Nestlé Nigeria rebounds with N72.5bn profit

Nestlé NigeriaNestlé Nigeria Plc has announced a return to profitability in its nine-month results for 2025, posting a profit after tax of N72.5bn compared to a loss of N184.3bn recorded in the same period of 2024.

The company’s financial report for the period ended September 30, 2025 showed a 33 per cent growth in revenue, which rose to N884.5bn from N665.3bn in the corresponding period of last year.

Operating profit also surged by 63.6 per cent to N181.3bn, up from N110.8bn in 2024, while profit before tax stood at N127.9bn, representing a sharp turnaround from the pre-tax loss of N255.4bn recorded in the previous year.

Nestlé Nigeria said its equity position improved by N72.5bn during the period, while the company also made an early payment of a $20m inter-group foreign exchange debt in the third quarter of 2025.

Commenting on the results, the Managing Director and Chief Executive Officer of Nestlé Nigeria Plc, Wassim Elhusseini, said the company’s strong performance reflects the sustainability of its return to profitability since the fourth quarter of 2024.

“The topline growth of 33 per cent during this period, along with a profit after tax of N72.5bn, clearly illustrates that our dedication to operational excellence and our robust fundamentals are producing the desired outcomes,” Elhusseini said.

Looking ahead, he said the company remains focused on enhancing its margin management initiatives and accelerating its business transformation while investing in programmes that create sustainable value for employees, consumers, and communities across its value chain

Nestlé Nigeria’s strong nine-month performance underscores its resilience and operational effectiveness, positioning the company for continued success amid economic headwinds.

The PUNCH reported that Nestlé Nigeria Plc reported a profit after tax of N50.6bn for the six months ended June 30, 2025, reversing a loss of N176.9bn in the same period of 2024.

CBN urged to introduce N10,000, N20,000 single notes

CBN headquartersA new economic review by Quartus Economics has urged the Central Bank of Nigeria to introduce higher-value currency notes such as N10,000 and N20,000 bills to restore the naira’s portability and reduce the rising cost of cash transactions.

The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, warned that the naira’s continued depreciation had rendered the N1,000 note, the country’s highest denomination, practically obsolete in terms of purchasing power.

“To make the naira portable again, Nigeria can introduce higher-value bills, e.g., N10,000 or N20,000 notes, or redenominate the currency entirely,” the report stated.

According to the analysts, a N5,000 note that would have been introduced in 2012 would now be equivalent to a single N50,000 note today, reflecting the 94 per cent decline in the naira’s real value over the last two decades.

It added that the notion that introducing higher-value notes could worsen inflation was a “myth unsupported by evidence,” explaining that inflation is driven by cost-push and demand-pull factors, not by currency denomination.

“Inflation is cost-push or demand-pull. Neither is related to currency denomination. Instead, countries introduce higher notes to maintain portability after an era of currency depreciation.

“Countries introduce higher-value notes to maintain portability after a period of significant currency depreciation, not to trigger inflation,” the report clarified.

When the N1,000 note was introduced in 2005, it was equivalent to nearly $7 at the official exchange rate. Today, it is worth less than 60 US cents, underscoring the naira’s sharp erosion in value.

Quartus Economics noted that this depreciation has made everyday transactions burdensome, particularly in the informal sector, where cash remains dominant. Traders, artisans, and rural consumers now carry large volumes of cash for transactions that could easily be done with a few higher-value notes.

The report also pointed out that the cost of printing, transporting, and securing lower-value notes had become prohibitive for the CBN.

“Outside the formal sector and the urban elite, the naira’s heavy weight is a drag on the economy and slows down growth. Besides, the cost of printing and transporting today’s low-value notes is prohibitive,” the report said.

It argued that the introduction of N10,000 and N20,000 notes, or a broader redenomination exercise, would improve transaction efficiency, reduce printing costs, and align Nigeria’s currency structure with that of other emerging economies.

