The company also announced that Engr Effiong Okon will become Chief Executive Officer on August 1, 2026, succeeding Roger Brown, who has led the energy firm since August 2020.

The appointments were disclosed in a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday and signed by the company secretary, Edith Onwuchekwa.

Elumelu’s elevation to Chairman comes months after his company, Heirs Energies, acquired a 20.07% stake in Seplat Energy in a $500 million deal.

The transaction made Heirs Energies the single largest shareholder in the dual-listed energy company and was one of the most significant indigenous investments in Nigeria’s oil and gas industry in recent years.

His appointment follows a series of board changes that began earlier this year. In January 2026, Seplat appointed Elumelu as a Non-Executive Director after the resignation of Olivier Cleret De Langavant, who represented Maurel & Prom.

The French company had previously held the 20.07 per cent stake before selling it to Heirs Holdings and Heirs Energies.

Tony Elumelu will succeed Senator Udoma Udo Udoma, who is currently the chairman of Seplat board. The company said the transition marks “a new chapter of leadership” for the company as it continues to pursue growth opportunities across its business.

The company said Elumelu’s experience in corporate governance, institution building and value creation will support its ambition of building a resilient and globally competitive energy business.

Elumelu is the founder and chairman of Heirs Holdings, a pan-African investment company with interests across energy, power, banking, insurance, technology, real estate, hospitality and healthcare.

He is also the founder of Africapitalism, an economic philosophy that promotes long-term private sector investment as a driver of economic development across Africa.

Beyond Heirs Holdings, he chairs Transcorp Group and serves as Chairman of United Bank for Africa (UBA) Group.

Following the acquisition, Heirs Energies became Seplat’s largest shareholder with 20.07%. Other major shareholders include Petrolin Group with 13.77%, Sustainable Capital with 9.77%, Professional Support with 8.5% and Allan Gray Investment Management with 5.57%.

The change has strengthened indigenous participation in a sector where international companies have reduced their exposure to upstream assets.

Attention will also turn to the company’s incoming CEO, Effiong Okon, who will take over leadership in August.

Okon brings more than 35 years of industry experience and has held several senior positions within Seplat since joining the company in 2018. He first served as Operations Director before becoming New Energy Director and most recently Managing Director of ANOH Gas Processing Company.

Seplat credited him with playing a key role in delivering the ANOH gas project, which achieved first gas in January 2026. The project is regarded as one of Nigeria’s major gas developments and is part of initiatives to increase domestic gas supply.

The company said Okon’s operational experience and deep knowledge of the business position him to lead Seplat through its next phase of expansion, particularly as it continues to grow its gas business and explore new energy opportunities.

The leadership changes come at a time when Nigeria’s energy sector is undergoing significant transformation. Oil producers are adapting to the global shift towards cleaner energy sources, while local operators are taking on larger roles following the divestment of several international oil companies.

The Petroleum Industry Act has also changed the operating environment, increasing pressure on indigenous companies to expand production, improve efficiency and attract investment.

Last year’s acquisition by Heirs Energies was backed by African financial institutions, including Afreximbank and Africa Finance Corporation. The transaction was structured with an upfront payment of $248 million, while the balance was secured through an irrevocable letter of credit.

A further contingent payment of up to $10 million was tied to Seplat’s share price performance.

The deal followed a separate $750 million financing facility secured by Heirs Energies from Afreximbank to support its operations and expansion plans.

The post Tony Elumelu Appointed Seplat Energy Chairman as Effiong Okon Emerges CEO appeared first on Tech | Business | Economy.

Quarter one results released by the three companies show a split in performance. Unilever strengthened margins and maintained strong cost control, Nestlé stayed profitable while working through finance and leverage pressure, while Cadbury faced the toughest squeeze on earnings despite growing sales.

Investors have piled into the three stocks since last year. Even with issues around inflation, weak consumer spending and higher operating costs, the companies are still among the strongest gainers on the NGX consumer goods index.

As of May 22, 2026, Cadbury’s share price had risen 15.2% this year to N69 from N59.90 at the start of January, after returning 179% in 2025. 

Unilever gained 133% year-to-date, climbing from N72 to N168 following a 124% rally last year, while Nestlé advanced 59.6% to N3,125 from N1,958 after returning 119% in 2025.

Despite the sharp rallies, technical indicators still reveal investors do not see the stocks as heavily overstretched. Nestlé’s 14-day Relative Strength Index stood at 32.43, Cadbury closed at 51.18, while Unilever came in higher at 66.02.

