Parallex bank successfully completes recapitalization, surpasses ₦50bn capital threshold - ITREALMS

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Parallex Bank Limited has officially met and exceeded the Central Bank of Nigeria’s (CBN) new recapitalization requirements, securing a capital base beyond the ₦50 billion minimum stipulated for regional commercial banks, reports ITREALMS.

The achievement marks a significant milestone in the Bank’s trajectory, reinforcing its position as a resilient and strategically sound player within Nigeria’s competitive financial landscape.

Qualcomm completes first year QMIA startup mentorship, opens 2024 season - ITREALMS

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The 2024 Qualcomm Make in Africa (QMIA) startup mentorship programme has opened for calls, just as 10 small medium sized grant participants have emerged, reports ITREALMS.

This is coming as Qualcomm Incorporated announced the completion of the first year of the Africa Innovation Platform, a suite of mentorship, education, and training programs created to support the development of Africa’s emerging technology ecosystem.

11th kidney transplant: FMC Umuahia completes exercise successfully - ITREALMS

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The Federal Medical Centre (FMC) Umuahia, has successfully completed its 11th kidney transplant in the south-eastern State of Abia, reports ITREALMS.

This is coming a few days after the former Deputy Senate President, Senator Ike Ekweremadu, 60, his wife Beatrice, 56, and Dr Obinna Obeta, 50, were found guilty of organ trafficking in the United Kingdom (UK) and sent to prison, while awaiting sentence on May 5.

BUA completes Okpella cement facility, targets 8m MTPA - ITREALMS

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The BUA Cement has completed its factory in Okpella in Edo State, with a cumulative target of 8 million Metric Tonnes Per Annum (MTPA) across plants, reports ITREALMS.

This is coming barely six months after commissioning BUA’s 1.5million mtpa Kalambaina Cement Plant in Sokoto State, whereas the MTPA Obu II has 3 million MTPA.

This, ITREALMS gathered will bring the total capacity of BUA Obu cement operations to 6million tonnes and move the entire Group’s installed capacity to 8million MTPA, even as a date for commissioning of the latest plant would be announced soon.

Speaking at a business forum recently, Abdul Samad Rabiu, Founder & Executive Chairman of BUA Group – owners of BUA Cement, said that the completion of BUA’s Obu Cement 2nd line puts BUA Cement in prime position to be Nigeria’s second largest cement producers by volume in a short while.

A press statement made available to ITREALMS by the Group Head, Corporate Communications at BUA Group, Mr. O'tega Ogra, quoted the Executive Chairman, Abdul Samad Rabiu, as saying “Through a strategic combination of BUA Cement’s newer, more energy efficient plants and the proximity of our factory locations to key regional markets across Nigeria, BUA Cement has in no time become the industry leader in capacity utilization as well as maintaining a strong presence and brand leadership position in regional markets where it operates.

“The nature of the formulation of BUA Cement’s products and the product strength has seen it dubbed, “King of Strength” by blockmakers as well as others in the construction industry in Nigeria”, he said.

In addition, BUA Cement has also entered into a partnership with the Standards Organisation of Nigeria and Industrial Training Fund to train thousands of blockmakers across Nigeria on the proper mix and techniques for blockmaking to reduce the rates of building collapse in Nigeria.

The completion of the new 3million mtpa BUA Obu II Cement Plant will see BUA’s installed capacity rise to 8million metric tons by the time it fully becomes operational in December 2018. The plant has the capacity to run on multifuels – gas and heavy oils, and will give BUA Cement a stronger foothold in the South-South and South East markets in Nigeria where it has become the preferred brand of cement. By virtue of its location in Okpella, Edo State, BUA Obu Cement plants are 5hours away from all the major markets across Nigeria.

BUA Group had revealed last year that it built a 50km pipeline to carry gas to fire its gas turbines at its Obu Cement Plant.

Chuks Egbune/GEE

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Pix: Rabiu, Executive Chairman of BUA Group and pix of plant in Okpella