The Nation Newspaper

Category: Money

  • BUA Foods grows revenue by 109% to N1.53tr

    BUA Foods grows revenue by 109% to N1.53tr

    BUA Foods Plc, has recorded full year 2024 revenue of N1.53 trillion representing 109 per cent.

    The company’s operational efficiency, and strategic expansion efforts have continued to drive remarkable financial performance, further reinforcing its leadership position in the industry.

    Founder and Chairman of BUA Foods, Abdul Samad Rabiu, attributed the company’s strong results to its unwavering commitment to innovation, efficiency and market expansion. He said: “BUA Foods’ exceptional growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We have continued to invest in capacity expansion, optimise our supply chain and enhance operational efficiencies to meet growing market demand.

    “As we move forward, our focus remains on driving sustainable growth, strengthening our market leadership, and delivering superior value to our customers and stakeholders,” he said.

    The company’s revenue surged by 109.3 per cent to a record N1.53 trillion, up from N729.4 billion in 2023, driven by strong sales growth across key product segments, optimised pricing strategies, and enhanced cost management measures.

    Gross profit grew by 107.9 per cent to N541.71 billion, while profit after tax rose 145.3 per cent to N274.95 billion, further solidifying BUA Foods’ position as a dominant player in Nigeria’s food manufacturing sector. Earnings per share (EPS) climbed 145.3 per cent to N15.27, underscoring the company’s ability to drive value creation for shareholders.

    Across key product categories, sugar sales increased by 74 per cent to N733.8 billion, flour sales surged by 172 per cent to N589.5 billion, and pasta sales grew by 125 per cent to N197.6 billion, reflecting strong market demand and the company’s robust distribution network.

    Read Also: BUA Foods’ PAT up 415% in H1

    Managing Director, BUA Foods, Ayodele  Abioye said: “We are pleased to report another year of exceptional performance despite prevailing macroeconomic challenges.

    The effectiveness of our expansion strategy, coupled with our operational excellence, enabled us to achieve strong volume growth and revenue milestones.

    Looking ahead, he said, “we remain committed to deepening our market presence, optimizing efficiencies, and ensuring that we continue to deliver superior value to all stakeholders in line with our strategic objectives.”

    With a strong foundation for growth and a clear expansion roadmap, BUA Foods remains well-positioned to continue driving sustainable value creation, while addressing Africa’s evolving food security needs.

  • Recapitalisation: Access Holdings’ market cap hits N1.3tr

    Recapitalisation: Access Holdings’ market cap hits N1.3tr

    • NGX lists 17.77b rights shares

    Access Holdings Plc at the weekend formally concluded the main thrust of its recapitalisation programme with the listing of additional shares that arose from its recent rights issue at the Nigerian Exchange (NGX).

    The new listing boosted Access Holdings’ market capitalisation to N1.29 trillion, enhancing the financial services group’s status as one of the most influential stocks at the stock market.

    The NGX listed 17.773 billion ordinary shares of 50 kobo each of Access Holdings at N19.75 per share. The additional shares arose from Access Holdings’ recent rights issue, which was fully subscribed.

    With the listing of about 17.773 billion ordinary shares, the total issued and fully paid-up shares of Access Holdings increased from 35.545 billion shares to 53.318 billion ordinary shares of 50 Kobo each. This implied total market capitalisation of N1.29 trillion at the group’s closing share price at the weekend.

    Access Holdings closed weekend at N24.15 per share, representing capital gain of 22.3 per cent on the rights’ price of N19.75 per share.

    The listing at the weekend concluded the regulatory recapitalisation for the group, having surpassed the new minimum capital requirement of N500 billion stipulated by the Central Bank of Nigeria (CBN).

    Access Holdings had earlier secured full regulatory approvals from the CBN and the Securities and Exchange Commission (CBN) for its recently concluded rights issue of 17.77 billion ordinary shares of 50 Kobo each at N19.75 per share, successfully raising the target amount of N351 billion.

    As at the third quarter 2024, Access Holdings had share premium and share capital of N251.81 billion. With the new equity funds, the company now has share premium and share capital of N602.8 billion, N102.8 billion above N500 billion stipulated by the CBN under the ongoing recapitalisation exercise.

    Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, said the Access brand has always resonated strongly with local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitalisation directives. We are pleased that this time, we are the first to cross the finish line.

    “The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders’ confidence in the present value and potential of our company.

    “We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission, who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise.

    Read Also: ‘Tax reforms, game changer for Nigeria, economy’

     “We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering. As we enter the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders,” Aig-Imoukhuede.

