The Nation Newspaper

Category: Money

  • SEC warns against investing in ‘Punisher Coin’

    SEC warns against investing in ‘Punisher Coin’

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has cautioned against investing in the cryptocurrency known as Punisher Coin or $PUN.

    In a statement yesterday, SEC said the promoters of the cryptocurrency are not registered to operate in any capacity within the Nigerian capital market.

    The Commission added that the promoters were engaging in unauthorized presale and acting without regulatory approval.

    SEC stated that it was disturbed several online publications blatantly advertising unauthorized presale of “Punisher Coin”, also known as “$PUN”, citing a newspaper’s report titled: “Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink as a Top Investment Pick”

    “The Commission hereby informs the public that neither “PUNISHER COIN” aka“$PUN” nor its promoters have been vetted nor registered by the Commission to either promote, launch, sale, trade or solicit investments from the Nigerian public,” SEC stated.

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    According to the Commission’s preliminary investigations, Punisher Coin falls under the category of “meme coins,” digital assets typically characterized by the absence of tangible utility or underlying projects.

    “Further investigation has revealed that Punisher coin or $PUN is a Meme coin. Meme coins generally have no use case, intrinsic value or tangible projects backing them. Any attributed value to meme coin is usually linked to its promoters or the community effort which most often than not are susceptible to pump and dump schemes-a form of fraudulent activity that involves promoters spreading false or misleading information to create a buying frenzy that “pumps” up the price of a ‘coin’ and then “dumps” the coin by selling their own coins at the inflated price. Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” SEC  noted.

    The SEC highlighted that the value of such coins is often driven by hype and social media buzz, making them vulnerable to market manipulation through schemes commonly known as pump and dump.

    SEC explained that these schemes involve promoters inflating the price of the coin through misleading claims, only to sell their holdings at the peak, leaving other investors exposed to significant losses when the hype fade dump.

    “The public is therefore strongly warned to be wary about investing in the purported presale of punisher coin ($PUN) as any person who invest in such a scheme, does so at his or her own risk.

    “The Commission similarly reminds investing public of the need to always Verify the authenticity of crypto and virtual or digital assets, the registration status of its promoters and trading platform via the Commission’s dedicated portal,” SEC stated.

  • Investors scramble for consumer goods companies

    Investors scramble for consumer goods companies

    Increased demand from excited investors have pushed consumer goods companies to the top of capital gains, with a year-to-date return of 40.65 per cent.

    A review of the Nigerian Exchange (NGX) at the weekend indicated that the NGX Consumer Goods Index, which tracks consumer goods companies, is the best-performing index so far this year.

    The performance of the consumer goods sector was driven by renewed investors’ appetite for large-cap sectoral leaders such as Nestle Nigeria and Nigerian Breweries.

    The NGX Consumer Goods Index is leading the market with almost a quadruple of the average market gain. The All Share Index (ASI)-which tracks all quoted equities at the NGX and serves as the benchmark index for the stock market, closed weekend with a year-to-date gain of 11.36 per cent.

    Other indices on the positive side included NGX Lotus Islamic Index, which tracks ethical stocks that comply with Islamic finance, recorded a gain of 22.75 per cent; NGX Pension Index, 19.98 per cent; NGX Banking Index, 12.32 per cent and NGX 30 Index, which rose by 10.73 per cent.

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    On the negative side, NGX Oil & Gas Index declined by 11.33 per cent. NGX Industrial Goods Index dropped by 2.42 per cent while NGX Insurance Index slipped by 1.43 per cent.   

    A breakdown showed that Nestle Nigeria-the most capitalised stock in the NGX Consumer Goods Index recorded a growth of 81.77 per cent to N1,590.50 per share by May 30, 2025, following an impressive first quarter ended  2025 results. Nestle Nigeria’s share price had opened 2025 at N875 per share. Average return in Honeywell Flour grew significantly by 233.3 per cent to close at N21 per share from N6.30 per share on the NGX while Northern Nigeria Flour Mills (NNFM) recorded a growth of 216.4 per cent. Golden Guinea Breweries was the only company that declined with a drop of 17.8 per cent to close May 2025 at N7.10 per share.

    Capital market analysts have attributed the soar demand for companies in the consumer goods index to recovery in first quarter 2025 corporate earnings.