The PUNCH recalls that the CBN once proposed introducing a N5,000 note in 2012 under the then Governor, Sanusi Lamido Sanusi, but the plan was dropped after public opposition.

Quartus Economics now argues that the same policy logic remains valid more than a decade later, given the naira’s steep decline.

The firm said the proposed measure was not about “printing more money”, but about modernising the naira’s denominations to reflect current economic realities and make transactions more practical.

According to the report, the 94 per cent fall in the naira’s value was calculated using the cost of two essential items, a kilogramme of imported rice and a one-way flight ticket from Lagos to Abuja.

From about N150 per kilogram of rice in 2005, the price now averages N2,500, while the cost of a local flight has risen from N12,000 to more than N150,000.

NGX Group market capitalisation soars 37.7% to N141.75tn

The Nigerian Exchange Group has recorded a 37.7 per cent growth in market capitalisation, rising to N141.75tn as of September 2025 from N102.94tn in the same period of 2024.

This performance reflects growing investor confidence and the Group’s continued focus on innovation, technology, and sustainability under the leadership of its Group Managing Director and Chief Executive Officer, Temi Popoola, who said the growth demonstrates that the strength of Nigeria’s capital markets cannot be separated from the strength of the communities they serve.

“For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy,” he said.

In line with this vision, NGX Group has deepened its commitment to social impact through its flagship initiative, Project BLOOM (Bringing Life to Our Overlooked Minors). The programme, implemented in partnership with the Lagos State Government and the Health Emergency Initiative, has reached over 200 children and 180 caregivers in underserved communities like Ajegunle and Yaba, providing therapeutic food, medical care, and nutrition education.

The Group also continues to drive market inclusivity through digital innovation. Its e-offering platform, NGX Invest, has enabled corporates to raise over N2tn in capital, making public offers and rights issues more accessible to retail investors nationwide.

Beyond social and digital transformation, NGX Group has advanced its sustainability agenda through the Nzero initiative, which helps listed companies measure, report, and reduce carbon emissions in line with global sustainability standards.

Popoola noted that the Group’s focus on environmental, social, and governance principles has strengthened market transparency and long-term investor confidence.

He said, “Our vision is to create markets that thrive in harmony with society and the environment. We are judged not just by the wealth we help create but by how widely that wealth is shared and how sustainably it is generated.”

The NGX boss added that through initiatives like Project BLOOM and NGX Invest, the Group aims to bridge the gap between market performance and social development, reinforcing its position as both a driver of capital formation and a catalyst for community transformation.

Manufacturers record fragile growth as credit drops N7.72tn

MAN logo manufacturers Association of Nigeria

Manufacturers Association of Nigeria has stated that credit to the manufacturing sector decreased by 9.5 per cent to N7.72tn as of March 2025, down from N8.53tn in December 2024, amid a fragile recovery that requires urgent policy intervention to sustain.

The association, which released its findings in the Third Quarter 2025 Manufacturers CEO’s Confidence Index report in Lagos on Tuesday, said the decline in credit, high energy costs, and foreign exchange liquidity constraints continued to weigh on the performance of the real sector despite modest gains in output and business confidence.

Director General of MAN, Segun Ajayi-Kadir, said the sector’s resilience remained fragile as key constraints persisted. “High lending rates averaging 36.6 per cent, declining credit access of N7.72tn, and rising unsold inventories of N1.04tn continue to limit manufacturing performance,” he said.

Ajayi-Kadir stated that though capacity utilisation improved to 61.3 per cent in the first half of 2025, from 57.6 per cent in the second half of 2024, the gains were modest and could easily be eroded without decisive policy action.

“Our data show that the manufacturing sector is beginning to find its footing after a long period of turbulence. However, this recovery is fragile and could easily falter if we do not receive deliberate, industry-friendly interventions,” he said.

He urged the Federal Government to prioritise measures that would reduce energy costs, strengthen foreign exchange liquidity, and expand access to affordable credit to accelerate industrial growth.

