The company disclosed the development in a notification to shareholders, the investing public and the Nigerian Exchange Limited, signed by its Company Secretary, ALSEC Nominees Limited.

The notice revealed that Kostianis, the former PZ Cussons Nigeria CEO, stepped down from his position and resigned from the company’s board effective May 31, 2026, as he moves to a new role within the PZ Cussons Group.

“The Company hereby notifies NGX and the investing public that Mr Dimitrios Kostianis will step down from his role as Chief Executive Officer and resign from the Board of PZ Cussons Nigeria Plc with effect from 31st May 2026 in order to take on a new role within the PZ Cussons Group,” the notification stated.

“The Board expresses its sincere appreciation to Mr Kostianis for his service and contributions to the Company and wishes him continued success.”

His departure comes after a period of recovery for the consumer goods company. During his tenure, PZ Cussons Nigeria returned to profitability and restored a positive equity position after years of financial challenges.

For the half-year ended November 30, 2025, the company reported a pre-tax profit of N37.9 billion, an improvement from the N5.5 billion loss recorded in the corresponding period a year earlier. 

Second-quarter earnings of N16.3 billion supported the turnaround, while stronger revenue, foreign exchange profits, higher other income and lower interest costs also boosted performance.

PZ Cussons said Kostianis played an important role in that recovery, helping to stabilise the business and support its growth strategy during a difficult period for manufacturers operating in Nigeria’s high-inflation environment.

Taking over from him is Elueni, who currently serves as managing director of the company’s Consumer business. He joined PZ Cussons Nigeria in 2021 and brings more than two decades of experience in the consumer goods sector.

Before joining the company, he held senior leadership positions at SC Johnson and Procter & Gamble across Africa and the United States. 

His experience spans commercial operations, brand management and business leadership in both Nigerian and international markets.

Announcing the appointment, the board said, “The Board has approved the appointment of Mr Oghale Joseph Elueni to the Board of Directors as Managing Director/Chief Executive Officer of the Company with effect from 1st June 2026.”

“The Board is confident that his leadership capabilities, commercial experience, and deep understanding of the business will support the continued growth and strategic direction of the Company.”

The appointment places an executive with vast consumer goods experience to lead the company as it seeks to build on its recent financial recovery and strengthen its place in the competitive market.

The board also approved the appointment of Ebenezer Oludare Elusakin as executive director and chief financial officer, effective June 1, 2026.

Elusakin has served as Chief Financial Officer since November 2024 and has been involved in the company’s financial management and strategic planning. Before joining PZ Cussons Nigeria, he held finance leadership roles at Unilever, Diageo and Royal Philips.

The telecommunications giant last rewarded shareholders in 2023, but a strong rebound in earnings and operations is clearing the way for a payout in the 2025 financial year. 

MTN’s negative equity, which stood at ₦458 billion at the end of 2024, has reduced to ₦42.51 billion by mid-2025 and Analysts project that the figure will turn positive in the third quarter, an important step towards dividend reinstatement.

The record of strong payout ratios for MTN Nigeria, coupled with recent comments from MTN Group President Ralph Mupita about a possible public offer after dividend resumption, has further enhanced expectations.

Explosive data growth and the full impact of tariff increases, which took effect in the second quarter, are huge contributors to this. In that period, data revenue soared 85.6% year-on-year to ₦701 billion, up from ₦377 billion a year earlier. 

Across the first half, MTN earned ₦1.22 trillion from data sales, supported by an increase in active users to 51 million and a 21.1% jump in average data consumption to 13.2GB per user.

Data now accounts for 51.7% of total revenue, increasing from 47.2% a year earlier, and is projected to hit 53% by year-end. Voice revenue also has a 40% growth forecast for 2025 despite competition from OTT alternatives like WhatsApp calls.

The recovery is also showing in profitability as MTN posted a half-year net income of ₦414.9 billion, a 179.9% increase compared with last year. Its EBITDA margin climbed to 50.6% in the first half, up from 35.6% in the same period of 2024. 

Management attributed the improvement to a more stable naira and cost savings from renegotiated tower lease agreements.

Again, net operating cash flow surged 79.2% year-on-year to ₦955.68 billion in H1 2025, even after huge capital spending and debt repayments. First-half CAPEX surged 288.4% year-on-year to ₦565.67 billion, pushing CAPEX intensity to 23.8%. 

The company plans to invest an average of ₦1.34 trillion annually over the next five years to support revenue growth of nearly 27% per year. 

While this front-loaded spending will ease in the second half, analysts say it underlines MTN’s goal to strengthen its network and expand services.

After a difficult 2024, when the share price slid 24% to end the year at ₦200, MTN’s stock has staged an interesting recovery. Starting 2025 at ₦200, it surged to ₦250 by January-end, gathered further pace in June, and delivered a 32% gain in July alone. 

As of early August, the shares trade at ₦480, a 140% year-to-date return and a market capitalisation above ₦10 trillion, making MTN only the second company on the Nigerian Exchange to hit that milestone after Dangote Cement.

CardinalStone has maintained a “Hold” rating on the stock, with a target price of ₦526.94 for 2025. Cordros Capital projects a dividend per share of ₦17.19, offering a yield of about 7% at current prices.

With data-led growth, expanding fintech operations, and continued network investment, analysts believe MTN is well placed to sustain its momentum. “Positive outlook affirmed for telco bellwether,” CardinalStone wrote in its August 6 report.

This is as the global equity market capitalisation, also increased by 13 percent or over $13tn in 2023.

It indicated that despite the growth of global market capitalisation, trading value, and volumes declined 10.6 percent and 3.4 percent, respectively, in 2023, with all regions recording their lowest annual trading value in the last three years.

According to the WFE report, the average trade size was at its lowest level in the last three years (at $2,776.45/trade).

The report noted,

“The non-IPO listings in the Americas and EMEA region were at their minimum level in the last three years, while the APAC region recorded its maximum. Meanwhile, the capital raised through already listed companies registered its minimum level in each region. The number of IPOs in every region was at its lowest in the last three years, with markets welcoming only 1,217 IPOs in 2023.

“The capital raised through IPOs fell sharply compared to 2022 (-59.3 percent). While the APAC and EMEA regions declined by -43.3 percent and -86.1 percent, respectively, the Americas experienced a significant increase (71.3 percent).

“The average size of an IPO followed the same trend.  However, in the APAC and EMEA regions, it recorded its lowest level in the last three years, amounting to $86.11m/IPO and $88.11m/IPO, respectively, in the Americas it almost doubled, and reaching $126.41m/IPO. Despite this decline, global markets hosted five unicorns in the second half of the year (in addition to the three unicorns listed in the first half of the year).”

However, the number of exchange-traded derivatives contracts, including both options and futures, reached its highest level in the last three years, amounting to 104.06 billion for options and 30.33 billion for futures (134.40 billion derivatives contracts traded), representing a 58.9 percent increase compared to 2022.