    The foreign exchange policy by the Central Bank of Nigeria (CBN) of 2023 led to a sharp depreciation of the naira, adversely affecting companies in the consumer goods index.

    Analysts at Cordros Securities in a report urged investors to buy most stocks in the Consumer Goods Index, maintaining that an optimistic outlook for the food companies such as Nestle Nigeria, NASCON, given the essential nature of their products and their ability to implement price hikes more effectively than their peers, supported by a  favourable price/volume mix.

     “These companies also benefit from strong market share, extensive distribution networks, and consumer demand resilience, making them less affected by shifts in consumer purchasing power, providing a solid advantage in the medium term,” Cordros Securities stated.

    Managing Director, Highcap Securities, Mr. David Adnori attributed the performance of the consumer goods sector to massive interest in Nigerian Breweries, Nestle Nigeria and Cadbury Nigeria among others.

    He added that price sensitive information in June 2025 may continue to play a critical role in the companies’ downward or upward movement on the Exchange

    Analysts said the impressive performance reflected the resilience of Nigeria’s consumer goods industry, despite economic challenges.

    Analysts added that the growth in the index was a positive indicator for the overall market, suggesting that consumer goods companies are performing well and contributing to the country’s economic stability

  • Dangote Petrochemicals gets regulatory nod for listing

    Dangote Petrochemicals gets regulatory nod for listing

    • Refinery-linked shares to open for trading this month

    Dangote Petrochemicals, a spinoff of Dangote Refinery and Petrochemicals, may list its shares on the Nigerian stock market this month, allowing the general investing public to trade on the shares of the company.

    Chairman, Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga confirmed that Dangote Petrochemicals has applied for regulatory approval and could be listed before the end of this month.

    He said the upcoming listing of Dangote Petrochemicals on the Nigerian Exchange (NGX) is expected to strengthen the stock market.

    According to him, the listing is expected to attract significant investment, increase market capitalization, and enhance the overall performance of the NGX.

    He noted that by bringing one of Africa’s largest petrochemical companies to the stock market, the listing is poised to boost investor confidence and drive growth in the Nigerian capital market.

    “Dangote Refinery has already applied for their petrochemical listing, and we are working to ensure their inclusion before the end of the second quarter,” Kwairanga stated.

    He emphasized that the anticipated listing aligns with President Bola Tinubu’s economic agenda, which aims to expand Nigeria’s Gross Domestic Product (GDP) to $1 trillion by 2030.

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    According to him, key listings in the oil and gas sector, such as the planned sale of a stake in NNPC Limited and Dangote Petrochemicals, will play a vital role in achieving this goal.

    He highlighted NGX’s commitment to facilitating growth and investment in Nigeria’s financial markets.

    He added that enhanced market participation can drive long-term infrastructure development, improve business formalization, and reflect Nigeria’s true economic potential.

    However, he noted with concern that Nigeria’s stock market capitalization remains below 20 per cent of its GDP, whereas South Africa’s Johannesburg Stock Exchange exceeds its national GDP.

    Kwairanga further stressed the role of digital innovation in increasing market participation, citing the launch of NGX Invest, a digital platform designed to simplify primary market offers and expand financial literacy, particularly among students, youths, and members of the National Youth Service Corps (NYSC).

    He added that NGX is actively engaging institutional investors such as pension fund administrators and mutual funds, while also developing advanced financial products including exchange-traded funds (ETFs) for diversified investment, derivatives to enhance market sophistication, and ethical investment instruments, catering to specific investor preferences.

    Kwairanga highlighted ongoing efforts to integrate African capital markets, enabling investors in Nigeria to trade shares listed on stock exchanges in other African countries such as Ghana, saying that this cross-border linkage aims to create a more connected, robust financial ecosystem across the continent.

  • Ecobank appoints Adepoju Group Executive Director

    Ecobank appoints Adepoju Group Executive Director

    The board of Ecobank Transnational Incorporated (ETI) Plc, the parent company of the Ecobank Group, has appointed Ayo Adepoju, the current group chief financial officer (CFO), to the board as Group Executive Director, effective June 4, 2025.

    Ayo brought two decades of broad-based leadership experience and deep institutional knowledge as a proud product of the Ecobank Group.

    His expertise spanned financial management, capital markets, strategic planning, capital raising and structuring, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, and risk-based audit.

