-fortified sugar, flour for large and small scale use, and pasta. In addition, the Company expects to commence the processing, manufacturing, production and distribution of rice by 2022 and edible oils by 2024.   To confirm its place, BUA Foods Plc has released its statement of profit or loss and other comprehensive income for the three months ended 31st March 2022 with 18.6% rise in group net profit after tax to N22.844 billion from N19.260 billion in Q1 2021.   Group turnover for the quarter r...