The Nation Newspaper

Category: Money

  • Zenith Bank pays N51.3b interim dividend for first half

    Zenith Bank pays N51.3b interim dividend for first half

    Zenith Bank Plc at the weekend distributed N51.3 billion as interim dividend for the first half of the year, highlighting strong financial performance of the first tier bank during the period.

    The N51.3 billion payout fir first half 2025 represented more than 60 per cent increase on N31.4 billion paid for first half 2024.

    The interim dividend per share of N1.25 was part of the highlights of the audited financial results for the half-year ended June 30, 2025, released to the Nigerian Exchange (NGX).

    Key extracts of the six-month audited results showed robust financial position and growth trajectory, with gross earnings rising by 20 per cent to N2.5 trillion in first half 2025.

    Group Managing Director, Zenith Bank Plc, Dame Adaora Umeoji, said the half-year performance and significant payout underlined the bank’s commitment and enhanced capacity to continually generate value for its shareholders.

    She said: “We are pleased to have paid this significant interim dividend to our valued shareholders. Our half-year results underscore our resilience and commitment to our stakeholders. Based on the momentum achieved in first half, we are confident in our full-year outlook and expect to exceed shareholders’ expectations by year end”.

    She assured shareholders that the bank remained focused on delivering exceptional value and growth, driven by its strong financial fundamentals and strategic initiatives.

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    The half-year report showed that gross earnings rose by 20 per cent from N2.1 trillion in first half 2024 to N2.5 trillion in first half 2025. The top-line performance was driven by 60 per cent growth in interest income, from N1.1 trillion in first half 2024 to N1.8 trillion in first half 2025.

    The report indicated that the bank achieved the increase in interest income through strategic repricing of risk assets and effective treasury management.

    The bank’s balance sheet also emerged stronger with total assets rising to N31 trillion in June 2025, compared with N30 trillion in December 2024. Customer confidence remained strong, with deposits growing by seven per cent from N22 trillion in December 2024 to N23 trillion in June 2025.

    Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

    Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.

    Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

    The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

    Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

  • Polaris Bank emerges best digital bank for fifth consecutive year

    Polaris Bank emerges best digital bank for fifth consecutive year

    • Wins ‘Best Bank for MSMEs fourth time

    Polaris Bank has been adjudged for the fifth consecutive time as the best in digital banking, underlining the bank’s cutting-edge technologies and transformative customer experience.

    The bank was also at the weekend voted the best bank in lending and general ecosystem for micro, small and medium enterprises (MSMEs) for the fourth consecutive year.

    Polari Bank reaffirmed its dominance in the digital banking space by clinching the ‘Digital Bank of the Year’ and ‘Best Bank for MSMEs’ awards at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

    Speaking on the double recognition, Managing Director, Polaris Bank, Kayode Lawal, said being adjudged the best for the fifth consecutive year underscored the bank’s industry leadership, customer trust, and unwavering commitment to innovation and inclusion.

    He dedicated the awards to the bank’s customers and employees.

    “Winning the Digital Bank of the Year for the fifth time and Best Bank for MSMEs for the fourth time is both humbling and inspiring. It validates our belief that true innovation begins and ends with the customer. Our mission has always been to use technology as an enabler of opportunity – to make banking not only easier but transformative. These awards belong to our customers, our people, and every partner who believes in our vision,” Lawal said.

    He further assured that Polaris Bank will continue to invest in digital infrastructure, as it did recently with a seamless core banking application upgrade, enhance financial inclusion, and deliver consistent, integrated experiences across all customer channels.

    Receiving the awards on behalf of the bank, Chief Digital Officer, Polaris Bank, Dele Adeyinka described the recognition as an affirmation of the bank’s people-centered digital transformation journey.

    “This award is a celebration of our customers, whose trust and engagement inspire every innovation we create. VULTe is more than a platform; it is a community of empowered users who bank, borrow, save, and grow with ease. Every update and every feature we roll out reflects our commitment to making banking smarter, simpler, and more inclusive for every Nigerian,” Adeyinka said.

