₦airaland Forum

DeRuggedProff:
https://businessday.ng/companies/article/why-ellah-lakes-didnt-turn-in-revenue-for-years-ceo/

debeey87:
So Ellah used 1,000,000 to clear an hectare of land. Una wey be farmers, is that possible?

EDUECO:
There are 10.76 100 by 100 feet plots in 1 hectare.

That is, about ₦99,000 was used in preparing 100 by 100 feet plot of land .

Ellah lekos will start making profit from like 6 years time.

jonnysessy:
@Mankind2024 I love your recent post and in fact most of your post is a read for me. I really not bothered about the length but, this is the type of knowledge I crave for here not the unnecessary argument that is predominant on this thread. You are not the only one that missed out of increasing your stakes in FUGAZ. I also did and not just failing to increase my stakes in them I even ended up selling off my remaining First Holdco because of poor dividend. If I imagine how much all the the rights and public offering was given late last year, I cry in my heart. I only used the opportunity to diversify my portfolio a bit because I put a halt in the acquisition of banking stocks. But, banking stocks had been my game and I had been rewarded by the banks on good dividend. I now find all banks expensive to buy except for Fidelity and Access. I don't think the argument of dilution of banking stocks will hold water as they will still use the funds to improve the businesses and there will still be good dividend in the sector.

Mankind2024:
BBNaija and the Growth of My Portfolio

In 2017, during the BBNaija Season 2, titled "See Gobe," the winner, Michael Efe-Ejeba, received a cash prize of ₦25 million (approximately $$83,400$ at the time) and an SUV. The prize money was the envy of many, including me. It wasn't that I couldn't have made more than the cash prize and the SUV, but financial independence was a distant concept for me.
At the time, I always had to seek validation before investing, or I would invest in trending "hot stocks" on the NSEMPA forum, no consistency.
There was no self-confidence and no basic knowledge of the fundamental principles of investment. The result was self-sabotage, stemming from a lack of understanding of compounding and dividend reinvestment strategies. Following the herd was my greatest undoing. At that time, I did not trust the market nor did I have a strategy to actualise financial freedom.
Eight years later, I feel I have made up for lost time after learning by reading books, articles, and publications by several legendary American investors: Benjamin Graham, Warren Buffett, Peter Lynch, Jack Bogle, Jesse Livermore, Ray Dalio, and many others.
During the award-winning ceremony of season 2 BBN, hosted by Ebuka Obi-Uchendu, a thought flashed through my mind: one day, I would surely make a hundred times this prize money.
How I would achieve this was unknown, but the belief and determination were very strong. Abundant wealth starts with the individual: think, act, and grow rich.

In late 2019, I decided to return to the NGX with a strong determination and consistency that I would never again allow the fear of a bear market, sell-off, downturn, or recession to drive me away. I had already learned the PATIENT, secret of stock market investing. At this point, I began to trust the market, making risk my best friend, volatility my investment adviser, and a bear market an opportunity for an early Christmas promotion. No more "sell in May and go away."
At the peak of COVID-19, during the "urgent ₦2k" slogan era in Nigeria, I remained in the market. I established strong positions in the FMCG (Fast-Moving Consumer Goods), Transcorps and Banking sectors. I watched my portfolio obey one of the investment creeds: "Time in the market is better than timing the market," and "The best time to invest in the market was yesterday, and the next best time is today."
Fast forward to today, without relying on luck, the probabilities of the market are swinging in my favour, simply by obeying the fundamental principles of investing. Using value cost averaging and the power of compounding, I have grown my NGX portfolio from ₦8 million to 9 figures (2020 to date). Meanwhile, my NYSE portfolio is also benefiting from my experience as a dedicated "Naija investor." I have been able to grow it from a loss of 60% in November 2023 to a gain of 213.2\% as of July 25, 2025.

