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 Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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