Nigeria’s UAC eyes 20 bln naira bond sale this year for real estate unit

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LAGOS, April 5 – Nigerian conglomerate UAC plans to raise 20 billion ($65.4 million) naira this year through a bond sale to refinance short-term borrowings at its real estate unit and cut debt, its group CEO said on Thursday.

Abdul Bello said the company would restructure the real estate unit, UPDC, which is suffering from an oversupply in the market and a glut fuelled by purchasing power decline.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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