    As a distinguished finance executive, he has been instrumental in shaping the group’s financial transformation, capital strategy, and long-term resilience. Since joining Ecobank in 2012, he has held several key leadership positions, including Group Financial Controller, Group Head of Business Performance and Analytics, and currently Group CFO.

    Over the years, he has led numerous strategic initiatives, including landmark capital market transactions such as Eurobonds, Basel III-compliant instruments, and sustainability-linked debt. These efforts have significantly enhanced Ecobank’s presence in international capital markets and strengthened transparency and investor engagement.

    Prior to joining Ecobank, he worked at PricewaterhouseCoopers (PwC) in London and Lagos, serving in the Financial Services Practice.

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    Commenting on the appointment, Papa Madiaw Ndiaye, Chairman of the Ecobank Group, said Adepoju has  through his proven leadership fostered trusted relationships with the board, which made his appointment both natural and strategic for the group’s future.

    He said: “I believe that Ayo embodies Ecobank’s renewed talent philosophy, a homegrown leader with global exposure and a compelling track record. His intellect, integrity, and impact-driven leadership have long been evident. His appointment to the Board is a testament to our belief in recognizing and elevating excellence from within.”

    Jeremy Awori, Group Chief Executive Officer, added that Adepoju has played a critical role in strengthening Ecobank’s financial resilience and enabling sustainable business growth.

    “His ability to manage complexity, innovate in financial strategy, align finance with enterprise-wide transformation, and lead collaboratively has made him a critical member of our executive team. I look forward to deepening our partnership as we drive forward our Growth, Transformation and Returns strategy ,” Awori said.

    Adepoju holds a First-Class Honours degree from the University of Lagos and is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA), UK. He also holds an MBA from Warwick Business School and a Ph.D. in Organizational Leadership from Regent University, USA.

    He has completed executive education programs at Wharton, London Business School, and most recently in 2024, the Advanced Management Program at Harvard Business School. An official member of the Forbes Finance Council, he is also a published author and respected thought leader in finance and organizational strategy.

    Ecobank stated that the appointment reinforced Ecobank’s continued commitment to nurturing internal talent and promoting leadership excellence across Africa. 

  • Operators seek familiarisation window for ISA 2025

    Operators seek familiarisation window for ISA 2025

    The Association of Securities Dealing Houses of Nigeria (ASHON) has called for a cooling-off period before the full implementation of the newly signed Investment and Securities Act (ISA) 2025.

    The association stated that its members need time to familiarize themselves with new provisions in the Act.

    The new Act incorporates innovations such as digital assets, crowdfunding, and financial technology (FinTech), provides a clearer basis for regulating Virtual Asset Service Providers (VASPs) and digital investment products.

     It also empowers the Securities and Exchange Commission (SEC) to prosecute and jail an erring market operator.

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    Speaking at the Workshop, organised by ASHON on the implementation of ISA 2025, Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, commended the SEC on the ISA 2025 but pleaded for a cooling-off period to allow members to gain deeper knowledge of the new securities laws.

    Executive Commissioner for Operations of the Commission, Bola Ajomale, urged ASHON members to study the new ISA provisions and employ professionals to enhance their knowledge and interpretation of the Act.

    Ajomale advised market operators to adopt self-reporting to mitigate sanctions in the event of a breach.

    The Workshop featured presentations on “Translating the New ISA 2025 Act into Practice,” “Legal Perspectives on Digital Assets & Regulatory Frameworks,” and “The ISA 2025 and Digital Innovations.”

    Among the participants were ASHON’s 1st and 2nd Vice Chairman, Sehinde Adenagbe and Ify Ejezie respectively.

  • Zenith is ‘Best Bank in Nigeria’, says Global Finance

    Zenith is ‘Best Bank in Nigeria’, says Global Finance

    Zenith Bank Plc has been named “Best Bank in Nigeria” in the Global Finance Best Banks Awards 2025.

    The bank won the  award for the fifth time in six years. Zenith Bank was among winners from 36 countries in Africa recognised by the prestigious Global Finance in its 32nd Annual Best Bank Awards.

    The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success. Winning organizations managed their assets and liabilities in a savvy way despite the fast-changing interest rate scenarios.

    The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, as well as analysts worldwide. Factors considered in selecting the top banks ranged from the quantitative objective to the informed subjective. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.

