
News
AFC Forum: BUA Chief, Rabiu pushes Africa’s shift from extraction to processing
Abdul Samad Rabiu, Chairman of BUA Group, has urged African governments, financiers and private sector leaders to urgently pivot the continent’s economic model from raw resource extraction to large-scale processing and industrial transformation.
Speaking at a high-level mining forum convened by the Africa Finance Corporation (AFC), in Cape Town, South Africa, Rabiu commended the institution for its leadership in mobilising long-term capital for Africa’s industrial, mining and real sector development, noting that its recent S&P Global rating with a positive outlook reinforces the importance of strong development finance institutions in shaping Africa’s growth trajectory.
Drawing from BUA’s 16-year journey in mining and cement production, Rabiu recounted how Nigeria once depended heavily on cement imports despite possessing vast limestone deposits.
He described the challenge of constantly chasing foreign exchange to import cement, exposing the company to currency volatility and supply uncertainties.
“We were spending more time chasing FX than selling cement,” he said, explaining that BUA eventually made the strategic decision to invest in local cement production anchored on Nigeria’s limestone resources.

Today, BUA mines and processes approximately 40,000 tonnes of limestone daily, producing about one million tonnes of cement monthly. As a result, Nigeria has transitioned from being a net importer of cement to a net exporter, saving billions of dollars annually in foreign exchange.
Rabiu stressed that such transformation would not have been possible without patient capital from development finance institutions, particularly AFC, which has supported BUA Cement and other industrial operations with over $400 million in long-term financing.
He noted that a substantial portion of the facility has already been repaid, demonstrating that well-structured African industrial projects are both developmental and bankable.
Expanding the discussion to the wider continent, Rabiu highlighted what he described as Africa’s “structural paradox.”
While Africa is rich in resources, the majority of its mineral wealth is exported in raw or minimally processed form.
Gold, platinum group metals, cobalt, copper, iron ore and diamonds are largely shipped abroad for processing, while African nations import finished products at significantly higher prices.
He pointed out that Nigeria spends between $3 billion and $4 billion annually importing steel products despite sitting on over four billion tonnes of iron ore.
The same pattern, he noted, exists in agriculture. Four African countries produce about 75 per cent of the world’s cocoa, yet Africa captures only a fraction of the more than $200 billion global chocolate industry.
Meanwhile, Africa holds about 60 per cent of the world’s arable land but continues to import billions of dollars worth of food annually.
“Africa does not lack resources,” Rabiu declared. “Africa lacks processing capacity, industrial scale and strategic execution.”
He called on development finance institutions to scale long-term financing for beneficiation, industrial value chains and infrastructure, while urging governments to adopt deliberate policies that incentivise local processing and discourage raw exports where capacity exists.
“Africa must move from extraction to transformation, from potential to productivity, and from resource wealth to shared prosperity,” he concluded.
News
UBA Commences Contempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order
The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.
The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.
The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.
Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.
The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).
News
$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others
A Lagos State High Court has granted interim preservative orders, including a Mareva injunction, in favour of United Bank for Africa (UBA) Plc in a dispute involving the alleged diversion of petroleum products valued at $242 million.
The orders, granted last Thursday by Justice K. A. Jose, followed allegations by UBA that Vitol SA, a Switzerland-based energy trading company, wrongfully released cargoes of petroleum products consigned to the bank in the bills of lading.
UBA’s lead counsel, Bode Olanipekun, SAN, urged the court to grant the interim orders to preserve assets and prevent the dissipation of funds pending the determination of the substantive dispute.
In her ruling, Justice Jose granted three of the prayers sought by the bank, including requests to restrain dealings with assets and funds up to the disputed amount.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
In the substantive proceedings, UBA is seeking to establish the liability of Vitol SA and the owners of the vessels over alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
The bank also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank had issued a letter of credit in favour of Vitol SA to facilitate petroleum products transactions.
According to the affidavit, the cargoes were transported to Nigeria, and the masters of the vessels issued several bills of lading.
UBA alleged that Vitol subsequently endorsed the bills of lading “to the order of” the bank and handed over the original documents to it.
The bank maintained that the endorsement entitled it to take possession of the cargoes upon completion of the voyages.
However, Chilaka stated that UBA had not received the gasoil despite the completion of the voyages.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargoes were instead diverted for the use of another party, arguing that the failure to deliver the products amounted to conversion and negligence.
The bank further contended that the respondents had obligations arising from the transactions and the endorsement of the shipping documents but failed to fulfil them.
UBA also alleged that cargoes linked to the transactions were diverted to other parties after the completion of their voyages rather than delivered to the bank as stipulated in the shipping documents.
The allegations are expected to be determined in the substantive proceedings.
News
Enugu CP Warns Officers Against Extortion, Degrading Treatment of Citizens
The Commissioner of Police in Enugu State, Mr Mamman Giwa, has warned police officers against degrading treatment of citizens, extortion and other forms of unprofessional conduct.
Giwa gave the warning on Wednesday during an emergency conference with senior officers at the Senior Police Officers’ Mess, Agbani Road, Enugu.

He also directed senior and supervisory officers to strengthen oversight of personnel and improve security management for political and election-related activities ahead of the 2027 General Elections.
The commissioner said the conference followed directives issued by the Inspector-General of Police, Mr Olatunji Disu, during a virtual strategic meeting with senior officers on October 20.

According to him, the I-G emphasised professionalism, compliance with the Nigeria Police Force’s social media policies, adapting policing to contemporary realities, respectful treatment of citizens, and effective management of political activities and election security.
“It is clear that officers cannot effectively discharge their policing responsibilities without treating citizens with respect and conducting their duties in accordance with extant laws and established professional standards,” Giwa said.
He charged senior officers to take responsibility for the conduct of personnel under their supervision, warning that any officer found engaging in misconduct would face the consequences.
The conference also featured a health talk on the Ebola virus, focusing on its symptoms and preventive measures.
Those in attendance included Deputy and Assistant Commissioners of Police, Area Commanders, Divisional Police Officers, heads of formations, tactical and operational units, and heads of various sections of the Enugu State Police Command.
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