BUA Cement Plc has successfully completed its NGN115bn (US$291bn) Series 1 corporate bond issue as part of its NGN200bn bond issuance programme. The development is the largest ever corporate bond issuance in the Nigerian Debt Capital Markets.

BUA Cement's N100bn Series 1 issue is a seven-year issuance priced to a rate of 7.5 per cent and was oversubscribed by NGN137.82bn.

Meanwhile, BUA Cement announced its intention to increase production capacity to 20Mta by 2022. Its newest 3Mta plant in Sokoto is expected to be fully constructed in 2021.