    He noted that Polaris Bank continues to redefine digital banking in Nigeria through bold innovations, customer-centric solutions, and sector-shaping initiatives.

    According to him, with an unrelenting focus on financial inclusion and customer empowerment, the Bank’s digitally led strategy has transformed how Nigerians access, manage, and grow their finances.

    At the heart of this transformation is VULTe, Polaris Bank’s flagship digital platform, which has recorded phenomenal growth and activity in 2025. Within the first eight months of the year, the platform handled an extraordinary volume of transactions, reflecting the deep trust, widespread adoption, and scale of Polaris Bank’s digital ecosystem. More than just enabling seamless banking, VULTe continues to power the financial backbone of businesses and individuals across Nigeria.

    Far beyond being another banking app, the upgraded VULTe 3.0 stands as a best-in-class digital banking solution. It integrates AI-powered features that personalize user experiences, automate engagement, and enhance operational efficiency.

    Since its initial launch in 2021, Polaris Bank has maintained a culture of continuous improvement, upgrading features based on real customer feedback to elevate user experience and set new industry standards. This agile approach ensures that VULTe is not only keeping pace with the global digital economy but is also leading the charge in Nigeria.

    Polaris Bank equally recognizes that MSMEs remain the backbone of Nigeria’s economy and has deliberately deployed digital solutions to empower this vital sector. In the second quarter of 2025, the Bank launched a major funding initiative to empower professionals in the creative industry through strategic partnerships with Woodhall Capital (UK), the Lagos State Government, and the British Government. In the months that followed, the Bank expanded its support to hundreds of small and medium enterprises across various sectors, with a strong focus on providing financing to women-owned and women-led businesses in education, fashion, and other key industries. These interventions underscore Polaris Bank’s enduring commitment to inclusive growth and gender empowerment.

    Through simplified applications, digital credit assessments, and integration with VULTe for Business, SMEs enjoy faster and easier access to working capital, free from the traditional bottlenecks of banking. This approach is turning business survival stories into success stories across Nigeria.

    BusinessDay has long celebrated innovation and corporate leadership, and Polaris Bank’s story exemplifies both. With VULTe 3.0, the Bank has built Nigeria’s most agile AI-driven digital banking ecosystem. By placing customer feedback at the core of product evolution, Polaris ensures that every innovation addresses real needs. Through digital credit expansion and data-driven insights, the Bank is directly fueling economic growth and empowering Nigeria’s entrepreneurial base.

    In Nigeria’s banking and financial sector where many promise transformation, Polaris Bank continues to deliver measurable, customer-validated results. Through its digitally led initiatives, relentless pursuit of customer satisfaction, and strong contributions to SME growth, Polaris Bank is not merely adapting to the digital age – it is defining it.

  • Fidelity Bank to disburse N5 billion to boost MSME financing

    Fidelity Bank to disburse N5 billion to boost MSME financing

    Fidelity Bank Plc has announced its readiness to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative is designed to expand access to finance for Micro, Small and Medium Enterprises (MSMEs), as well as businesses owned by women and youths across Nigeria.

    Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, disclosed during the signing of a Memorandum of Understanding (MoU) between the bank and NCGC.

    According to her, the partnership with NCGC represents a significant step in the bank’s ongoing efforts to enhance financial inclusion and stimulate economic growth through increased access to credit. “This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she said.

    The facility will cover critical sectors including food processing, secondary agriculture (such as fish and poultry processing), fashion, green energy, light manufacturing, the agricultural value chain (feed mills and equipment fabrication), export-oriented businesses, and education.

    Read Also: FNITCC Atlanta: Fidelity Bank spotlights fintech’s role in U.S.-Africa trade

    Onyeali-Ikpe highlighted that Fidelity Bank has consistently supported diverse sectors through targeted initiatives such as the Green Energy Financing Programme for renewable energy entrepreneurs, the Fidelity SME Hub for small businesses with a special arm – Creativerse, dedicated to the creative industry and the Fidelity Bank Education Support Scheme which provides affordable financing for educational infrastructure and technology upgrades.