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    Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, said: “We are thrilled to retain our position as the Best Bank in Nigeria for the fifth year since 2020.

    This achievement is a testament to our unwavering commitment to delivering exceptional customer service, innovative financial solutions and dedication to serving our customers with efficiency and a strong focus on corporate governance. We will continue to invest in our people, technology and processes to ensure that we consistently maintain the highest level of service delivery”.

    She lauded the contributions and efforts of the Bank’s key stakeholders – the Founder and Chairman, Jim Ovia, for his visionary leadership and role in laying the foundation for an enduring and successful institution, the Board for the consistent guidance they provide, the staff for their commitment and dedication, and the Bank’s customers for their unwavering loyalty and support to the Zenith brand.

    Publisher and editorial director of Global Finance, Joseph D. Giarraputo, said: “Global banking continues to adapt and evolve, meeting challenges and capitalizing on opportunities with resilience and innovation. AI has quickly taken a pivotal role in the transformation of banking, and its growth promises to reshape the financial sector at an unprecedented pace.” He added that: “Global Finance’s Best Bank Awards honor financial institutions that excel in diversity of offerings, long-term stability, and technological innovation.”

    Global Finance’s “Best Banks Awards” are recognised amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in 150 countries and territories across Africa, Asia Pacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

    Founded in 1987, Global Finance regularly selects the top performers among banks and other financial services providers, and the awards have become a trusted standard of excellence for the global financial community.

    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 fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. 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 and in 2024, 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 four consecutive years from 2021 to 2024 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 2022, 2023 and 2024 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 Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 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 in 2024 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.

  • Unity Bank unveils banking apps

    Unity Bank unveils banking apps

    Retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of eight and 18 with essential financial skills and deepen financial literacy.

    The launch is coming on the heels of a report by the Central Bank of Nigeria (CBN), which found that only 38per cent of Nigerian adults are financially literate. This alarming statistic underlines the urgent need for early financial education.

    GenFi, therefore, aims to reverse this trend by offering young users the platform to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.

    Speaking at the official launch event in Lagos, the Managing Director/Chief Executive Officer (Ag) of Unity Bank Plc, Mr. Ebenezer Kolawole, said the launch of the Genfi App represents a significant milestone since Unity Bank’s foray into retail Banking started several years ago, adding that “as the Bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market”.

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    Mr. Kolawole explained that Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.

    He said: “GenFi is short for Generation Finance, and with this app, the Bank is pioneering solution designed to empower Children, Teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a Personal Finance Management Solution.

    “GenFi is a market proposition that helps us address a critical knowledge gap among our kids and Teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy.”

    Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs. Adenike Abimbola, described GenFi as a financial product that goes beyond Banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian Children through an engaging and gamified platform.

    “Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s why we created GenFi, not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age,” Abimbola explained.

    The Genfi platform leverages behavioural science and gamification to make financial learning fun and practical. Parents can monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.

    “Imagine a 12-year-old setting a goal to save for a bicycle, not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” Abimbola said.

    Speaking after the launch, one of the students who attended the launch event, Master Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.” He expressed confidence that the app will gain global reach and become popular among the target demographics.

    Also, a guest at the launch and school proprietor, Sylvia Ezeora, described the Genfi app as “user-friendly, educational, and motivational for children”. She noted that beyond teaching financial literacy, “the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility”.

    Another guest and parent, Genevieve Adindu, commended Unity Bank for the innovative solution, tailored for children aged 8 to 18, and noted that Genfi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education”.

    GenFi is positioned as a national benchmark for youth-focused digital banking, with the potential to drive economic inclusion and sustainability across generations. The launch event was attended by key stakeholders from the education and finance sectors, technology partners, media, and young students who will be among the early adopters.

  • Maasai Technologies unveils exit platform for startups

    Maasai Technologies unveils exit platform for startups

    Maasai Technologies has launched a new platform designed to help African startups plan and execute successful exits.

    The Merger &Acquisition (M&A) platform addresses a critical gap in Africa’s startup ecosystem, where founders often lack viable exit pathways when growth plateaus or funding becomes scarce. The platform arrives at an important time in the evolution of Africa’s startup ecosystem.