The best lesson I have learned so far in my investment journey is that the greatest enemy of an investor is the investor themself. We investors often sabotage compound interest in the name of "profit booking" at the peak of a bull run, even when there is no obvious need for the money. We do it because of the fear of a bear market, the fear that "you haven't earned anything until you sell," the fear of a downturn or sell-off, an over-reliance on highly biased technical indicators, and trusting bearish market forecasters more than our own instincts and the market's intrinsic fundamentals, forgetting that We are investors, not traders.
Yes, the bear will always come, but that is not a cogent reason to sell off our assets in blue-chip, dividend-paying companies, only to end up buying the same assets back at a premium. To overcome this fear, we need to prepare for tomorrow.
We investors also tend not to trust the incumbent President of Nigeria due to a deep-seated dislike for him and his tribe. We do not believe him when he says he is on a mission to grow Nigeria's economy to $1trillion. However, the stock market seems to be pointing in the direction of this promise.
A recent experience was an act of self-sabotage I perpetrated against myself. Following the announcement of bank recapitalisation in 2024 by the CBN (Central Bank of Nigeria), I sought public validation on the NSEMPA forum about what would likely happen to the prices of Tier-1 banking stocks on the NGX after the recapitalisation and rights issues. As expected, the herd's conclusion was that the outstanding shares and imminent dilution would be too much to support their prices at the time. Trusting this, I decided not to take my rights offers in GTCO, ZENITHBANK, UBA, ACCESSCORP, and FBNHOLDINGS, despite having the financial muscle, with the hope that the stock prices of Banks would crash by January 2025.
Alas, the market proved me wrong. I was severely punished by the market for not trusting it. Right before my eyes, the bank stocks appreciated and also paid dividends to subscribers of their rights issues. It was a lesson learned the hard way. I quickly made an effort to buy back the time and oversubscribed by 100% to the STANBIC IBTC rights issue, which was executed in February 2025. Unfortunately, no dividend was paid to their rights issue subscribers. Not only that, but I was also allotted only 50\% of my subscription, and the excess money was refunded.

My humble advice for discerning individual investors is: do not time the market. Invest, seize the day, diversify, and trust the market. The stock market is not a get-rich-quick scheme; however, rewards might come sooner than you think. No one has a crystal ball to tell us what the market will do tomorrow. In the same way, no one knows who is going to win the ultimate prize of ₦150 million announced for the 2025 Season 10 of BBNaija. We can only guess.
My mind is relaxed because my growing net worth is more than the ultimate prize.
My SMART goal is on course, and victory is certain.
NGX: ₦1 billion (2027) and NYSE: 1$ million by 2030.
So help me God.

EDUECO:
I were to be the person to do the clearing;I would have been able to effect the clearing of 1 hectare of land for the sum of ₦500,000 .

Cost optmization is very important as an infant agro-allied business.

megawealth01:
Let me drop a good comparison between the three (3) cement giants...

Company Overview

Dangote Cement is the largest cement producer in Nigeria and Sub-Saharan Africa. It is a subsidiary of the Dangote Group, founded by Aliko Dangote. With a focus on dominating the African market, it operates massive plants in Obajana, Ibese, and Gboko.

BUA Cement is a rapidly growing Nigerian cement company under the BUA Group, led by Abdul Samad Rabiu. Though younger than Dangote Cement, BUA has quickly grown through strategic plant expansion in Sokoto and Okpella.

Lafarge Africa, formerly Lafarge WAPCO, is backed by the Swiss-based Holcim Group. It has a long history in Nigeria and focuses heavily on sustainability and innovative cement solutions, with plants in Ewekoro, Sagamu, Ashaka, and Mfamosing.

Production and Market Reach

Dangote Cement has the highest installed production capacity in Nigeria, estimated at over 35 million metric tons annually. It also exports to more than 10 African countries and enjoys economies of scale.

BUA Cement has approximately 11 million metric tons of annual capacity, focusing mainly on the Nigerian market, though it is beginning to export.

Lafarge Africa has about 10.5 million metric tons of installed capacity. Its export capacity is relatively limited, and its focus is more on deepening local market penetration with eco-friendly cement products.

Financial Performance (2024)

Dangote Cement is by far the most profitable. In 2024, it generated over ₦2.2 trillion in revenue and over ₦390 billion in profit after tax. Its earnings per share (EPS) stood at around ₦22.27, and it paid a dividend of ₦30 per share.