     “With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems—without compromising our risk standards or operational efficiency,” she added. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”

    Over the past five years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, empowering thousands of entrepreneurs and creating sustainable livelihoods.

    Also speaking at the event, the Managing Director, NCGC, Mr. Bonaventure Okhaimo, emphasised that the organization was established to bridge the financing gap faced by MSMEs in Nigeria by mitigating lender risks through credit guarantees.

     “Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks,” he said. “Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”

    Okhaimo added that NCGC and Fidelity Bank will also collaborate to provide financial literacy and business management training to MSME beneficiaries, ensuring they have the knowledge and skills to effectively manage their loans and achieve sustainable growth.

    The Fidelity Bank–NCGC partnership reinforces both institutions’ shared commitment to fostering entrepreneurship, strengthening MSMEs, and driving inclusive economic development across Nigeria.

  • NDIC, CIBN partner to address emerging issues in financial sector

    NDIC, CIBN partner to address emerging issues in financial sector

    Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has called for enhanced collaboration between the corporation and the Chartered Institute of Bankers of Nigeria (CIBN) in addressing emerging risks and challenges within Nigeria’s banking sector.

    Sunday made the call during a courtesy visit by the President of CIBN, Prof. Pius Olanrewaju, and members of his executive team to the NDIC Head Office, Abuja.

    He emphasised the need for stronger partnership between both institutions in critical areas such as digital banking, cyber- security, fraud and forgery prevention, and sound risk management.

    He noted that while the phenomena of the emerging issues are on the rise, regulators and operators must come together to proffer solutions which help build a stronger financial ecosystem that withstands the vagaries of the innovations to deliver value to the economy.

    While commending the growth of the CIBN as a professional body over the years, and its positive impact on the banking system, Sunday further called on the institute to take critical interest in working more closely with regulators to fashion innovative failure resolution strategies that strengthen the overall resilience of the banking sector.

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    He reiterated the corporation’s commitment to supporting professional institutions such as the CIBN in developing and implementing programs that foster innovation while maintaining sound risk management frameworks and financial system stability.

    Olanrewaju congratulated Sunday on his appointment as Managing Director of the corporation.

    He expressed confidence in the capacity of the MD/CE to uphold the trust reposed in the Corporation by the public based on his sound track record and expertise.

    He particularly commended the NDIC for its notable milestone achievements, highlighting the upward review of deposit insurance coverage aimed at strengthening public confidence in the banking system; the deployment of technology to expedite the reimbursement of depositors of the failed Heritage Bank; and the commencement of liquidation dividend payments within one year of the bank’s closure. Prof. Olanrewaju noted that these accomplishments have significantly enhanced depositor and investor confidence in the financial system.

    The CIBN President also expressed appreciation to the NDIC for its invaluable contributions and active role as a member of the Institute’s Governing Council, noting that its participation has greatly strengthened the Council’s oversight functions, policy direction, and ethical leadership.

  • ‘Policy consistency will drive energy transition’

    ‘Policy consistency will drive energy transition’

    President of Masters Energy Group and former Minister of State for Mines and Steel Development, Dr. Uchechukwu Ogah, has said that Nigeria’s energy future is contingent upon effectively balancing significant reforms with practical national realities.

    He urged stakeholders to harmonize policy, investment, and innovation to achieve sustainable growth.

    Speaking at the NAEC Energy Conference 2025,  on the “theme ‘Nigeria’s Energy Future: Optimising Opportunities and Addressing Risks for Sustainable Growth’, Dr. Ogah called for pragmatic reforms and sustained policy consistency to drive Nigeria’s energy transition.

    Ogah acknowledged the transformative potential of the Petroleum Industry Act (PIA) of 2021 and the Electricity Act of 2023, noting that successful implementation would require deliberate coordination across government and industry.