    The bank noted that by utilising the NGX’s E-offer platform, the company provided its shareholders with a seamless, efficient, and convenient subscription experience, significantly reducing barriers and democratising participation in the rights issue.

    Meanwhile, Access Holdings still has enough headroom to raise additional capital under the multi-tranche, multi-currency and multi-instrument capital raising exercise approved by its shareholders.

    At their annual general meeting in Lagos, shareholders of Access Holdings had mandated the company to raise $1.5 billion and N365 billion in new capital raising exercise.

    At the meeting, shareholders increased the issued share capital of the company from N17.773 billion of 35.545 billion ordinary shares of 50 Kobo each to N26.659 billion of 53.318 billion ordinary shares of 50 kobo each by the creation of additional 17.773 billion ordinary shares of 50 Kobo, ranking pari-passu with the existing ordinary shares of the company.

    The meeting also approved a resolution empowering the board to establish a capital raising programme of up to $1.5 billion or its equivalent, through the issuance of ordinary shares, preference shares, Alternative Tier 1, convertible and/or non-convertible notes, bonds or any other instruments, whether by way of a public offering, private placement, rights issue, book building process or any other method or combination of methods, in such tranches, series or proportions and at such dates, coupon or interest rates within such maturity periods and upon such terms and conditions as may be determined by the board subject to obtaining the requisite regulatory approvals.

    Shareholders mandated the company to raise capital of up to N365 billion by way of a rights issue on such terms and conditions and on such dates as may be determined by the directors, subject to obtaining the approvals of the relevant regulatory authorities.

  • Abbey Mortgage Bank seeks nod for conversion to commercial bank

    Abbey Mortgage Bank seeks nod for conversion to commercial bank

    Abbey Mortgage Bank Plc is seeking shareholders’ approval to proceed with its plan to convert from a mortgage bank to a regional commercial bank.

    Shareholders of the bank are scheduled to meet later this week to consider ordinary and special resolutions that will facilitate the conversion.

    In a regulatory filing at the weekend at the Nigerian Exchange (NGX), shareholders of  Abbey Mortgage Bank  are expected to authorise the board of directors of the company to increase and allot the issued share capital of the company for the purpose of raising additional capital and meeting the new N50 billion share capital and share premium capital requirements of the Central Bank of Nigeria for a regional commercial bank.

    The meeting is also expected to mandate the board to take all such actions as they may deem necessary or advisable in order to carry into effect the recapitalisation resolution, including without limitation the appointment of professional parties and advisers, alloting the shares arising from the share capital increase and listing same on the floor of the Nigeria Exchange, complying with the directives of regulatory authorities, and to take all such actions as they may deem necessary or advisable in order to carry into effect the purpose and intent of the resolutions.

    Shareholders would also authorise the company’s strategy of transitioning into a regional commercial bank and change of the legal and brand name of the company from Abbey Mortgage Bank Plc to “Abbey Bank Plc”.

    The resolutions also included change in the company’s Memorandum and Articles of Association to reflect the change of name and new object clauses in alignment with the company’s strategy of transitioning into a regional commercial bank.

    Read Also: Experts project healthy naira, low inflation early 2025

    The CBN had in March 2024 released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional licence, N50 billion.

    Others included merchant banks, N50 billion; non-interest banks with national licence, N20 billion and non-interest banks with regional licence will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026.  

    Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

  • Ecobank, CrediCorp plan affordable loans to customers

    Ecobank, CrediCorp plan affordable loans to customers

    Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to offer affordable and flexible loans to customers.

    These loans can be used to finance a variety of needs, including paying school fees, rent, maintenance costs, medical bills, car purchase & repairs, asset purchase, and more.

    The programme is available to civil servants and private-sector employees whose salaries are paid through Ecobank. New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.

    Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.

    CrediCorp, a Development Finance Institution (DFI) established by the Federal Government, is focused on enhancing access to consumer credit for Nigeria’s workforce.

    Read Also: ‘Tax reforms, game changer for Nigeria, economy’

    Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers. The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).

    Adeola Ogunyemi, Head of Consumer Banking at Ecobank Nigeria, expressed excitement about the collaboration, emphasising that it would provide salary earners, both in the public and private sectors, with better access to financial products. She said, “This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.

    Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance. We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative.”

    The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly installments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.

  • IOSCO backs international ethics for sustainability assurance

    IOSCO backs international ethics for sustainability assurance

    The board of International Organisation of Securities Commissions (IOSCO) has reiterated support for the development of global standards and codes on sustainability assurance and reporting.

