Champion Breweries Plc has posted a profit after tax of N2.29 billion for the first half of 2025, marking a significant rebound from the loss recorded in the same period last year. The turnaround reflects improved operational efficiency, higher sales volumes, and better cost management, according to the company’s latest financial statement filed with the Nigerian Exchange Limited (NGX). The brewer, a key player in Nigeria’s beverage industry, reported that revenue for the period rose substantially, driven by increased consumer demand, enhanced distribution channels, and targeted marketing campaigns. The company attributed the growth in sales to a combination of stronger…
Author: Temitope N.
The Lagos State Government has moved to calm fears among residents over the recent incidence of flash floods in parts of the state, assuring that adequate infrastructure is in place to manage and mitigate flooding. The government stated that its agencies are on high alert to respond swiftly to any emergencies as the rainy season progresses. In a statement issued on Thursday, the Commissioner for the Environment and Water Resources, Tokunbo Wahab, said the government has invested heavily in drainage infrastructure, dredging of canals, and clearing of blocked waterways to ensure water flows freely during heavy rainfall. According to him,…
The Lagos State Government has announced that all hotels, nightclubs, event centres, and other hospitality and entertainment venues in the state must now secure official approvals from the Lagos State Traffic Management Authority (LASTMA) and the Lagos State Parking Authority (LASPA) before hosting large gatherings or events. Authorities say the move is aimed at curbing traffic congestion, preventing illegal parking, and enhancing safety around event venues. In an official statement, the government explained that the measure is part of a broader strategy to ensure smoother traffic flow, safeguard road infrastructure, and protect both motorists and pedestrians. Event organisers will be…
The European Union (EU) has announced an additional contribution of €250,000 to provide urgent humanitarian assistance to internally displaced persons (IDPs) in Benue and Plateau states. The new funding aims to address the worsening humanitarian conditions faced by thousands of people who have been forced from their homes due to recurring violence and insecurity in the region. In a statement issued yesterday, the EU said the funds will be directed towards delivering essential relief materials, including food, shelter, clean water, and medical care. It explained that the support will be channelled through its humanitarian aid partners already operating in the…
The Corporate Affairs Commission (CAC) has explained that recent failures in the payment of stamp duties on its platform are due to technical incompatibility between its online portal and the systems of some partner government agencies. The Commission disclosed this in a statement yesterday, following complaints from users who have experienced repeated disruptions when attempting to complete stamp duties payments required for company registration and related services. The CAC said the issue has particularly affected transactions that involve integration with partner agencies responsible for processing and confirming payments. According to the statement, the incompatibility stems from ongoing upgrades to the…
Foreign portfolio investment (FPI) in the Nigerian capital market rose sharply in the first half of 2025, with total transactions from foreign investors hitting ₦1.14 trillion, representing a 113 percent increase compared to the same period in 2024. Data from the Nigerian Exchange Limited (NGX) showed that the surge was driven by renewed investor confidence, improved foreign exchange market reforms, and a more stable macroeconomic environment. The increase marks one of the strongest half-year performances for foreign inflows into Nigerian equities in recent years. According to the NGX’s Domestic and Foreign Portfolio Investment Report, foreign investors accounted for a significant…
The Federal Government has approved a package of tax incentives for manufacturers who utilise locally sourced raw materials in their production processes. The policy, announced on Thursday, is part of efforts to stimulate domestic industrial growth, reduce dependence on imports, and promote value addition within Nigeria’s economy. Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, disclosed the development after a meeting of the Federal Executive Council (FEC) presided over by President Bola Tinubu in Abuja. She explained that the incentives are designed to encourage manufacturers to take advantage of Nigeria’s abundant natural resources and agricultural produce, thereby fostering job…
President Bola Tinubu has directed the National Pension Commission (PenCom) to commence the implementation of increases in pensions for retirees under the Contributory Pension Scheme (CPS), marking a significant policy step aimed at improving the welfare of senior citizens. The directive, announced on Thursday, is in line with the provisions of the Pension Reform Act 2014, which mandates periodic reviews of pensions to reflect prevailing economic realities. According to the Presidency, the decision was taken after extensive consultations with relevant stakeholders, including the Ministry of Finance, PenCom, and representatives of pensioners. The move is designed to ensure that retirees receive…
The management of Egbin Power Plc, Ikeja Electric Plc, and First Independent Power Limited has firmly denied reports claiming that the companies have been placed under receivership, describing the allegations as false, misleading, and damaging to public confidence in the nation’s power sector. In a joint statement issued on Thursday, the three firms stated that their operations remain fully functional and unaffected by any takeover process, urging the public to disregard the rumours. They maintained that they had not received any formal notice, court order, or regulatory directive indicating that a receiver manager had been appointed over their affairs. According…
Stakeholders in Nigeria’s maritime sector have expressed concern over what they describe as deliberate sabotage of the Federal Government’s Blue Economy reforms, warning that the trend could undermine efforts to maximise the sector’s economic potential. The freight forwarding community, under various associations, has alleged that certain interests within the system are working against new policies aimed at improving efficiency, transparency, and revenue generation in the maritime industry. They argue that such actions, if unchecked, could stall progress in harnessing Nigeria’s vast marine resources for economic growth. Speaking in Lagos, representatives of freight forwarding associations said the reforms introduced by the…