According to MAN, manufacturing value added fell sharply to $25.36bn in 2024 from $55.9bn in 2023, as competitiveness weakened under soaring exchange rates, inflation, and interest rates. The association said manufactured exports rose to N803.8bn in Q2 2025, up from N294.4bn in Q1, showing some resilience despite macroeconomic headwinds.

The report also indicated that 18,935 jobs were lost in the first half of 2025, compared to 10,891 in the second half of 2024, as firms grappled with high input costs and foreign exchange scarcity.

MAN further noted that while the Manufacturers CEO’s Confidence Index recorded a modest rise from 50.3 points in Q2 2025 to 50.7 points in Q3 2025, the improvement was not enough to lift overall business conditions above the 50-point neutral threshold.

Ajayi-Kadir said, “The 0.4-point uptick in the MCCI is significant because it marks the second consecutive quarterly rise, signalling a cautiously improving perception among manufacturers. However, all current indices remain below 50 points, showing that the underlying challenges persist.”

He attributed the slight improvement to “a continuous disinflation trend and a more stable exchange rate”, but warned that high energy costs and disruptions in gas supply had constrained output in several subsectors.

MAN President, Francis Meshioye, in his remarks, described the modest rebound as evidence of “a gradual recovery”, but said the sector still faced “binding constraints” that must be addressed urgently.

Meshioye said, “The manufacturing sector is gradually inching towards recovery, as seen in the consistent increase in the index in Q2 and Q3. However, the top five manufacturing challenges outlined in the report demand urgent government attention to sustain this trend.”

He stressed the need for a private sector–driven industrial policy anchored on the proposed Nigeria First Policy and the forthcoming National Industrial Policy, to ensure alignment between policy intent and industrial realities.

The MAN chief also called on the Central Bank of Nigeria to deepen its recent rate cut, saying, “The time has come for the apex bank to introduce a bolder reduction that can meaningfully lower the cost of credit and stimulate real sector investment. Growth cannot thrive where capital remains prohibitively expensive.”

The association identified key improvements across six groups: Plastics & Rubber, Electrical & Electronics, Food & Beverages, Chemical & Pharmaceuticals, Textile & Footwear, and Basic Metal & Steel. These groups benefited from local raw material sourcing, stable polypropylene supply, fibre optic expansion, and easing foreign exchange pressure.

However, four other groups recorded declines due to high energy costs, gas supply disruptions, illegal logging, limited government patronage, and the influx of imported products.

Ajayi-Kadir concluded that sustaining the sector’s fragile rebound would require coordinated fiscal and monetary actions.

“Currency stability is more than a macroeconomic metric; it is a reflection of national resolve,” he said. “To secure the gains of stabilisation and accelerate prosperity, Nigeria must make manufacturing the nucleus of its growth strategy.”

Director of MAN Research and Economic Policy Division, Dr Oluwasegun Osidipe, presented the MAN Think Tank report alongside the MCCI. He urged the government to fast-track the implementation of industrial policies, tighten pipeline security to boost oil output, expand local refining capacity, and ensure disciplined tax enforcement ahead of the January 2026 tax reforms.

S4C applauds Nigeria’s FATF grey list exit

Spaces for Change has congratulated the Federal Republic of Nigeria on its removal from the Financial Action Task Force grey list, describing the milestone as a major achievement in strengthening the integrity of the country’s financial system.

The announcement was made at the FATF plenary session held in Paris, France, in October 2025, where Nigeria was delisted from the grey list alongside Burkina Faso, South Africa, and Mozambique.

Delisting from the FATF grey list indicates that these countries have successfully addressed identified deficiencies in their anti-money laundering and countering the financing of terrorism frameworks. Their progress was monitored and reviewed by the International Cooperation Review Group.

According to S4C, Nigeria’s removal from the list demonstrates its commitment to technical compliance and operational effectiveness in combating money laundering and terrorist financing.