    IOSCO commended the International Ethics Standards Board for Accountants (IESBA) on achieving an important milestone of finalising its International Ethics Standards for Sustainability Assurance (IESSA), including International Independence Standards and other revisions to the code relating to sustainability assurance and reporting.

    Read Also: Experts project healthy naira, low inflation early 2025

    Chair of IOSCO, Jean-Paul Servais said history has shown that assurance is necessary to deliver trust in disclosures, which is instrumental for the good functioning of financial markets.

    Servais described the IESBA’s IESSA as a welcome development that provides a robust ethical framework for the assurance of sustainability reporting.

    He said a strong assurance framework for sustainability related disclosures needs to be focused on the public interest and should be profession – and framework – agnostic.

    “IESBA’s new international standard will foster trust and integrity for years to come. IOSCO will continue to play a key role in promoting global consistency in the

  • PalmPay committed to digital economy

    PalmPay committed to digital economy

    • By Motunrayo Akintunde

    Africa’s fintech platform, PalmPay, has restated its commitment to driving the Federal Government’s cashless policy and deepening financial inclusion across the country.

    Its Managing Director, Chika Nwosu, at a media roundtable held over the weekend at the company’s Lagos Ikeja headquarters, said the platform would continue to leverage cutting-edge technology by making world-class financial services available to the mass market particularly in regions where it is needed the most.

    Read Also: ‘Tax reforms, game changer for Nigeria, economy’

    He said the platform remained the biggest financial app in Nigeria given the fact that it currently boasts of 16 million active monthly users.

    According to him, the platform remained committed to driving financial inclusion in underserved communities hence the reason for expanding rapidly into new markets.

    He revealed that the value of monthly transaction on the app was estimated to be worth $6 million with success rate of transaction at 99.5per cent.

  • Custodian Investment appoints COO

    Custodian Investment appoints COO

    The board of directors of Custodian Investment Plc has appointed Mr. Adeniyi Falade as the Chief Operating Officer of the company.

    Falade, a chartered accountant, was an Executive Director at the company before his promotion.

    Read Also: Experts project healthy naira, low inflation early 2025

    A seasoned investment banker, Falade brings a wealth of experience of over three decades in the financial services sector to bear. He serves as a director on several boards in the financial services and real estate sectors of the economy.

    He holds a Bachelor of Science Degree in Chemistry and a Master’s Degree in Business Administration,  Warwick Business School. He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an associate of the Chartered Institute of Stockbrokers (CIS).

  • Expert inspires entrepreneurs at 2025 Global School of Money Summit

    Expert inspires entrepreneurs at 2025 Global School of Money Summit

    A leadership, wealth creation coach and CEO, CommonSense Group, Dr Olumide Emmanuel, has urged Nigerian entrepreneurs on the need to bridge critical gaps that hinder personal and financial growth. He spoke at the 2025 Global School of Money Summit held in Lagos, last week.

    Speaking on the topic “Bridging the Gap”, Dr Emmanuel identified five fundamental gaps: knowledge, mindset, technology, grace, and action, that separate the rich from the poor. He challenged participants to confront these areas to achieve meaningful transformation. 

    “The wealthy prioritise knowledge acquisition, while the poor often undervalue it, focusing on immediate rewards,” Dr Emmanuel stated.

    He emphasised investing in continuous learning and mentorship as pivotal to success. 

    “You must move from a scarcity mindset to an abundance mindset. Stop focusing on material possessions and start thinking about quality-driven, long-term actions,” he urged. 

    Highlighting the technological gap, Dr Emmanuel declared, “Technology has changed the game. Whatever you’re doing now, if you don’t add technology to it, you’re about to expire.”

    He shared anecdotes on automation and global business strategies, calling for participants to explore ways to enhance productivity through tech integration. 

    Read Also: Entrepreneurs to win N50m in Next Titans

    Dr Emmanuel also highlighted the grace gap, describing it as a divine enabler that distinguishes individuals.

    “Grace delivers from disgrace. Grace empowers for the race. It’s not about being the most intelligent or skilled; it’s about connecting with the Creator who distributes grace,” he explained. 

    As part of his empowering initiatives for 2025, Dr Emmanuel announced several opportunities designed to inspire growth and success. 

    These include a free Entrepreneurship Academy for individuals who purchase a N50,000 book bundle, with an alternative fee of N30,000 for others. He also showcased the Madiba Countryside City project, hosting realtor engagement sessions to highlight real estate opportunities. 

    Additionally, the wealth creation coach introduced special discounts on financial books, including a “buy one, get one free” offer, aimed at equipping participants with the tools needed for personal and financial development.

