Category: Business

  • MultiChoice slashes decoder prices

    MultiChoice slashes decoder prices

    The popular pay-TV provider, Multichoice, has slashed the price of the DStv decoder from N10,000 to a N7,900, while the GOtv decoder price dropped to N6,500.

    This second major adjustment in months, effective since November 1, is part of the company’s commitment to serve customers better and provide affordable access to premium entertainment.

    The new price adjustment follows an earlier reduction in June, under the company’s “We’ve Got You” campaign. Then, MultiChoice adjusted the price of a DStv decoder by 50per cent from N20,000 to N10,000, and the GOtv decoder went from N18,600 to N9,900.

    READ ALSO: No religious persecution in Nigeria, Tuggar insists

    MultiChoice’s Executive Head of Marketing, Tope Oshunkeye, explained that the move is to ensures that entertainment remained affordable for all Nigerians as the festive season approaches.

    This would be a great opportunity for more families to spend quality time together, enjoying local and international programming without putting too much pressure on their pockets, the company said.

  • Doherty faults FIRS on 15% petrol import duty

    Doherty faults FIRS on 15% petrol import duty

    By Sherifdeen Amusa

    A financial expert, Funsho Doherty has faulted the 15 per cent tariff tax on imported petrol and diesel recently approved by President Bola Tinubu.

    Doherty, who had worked at Goldman Sachs & Co., PNC Advisors, Arthur Andersen and was also the pioneer Managing Director of ARM Pension Managers and Pensions Alliance Limited, warned that the decision risked deepening financial strain on the citizens.

    The 15 per cent import duty on petroleum products which was approved following a proposal from the Federal Inland Revenue Service (FIRS) could raise fuel prices by about N100 per litre and intensify inflationary pressures nationwide.

    Doherty, in an open letter to Senate President Godswill Akpabio, called for a legislative investigation into what he described as “an ill-timed and questionable policy shift”.

    He said the decision risked deepening the financial strain on citizens already battling the fallout of fuel subsidy and foreign exchange reforms.

    READ ALSO: Abba Kyari denies ownership of property linked to him

    “This policy represents a fundamental and ill-timed change. It follows two major shocks — the removal of petrol and foreign exchange (forex) subsidies — which have already pushed prices up five fold in just two years. Nigerians can least afford another increase at this point,” Doherty stated.

    He also faulted the origin and process of the proposal, noting that customs and excise duties were trade policy matters outside the statutory powers of the FIRS.

    He said: “It is unclear why this proposal originated from the FIRS. The appropriate institutions are the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Ministry of Trade and Investment”.

    He lamented that the 15 per cent tariff shields producers from market risks while transferring costs to consumers.

    “The current arrangement allows producers to have it both ways — recovering costs when prices fall and passing on increases when prices rise,” he said, calling for greater transparency around the so-called “cost recovery” mechanism.

    Doherty urged the National Assembly to summon the NMDPRA, the Trade Ministry, and key industry operators to explain the circumstances surrounding the new duty and its implications for consumers. He also called for open and transparent hearings to keep the public informed.

    He added that major local refiners, including the Dangote Refinery, already enjoyed substantial fiscal incentives such as tax waivers and duty-free operations under export processing zone status, making further tariff protection unnecessary.

    The development comes amid growing concern over Nigeria’s rising cost of living.

    Since the removal of fuel subsidies in May 2023, petrol prices have increased from about N185 per litre to about N1,000 in most parts of the country. Analysts warn that a new import duty could push prices upward with ripple effects on transport, food prices, and manufacturing costs.

    “This further price shock would worsen inflation and household poverty,” said a Lagos-based economist, who described the policy as “pro-industry but anti-consumer”.

  • Neimeth posts N5b turnover in Q3

    Neimeth posts N5b turnover in Q3

    Neimeth International Pharmaceuticals Plc grew its sales by 62 per cent to N5.01 billion in the third quarter, underlining the expansion in the company’s business activities.

    Key extracts of the interim report and accounts of Neimeth for the nine-month period ended September 30, 2025 released at Nigerian Exchange (NGX) showed that total revenue grew to N5.01 billion in third quarter 2025 as against N3.09 billion in the corresponding period of 2024. Increased sales revenue also led to a 71 per cent increase in gross profit, which stood N2.49 billion. Operating profit rose by 120 per cent to N1.66 billion.

