By Peter OBIORA investadvocate

Aug 30 2010 07.00 GMT

Lagos–Bua Group operating in the industrial and commercial sector of the Nigerian economy is among the local, institutional and foreign investors that are bidding to buy Finbank Plc one of the rescued Nigerian Banks by the Central Bank of Nigeria (CBN). A source (name withheld) at the company’s Lagos Zonal Office in Victoria Island Lagos Nigeria confirmed this recently to  investadvocate.

It was reported mid-August 2010 that prospective and ready buyers have indicated interest in four of the eight banks rescued by the Apex Bank last year after due diligence of the bids. However, the names of the banks or the bidders were not disclosed by the CBN.

 

 

On its part, in its bid to consolidate on its various achievements, the Bua Group continues to explore actively – locally and internationally – for sound pockets of investment in line with the its vision of unlocking opportunities and remaining a first class regional and international conglomerate.

 

BUA International Limited, the parent company and arrowhead was set up over 20 years ago, as a Private Limited Liability Company (PLC) to undertake the importation and marketing of iron & steel, agricultural, industrial chemicals and other manufacturing activities.

 

Today, the areas of business interests of the Bua Group span from Manufacturing of Sugar, Cement, Flour Milling, Oil Milling, Port Concession, Real Estate Development, Oil & Gas and Shipping.

 

As earlier reported by investadvocate, Bua Group is also bidding to buy 51% equity stake in Union DICON Salt Plc (UNIONDICON). However, we will do a follow up on this and provide further information on the closure of the deal.

 

ÂÂÂ