Champion Breweries has reported a profit of N817 million, marking a strong financial performance amid Nigeria’s challenging economic environment. The company’s latest financial results reflect growth in revenue, improved operational efficiency, and strategic cost management, which contributed to its profitability. The brewery industry has faced rising production costs due to inflation, foreign exchange volatility, and supply chain disruptions. Despite these challenges, Champion Breweries managed to sustain positive earnings, driven by increased product demand and effective market expansion strategies. The company’s ability to navigate economic headwinds and maintain profitability underscores its resilience in a highly competitive sector. According to the company’s…
Author: Temitope N.
The Nigerian Exchange (NGX) has recorded its first gain in March, closing with a profit of N216 billion as investor confidence showed signs of recovery. After a period of volatility, the stock market rebounded, driven by renewed interest in key sectors, particularly banking, consumer goods, and telecommunications. Market analysts attribute the positive performance to improved investor sentiment following recent economic policy adjustments and corporate earnings reports. The uptick in stock prices was fueled by bargain-hunting activities, as investors sought to capitalize on undervalued stocks that had experienced declines in previous sessions. Blue-chip stocks, including those in the banking and industrial…
President Bola Ahmed Tinubu has announced an ambitious plan to empower 10 million women across Nigeria by 2027, focusing on economic inclusion, entrepreneurship, and financial independence. The initiative aims to provide women with the resources, training, and support needed to thrive in various sectors, from agriculture and technology to small-scale businesses and manufacturing. The program is expected to address long-standing challenges faced by Nigerian women, including limited access to funding, job opportunities, and business support. By working with financial institutions, development agencies, and private sector stakeholders, the government plans to facilitate low-interest loans, grants, and capacity-building programs tailored to women…
Oil marketers have raised concerns over the rising cost of fuel imports, which have reached N6 trillion in just five months. The increasing expenditure on petroleum product imports has sparked fears about the long-term sustainability of Nigeria’s fuel supply chain and the impact on the economy. Industry experts warn that the heavy reliance on imports, coupled with fluctuating global crude prices, is placing immense pressure on foreign exchange reserves. With the naira struggling against the dollar, the cost of importing refined petroleum products has surged, making it more difficult for marketers to maintain stable supply and pricing. Many fear that…
The President of the Petroleum Contractors Association of Nigeria (PECAN) has received prestigious recognition for outstanding contributions to the oil and gas industry. The honor comes as a testament to the president’s leadership in advancing local content development, promoting industry best practices, and fostering growth within the sector. The recognition, awarded by industry stakeholders and government officials, highlights PECAN’s role in advocating for indigenous contractors and ensuring their active participation in Nigeria’s petroleum industry. Under the president’s leadership, PECAN has pushed for policies that enhance the competitiveness of local firms, improve regulatory compliance, and create job opportunities for Nigerians. Speaking…
Retirees of the Nigerian Aviation Handling Company (NAHCO) have called on the federal government and pension administrators to grant them special consideration in the disbursement of the N758 billion pension fund. The retirees argue that they have been sidelined in previous allocations and are facing financial hardships due to delays in accessing their entitlements. Speaking on behalf of the retirees, a spokesperson highlighted the challenges many former NAHCO employees face, including rising healthcare costs, inflation, and the inability to sustain their livelihoods. They emphasized that after years of dedicated service to the aviation industry, they deserve fair access to pension…
The Federal Government has signed a Memorandum of Understanding (MOU) with Flutterwave to drive youth empowerment initiatives aimed at fostering job creation and financial inclusion. The partnership seeks to equip young Nigerians with digital skills, entrepreneurship opportunities, and access to fintech solutions that can help them build sustainable careers in the digital economy. Speaking at the signing ceremony, government officials emphasized the importance of leveraging technology to address unemployment and create new economic opportunities for young people. With Nigeria’s youth population growing rapidly, there is an increasing need to provide platforms that support skill development, financial literacy, and access to…
Investment scams have been on the rise in recent years, with many fraudulent schemes luring individuals with promises of high returns in a short period. The SEC, as Nigeria’s primary financial regulatory body, has the responsibility of overseeing investment activities to ensure they comply with legal and ethical standards. In its latest statement, the commission specifically identified Pro-Vest as one of the platforms engaging in unauthorized investment activities. SEC noted that such schemes often employ aggressive marketing tactics, including referrals, online promotions, and testimonials, to convince potential investors to part with their money. However, these entities typically lack the proper…
The National Automotive Design and Development Council (NADDC) has announced that its new vehicle regulation framework could create up to 40,000 jobs in Nigeria’s automotive sector. The initiative aims to boost local vehicle manufacturing, reduce import dependence, and stimulate economic growth through increased industrial activities. According to NADDC, the regulation focuses on enforcing stricter standards for vehicle imports while promoting local assembly and production. By supporting automakers and component manufacturers within Nigeria, the policy is expected to generate employment across various segments, including manufacturing, logistics, and sales. The council highlighted that with the right investments and government backing, the automotive…
Seplat Energy has announced plans to drill 13 new oil wells in 2025 as part of its strategy to boost production and strengthen Nigeria’s energy sector. The expansion is aimed at increasing crude oil output, optimizing existing assets, and enhancing the company’s contribution to the country’s hydrocarbon industry. According to Seplat, the new drilling campaign will focus on both onshore and offshore assets, with a mix of development and appraisal wells. The initiative aligns with the company’s long-term growth objectives and Nigeria’s broader efforts to sustain oil production amid fluctuating global energy demand. Industry analysts believe that Seplat’s investment in…