BUA Cement earned around ₦460 billion in revenue and ₦88 billion in net profit. Its EPS was about ₦2.61, with a dividend payout of ₦2.00 per share. Despite its rapid growth, its dividend yield remains relatively modest due to its higher valuation.

Lafarge Africa earned approximately ₦405 billion in revenue and ₦51 billion in profit. EPS was around ₦3.17, and the company also declared a ₦2.00 dividend. It trades at a lower P/E ratio than BUA and Dangote, making it a potential value stock.

Stock Market Standing (as of July 2025)

Dangote Cement remains the most valuable publicly listed company in the cement sector with a market capitalization of over ₦6 trillion. Its share price hovers around ₦490.

BUA Cement’s market cap is about ₦2.3 trillion, with a share price around ₦132. It is seen as a growth stock with strong future potential.

Lafarge Africa is the smallest among the three in market value, standing at roughly ₦400 billion, with a share price in the ₦125 range.

Strategic Focus

Dangote Cement emphasizes dominance through scale, logistics efficiency, and regional exports. Its large integrated plants and wide distribution network give it significant leverage.

BUA Cement focuses on internal growth and efficiency. It has been aggressively expanding, commissioning new lines and power infrastructure to cut costs.

Lafarge Africa, under the global Holcim umbrella, emphasizes sustainability, waste recycling, and green cement technologies. Its Geocycle initiative is one of the most advanced waste-to-energy solutions in the industry.

Strengths and Weaknesses

Dangote Cement’s main strength is scale and profitability, but its large exposure to Nigeria and currency risks are concerns. BUA Cement’s strength lies in fast growth and strategic execution, though its high valuation may limit upside for investors in the short term. Lafarge Africa’s core strength is its alignment with global ESG trends and Holcim’s technical support, but its smaller scale and weaker recent margins are limitations.


My Thoughts

Dangote Cement is best suited for investors seeking stability, large dividends, and African regional exposure.

BUA Cement is ideal for those betting on long-term growth in Nigeria’s infrastructure and industrial sectors.

Lafarge Africa appeals to ESG-conscious investors and value seekers who want a more balanced, sustainable cement player.

Mankind2024:
👍
The final sledgehammer on my decision for not taking the FUGAZ rights offer was validated when I consulted a seasoned NSEMPA veteran on the potential impact on bank stocks prices after the rights and public offers. He predicted that the share prices would fall by January 2025 due to significant share dilution. I was tempted to offload my FUGAZ holdings too but resisted the urge.

This experience reinforces the importance of perseverance, consistency, patience, self confidence, resilience and trust in investing.
We learn every day and grow from our experiences.

EDUECO:
If not that the management of FirstHoldCo is greedy or selfish,First Bank is suppose to be the best dividend paying company in NGX.

Infact banks have the best earning per share among listed companies in the Nigerian Stock Exchange.Banks also have the best dividends.

Mankind2024:
The past management of FIRSTHOLDCO inflicted irreparable damage on the bank, perpetuating a legacy of corruption that spanned generations.
Fortunately, Nigeria's resilience has allowed it to withstand the impact of widespread corruption in both public and corporate institutions. It's encouraging to see that the new management appears to prioritise investors' interests.

jeshurun08:
Thank you @mega for sharing this but what is your take on the future prospects of the cement sector when the Chinese takeover. Will Dangote still be able to dominate that space? Will they not erode the value for investors over time and will Bua cement able to continue to grow it's revenue at the current rate?

Mankind2024:
It's highly unlikely that the Chinese will acquire WAPCO. The Senate and House of Representatives have already expressed strong opposition to the sale, citing national interest, security concerns, and potential capital flight. Given the Chinese investors' history of massive capital repatriation and money laundering, I doubt they'll succeed in pulling off the deal.

https://punchng.com/senate-calls-for-transparency-in-lafarge-cement-sale/

EDUECO:
Okay,you're the Efe?

Nice essay!

debeey87:
So Ellah used 1,000,000 to clear an hectare of land. Una wey be farmers, is that possible?

