Company Report
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Dangote mulls plan to divest 12.7% stake in refinery, says report
Fitch Ratings has disclosed that Dangote Group plans to divest 12.75 per cent stake in Dangote Petroleum Refinery over liquidity challenges. In a statement on Monday, the credit rating agency said Dangote Group plans to use the proceeds from the stake sold to service a sizable syndicated loan that matures on August 31, 2024. In September 2021, NNPC acquired a…
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MTN Nigeria buyout minority shareholders in MoMo PSB for N6.95bn
MTN Nigeria Communication Plc has announced on the Nigerian Exchange Limited (NGX) that it has completed MoMo Payment Service Bank Limited’s minority shareholders buyout . According to WESTERN POST findings, the transaction worth estimated N6.95 billion. MoMo PSB is the fintech solution of MTN Nigeria which was licensed in 2022 by the CBN. MTN Nigeria had an 80% stake…
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FCMB Group launches public offer to raise N110.9bn
FCMB Group PLC has unveiled a public offer aiming to generate N110.9 billion by issuing 15.197 billion shares at N7.30 per share. This announcement was made by Group CEO, Ladi Balogun, during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) on Tuesday. Balogun outlined that this public offer is the initial phase of a broader three-phased strategy…
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Nestle Nigeria reports N176.9bn loss in H1 2024
Nestle Nigeria Plc has announced a loss of N176.9 billion in half year (H1) ended June 30, 2024 unaudited result and accounts posted on the Nigerian Exchange Limited (NGX). The Fast-Moving Consumer Goods (FMCG) company had declared N49.98 billion loss in H1 2023. Also, the multinational company posted loss before tax of N252.5billion in H1 2024 from N69.12billion loss before…
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Fidelity Bank shareholders approve absorption of excess funds from public offer exercise
Shareholders of leading financial institution, Fidelity Bank Plc, have unanimously approved the absorption of surplus monies arising from the potential oversubscription of its ongoing Public Offer exercise. This was one of the six resolutions secured by the Bank’s Board of Directors at an Extraordinary General Meeting (EGM) held virtually on last Friday. Giving a background to the resolutions considered at…
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Dangote Cement declares 6.3% increase in profit to N189.9bn
Dangote Cement Plc has declared N189.9 billion profit after tax in half year ended June 30, 2024, about 6.3 per cent growth from N178.6 billion reported in half year ended June 30, 2023. The cement maker declared N292.96 billion profit before tax in H1 2024, representing an increase of 22.1 per cent from N239.86 billion reported in H1 2023. Group…
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Transcorp Hotels reports 61% increase in revenue, declares N1.02bn as Interim Dividend
Transcorp Hotels Plc has reported its half-year (H1) ended June 30, 2024 results with revenue at N29.7 billion, about 61 per cent increasing when compared to N18.5 billion declared in H1 2023. The hospitality subsidiary of Transcorp Group on the Nigerian Exchange Limited (NGX) reported N10.5 billion profit before tax in H1 2024, representing an increase of 192 per cent…
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Oando refutes Malta blending plant ownership claims
Oando Plc has denied allegations on social and digital media that it owns a blending plant in Malta. The energy company also denied importing dirty fuel into Nigeria through a Maltese company, Raz Hansir Oil Terminal Limited. A statement by the company secretary, Ayotola Jagun, posted on the Nigerian Exchange Limited (NGX) stated that the allegations levelled against Oando of…
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MTN Nigeria launches first fully digitised retail store in Sub-Saharan Africa
MTN Nigeria has set a new benchmark in the retail sector with the unveiling of sub-Saharan Africa’s first fully digitised retail store in Ikoyi, Lagos. This milestone underscores MTN’s commitment to enhancing customer service experience. Leveraging modern technology, the new store features a seamless and intuitive shopping environment where customers can easily locate products, discover new offerings, resolve their queries…
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Unilever Nigeria reports 7.3% increase in PBT to N6.28bn
Unilever Nigeria Plc has released its unaudited interim report for half year ended June 30, 2024 with N6.28 billion profit before tax, about 7.3 per cent increase from N5.85 billion reported in half year ended June 30, 2022. The household company listed on the Nigerian Exchange Limited (NGX) in its profit & loss figures declared N4.44 billion profit in H1…
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