Author: Gilbert Ayoola

Nigeria’s Power Subsidy Reset: Abuja Steps Back, States Step In Nigeria’s electricity subsidy regime is entering a decisive new phase. The Federal Government (FGN) has signaled that the cost of keeping power affordable will no longer sit with Abuja alone. Instead, states are now expected to share the burden financially and administratively of electricity support. The message is clear with power subsidies that are no longer a federal problem; they are a shared fiscal responsibility. On the surface, this shift is fiscally sensible. Subsidies have long been a major drain on federal finances, often warehoused as opaque debts that distort…

Chams: Court-Endorsed Arbitral Award Strengthens Going-Concern Outlook Chams Holding Company Plc has notified the investing public, via the Nigerian Exchange Limited website platform, of a significant legal development involving its subsidiary, Chams Consortium Limited. On December 11, 2025, at the Federal High Court sited in Abuja, in a ruling delivering a judgment affirming a Final Arbitral Award in favour of Chams Consortium Limited in its dispute with the National Identity Management Commission (NIMC). In its ruling, the Court upheld the validity and enforceability of the arbitral award, confirming that the arbitral tribunal was properly constituted, acted within its jurisdiction, and…

Oando Delivers 67% EPS Surge in FY2025 Oando Plc’s unaudited interim consolidated and separate financial statements for the year ended 31 December 2025 reveal a sharply contrasting performance profile in line with significant top-line contraction offset by balance-sheet strengthening, non-core income volatility, and resilient bottom-line delivery. The company group revenue declined materially to N3.21 trillion from N4.09 trillion in the prior year, reflecting softer trading volumes and pricing pressures across core operations. The cost of sales tracked a similar downward trajectory, easing to N3.19 trillion from N3.93 trillion, but the compression in margin was pronounced. Consequently, gross profit fell steeply…

Eunisell Q4 Earnings Scorecard Signals Stability, Muted Growth Eunisell Interlinked’s Q4 2025 unaudited financials mark a relative high point compared with its recent quarterly disclosures, though the numbers reflect resilience rather than outright growth acceleration. The company continues to navigate a challenging operating environment characterised by muted revenue expansion and rising operating costs, albeit cushioned by a relatively low cost-of-sales structure. Topline performance remains the weak spot as revenue growth was modest, failing to keep pace with increasing operating expenses. This dynamic underscores lingering pressure on operating leverage and limits the company’s ability to translate sales into expanding margins. That…

DEAP Capital Gains Traction on Strategic Repositioning DEAP Capital Management & Trust Plc has emerged as one of the most active counters on the exchange, riding a sharp surge in investor sentiment following management’s disclosure of a proposed strategic partnership with Banklink Africa Fund. The Memorandum of Understanding (MoU) signals a decisive shift in DEAP Capital’s growth trajectory, with a clear focus on capital reinforcement, institutional strengthening, and long-term value creation. Over the past three weeks, the stock has recorded exceptional price momentum, driven largely by expectations that the partnership will unlock fresh capital injection and reposition the company as…

Wema Bank Bolsters Earnings, Expands Balance Sheet Wema Bank Plc delivered a robust Q4 2025 performance, as reflected in its unaudited consolidated and separate financial statements for the year ended 31 December 2025. The results underscore a year of accelerated balance sheet growth, resilient core earnings expansion, and improving capital buffers, positioning the bank favourably within Nigeria’s financial services sector. Top-line growth remained dominant during the year under review. Gross revenue surged by 62.7% to N577.01bn from N354.60bn, driven largely by strong interest-earning asset expansion. This growth came despite a notable rise in interest expenses, which increased year-on-year to N216.00bn…

Red Star Express Hits 52-Week High, Restructuring Drives Rally Red Star Express Plc delivered a standout performance on the equities market on Wednesday, January 28, 2026, emerging as one of the session’s top gainers following a decisive rally that pushed the stock to both its 52-week high and intraday high of N20.80. This marks a sharp appreciation from its previous opening price of N19.00, translating to an absolute gain of N1.80 and a 9.47% intraday advance, firmly placing the counter at the top of the gainers’ chart. The market rally reinforces the stock’s strong medium-term momentum. On a year-to-date and…

Dangote Fertilizer Strengthens Governance Ahead of Market Debut In a strategically timed governance move, Aliko Dangote has appointed Zimbabwean Ralph Mupita, Group President and CEO of MTN Group, to the board of Dangote Fertiliser, reinforcing the company’s leadership bench as it prepares for a planned listing on the Nigerian Exchange this year. The appointment signals a deliberate focus on institutional credibility, execution discipline, and market readiness at a pivotal moment for the fertiliser and petrochemicals business within Dangote Group Industries. Mupita brings a proven public-markets pedigree, having spearheaded the landmark listing of MTN Nigeria in 2019, a transaction that set…

NCR Nigeria Q4 2025 Unaudited Results Highlight Valuation-Fundamentals Mismatch NCR Nigeria Plc’s unaudited Q4 2025 financials present a mixed operational recovery that, when weighed against its current market price of N199 per share, offers limited justification for further upside. Despite a headline return to profitability, the underlying fundamentals lack the leverage required to support prevailing investor optimism, reinforcing the view that the stock is overpriced. Revenue expanded materially to N3.08bn in 2025 from N2.15bn, reflecting improved activity levels. However, this growth came at a significant cost with the cost of sales surged to N2.81bn from N1.52bn, compressing margins sharply. As…

Investing Through the Numbers: A Season for Discipline As quoted companies on the Nigerian Exchange (NGX) begin to release their 2025 financial results from this week onward, investors are entering the most consequential phase of the market calendar. Earnings season is where narratives give way to evidence. Prices may move on sentiment in the short term, but sustainable returns are built on numbers revenue quality, margin direction, cash generation, and balance-sheet strength. This is the moment to slow down, study the figures, and let facts not noise set portfolio direction. A disciplined approach starts with running through the statements line…