    “Success is not just about desire; it’s about implementation. Grace is available, opportunities are here, and it’s what you practice that works for you. Let 2025 be the year of tangible results,” he said.

  • UBA honoured for disability friendliness

    UBA honoured for disability friendliness

    The National Assembly on Thursday presented a disability friendly bank award to the United Bank of Africa (UBA) in recognition of its numerous banking products which are easily accessible to the physically challenged persons in the society.

    The Award was presented to the financial institution by the Chairman, House of Representatives Committee on Disability, Hon. Bashiru Dawodu, at the National Assembly Complex, in Abuja.

    Dawodu said, “The United Bank for Africa is specifically recognised for its  outstanding performance on disability affairs especially the visually impaired.

    “This committee is a one-stop shop for the community of persons with disabilities. So, when we were requesting for nominations for organisations or agencies that have been great to persons with disabilities, UBA was nominated.

    Read Also; The budget: A deep vision for economic transformation

    “Those who sent in their nominations to the National Assembly specifically preferred the UBA for their efforts towards the visually impaired in banking. So, that is why UBA is being recognised today specifically for that particular effort.”

    In his response, the Executive Director, (North) of the UBA, Mr. Alex Alozie, accompanied by the Manager of the National Assembly branch of the Bank, Ms. May Ikhile, commended the National Assembly for bestowing the award on the bank.

    Alozie said, “l say thank you to the House of Representatives for this honour. I also want to promise  that UBA will move on. We have not gotten to the promised land, but the most important thing is that we know where we are going and we’ll get to the promised land.”

    On why the UBA decided to take the issue of disability as a priority,  Alozie said, “The issue of disability is an aspect most corporate organisations are omitting.

     “Being a socially responsible organisation and a bank, we feel that we need to pay back to the society and feel that this is one area that’s neglected by everybody.

    “That is why UBA comes  to lend a helping hand, it will touch a lot of people and that was the reason UBA decided  to pay attention to that.

    “We printed account opening forms for the visually impaired, which was not an easy thing. We distributed them and we have a lot of people that have actually opened an account in UBA  across all states in Nigeria.”

  • Interswitch calls for tech-driven transportation

    Interswitch calls for tech-driven transportation

    Interswitch has called on stakeholders in Nigeria’s transport sector to embrace advanced technology to reshape the nation’s transportation landscape.

    This charge was made during the sixth edition of the Lagos Transport Fest, themed “Delivering National Connectivity: Driving the Growth of Nigeria’s Transport and Logistics Markets,” held recently at the Oriental Hotel, Victoria Island, Lagos.

    The event brought together hundreds of professionals, entrepreneurs, investors, regulators, and thought leaders for a full day of exhibitions, panel discussions, presentations, and networking opportunities, all focused on shaping the future of transport in Nigeria and beyond.

    Delivering the event’s keynote address titled “Enhancing Transport Ecosystem Connectivity for Growth: Technology as a Catalyst”, Chinyere Don-Okhuofu, Managing Director, Industry Ecosystems (Interswitch Indeco), emphasised the transformative role of technology in transportation, stating:

     “At Interswitch, we believe that every digital transaction, every optimized route, every seamless connection is a fundamental step towards a more prosperous, interconnected Africa. Therefore, today, we are not merely discussing transport infrastructure. We are architecting the mobility ecosystem of an entire continent.

    Read Also: Children malnutrition: FG moves to reverse Nigeria’s top global, continental ranking

     “The future is not something we wait for. It is something we create. Together, let us redefine mobility for a better, more connected future, creating a transport ecosystem that not only connects but also empowers and inspires.”

    The event featured a panel session that delved into the future of Nigeria’s transportation sector, with discussions centred on infrastructure development, technological advancements, and emerging trends set to shape the industry’s trajectory.

    During the panel session, Nnenna Ajanwachukwu, Vice President of Transport Ecosystem at Interswitch, underscored the transformative role of digital payment solutions in modernising public transportation and significantly improving the passenger experience.

    She reaffirmed Interswitch’s dedication to transforming the transportation ecosystem through innovative digital solutions. Highlighting Quickteller, Interswitch’s consumer digital lifestyle and payments platform, she referenced the launch of Quickteller Transport, a solution that significantly enhances the commuter experience by facilitating seamless searches and bookings for inter-state trips with multiple travel operators across Nigeria.

    Interswitch remains steadfast in its quest to inspire Africa to greatness, leveraging technology to transform various industry verticals, including transportation. By enhancing connectivity, streamlining operations, and elevating the passenger experience, the company is driving sustainable growth and contributing to the modernisation of the nation’s transport sector.