    According to The African Tech Startups Funding Report, while the overall number of M&A deals fell by 20 per cent in 2024 compared to the previous year, strategic acquisitions rose significantly, representing 50 per cent of all deals in 2024 compared to just 6.7 per cent in 2023.

    This trend signals a growing recognition of the importance of strategic exits and market consolidation fostered by the buying and selling of startups in Africa.

    “The conversation within the African tech ecosystem has focused almost exclusively on fundraising and growth, with exit planning treated as an afterthought,” co-founder of Maasai Technologies, Segun Cole, said.

    Speaking at a product demo where he talked about the future of exits in Africa, Cole said: “A lot of founders don’t know when or how to exit their business. The mantra is ‘If it happens, it happens.’ But having a clear exit strategy is just good business practice, regardless of market conditions.

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    “Maasai’s all-in-one platform offers tools for buyers, sellers, and portfolio managers including valuation assistance, due diligence support, and a verified marketplace to buy and sell startups.”

    The company, he said, aims to address key challenges African founders face during acquisitions, including proper documentation, accurate valuation, and finding the right buyers who understand the unique potential of their businesses.

    Co-founder, Izin Akioya, explained that Maasai’s intelligence and M&A CRM (Customer Relationship Management) features “will enable portfolio managers combine access to M&A deal flow with centralized exits optimization tools, and just-in-time risk management.”

    She added that “By consolidating the M&A opportunity across Africa, we are expanding the market and setting the stage for secondary trades on the continent.”

    The platform arrives as Africa’s investment landscape faces significant shifts, with active investors felling by 34.3 per cent in 2024 to 346, down from 527 in 2023. Startup Graveyard reported that among African startups that shut down in 2024, 45 per cent did so due to lack of funding.

    “Exit planning shouldn’t start when you’re desperate to sell or in distress,” Cole noted, adding, “You’ll be approaching your exit from a disadvantaged position. Our platform helps normalize exit planning as part of responsible business stewardship and makes the process accessible to founders across the continent.”

    Maasai’s platform offers specialised tools for different stages of the exit journey, from initial valuation to final transaction. For sellers, the platform provides confidential listing capabilities and buyer verification.

    Buyers benefit from due diligence support portfolio management tools and a marketplace to buy startup companies.

    “By facilitating strategic exits and acquisitions, Maasai aims to contribute to a more mature ecosystem where value flows efficiently between companies at different stages, creating a self-sustaining environment that benefits all stakeholders,” Cole said.

  • ECOWAS, Ecobank drive alternative energy solutions

    ECOWAS, Ecobank drive alternative energy solutions

    The Economic Community of West African States (ECOWAS), in collaboration with Ecobank Nigeria and the World Bank, has trained more than 100 entrepreneurs in Nigeria through a specialized program focused on small and medium-sized enterprises (SMEs) in the off-grid photovoltaic solar energy sector.

    This initiative forms part of the Regional Off-Grid Electricity Access Project (ROGEAP), which seeks to promote the development of a regional market for standalone solar energy systems. ROGEAP is funded by the World Bank, with additional support from the Clean Technology Fund (CTF) and the Directorate General of International Cooperation (DGIS) of the Government of the Netherlands.

    El Hadji Sylla, Senior Adviser at the ECOWAS Commission’s ROGEAP, disclosed this during a three-day Entrepreneurship Business Training held in Lagos, organized in collaboration with Ecobank. He noted that Nigerian SMEs have already benefited from grants totaling $800,000 under the project, aimed at increasing participation in the off-grid solar energy value chain.

    Sylla explained that the capacity-building workshops, conducted in both Abuja and Lagos, were designed to enhance the technical and financial capabilities of SMEs focused on solar energy. The objective is to better position these businesses for growth and long-term sustainability in the renewable energy sector.

    He also stated that ECOWAS is in discussions with Ecobank Group to establish mechanisms that would allow the bank to offer both technical and financial support to SMEs in the solar energy ecosystem. This includes extending direct credit lines to eligible businesses.

    According to Sylla, the first component of ROGEAP—led by the ECOWAS Commission—centers on the creation of a strong regional market for off-grid solar solutions. A key strategy involves equipping SMEs with the skills to develop technically sound and financially viable projects that meet commercial lending standards.

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    “This year, we have worked closely with Ecobank Nigeria to align solar-focused SME portfolios with the bank’s financing requirements,” Sylla said. “Our goal is to ensure that the submitted projects are not only technically feasible but also bankable.”