Together, the three companies generated N425.13 billion in revenue during the first quarter, up 12.15% from the same period last year. Gross profit also rose 12.5% to N169.56 billion, leaving combined gross margin almost unchanged at 39.88%.

Pressure became more visible lower down the income statement.

Combined operating profit slipped slightly to N91.64 billion because selling, marketing, distribution and administrative expenses rose faster than revenue growth. Operating margin fell to 21.55% from 24.30% a year earlier.

Still, lower finance costs helped soften the impact. Combined pre-tax profit climbed 31.14% to N92.39 billion, while post-tax profit rose 19.05% to N49.66 billion.

Even with the increase, the companies retained less than N12 in profit from every N100 in revenue.

Cadbury recorded the weakest margin performance among the three firms.

The company grew revenue by 7% to N39.83 billion in the first quarter, but the cost of sales rose faster at 15.43%, pushing gross profit down 10.39% to N10.89 billion. Gross margin dropped to 27.34% from 32.65%.

Operating expenses also jumped sharply to N5.88 billion from N2.86 billion. That dragged operating profit down by more than half to N4.72 billion, while operating margin weakened to 11.85% from 26.02%.

Cadbury’s finance position improved during the quarter. The company reported an unrealised foreign exchange gain of N870.60 million compared with N75.89 million in the same period last year, while interest expense on borrowings dropped to N370.63 million from N1.12 billion.

That helped the company move from a net finance cost position in Q1 2025 to a net finance income of N477.92 million this year. Even so, profit after tax still declined 39% to N3.64 billion.

The weaker margins also affected earnings per share, which fell to 160 kobo from 262 kobo a year earlier.

Still, Cadbury’s balance sheet showed some improvement. Shareholders’ equity rose 27% to N17.06 billion. However, cash reserves weakened significantly as net cash declined to N8.76 billion from N15.02 billion at the start of the year, largely due to inventory build-up and loan repayments.

Nestlé was the biggest revenue and profit generator among the three companies.

The food company grew first-quarter revenue by 10.59% to N326.13 billion, while profit after tax increased 29.23% to N39 billion.

Gross margin stayed broadly flat at 40.49%, but operating costs continued to rise. Operating expenses increased to N56.84 billion from N45.86 billion, reducing the operating margin to 23.13% from 25.14%.

Finance costs, however, eased considerably and supported profit growth.

The latest result also marked Nestlé’s sixth consecutive profitable quarter since returning to profit in late 2024. The company linked the recovery to naira stability and improved margin management.

Its balance sheet also improved during the quarter. Shareholders’ equity rose sharply to N51.6 billion in March 2026 from N12.9 billion at the end of December 2025.

Even with the recovery, investors are still watching whether the company can sustain profitability, reduce leverage and return to regular dividend payments. Nestlé last paid dividends in 2022.

Unilever delivered the strongest operational performance of the three companies.

Revenue rose 25.96% to N59.17 billion, while the cost of sales increased at a slower pace of 15.77%. That lifted gross profit by 41.17% to N26.61 billion.

Gross margin improved to 44.98 per cent from 40.13%, while operating profit climbed 38.88% to N11.48 billion. Operating margin also strengthened to 19.41% from 17.60%.

Unlike Cadbury and Nestlé, Unilever’s earnings growth came largely from stronger operations and higher cost management rather than relief from finance costs.

The company also maintained the healthiest balance sheet among the three firms. It closed the quarter with positive working capital of N93.36 billion, a current ratio of 2.34 times and a debt-to-equity of just 0.02 times.

Unilever is also still ahead on shareholder returns; the company paid N3.75 per share in dividends in 2025, while Cadbury and Nestlé have not declared dividends since 2022.

Unilever appears to be benefiting from stronger operations, healthier liquidity and lower debt exposure. Nestlé’s recovery is gaining ground, although leverage and dividend consistency are still issues to be dealt with. Cadbury, meanwhile, is still growing sales but faces challenges from growing costs and weaker liquidity.

The post NGX Consumer Goods: High Costs Squeeze Q1 Margins Despite Revenue Growth for Cadbury, Nestlé, and Unilever appeared first on Tech | Business | Economy.

In a corporate notice filed with the NGX on Tuesday, December 16, 2025, the company said its two largest shareholders, Clover Global Resources Limited, which holds 39.02% of its shares and TGHL Capital Limited, with 15.20% stake are in talks with Xenergi Limited over the possible sale of their shares.

