Author: Ogochukwu Ndubuisi

UAC Nigeria Records N26bn Profit in 2024 The UAC of Nigeria has reported a profit before tax of N26 billion for 2024, marking a 107 per cent increase from the N12 billion recorded in 2023. The company disclosed this in a corporate filing with the Nigerian Exchange Ltd. on Saturday. In 2024, UAC recorded earnings per share of N4.97 kobo, up from N314 kobo in 2023. The company generated N197 billion in revenue, a 63 per cent increase from 2023. “This growth was driven by strong sales in key segments, including Edibles and Feed 54 per cent, Packaged Food and…

Equities Investors Gain N438bn as Banks Earnings Boost Sentiment The Nigerian Exchange (NGX) expanded by about N438bn as Tier-1 banks earnings release boosted investors’ sentiment in the stock market. The local bourse made a remarkable recovery in the just concluded week, reversing its previous downward trend. The benchmark All-Share Index (ASI) climbed by 0.66% on a week-on-week basis to settle at 105,660.64 points. Stockbrokers said the uptrend was fuelled by a series of corporate actions within the banking sector, as major financial institutions released their audited 2024 full-year earnings, showcasing strong performances and attractive dividend declarations. Additionally, quarter-end portfolio rebalancing…

Heritage Bank: NDIC Begins to Pay Depositors with N5m Minimum Balance The Nigeria Deposit Insurance Corporation (NDIC), says it will declare the first tranche of liquidation dividends from Heritage Bank’s asset realisation in April. According to NDIC, it will thereafter begin payment to uninsured depositors of the bank. A statement issued by Hawwau Gambo, the Acting Head, Communication and Public Affairs of the Corporation in Abuja on Sunday, said the depositors would be paid on a pro-rata basis. Gambo said the payment would be in line with Section 72 of the NDIC Act 2023 on the priority of claims. She…

NESG Advises FG on 2.2m bpd Oil Output for Budget Success The Nigeria Economic Summit Group (NESG) has advised the Federal Government to sustain the crude oil production level of 2.2 million barrels per day (bpd) to ensure the feasibility of the 2025 budget. Dr Tayo Aduloju, the Chief Executive Officer of NESG, gave the advice at the group’s media interaction on presentation of the group’s strategic vision for 2025 and the private sector macroeconomic outlook on Friday in Abuja. Aduloju said that Nigeria had seen fluctuating crude oil production levels over the years, with three key production benchmarks: 1.1…

Tinubu Signs Investments, Securities Act 2025 into Law President Bola Tinubu has assented to the Investments and Securities Act (ISA) 2025, which repeals the Investments and Securities Act No. 29 of 2007. This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection and introduces critical reforms to promote market integrity, transparency and sustainable growth. This is according to a statement issued by the Securities and Exchange Commission (SEC) on Saturday. The enactment of the ISA 2024 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market. The new Act…

Nigeria, Germany Sign MoU on Depeening Defence Partnership The Governments of Nigeria and Germany have reaffirmed their commitment to strengthening bilateral defence cooperation with the signing of a renewed Memorandum of Understanding (MoU) with the German Technical Advisory Group (GTAG). This is contained in a statement issued by Mr Sunday Iyogu, a Principal Information Officer in the minister’s office on Friday in Abuja. Speaking at the siging ceremony, the Permanent Secretary, Ministry of Defence, Amb. Gabriel Aduda, described the MoU as a strategic counterpart funding arrangement that underscored the strong defence ties between both nations. Aduda emphasised that the renewed…

FG to Train 1m Enugu Residents on Digital Skills The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, says Federal Government is committed in training over 1.1 million Enugu State residents on digital skills before 2027. Tijani said this when he led officials of the ministry on courtesy visit to Gov. Peter Mbah, in Enugu on Thursday. He said the training would carried out be through the National Information Technology Development Agency’s (NITDA) Digital Literacy for All (DL4ALL) Initiative. According to him, this is part of the Federal Government’s efforts to drive digital literacy across the country, and…

FG Inaugurates N18.8bn Benue Water Project President Bola Tinubu on Thursday inaugurated the upgrade of the Buruku-Gboko water supply project, valued at ₦18.8 billion. The project, located in Ameladu, Gboko Local Government Area of Benue State, is a major underground water collection site in the region. The project originally conceived in 1992 by former President Ibrahim Babangida to provide clean and safe drinking water to Gboko, Buruku, and environs, was neglected by successive administrations. Speaking at the groundbreaking ceremony, Tinubu, represented by the Minister for Water Resources and Sanitation, Prof. Joseph Utsev, said the project aligned with his administration’s Renewed…

Tariff hike: Court Delivers Judgment in MultiChoice, FCCPC’s Legal Dispute May 8 The Federal High Court in Abuja on Thursday, fixed May 8 for judgment in a suit filed by MultiChoice Nigeria Limited against the Federal Competition and Consumer Protection Commission (FCCPC). MultiChoice is seeking to stop the FCCPC from sanctioning it over its recent increase in the DStv and Gotv subscription. Justice James Omotosho fixed the date after counsel for the MultiChoice, Moyosore Onigbanjo, SAN, and FCCPC’s lawyer, Prof. J.E.O. Abugu, SAN, adopted their processes and presented their arguments for and against the suit. Justice Omotosho had, on March…

Nigerian Exchange Loses N38bn as Investors Book Profit The Nigerian Exchange (NGX) equities market capitalisation shrank by about N38 billion as investors offload more stocks as sentiment plunged. The local bourse extended its losing streak as the All-Share Index declined by 0.06% to 105,426.12 points, bringing the year-to-date return to 2.43%.  Selloffs in lending tickers – ZENITHBANK (-2.25%), ACCESSCORP (-2.22%) and FIRSTHOLDCO (-2.44%) drove today’s decline. The decline in ZENITHBANK occurred despite the release of its landmark FY’24 earnings, where its profit after tax crossed the N1.0 trillion mark. In addition, the bank’s management announced a final dividend of N4.00.…