    Also speaking at the event, Salamatu Baba Tunwzang, Team Lead at ROGEAP’s Entrepreneurship Support Facilities, emphasized that the program goes beyond technical training. She highlighted that participating SMEs are also being prepared to access ROGEAP grants and other funding opportunities.

     “When businesses join our network, they gain access to both technical assistance and financial resources,” she said. “We also build the capacity of technical installers, who can equally benefit from these opportunities. It’s a comprehensive support system—they receive funding, technical training, market intelligence, and valuable networking opportunities for collaboration.”

    In his remarks, Managing Director of Ecobank Nigeria, Bolaji Lawal, reiterated the vital role SMEs play in driving economic sustainability and inclusion. Represented by Otega Aghogho Odjegna, Regional Head for the Apapa-Isolo Region, Lawal described SMEs as the “lifeblood of any economy,” pointing out that they contribute over 80 percent of employment across West Africa.

    He further noted that this initiative aligns with Ecobank’s ELLEVATE program and the Single Market Trade Hub, both of which aim to equip SMEs with tailored financial solutions, digital tools, and strategic insights to help them scale and compete in broader markets.

  • Transcorp Group grosses N144b in three months on cross sectoral growths

    Transcorp Group grosses N144b in three months on cross sectoral growths

    • Analysts place “buy” on stock, raise target price

    Transnational Corporation (Transcorp) Plc grew its top-line by 62 per cent to N143.7 billion, riding on the back of considerable growths across its business lines.

    Transcorp, Nigeria’s leading listed conglomerate with strategic investments in the power, hospitality, and energy sectors saw 70 per cent increase in revenue from the power business and 52 per cent growth in turnover from the hospitality business.

    Key extracts of the interim report and accounts of Transcorp for the first quarter ended March 31, 2025 showed that group gross revenue rose from N88.5 billion in first quarter 2024 to N143.7 billion in first quarter 2025. Group gross profit increased to N73.31 billion in first quarter 2025 as against N46.21 billion in first quarter 2024. Profit before tax rose to N49.41 billion compared with N45.68 billion in first quarter 2024. The first quarter 2024 profit was boosted by a one-off exceptional income of N11 billion realised from disposal of shares.

    Further analysis showed that the group’s strong performance was driven by significant contributions from its subsidiaries. The power businesses delivered robust revenue growth of 70 per cent, reaching N126.8 billion in first quarter 2025, up from N74.8 billion in first quarter 2024. Transafam Power, acquired in November 2020, achieved 212 per cent revenue growth from N6.9 billion to N21.4 billion. Transcorp Hotels’ revenue rose by 52 per cent from N13.8 billion to N21 billion.

    President and Group Chief Executive Officer, Transnational Corporation (Transcorp) Plc, Dr. Owen Omogiafo said the first quarter 2025 performance underscored the strength and resilience of the group’s business operations, reaffirming its ability to generate sustainable value for its investors.

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    “Our first quarter 2025 financial results underscored the strength of our execution, resilient business model, and unwavering commitment to delivering sustained value to our shareholders, even in a challenging market landscape,” Omogiafo said.

    Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20 per cent of Nigeria’s installed power capacity.

    Transcorp has reiterated its commitment to developing Nigeria’s domestic energy value chain through its investments in OPL281. The group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

    Analysts at CardinalStone have revised their target price for Transcorp upward, citing the company’s impressive performance in the first quarter.

    They noted that the first quarter 2025 performance, which came on the heels of an exceptional 2024, when the group recorded a 189.7 per cent increase in earnings to N94.1 billion, reinforced confidence that the group would sustain its strong earnings trajectory into the 2025 financial year.

    “We are of the view that Transcorp’s performance in 2025 will be shaped by the successful transition to a bilateral trading arrangement in line with the Electricity Act 2023, which offers enhanced revenue stability and improved cash flow management for the power business.”

    Additionally, the sustained growth in key hospitality performance metrics— such as Average Daily Rates (ADR) and occupancy rates— supported by additional revenue from the 5,000-capacity event centre further bolsters our outlook for the group,” CardinalStone stated.

    Analysts revised the group’s target price to N61.10 per share, while retaining the “buy” recommendation on the stock.