    “Nigeria’s energy future is not a choice between opportunity and risk; it is a challenge to navigate both dynamics together,” he said. “Success demands a multi-pronged strategy that leverages our strengths while confronting our vulnerabilities head-on.”

    Ogah framed Nigeria’s energy path as one of managing both opportunity and risk with discipline. He referenced a Nigerian Society of Engineers (NSE) report indicating that national power generation remains below 50 percent of installed capacity due to gas constraints and transmission bottlenecks.

    He identified three paramount challenges: ensuring reforms yield measurable results, maximizing the value of hydrocarbon assets before the global decline accelerates, and providing affordable power to all citizens.

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    The Masters Energy boss emphasized that oil and gas remain the economy’s backbone, accounting for nearly 70 percent of export earnings and sustaining millions of jobs.

    He stressed that gas commercialisation, through projects like the Utorogu Gas Processing Facility, is vital, describing gas as Nigeria’s strategic bridge fuel that powers industries, enables clean cooking, and can position the nation as an LNG export leader.

    However, he warned that underinvestment, oil theft and insecurity pose serious threats to the full implementation of the PIA.

    Ogah stated that the global energy transition offers Nigeria the greatest economic opportunity of the 21st century, highlighting the nation’s significant potential in solar, wind, and youthful human capital.

    He urged the country to exceed its 30 percent renewable capacity target by 2030, arguing that inaction would risk turning Nigeria into a consumer or dumping ground for imported technologies.

    He declared, “We must not be consumers of the green economy; we must be creators within it.”

    Ogah commended the Association of Energy Correspondents of Nigeria (NAEC) for maintaining vital dialogue across government, industry, and the media regarding the nation’s energy transformation.

    He pinpointed three major growth frontiers: gas, renewables, and innovation.

    He advocated for the development of utility-scale solar farms, mini-grids, and local solar manufacturing under the proposed Nigerian Solar Manufacturing Initiative. Furthermore, he identified blue hydrogen, biofuels, and critical mineral exploration as crucial pathways for industrial diversification, underscoring that every solution, “From solar in Olorunsogo to blue hydrogen in the Delta,” must serve both growth and sustainability.

    He outlined the main risks undermining energy development as policy inconsistency, infrastructure gaps, security concerns, and skills shortages.

    He called for practical solutions, including establishing a single-window licensing system, modernizing the national grid, and implementing benefit-sharing models to enhance investor confidence and community trust, observing that Policy certainty attracts capital; community trust protects it.

    On human capital, he proposed the creation of a National Energy Transition Academy and issued a strong caution against industrial unrest, referencing the recent PENGASSAN and Dangote Refinery dispute.

    Ogah concluded that energy reform is a national, joint project, urging industry players to align with ESG principles, the government to deepen reform consistency, and journalists to sustain solution-driven energy reporting.

    He rallied stakeholders toward a unified vision: “By optimising today’s hydrocarbon assets and building tomorrow’s clean-energy ecosystem, we can fuel sustainable growth for every Nigerian.”

  • Pathway Advisors wins award

    Pathway Advisors wins award

    Pathways Advisors Limited (PAL) has been awarded ‘Best Issuing House and Financial Advisory Firm of the Year’ at the 2025 edition of BusinessDay Banking and Other Financial Institutions (BAFI) Awards.

    The award was conferred at the weekend in recognition of PAL’s effort to provide accurate knowledge of financial markets tailored to clients’ needs and commitment to ethical and transparent practices in the financial industry.

    Receiving the award on behalf of the company, Founder and Chief Executive Officer, Pathways Advisors Limited (PAL), Adekunle Alade, described the achievement as a well-earned recognition that showcases the company’s mastery in structuring capital market solutions, advisory excellence, and deep credibility with institutional investors in Nigeria.

    He noted that the award marks a significant milestone in the company’s journey toward delivering end-to-end solutions in equity, debt, ratings, and structured finance with consistently strong performance to its clients.