Prior to Nigeria and Burkina Faso’s exit, Spaces for Change had been actively involved in supporting the implementation of FATF Recommendations in both countries, particularly relating to the non-profit sector.

S4C’s advocacy focused on building capacity for non-profit organisations, key agencies, and regulators conducting national terrorism financing risk assessments, thereby strengthening compliance with FATF Recommendation 8.

The organisation also conducted targeted outreaches, facilitated multi-stakeholder dialogues, and provided technical assistance to relevant agencies to implement reform measures aimed at preventing the misuse of non-profits for terrorism financing.

In 2022, Nigeria took further steps to remove non-profits from the list of obliged reporting entities and from the list of designated non-financial professions and businesses under the national AML/CFT framework.

Executive Director of Spaces for Change, Victoria Ibezim-Ohaeri, said Nigeria’s positive compliance rating reinforces past progress and reflects the success of coordinated reform efforts.

“We are happy to witness the country’s positive compliance rating, with Nigeria becoming the only West African country to secure a fully compliant rating on FATF Recommendation 8,” she said in a statement.

Ibezim-Ohaeri added that the delisting demonstrates Nigeria’s ongoing commitment to implementing effective measures to combat money laundering and terrorism financing while maintaining an enabling environment for non-profits.

The organisation reaffirmed its commitment to ensuring that countermeasures introduced across the subregion do not limit civil society operations or restrict civic freedoms.

BUA Cement reports N289.9bn profit

Abdulsamad RabiuBUA Cement Plc has reported a profit after tax of N289.9bn for the nine months ended September 30, 2025, representing a 492 per cent increase from the N48.97bn recorded in the same period of 2024.

The unaudited financial statements of the cement manufacturer filed with the Nigerian Exchange Limited on Tuesday showed that the performance was driven by higher revenue and significant foreign exchange gains.

Revenue for the period rose 47 per cent to N858.73bn from N583.41bn in the corresponding period of 2024. The company’s gross profit also surged to N429.26bn from N180.81bn, reflecting an operational performance despite higher distribution expenses.

Further analysis of the result revealed that finance costs increased to N56.09bn from N32.03bn in the same period last year due to higher borrowing costs. However, the impact was cushioned by net exchange gains of N21.63bn, compared to a loss of N57.44bn a year earlier.

Profit before tax stood at N338.57bn, up from N61.75bn in 2024, while earnings per share jumped to 855.93 kobo from 144.61 kobo.

On the balance sheet side, BUA Cement’s total assets rose to N1.63tn in the period under review, compared to N1.57tn recorded as of December 2024, driven largely by growth in cash reserves and inventories. Retained earnings also increased significantly to N396.13bn from N175.70bn, underscoring the company’s strong profitability.

The PUNCH reported that BUA Cement Plc has reported a significant improvement in its financial performance for the half year ended June 30, 2025, with group revenue rising 59 per cent to N580.3bn from N363.9bn posted in the corresponding period of 2024.

NGX Group market capitalisation soars 37.7% to N141.75tn

CEO of Nigerian Exchange Limited Temi PopoolaThe Nigerian Exchange Group has recorded a 37.7 per cent growth in market capitalisation, rising to N141.75tn as of September 2025 from N102.94tn in the same period of 2024.

This performance reflects growing investor confidence and the Group’s continued focus on innovation, technology, and sustainability under the leadership of its Group Managing Director and Chief Executive Officer, Temi Popoola, who said the growth demonstrates that the strength of Nigeria’s capital markets cannot be separated from the strength of the communities they serve.

“For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy,” he said.

In line with this vision, NGX Group has deepened its commitment to social impact through its flagship initiative, Project BLOOM (Bringing Life to Our Overlooked Minors). The programme, implemented in partnership with the Lagos State Government and the Health Emergency Initiative, has reached over 200 children and 180 caregivers in underserved communities like Ajegunle and Yaba, providing therapeutic food, medical care, and nutrition education.