    While growing the top-line, the company was able to manage costs. Marketing and distribution expenses grew by six per cent from N412.7 million to N437.4 million. Administrative costs grew by 67 per cent on the back of inflationary pressure and foreign exchange (forex) fluctuation.

    However, a 198 per cent rise in finance costs from N442.7 million to N1.3 billon negatively affected the bottom line. Net profit rose marginally by nine per cent to N339.8 million from N310.4 million.

    The company’s balance sheet indicated continued growth. Total assets grew to N13.35 billion, an increase from N11.99 billion at the end of December 2024. Total liabilities also increased to N11.35 billion from N10.34 billion. Consequently, net assets improved by 21 per cent to N1.99 billion, up from N1.65 billion at the start of the period, reflecting the profit generated during the year.

    READ ALSO: Abba Kyari denies ownership of property linked to him

    Further analysis showed that the company’s cash flow activities reflected its operational expansion and financing structure. For the nine-month period, Neimeth generated strong positive cash flow from its core operations, amounting to N1.5 billion. A significant cash outflow of N1.42 billion was recorded for financing activities, predominantly for the payment of finance costs.

    The company’s equity base was strengthened by its profitability during the period. Starting with an opening equity of N1.65 billion, the addition of the N339.8 million profit for the period brought the total equity to N1.99 billion by September 2025. Earnings per share (EPS) stood at 7.95 kobo, up from 7.27 kobo in comparable period 0f 2024.

  • Start-ups in Nigeria, others raise over $442m

    Start-ups in Nigeria, others raise over $442m

    Start-ups in Nigeria and other African countries have raised over $442million in funding in October (exc. exits), the second-best month this year, behind July. 76 per cent of the total ($334million) was raised as equity, making it the best performing month in terms of equity funding in 2025 so far.

    The two largest deals came from Spiro who raised $100million, the largest-ever investment in an e-mobility start-up on the continent, and Moniepoint which topped up their latest mega-round with an extra $90million. Tagaddod, Ctrack, and Mawingu all also raised $20million or more in equity, according to data compiled by an organization that tracks and analyzes start-up funding activity across the African continent, Africa: The Big Deal.

    The rest is almost exclusively debt – in line with the overall trend, including two large bond issuances: $71million by MNT-Halan and $23million by valU. Overall, 53 ventures raised at least $100k last month, which is above average if compared with the few months.

    “The good news is that – as we covered in our previous post – it also means that things are looking up for the ecosystem, with all key growth indicators green and double-digit growth (almost) across the board.

    Indeed, in 2025 so far start-ups in Africa have already raised $2.65 billion in total, which represents +56 per cent growth if we compare to the same period last year. It is also higher than the comparable period in 2023.

    READ ALSO: No religious persecution in Nigeria, Tuggar insists

    “If we focus exclusively on equity, we see growth once again: +31per cent YoY, and virtually the same amount as Jan-Oct 2023. Same story when it comes to the number of ventures who have raised at least $1million since the beginning of the year (179, +13 per cent YoY), which is both higher than the same period in 2024 (159) and in 2023 (178). Hopefully the end of 2025 can match the strong closing of 2024 when start-ups had raised $540million in November-December.

    “If we look at the past 12 months (Nov 24 – Oct 25), the story is equally encouraging: $3.2 billion were raised over that period (+50per cent YoY), including $1.9 billion in equity (+38per cent YoY); 207 ventures (+8per cent YoY) raised at least $1million over the period. While the performance over the next couple of months will determine how well the ecosystem does in 2025 overall, and whether the upward trend gets confirmed, there is definitely room for optimism,” the organisation said.

  • Rite Foods commits to corporate responsibility

    Rite Foods commits to corporate responsibility

    Food and beverage company Rite Foods Limited has reaffirmed its commitment to ethical business practices and corporate responsibility.

    The company gave the reaffirmation  during this year’s ‘Corporate Compliance & Ethics Week’ the observance it said emphasised the company’s belief that compliance is not just a rule to follow; it is a culture, a value, and a way of life embedded in every aspect of its operations.