    He further explained that the recognition demonstrates the company’s competence across short-term and growth financing markets, strategic partnerships, and a track record of integrity, trust, and innovation.

    In late 2024 and early 2025, we successfully raised over N300 billion in funding through a commercial paper and corporate bond issuance to companies across agro-commodities, manufacturing, real estate, oil & gas, healthcare, and technology. Beyond that, our expertise extends to mergers & acquisitions, project finance, financial restructuring, and rating advisory. Over the years, we have built a reputation for trust, integrity, and innovation. Our strategic partnerships and track record with both corporate and financial institutions now place us among Nigeria’s top-tier investment banking and advisory boutiques,” he said.

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    Co-founder/Director, Pathway Advisors Limited, Dolapo Akanbi-Alade, stated that the honour is a testament to the team’s hard work and dedication to supporting credible companies in Nigeria.

    The BAFI Awards, convened by BusinessDay Intelligence and Research Unit, have become the benchmark of distinction for institutions in Nigeria’s financial services sector. Since 2013, the BAFI Awards have stood as Nigeria’s most rigorous recognition of excellence in financial services, judging institutions on performance, innovation, governance, and client impact.

    Pathway Advisors Limited is a leading investment banking and financial advisory firm, with expertise spanning mergers and acquisitions, Capital Raising, Project and Structured Finance, and Rating Advisory Services. Licensed by the Securities and Exchange Commission (SEC) as an Issuing House, Underwriter, and Financial Adviser, Pathway Advisors is also a Quotation Member and Transaction Sponsor with FMDQ Securities Exchange Limited and FMDQ Private Markets Limited. Also, a member of the NASD OTC Market

  • Interswitch begins nationwide engagement in Enugu

    Interswitch begins nationwide engagement in Enugu

    Interswitch has officially kicked off the fifth edition of its flagship industry engagement series, TechConnect 5.0, with the Enugu leg of the nationwide tour.

    The event, which held recently at the Best Western Hotel, Enugu, convened financial leaders, policymakers, innovators, and business stakeholders to explore the evolving dynamics of Nigeria’s digital payments ecosystem and the opportunities that lie at the intersection of innovation, collaboration, and compliance.

    Anchored on the theme, “United Frontiers: Growth Powered by Innovation, Collaboration and Compliance,” the Enugu edition delivered high-impact sessions, hands-on product showcases, and thought-provoking discussions that offered participants actionable insights to scale their operations and strengthen the wider ecosystem.

    One of the key highlights was the panel session titled “Scaling Digital Payments: Tackling Infrastructure, Financial Proficiency, and Fraud for Inclusive Growth,” which addressed critical challenges such as infrastructure gaps, limited financial literacy, and rising fraud.

    Read Also: UK delegation visits Interswitch Group, explores collaboration opportunities

    Speakers emphasised the need for ecosystem-wide cooperation, shared infrastructure, and enhanced consumer education to sustain trust in Nigeria’s digital payment systems.

    This was complemented by a fireside chat themed “Collaboration as a Growth Multiplier: Unlocking Potentials Through Digitised Payments,” where industry experts explored how strategic partnerships among banks, fintechs, regulators, and merchants can unlock new opportunities, drive innovation, and expand access to financial services.

    Speaking on the event, Akeem Lawal, Managing Director, Payment Processing and Switching (Interswitch PurePay), reaffirmed Interswitch’s commitment to advancing Africa’s digital economy.

     “TechConnect 5.0 provides a vital platform for engaging with industry stakeholders, co-creating solutions, and addressing the real challenges that define our industry. The conversations here in Enugu have reinforced the importance of innovation, collaboration and compliance in building a more inclusive and resilient payments ecosystem,” he said.

    Beyond the discussions, participants also experienced Interswitch’s suite of innovative solutions designed to drive efficiency, scale operations, and unlock value for businesses of all sizes.

    Live product demonstrations and customer success stories showcased how the company’s technology is enabling efficiency, transparency, and growth for businesses across Nigeria.