The Group also continues to drive market inclusivity through digital innovation. Its e-offering platform, NGX Invest, has enabled corporates to raise over N2tn in capital, making public offers and rights issues more accessible to retail investors nationwide.

Beyond social and digital transformation, NGX Group has advanced its sustainability agenda through the Nzero initiative, which helps listed companies measure, report, and reduce carbon emissions in line with global sustainability standards.

Popoola noted that the Group’s focus on environmental, social, and governance principles has strengthened market transparency and long-term investor confidence.

He said, “Our vision is to create markets that thrive in harmony with society and the environment. We are judged not just by the wealth we help create but by how widely that wealth is shared and how sustainably it is generated.”

The NGX boss added that through initiatives like Project BLOOM and NGX Invest, the Group aims to bridge the gap between market performance and social development, reinforcing its position as both a driver of capital formation and a catalyst for community transformation.

FirstBank Vindicated: Arbitration Tribunal Dismisses GHL’s $718 Million Claim

First-Bank-Of-Nigeria

The Final Award in the arbitration initiated by General Hydrocarbons Limited against First Bank of Nigeria Limited, issued by Sole Arbitrator Hon. Justice Kumai Bayang Akaahs, was published today, the 28th of October 2025.

General Hydrocarbons Limited (GHL) was represented by Messrs. Paul Usoro SAN & and Abiodun Layonu SAN. First Bank of Nigeria Limited (FBN) was also represented by Messrs Gbolahan. Elias, SAN; Babajide Koku, SAN and Victor Ogude, SAN.

The Tribunal dismissed GHL’s case in its entirety, affirming FBN’s financing obligations as conditional, finding no breach or entitlement to damages by GHL, and ordering GHL to bear the costs of arbitration.

The dispute arose from the Subrogation Agreement dated May 29, 2021, under which GHL undertook the repayment of an outstanding debt of $718 million and FBN undertook to provide additional loans to finance the development and production of OML 120in line with the provisions of the Subrogation Agreement.

GHL alleged that FBN breached the agreement by failing to provide absolute and timely financing, sabotaging alternative funding efforts, and causing losses, including liabilities to third parties and leading to loss of productive time in the development of OML 120.

FBN argued its financing obligation was conditional and not absolute but subject to review and professional discretion in line with banking policies and regulatory guidelines.

  1. FBN has a conditional, not absolute, obligation to finance OML 120 development. It must review and evaluate financing requests and may attach competitive terms as deemed suitable.
  2. GHL failed to prove any breach by FBN. FBN made several financing offers totalling $185 million, and the delays alleged by GHL were not found unreasonable or in breach.
  3. Introduction of an Independent Asset Manager as a financing condition by FBN was consistent with the agreement and not a breach.
  4. Allegations of FBN sabotaging alternative financing arrangements were unsubstantiated and dismissed for being devoid of any merit.
  5. All reliefs sought by GHL, including declarations, damages for unpaid contractor fees, losses, and termination of the Subrogation Agreement, were refused.
  6. FBN was adjudged entitled to recover reasonable legal and arbitration costs from GHL, amounting to $112,100 and N111,250,000, payable within 30 days with interest on late.

…The tribunal’s order for GHL to pay FirstBank’s arbitration costs within 30 days underscores the bank’s strong position in the dispute and paves the way for further action to recover $230 million owed to the bank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Two of Nigeria’s top financial institutions, Zenith Bank Plc and Guaranty Trust Holding Company (GTCO), have been named winners of the Corporate Leadership Award for Gender Policy Compliance by the MMS Woman of Fortune Hall of Fame (WoFHoF) Initiative.

In a statement signed by the Chairperson, 2025 MMS Hall of Fame Induction Committee, Amb. Aisha Mahmoud, the initiative said the award followed an independent assessment of 24 commercial and six non-interest banks, based on publicly available data from their websites and social media platforms.

The group noted that only five banks met the criteria of publishing three consecutive years of annual and sustainability reports in line with the Central Bank of Nigeria’s (CBN) gender policy and corporate governance guidelines.