UAC of Nigeria Plc has reported a profit of ₦7.36 billion for the first half of 2025, representing a decline compared to the same period last year. The conglomerate, which operates across food, paints, logistics, and animal feeds, attributed the drop to rising operational costs, challenging market conditions, and currency volatility affecting import-dependent inputs. In its half-year financial statement released to the Nigerian Exchange (NGX), the company disclosed that revenue grew modestly year-on-year but was offset by a significant increase in expenses. Inflationary pressures, higher energy costs, and fluctuating foreign exchange rates were cited as key factors that weighed on…
Dangote Petroleum Refinery has announced an upward adjustment in the pump price of petrol, resuming sales after a one-week suspension that had disrupted supply across parts of the country. The decision, which the company says was driven by market realities and operational cost pressures, comes just days after it temporarily halted distribution to address what it described as supply chain and pricing review issues. In a statement issued by the refinery’s management, the company explained that the new pump price reflects current crude oil costs, foreign exchange rates, and logistics expenses. While exact figures vary by location due to transportation…
AJE Group, a global beverage manufacturer with a growing footprint in Nigeria, has commissioned a new production line at its local facility as part of its expansion strategy to meet rising demand for its products. The unveiling, held at the company’s plant in Ogun State, marks a significant investment in Nigeria’s fast-moving consumer goods (FMCG) sector and is expected to create more jobs while increasing market supply. Speaking at the inauguration ceremony, AJE Group’s Country Manager for Nigeria, Carlos Diaz, said the new line underscores the company’s confidence in the Nigerian market and its long-term growth potential. He explained that…
Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced plans to allocate 90% of its contracts to Nigerian companies, in a move aimed at deepening local content participation in the nation’s oil and gas industry. The commitment was disclosed by SPDC Managing Director and Country Chair of Shell Companies in Nigeria, Osagie Okunbor, during a recent stakeholders’ engagement session. Okunbor explained that the decision aligns with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which mandates greater involvement of indigenous firms in the sector. According to him, Shell has been steadily increasing its local contracting portfolio over…
Stanbic IBTC Bank Plc has announced that 148 of its customers have emerged as winners in the latest edition of its savings reward campaign, sharing a total cash prize of ₦23 million. The initiative, designed to promote a savings culture among Nigerians, is part of the bank’s commitment to rewarding loyalty and encouraging financial discipline. During a prize presentation ceremony held in Lagos, the bank’s Executive Director for Consumer and High Net Worth Clients, Wole Adeniyi, said the campaign was created to celebrate customers who consistently grow their savings with the bank. He noted that by incentivising savings, Stanbic IBTC…
The Nigeria Customs Service (NCS) has announced that it has successfully resolved a recent technical glitch on the B’Odogwu trade facilitation platform, which had disrupted import clearance processes for several days. The hitch, which affected importers and clearing agents across multiple ports, had raised concerns over potential delays in cargo processing and increased demurrage costs. According to the NCS, the issue was caused by a system error that temporarily hindered the seamless processing of import documentation and duty payments through the platform. The B’Odogwu platform—introduced to streamline import procedures, improve transparency, and reduce human interference in cargo clearance—has been a…
Nigeria’s efforts to achieve food security are facing renewed scrutiny as slow progress in agricultural productivity, supply chain efficiency, and policy implementation continues to spark concerns among stakeholders. Despite government programmes aimed at boosting local food production, experts warn that the pace of improvement remains insufficient to meet the growing demands of the country’s rapidly expanding population. Recent reports from agricultural monitoring bodies indicate that food inflation, adverse weather conditions, and inadequate infrastructure are among the major obstacles hindering progress. The combination of these factors has not only kept food prices high but also deepened the struggles of vulnerable households,…
The Central Bank of Nigeria (CBN) has indicated that it may take legal action against parties found to have violated the terms of foreign exchange (FX) contracts, following the conclusion of an extensive audit of such transactions. The move comes amid the apex bank’s intensified efforts to ensure transparency, compliance, and stability in the country’s FX market. According to senior officials, the audit—initiated earlier this year—was aimed at reviewing the adherence of financial institutions, importers, exporters, and other market participants to existing FX contract rules. Preliminary findings reportedly revealed instances of non-compliance, including failure to meet contractual obligations, misuse of…
Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship initiative, a landmark educational support programme aimed at empowering talented students across Nigeria. The scheme, which was unveiled earlier this year, seeks to provide financial assistance to deserving students from diverse backgrounds, enabling them to pursue their academic dreams without the burden of tuition costs. The bank said the scholarship aligns with its long-term commitment to social impact, youth empowerment, and sustainable development, particularly in the area of education. According to the management, the programme will support thousands of students over the coming years, with…
The Raw Materials Research and Development Council (RMRDC) has called for a drastic reduction of Nigeria’s raw material imports by as much as 60%, stressing that the country must prioritise local production and value addition to boost industrial growth, conserve foreign exchange, and create more employment opportunities. Speaking during an industry stakeholders’ meeting in Abuja, the Director-General of RMRDC, Professor Hussaini Ibrahim, explained that Nigeria’s heavy dependence on imported raw materials was unsustainable and posed a significant threat to the economy. He noted that the high import bill, which runs into billions of dollars annually, drains the nation’s foreign reserves…