    The event also featured an awards presentation, where outstanding partners and contributors were recognised for their commitment to driving digital transformation and innovation across the financial ecosystem.

    The Enugu edition marks a successful opening for the TechConnect 5.0 tour, which its organisers said, will continue in Abuja on October 14th at The Wells Carlton Hotel, and culminate in a grand finale in Lagos on November 11th, 2025, at the Federal Palace Hotel and Casino, Victoria Island.

    With TechConnect setting the standard, Interswitch continues to reinforce its role as a trusted partner in powering Africa’s digital transformation, advancing financial inclusion, and shaping a resilient and collaborative, innovation-driven future

  • Me Cure Industries grows turnover by 45% to N46 billion

    Me Cure Industries grows turnover by 45% to N46 billion

    Me Cure Industries recorded appreciable growths across key performance indicators in 2024 with turnover rising by 45 per cent to N46 billion.

    The company’s revenue rose from N31.7 billion in 2023 to N46 billion in 2024, driven by a strong focus on cost optimisation, product innovation, and regional market expansion.  Although profit before tax declined by 8.3 per cent to N3.3 billion, down from N3.6 billion in 2023 due to tough operating environment, shareholders were rewarded with a dividend payout of N600 million, translating into 15 kobo per share. Profit after tax decreased by 20 per cent from N2.9 billion to N2.3 billion.

     At the annual general meeting in Lagos, Chairman, Me Cure Industries, Samir Udani, said the performance of the company underscored the dedication, innovation, and adaptability of its management and staff in navigating challenging business landscape.

    According to him, during the year, the company launched 10 new products and commenced exports to neighbouring West African markets, further deepening its regional presence.

    He said: “In line with our growth strategy, we continued significant investments in facility upgrades to meet global Good Manufacturing Practice (GMP) standards. Our Lagos industrial complex now houses six standalone, NAFDAC-approved production plants, enhancing output capacity across tablets, capsules, and syrups.

    “On the innovation front, our in-house Research & Development team continued to develop new products, several of which are now awaiting regulatory approval from NAFDAC. We remain committed to the highest standards of corporate governance, transparency, and ethical conduct. Throughout the year, the board worked closely with management to strengthen internal controls, ensure regulatory compliance, and manage emerging risks. In alignment with the Nigerian Code of Corporate Governance and international best practices, our governance structure continues to evolve. We are prepared to take advantage of emerging opportunities”.

    Shareholders commended the performance against the backdrop of the inclement operating environment.

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    Coordinator, Pragmatic Shareholders Association, Bisi Bakare said the company has shown resilience.

    She said: “Despite the challenges in the economy, Me Cure was able to grow its revenue by 45 per cent. This shows resilience. The company also rewarded the shareholders with 15 kobo dividend per share. This is also commendable. Its investment in 10 new products will boost revenue in the nearest future”.

    Shareholders   that the decision of the founder of Me Cure Industries to invest in Nigeria would encourage more foreign investors to do the same.

    They commended the initiative and advised shareholders to patronise the company’s products as a way of supporting its operations.

    Shareholders urged the company to take advantage of the new government policy on tariffs to boost its operations and expand activities to more African countries.

  • Legend Internet gets Agusto’s investment-grade rating

    Legend Internet gets Agusto’s investment-grade rating

    Legend Internet Plc, an indigenous broadband service provider, has been assigned a long-term corporate rating of “Bbb-” and a short-term rating of “A3” with a Stable Outlook by Agusto & Co.

    Agusto & Co. noted that Legend’s strategic pause in customer activations during Abuja’s city-wide construction works has positioned the company to scale more efficiently as disruptions subside.

    The recently approved 50 per cent tariff hike by the Nigerian Communications Commission (NCC) is also expected to boost earnings and cash flow in the near term.

    Chief Executive Officer, Legend Internet Plc, Aisha Abdulaziz said the rating marked Legend’s inaugural rating since its incorporation in 2021 and represented a strong validation of the company’s business fundamentals and growth strategy.