The disclosure, signed by the Company Secretary, Alozie Nwokoro, stated that if the transaction is completed, Xenergi Limited would acquire a combined 51% equity stake, representing 63 million shares, and become the majority shareholder of Premier Paints Plc.

The proposed change in ownership is subject to approvals from relevant regulatory bodies, including the Securities and Exchange Commission (SEC), the Nigerian Exchange Group (NGX), and the Federal Competition and Consumer Protection Commission (FCCPC).

The company said the transaction is expected to be completed before January 31, 2026, and added that it will keep shareholders and the investing public informed as discussions progress.

The post Premier Paints Shareholders Plan Sale appeared first on Tech | Business | Economy.

Highlights of the financial results which was uploaded on the Nigerian Exchange (NGX) portal on Thursday, 13 November 2025 shows that the bank delivered robust results across key financial metrics including Gross Earnings, which stood at ₦748.7 billion, up from ₦512.9 billion in H1 2024; Net Interest Income, which rose to ₦420.4 billion, compared to ₦326.4 billion in H1 2024; and Customer Deposits, which grew to ₦7.2 trillion, from ₦5.9 trillion in FY 2024.

Similarly, the bank’s Net Revenue increased to ₦444.4 billion, compared to ₦396.8 billion in H1 2024.

Fidelity Bank continued to expand its digital banking footprint, enhance customer experience, and support key sectors of the economy.

The bank’s loan book grew, with Net Loans and Advances expanding to ₦4.9 trillion, up from ₦4.4 trillion in FY 2024, reflecting increased support for businesses and individuals. Asset quality remained stable, with non-performing loans well within acceptable limits.

The bank’s capital raising initiatives have further strengthened its financial position, ensuring readiness to meet new regulatory requirements and pursue growth opportunities.

Fidelity Bank’s strong liquidity profile and robust governance framework provide a solid foundation for continued success.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

The post Fidelity Bank Grows Gross Earnings by 46% to ₦748.7 billion for H1 2025 appeared first on Tech | Business | Economy.

The exchange also actively participated in the 7th African International Conference on Islamic Finance (AICIF), held in Lagos, Nigeria, from November 4 to 5, 2025.

Organised by Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day conference brought together policymakers, regulators, development partners, and market participants to discuss policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.

Speaking at the conference, Dr. Umaru Kwairanga, NGX group chairman, said the Non-Interest Finance Board has become a key platform for expanding access to Sharia-compliant financial instruments.

“Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” Dr Kwairanga stated. “Our goal is to broaden market participation while channelling capital towards productive sectors of the economy.”

The Nigerian Exchange Limited currently hosts over ₦1.3 trillion in listed Sukuk bonds, which shows strong investor appetite for assets that deliver both financial returns and social impact.

In collaboration with the SEC and the National Insurance Commission (NAICOM), NGX continues to deepen the non-interest capital market and strengthen governance frameworks.

NGX CEO, Jude Chiemeka,  noted the strategic role of non-interest finance in driving sustainable economic development.

“At NGX, our Non-Interest Finance Board represents more than a platform; it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development,” said Chiemeka. “By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa.”

Vice President Kashim Shettima, represented at the event by the Special Adviser to the President on Economic Matters, Dr Tope Fasua, described Islamic finance as a credible vehicle for driving equitable prosperity and sustainable growth, urging the wider adoption across other African countries.

Nigeria’s non-interest capital market has contributed greatly to the nation’s economic growth, with sovereign Sukuk issuances raising over ₦1.4 trillion to fund multiple developmental projects.

With the market continually mobilising long-term, low-cost capital for infrastructure and sustainable economic growth, Nigeria is well-positioned to lead Africa toward a more financially inclusive and sustainable future.

The post NGX Bolsters Islamic Finance Footprint with Strategic Non-Interest Market Expansion appeared first on Tech | Business | Economy.

A total of 517.25 million shares were traded in 27,287 deals, valued at N15.98 billion. This was a 24% drop in volume, a 22% decline in turnover, and an 18% fall in total deals compared to the previous session.

The All-share-Index (ASI) declined by 1.35% to close at 150,573.87 basis points, down from 152,629.60 points recorded on Tuesday.

Consequently, the market capitalisation dropped by the same margin to N95.7 trillion, resulting in a total market loss of N1.31 trillion.

