The best thing to happen to the Nigerian Exchange Limited (NGX), operators of the Nigeria stock exchange, is the listing of BUA Foods Plc.
Its introduction caused an upward trend in the market such that records were broken and set for the nation’s apex domestic capital market.
The all share-index (ASI) of the stock market was so positively impacted that equity market capitalization grew exponentially, attracting more than NGN720billion since its listing.
Liquidity grew in the process, to the point where the NGX model was referenced as a yardstick for several capital markets in Africa.
Just recently, as a way to celebrate such a historic but noble achievement, the management of the stock market invited the management of BUA Foods to a virtual meeting titled, "BUA Foods to a virtual Facts Behind the Listing and Closing Gong Ceremony."
As reported by the NGX media team, while speaking at the event, the Chief Executive Officer of NGX, Temi Popoola, commended BUA Foods Plc for taking the bold step to join its subsidiary company, BUA Cement, as a publicly listed company on the Exchange.
He further stated, "The listing of BUA Foods Plc on "The Exchange" reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabling sustainable growth and development.
"I must commend the efforts made by the management of BUA Foods towards this listing and the roles played by all the professional parties in this transaction, including Stanbic IBTC Capital Limited, Rand Merchant Bank Nigeria Limited, UCML Capital Limited, APT Securities Limited, and CardinalStone Securities Limited."
"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 to make the most of their investments, " Popoola added.
On his part, the Chairman, BUA Group Plc, Abdul Samad Rabiu, CON, represented by Group Executive Director, BUA Foods Plc, Alhaji Kabiru Rabiu, stated.
"Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200 million 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.
"We are, therefore, 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 the economy.
"As a listed company, BUA Group has benefited first-hand from NGX’s efforts to chart a path for the sustainable development of the Nigerian economy.
"It has, therefore, been exciting for BUA Foods to go through a similar journey and we are confident that by leveraging the collaborative approach prevalent in the market, the entire group of companies will be equipped to increasingly deliver value to its shareholders.
We certainly look forward to benefitting from the new opportunities that have opened up to as on the platform of The Exchange".
The company believes that with the injected investment they will be able to expand the country’s capacity to export agricultural produce