    She said the rating reflected Legend’s satisfactory financial condition, supported by its cash-driven operations and low leverage.

    According to her, the rating also reflected robust infrastructure investments across the Federal Capital Territory (FCT), passing 250,000 homes with 22,000 connected and 10,000 currently active, improving profitability margins, with gross profit rising to 63.9 per cent in for year ending 2024-2025.

    Read Also: Agusto & Co. upgrades Axxela to ‘Aa-’

    She pointed out that the exemplary rating  was the outcome of cost optimisation measures and strong expansion prospects, including planned entry into Lagos via merger and acquisition, alongside organic growth in Abuja and future rollouts in Kano and Port Harcourt.

    She said: “ This is first-time rating from Agusto & Co. is a milestone achievement for Legend Internet Plc. It validates our resilience, prudent financial management, and commitment to building Nigeria’s most reliable broadband network. As we expand into Lagos and other key markets, this rating reinforces the confidence of our investors, partners, and customers in Legend’s ability to grow sustainably while powering digital lifestyles across Nigeria”.

    She said Legend Internet, which transitioned to a public limited company in April 2024, is advancing plans for a dual listing on the Nigerian Exchange (NGX) and the London Stock Exchange.

    She added that the company continues to diversify its ecosystem with complementary solutions such as LegendMail-Nigeria’s first commercial email platform; MailPay – proprietary fintech application, and Legend Omni-Fibre-to-the-Room – (FTTR) services introduced in partnership with Huawei.

    She said that with the rating, Legend Internet has strengthened its position as one of Nigeria’s leading broadband providers, building a stable foundation to accelerate growth, attract investment, and deepen digital inclusion nationwide.

  • ‘Why all lease agreement must be registered with regulator’

    ‘Why all lease agreement must be registered with regulator’

    Equipment Leasing Association of Nigeria (ELAN) has urged lessors and leasing companies to register all lease agreements with the Equipment Leasing Registration Authority (ELRA) to strengthen the economy.

    Executive Secretary, Equipment Leasing Association of Nigeria (ELAN), Andrew Emonuwa, said this during a capacity-building programme for ELRA staff with the theme “Equipment Leasing: From Principle to Practice.”

    Emonuwa said leasing remained a key financing option for businesses, especially in sectors such as agriculture, construction, transportation, healthcare and manufacturing, where access to equipment was critical for growth.

    In a statement signed by Adebola Sunday, Head, Media and Corporate Communication (ELRA) Emonuwa explained that proper registration of lease agreements would enhance transparency, provide accurate industry data, strengthen investor confidence and support policy formulation for the sector’s expansion.

    He said: “By registering lease agreements with ELRA, lessors will not only fulfill regulatory obligations but also contribute directly to building a stronger financial ecosystem.”

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    Emonuwa noted that compliance with registration requirements would stimulate capital formation, create jobs, and improve access to essential equipment for small and medium enterprises (SMEs), which are vital to Nigeria’s economic development.

    He commended ELRA’s innovation in the leasing industry, noting that the Authority had improved regulation, compliance and stakeholder engagement, thereby positioning the industry for a more significant role in Nigeria’s economic diversification efforts.

    Chief Executive Officer of ELRA, Donald Wokoma, welcomed the collaboration between ELAN and ELRA, describing it as a “win-win for all stakeholders.”

    Wokoma said the partnership would enhance regulatory oversight, promote industry cooperation, and reinforce leasing as a driver of sustainable economic growth.

    He reaffirmed ELRA’s commitment, under the supervision of the Federal Ministry of Finance, to fostering transparency, innovation and accountability in the leasing sector.

    He said the agency would continue to provide an enabling environment that ensures the leasing industry contributes meaningfully to national development.

    The training programme, he added, aimed to equip ELRA staff with the knowledge and tools needed to effectively implement policies, strengthen collaboration and promote best practices to advance the leasing profession nationwide.