Market Breadth was also negative, with 128 equities traded, leading to 16 gainers and 47 losers.

NCR Nigeria PLC led the gainers’ charts, rising 10% to close at N17.60. It was followed by Legend Internet Plc with a 9.16% gain to N5.84, while Cornerstone Insurance appreciated 8.80% to N6.18.

UPDC Plc gained 8.30% to N6.00, and Link Assurances Plc completed the top five gainers by appreciating by 8.11% to close at N2.

On the downside, Transnational Corporation Plc and C&I Leasing led the losers’ table with a 10% decline each, closing at N45.00 and N5.58, respectively.

Skyway Aviation Handling Company and Beta Glass both fell 9.99% to N80.60 and N393.70, while R.T. Briscoe shed 9.92%  to close at N3.18.

In terms of activity, Fidelity Bank was the most traded equity for the day. The financial services powerhouse traded 608.16 million shares valued at N13.95 billion. Sterling Bank followed with 81.66 million shares sold at N628.47 million, while Zenith recorded 53.67 million units valued at N3.28 billion.

FCMB traded 40.40 million shares worth N424.23 million, and Access Holding Plc completed the top five with 39.42 million shares valued at N915.46 million.

The post Investors Lose N1.31 Trillion as Bearish Trend Continues on NGX appeared first on Tech | Business | Economy.

According to a notification filed with the Nigerian Exchange Group (NGX), Adewale sold 111,084 ordinary shares of United Capital at ₦18.30 per share, amounting to ₦2.03 million ($1,200).

The transaction, executed on Tuesday, November 4, 2025, was disclosed on the NGX trading floor the following day in line with the Code of Corporate Governance and the Investments and Securities Act (ISA) 2007.

The filing, signed by Leo Okafor, the company secretary, stresses United Capital’s adherence to transparency and compliance with insider dealing regulations.

While the reason for the sale was not stated in the disclosure, such transactions typically reflect personal financial planning, portfolio diversification or responses to prevailing market conditions.

United Capital’s unaudited financial results for the period ended September 30, 2025, reveal a remarkable 34% year-on-year growth in Profit Before Tax (PBT) to ₦25.01 billion, and a 32% year-on-year growth in Profit After Tax (PAT) to ₦21.17 billion.

Despite the strong fundamentals, the company’s share price closed at ₦17.55 per unit on Wednesday, November 5, 2025, a 2% decline from the previous day’s ₦17.95.

Year-to-date, United Capital shares have lost 14% of their value, ranking the firm 135th on the NGX performance chart.

The post United Capital Insider Sells N2.03m in Shares as NGX Stock Dips 14% YTD  appeared first on Tech | Business | Economy.

The food manufacturing giant grew its revenue from ₦1.07 trillion in Q3 2024 to ₦1.42 trillion in Q3 2025, representing a 33% year-over-year increase.

The growth was driven by stronger market demand for its core products, such as Sugar, Flour, Pasta, Rice, and Edible Oils, and as well as the Federal Government’s staple food import waiver granted under the Tinubu administration in 2024.

The cost of sales rose from ₦736.98 billion in Q3 2024 to ₦900.08 billion in Q3 2025, a 22% increase. Consequently, gross profit climbed from ₦333.82 billion in Q3 2024 to ₦520.64 billion in Q3 2025.

Profit-before-Tax (PBT)  surged from ₦215.66 billion in Q3  2024 to N432.58 billion in Q3 2025, depicting a 100.6% increase, whilst the Profit-after-Tax (PAT) rose from ₦201.39 billion in Q3 2024 to ₦405.27 billion in Q3 2025, growing robustly by 101% year-on-year.

Earnings-per-Share doubled from ₦11.19 in Q3 2024 to ₦22.52 in Q3 2025. Total assets increased to ₦1.24 trillion from ₦1.10 trillion in the same period, while total equity grew to ₦600.33 billion from ₦429.06 billion reported in Q3 2024.

Commenting on the results, Ayodele Abioye, managing director, said:

“BUA Foods has once again demonstrated resilience and strategic agility. Our 9M 2025 performance, highlighted by a strong double-digit revenue growth and a 101% year-on-year increase in profit after tax to ₦405 billion, underscores a sustained growth trajectory supported by ongoing economic reforms and a progressively more stable business environment.”

He further noted that amid an improving operating backdrop, BUA delivered another solid quarter of progress.