    Established in 2005, Corporate Compliance & Ethics Week aims to raise awareness about the importance of ethics and compliance within organisations.

    Its guiding principles, awareness, recognition, and reinforcement serve as a reminder that strong values and responsible actions are the foundation of lasting business success.

    For Rite Foods, the celebration provided an opportunity to reflect on its long-standing principles of accountability, transparency, and excellence, which have guided its remarkable growth and industry leadership over the years.

    READ ALSO: No religious persecution in Nigeria, Tuggar insists

    Through a series of engaging internal activities, knowledge-sharing sessions, and awareness drives, the company encouraged employees and vendors to take pride in doing the right thing even when no one is watching.

    Speaking on the significance of the initiative, Managing Director/CEO of Rite Foods Limited, Mr. Seleem Adegunwa, noted that the company’s success is deeply rooted in integrity, accountability, and respect for both people and processes.

    “At Rite Foods, compliance is not just a requirement, it is a mind-set. It defines who we are, how we operate, and the standards we uphold.

    “We hold ourselves accountable to the highest ethical standards, and this commitment shapes our relationships with employees, consumers, and partners alike,” he said.

    Similarly, Head, Legal & Company Secretary, Oluyemi Lawal-Daki, emphasised that Compliance Week reflects the company’s proactive approach to ethics and governance.

    “Our goal is not just to meet compliance obligations but to live them daily. Every employee understands that integrity and compliance form the backbone of sustainable business success,” she stated.

    Through milestones like Compliance Week, Rite Foods Limited continues to strengthen its reputation as a responsible organisation that places compliance and integrity at the heart of its brand philosophy.

    The company remains steadfast in its mission to deliver world-class products while ensuring that every operation aligns with the highest standards of ethics, governance, and sustainability.

    Rite Foods Limited plays in the food and beverage sector with a diverse range of high-quality products, including beverages, sausages, and premium water.

    The company, driven by innovation, excellence, integrity and accountability, continues to deliver refreshing experiences and lasting value to millions of consumers across Nigeria and beyond.

  • T2, CIArb partner on confab

    T2, CIArb partner on confab

    Chartered Institute of Arbitrators (CIArb) Nigeria Branch has announced T2 as the Exclusive Technology Partner for its Annual Conference and Gala Night 2025, scheduled to take place from 12th to 14th November 2025 at The Jewel Aieda, Hakeem Dickson Road, Lekki, Lagos.

    This year’s conference, themed “Connecting the Dots: Core Principles, Innovation, and Meaningful Outcomes in ADR,” brings together legal practitioners, corporate executives, policymakers, and industry leaders to explore emerging trends and innovations shaping the future of Arbitration and Alternative Dispute Resolution (ADR).

    The conference has earned a distinguished reputation as the leading business disputes event in Nigeria and across the region.

    As the Exclusive Technology Partner, T2 will provide the digital backbone of the event, ensuring seamless connectivity, high-speed internet access, and real-time digital engagement for all delegates. The partnership will support live streaming, interactive sessions, and hybrid participation, delivering an immersive and inclusive experience for both onsite and virtual attendees.

    Senior Vice President, Corporate Services, at T2, Ifeloju Alakija, said: “At T2, we see technology not just as a tool, but as a lifestyle enabler that connects people to new possibilities. Our partnership with CIArb Nigeria reflects our mission to deliver seamless connectivity and smart digital solutions that empower individuals and institutions to work, learn, and live better.

    READ ALSO: Abba Kyari denies ownership of property linked to him

    “Being part of this year’s CIArb Conference allows us to showcase how technology can elevate experiences beyond connectivity, creating an ecosystem where innovation meets meaningful outcomes. We’re proud to align with CIArb Nigeria in promoting both technological advancement and digital inclusion across Africa.”

    The CIArb Nigeria Annual Conference remains a cornerstone event for Nigeria’s arbitration, legal and business communities, offering a vital platform for knowledge exchange, collaboration, and professional development. The partnership with T2 underscores the growing role of technology in driving innovation and efficiency within the dispute resolution ecosystem.