SonofElElyonRet:
I'll be the first to agree that some things certainly don't add up. Shareholders at the meeting forced them to reveal some info. Going forward they'll be facing tougher scrutiny. Think shareholders on the whole just want to give them a chance to get the N250b with the strong belief that it would mark a turn around in the company's fortunes. That "significant agricultural asset" they say they want to acquire is what people want to see. By and large, by the time they begin to fully harvest and process palm oil and other products, it's going to be huge. I'm in it for the long haul like I said .. appreciate bro

SonofElElyonRet:
Don't have shares in lafarge but unless there's a bill passed into law that prevents the acquisition from going ahead, mere resolutions by the national assembly can't stop it. Only a new law, or breach of old law or regulations or regulatory authority or higher executive authority can stop it. My thoughts

SonofElElyonRet:
Don't have shares in lafarge but unless there's a bill passed into law that prevents the acquisition from going ahead, mere resolutions by the national assembly can't stop it. Only a new law, or breach of old law or regulations or regulatory authority or higher executive authority can stop it. My thoughts

megawealth01:
Nigeria should be generating 60,000MW of electricity – Dangote

https://punchng.com/nigeria-should-be-generating-60000mw-of-electricity-dangote/#google_vignette

emmaodet:
They said 500,000.
If it is a virgin land with trees, it is possible for the initial clearing using bulldozer.

debeey87:
So Ellah used 1,000,000 to clear an hectare of land. Una wey be farmers, is that possible?

chinonsobest:
Me I know Ellah baby was cooking something for 4 years now, and the food is done. Everyone including the directors want to position their selves for the run that is coming. This is why they are willy to convert their loan to equity.

A lot of secret they are not willing to release to the public, but if you are good at interpreting body language, you will know that the 250B is down ready. What they needed is approval.

Moreover no company would want to release the information of the company or asset they want to buy when the deal is not concluded yet, for fear of another company going in before them.

Nonetheless, I am very impressed how Chuka went into details explaining how and what the company has spent in the last 4 years. The seedlings they bought from Presco and the amount spent on clearing the hectares of land.
Infact the shareholders clapped for him after his speech.
You should listen to the EGM on YouTube.

chinonsobest:
Me I know Ellah baby was cooking something for 4 years now, and the food is done. Everyone including the directors want to position their selves for the run that is coming. This is why they are willy to convert their loan to equity.

A lot of secret they are not willing to release to the public, but if you are good at interpreting body language, you will know that the 250B is down ready. What they needed is approval.

Moreover no company would want to release the information of the company or asset they want to buy when the deal is not concluded yet, for fear of another company going in before them.

Nonetheless, I am very impressed how Chuka went into details explaining how and what the company has spent in the last 4 years. The seedlings they bought from Presco and the amount spent on clearing the hectares of land.
Infact the shareholders clapped for him after his speech.
You should listen to the EGM on YouTube.

Princkez:
have always known the #250b is ready they only need shareholders approval,you think they will be coming for public offer?no way,they will just conduct a private placement and the new investor take it up(#250b)....wait and see how things unfold.

Princkez:
have always known the #250b is ready they only need shareholders approval,you think they will be coming for public offer?no way,they will just conduct a private placement and the new investor take it up(#250b)....wait and see how things unfold.

mikeapollo:
The House of Reps may influence SEC to reject the acquisition.

chinonsobest:
Me I know Ellah baby was cooking something for 4 years now, and the food is done. Everyone including the directors want to position their selves for the run that is coming. This is why they are willy to convert their loan to equity.

A lot of secret they are not willing to release to the public, but if you are good at interpreting body language, you will know that the 250B is down ready. What they needed is approval.

Moreover no company would want to release the information of the company or asset they want to buy when the deal is not concluded yet, for fear of another company going in before them.

Nonetheless, I am very impressed how Chuka went into details explaining how and what the company has spent in the last 4 years. The seedlings they bought from Presco and the amount spent on clearing the hectares of land.
Infact the shareholders clapped for him after his speech.
You should listen to the EGM on YouTube.

jeshurun08:
I agree. I don't think the national Assembly can really stop the sales of even if they want to because if they interfere too much, they risk having to contend with China and I don't think Nigeria will want to or can do that.