“We remain focused on executing our strategic priorities, deepening end-to-end integration across the value chain and harnessing the expertise and commitment of our Board and employees, to sustain value creation. We are particularly grateful to all our stakeholders, supply-chain partners and, most importantly, our customers for their continued trust and support.’’

In terms of segment performance, the sugar division contributed 42% to revenue in Q3 2025. Sugar revenue grew by 10% to ₦599.2 billion in Q3 2025. The increase in revenue is due mainly to increased sales volume within the period.

The Flour division also contributed 42% to revenue in Q3 2025. Revenue increased by 52% to ₦591.5 billion in Q3 2025.

The revenue growth is due to increased volume and improved product mix. The contribution margin dropped marginally to 31% from 32% for the same period last year.

The Pasta division contributed 10% to revenue in Q3 2025. Revenue increased by 12% to ₦150.5 billion in Q3 2025.

The increase in sales revenue is due to increased market demand for BUA Foods Pasta products during the period under review. Contribution margin increased to 37% from 32% for the same period last year.

The Rice division contributed 6% to the revenue in Q3 2025. Revenue increased to ₦79.5 billion in Q3 2025.

On the capital market, BUA Foods closed trading on Tuesday, November 4, 2025, at ₦692.50 per share on the Nigerian Stock Exchange (NGX).

The stock opened the year at ₦415.00, gaining 66.9% year-to-date and ranking 63rd in overall NGX performance.

Over the past four weeks, the stock has appreciated by 10%, making it the 11th best-performing stock on the exchange within that period.

The post BUA Foods Doubles Profit to N405bn in Q3 2025 on Strong Product Demand appeared first on Tech | Business | Economy.

The event convened regulators, investors, issuers, intermediaries, and policymakers to align understanding and surface implementation concerns.

Unpacking the New CGT Framework

A central point of discussion was the 30% CGT rate on gains from share disposals, which mirrors Nigeria’s corporate income tax.

Stakeholders debated critical details including:

• How to establish base cost (with suggestions to compute from the effective date)
• The tax treatment of cross-listed securities, with cautions about compliance complexity and potential for double taxation

NGX & Policymakers Bridge Market and Policy Perspectives

Alhaji Umaru Kwairanga, Chairman of NGX, emphasized the Exchange’s role as a mediator:

“At NGX, we believe policy shifts must be clearly understood and calibrated to preserve market confidence. Our core function is facilitating engagement so reforms support sustainable growth.”

From the government side, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy & Tax Reform, added that the reforms are meant to foster fairness and transparency—not to deter investment. He noted that platforms like this stakeholder forum help ensure market feedback is reflected in how the law is implemented.

Temi Popoola, NGX’s Group CEO, echoed the need for market resilience:

“Reforms of this scale will raise important questions for issuers and investors. Through structured dialogues, we provide clarity, enable adaptation, and help the capital market remain forward-looking.”

Participants lauded the session as timely, underlining NGX’s growing standing as a bridge between policy architects and industry players

[Source: Leadership News]

The post NGX Enlightens Stakeholders on Capital Gains Tax Ahead 2026 Rollout appeared first on Tech | Business | Economy.

Data from the Nigerian Exchange (NGX) shows that 142,477 deals were executed, compared to 152,965 deals the week before.

The Financial Services Industry led the activity chart with 2.2 billion shares worth N42.689 billion in 66,808 deals, accounting for 68.61% of total turnover volume and 49.99% to total value.

The Consumer Goods Industry followed with 277.881 million shares worth N9.910 billion in 15,518 deals. Third place was the Services Industry, with a turnover of 178.992 million shares worth N1.308 billion in 7,580 deals.

Trading in the top three equities in terms of volume were FCMB Group Plc, Champion Breweries Plc, and Access Holdings Plc, accounting for 778.603 million shares worth N13.155 billion in 11,288 deals, contributing 24.34% to total equity turnover volume and 15.40% to the total value.

Furthermore, market activities were down on Friday as the Total Volume and Total Value of trades decreased by -50.83% and -63.28% respectively. Approximately 435.14 million units valued at ₦10,391.10 million were transacted across 25,609 deals.

The NGX All-Share Index and Market Capitalization depreciated by 0.50% and 0.49% to close the week at 140,295.50 and N88.769 trillion, respectively.

The post NGX: Nigerian Equities Drop as Trading Volume Falls to 3.2bn Shares appeared first on Tech | Business | Economy.