  • Customs, AfCFTA strengthen partnership

    Customs, AfCFTA strengthen partnership

    Comptroller-General of Customs (CGC), Adewale Adeniyi, has reaffirmed the commitment of Nigeria Customs Service (NCS) to work closely with the African Continental Free Trade Area (AfCFTA) Secretariat to strengthen intra-African trade, improve data reliability, and dismantle structural barriers limiting trade integration across the continent.

    Adeniyi made the pledge yesterday, during a courtesy visit to the AfCFTA Secretariat in Accra, Ghana, where he met with senior officials to deepen collaboration on trade facilitation and institutional cooperation.

    The visit also secured the AfCFTA’s endorsement for the upcoming Customs–Partnership for African Cooperation in Trade (C-PACT) conference, scheduled to hold in Abuja from November 17 to 19, 2025.

    “The AfCFTA Secretariat has been beneficial in mobilising African Customs and economic operators. We have received a concept note from the Secretariat and have engaged in a series of meetings. We now have a clear direction in which we want to go during the meeting in Abuja on November 17,” Adeniyi said.

    He commended the Secretariat for its continued efforts in mobilising Customs administrations, development partners, and trade stakeholders to realise Africa’s full trade potential, noting that the partnership has created a clear roadmap for Customs collaboration under the AfCFTA framework.

    READ ALSO: No religious persecution in Nigeria, Tuggar insists

    According to him, one of the major outcomes of recent engagements is the consensus that Customs administrations must lead efforts to address deficiencies in trade data across the continent.

    “Most importantly, we have heard discussions centring around the fact that Customs needs to take the front role in addressing the issue of deficiencies in our trade data across the continent. This is a challenge that I have accepted to play, working with my colleagues,” Adeniyi said.

    He further stressed the need to strengthen the structure established by the AfCFTA Secretariat that brings together heads of Customs administrations under one umbrella, saying it is essential to achieve long-term coordination and policy consistency.

    “The existing structure that brings together all heads of Customs under the AfCFTA must be reinforced. Once the Customs Pact is institutionalised, it should be able to operate effectively within the Secretariat’s framework to drive sustainable trade facilitation,” he said.

    The Customs boss identified poor data integration, policy fragmentation, and weak inter-agency cooperation as critical obstacles to unlocking Africa’s trade potential. He expressed optimism that the C-PACT conference in Abuja would set a new benchmark for Customs cooperation and data-driven trade governance across Africa.

    Responding, the Secretary-General of the AfCFTA Secretariat, Wamkele Mene, welcomed the Nigerian delegation and commended the NCS for its leadership role in driving continental Customs collaboration.

    He acknowledged persistent challenges to trade growth in Africa, such as inadequate logistics infrastructure, high transportation costs, and limited inter-agency coordination. Mene stated that the Secretariat continues to engage Customs administrations, ministries of trade, and private sector stakeholders to foster sustainable trade facilitation and stronger inter-ministerial synergy.

    Expressing optimism about the forthcoming C-PACT conference, Mene said it would provide a valuable platform to address these barriers and develop actionable solutions.

    “We believe the C-PACT meeting in Abuja will strengthen our collective resolve to harmonise Customs practices, improve data accuracy, and promote efficient cross-border trade,” he said.

    The AfCFTA Secretary-General also revealed plans to institutionalise the C-PACT conference as an annual continental dialogue platform to sustain discussions on Customs cooperation and data integration. He cited the Secretariat’s existing partnership with the World Customs Organisation (WCO) as a model for promoting private sector inclusion and facilitating the rollout of electronic certificates of origin across Africa.

    Mene further disclosed that discussions are ongoing around establishing a Single Bond Guarantee Scheme to strengthen the AfCFTA’s Annex on Transit, streamline border operations, and enhance regional logistics efficiency.

    He emphasised the central role of Customs administrations in implementing the AfCFTA Agreement, particularly in shaping trade data systems, developing mutual recognition frameworks for Authorised Economic Operators (AEOs), and managing trade statistics.

    “Customs administrations are at the heart of AfCFTA implementation. Their active participation is vital to achieving credible data systems, efficient AEO programmes, and harmonised trade procedures across the continent,” Mene said.

  • Transcorp lists drivers of Q3 performance

    Transcorp lists drivers of Q3 performance

    Transnational Corporation of Nigeria (Transcorp) Plc has listed key drivers of the sterling performance it achieved in its unaudited third quarter 2025 financial results.