“Among the five, GTCO and Zenith Bank led with a strong show of commitment to gender equality and compliance with the CBN’s target of 30 percent female representation on boards and 40 percent in management positions,” the statement said.

While Zenith Bank Plc was nominated as the Best Gender-Diversity, Equality, and Inclusive (DEI) Bank in Nigeria by the MMS Hall of Fame Leadership -Impact Assessment Committee; GTCO emerged as the Best CBN Gender Policy Compliant Bank in Nigeria for 2025, following its performance in transparency and board diversity.

“Available data showed that Zenith Bank Plc set and maintained a 50 percent or above corporate threshold on workforce employment for three consecutive years of 2022-2024. Women made up 53 percent of the bank’s workforce in 2024, up from 50 percent in 2023 and 2022. As of December 31, 2024, the bank had a total of 7,704 employees with 4,090 women and 3,614 men, showcasing a relatively balanced workforce and equal opportunities for all employees.”

“Data from the survey conducted also showed that GTCO operated above these thresholds for three consecutive years of 2022-2024. The bank’s commitment to gender diversity, and the broader focus on equal opportunities, and women empowerment resonate with the values of MMS Woman of Fortune Hall of Fame Initiative, and align with the CBN’s goals of promoting financial inclusion and gender equality in the banking sector,” the statement read.

The one-day event scheduled for November 20th, 2025, at Nicon Luxury Hotel, Abuja, is themed: “Fostering Sustainability, Women and Leadership with Technologies.” It has two segments: The Summit- Morning session, garnished with two impactful panel sessions featuring the Induction Ceremony, and the Evening segment, featuring the Leadership-Impact and SDGs Awards Night.

Governor Abdullahi Sule of Nasarawa State will chair the event, while other honorees include; Hajiya Aisha Bala Mohammed, First Lady of Bauchi State; Hajia Zainab Nasare Nasir Idris, First Lady of Kebbi State; and Dr. Dili Ezughah, Executive Secretary of the Nigerian Press Council.

According to the event’s organizing Chairperson, Amb. Nana Aisha Mahmoud, “This year’s event was carefully designed to intentionally promote sustainability in gender diversity and the inclusion of technology in alternative and informal education, while encouraging the robust participation of northern Nigerian women in socio-economic cum political developments. They have been held back by a mixture of factors over the years, leading to the incidents of out-of-school children.”

The event also holds the promise to showcase 13 years of legacy of the MMS Hall of Fame while celebrating leadership excellence to inspire public and private office holders to not only be legacy-driven and impact-focused with their position but benchmark their achievements with the dispassionate assessment of the stakeholders.

Mahmoud who is also the Vice-Chairman, Board of Directors, Nigeria-Russia Trade Advisory Council, added, “It is a triple event celebrating leadership values, using the tested leadership principles and the United Nations SDGs variables as a foundation for assessment of the Awardees and inductees.

OTC approves Tantita’s Drone Security Lecture for 2026 edition 

 

The Offshore Technology Conference (OTC) has officially approved a technical lecture by Tantita Security Services Limited (TSSL) for its 2026 edition, spotlighting the use of drone technology in offshore oil platform protection.

The presentation, scheduled for next year’s global gathering of energy innovators, will showcase Tantita’s pioneering efforts in leveraging unmanned aerial systems to monitor and secure Nigeria’s vast offshore assets.

The company’s Executive Director of Technical and Operations, Captain Dr. Warredi Enisuoh, confirmed the development, noting that the approval reflects growing international recognition of Tantita’s operational success and technological innovation.

Tantita’s lecture will delve into real-time surveillance, threat detection, and collaborative frameworks for maritime security, aligning with OTC’s broader focus on digitalization, sustainability, and cross-sector innovation in offshore energy.

The 2026 conference is expected to attract thousands of global stakeholders, including engineers, policymakers, and investors, offering a platform for knowledge exchange and strategic partnerships.