    Speaking yesterday during the investors’ call and Transcorp Q3 Analyst Presentation, President and Group Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Dr. Owen Omogiafo, said Electricity Act 2023 which enabled state level regulation, allowing states to develop their own electricity markets and attract localised investments, supported the group’s operations.

    On its own, the group upgraded operational efficiency through continuous process improvement initiatives.

    Likewise, the growth in grid-connected generation capacity, with average available capacity rising to 5,639 MW and plant availability factor improving to 41 per cent also boosted the business success.

    Omogiafo said that the Group has secured government building approval for the Transcorp Ikoyi Hotel.  “One of the great strides we’ve made is that we’ve secured the government building approval and received the government’s consent for that development. As you know, the development is across 24 floors. We’re going to have 900-seater ballroom, modernized back of house facilities,“ she said.

    She said that Heirs Energies Limited has been instrumental to the turnaround of the Transafam Power Limited, because they usually supply the plants the necessary gas to keep the turbines running effectively. That has led to a turnaround in the amount of power being generated and supplied to the grid.

    READ ALSO: Abba Kyari denies ownership of property linked to him

    Transcorp reported a 39 per cent increase in revenue to N413.4 billion in its unaudited third quarter 2025 financial results.

    The growth also delivered strong growth across business lines as Profit Before Tax (PBT) grew by 18 per cent, closing at N124.5 billion, compared to N105.5 billion in the same period last year.

    Transcorp Group maintained its strong growth trajectory, driven by the Company’s resilient business strategy and operational excellence.

    Other key highlights of the results showed that all operating units recorded significant growth, with the increased power generation capacity at the Group’s power plants and expansion in the hospitality revenue stream with the inclusion of the 5,000-capacity Transcorp Centre Abuja.

    The group profit before tax rose by 18 per cent to N124.5 billion, up from N105.5 billion in third quarter 2024 while profit after tax increased by 20.5 per cent, reaching N91.4 billion, compared to N75.9 billion in 2024.

    ”The Group maintained a gross profit margin of 48 per cent, reflecting disciplined cost management and strategic pricing across its business units, underpinned by a strong ethos of operational efficiency.

    Continuing, Omogiafo said Transcorp Group continues to grow its revenue and profitability with a strong sense of focus on corporate governance and due diligence in its operations.

    He said: “Nigeria needs all the energy sources that it can get. We are rich in oil and gas. We’ll leverage it. We have solar. We’ll leverage it. We have hydro, we will leverage it, and that is what we’re going to do. So overall, for us in Transcorp, we shall continue to drive the purpose of improving lives and transforming Africa, creating value for all our stakeholders.”

    She explained that surpassing full year revenue just in nine months, remains an impressive outing which continues to excite investors.

    Speaking on the renewable energy sector opportunities, Omogiafo said: “But perhaps, let me just pull your attention to the value that is coming up in the renewable energy space. Today, in Nigeria, the grid takes only about five gigawatts of power, but we know that Nigeria needs over 50 gigawatts of power, and we also have evidence that there’s 41 gigawatts of power that is being produced independently by people. That tells you there is significant value that is still coming up.”

  • Ondo Cocoa farmers protest new forest policy

    Ondo Cocoa farmers protest new forest policy

    Concerned cocoa farmers operating in the forest reserves of Idanre and Akure, Ondo State, have protested against the newly proposed Forest Farming Policy introduced by the Governor Lucky Aiyedatiwa administration.

    Their protest was contained in a letter dated October 30, 2025, signed by their  counsel, Prof. Olugbenga Oke-Samuel, Principal Partner of Lawville Legal Practice, Akure, and obtained by The Nation yesterday.

    It was gathered that under the proposed policy, farmers cultivating cocoa within forest areas were required to pay N250,000 per hectare, comprising N150,000 for polygon mapping and N100,000 for agro-forestry, with a five-year farming permit.

    The initiative, according to government officials, was introduced in line with the European Union’s Deforestation Regulation (EUDR).

    However, the aggrieved farmers described the new charges as “unreasonably high, discriminatory and financially burdensome,” warning that the policy could cripple cocoa production and push thousands of smallholder farmers into economic hardship.

    They noted that the policy came at a time the cocoa market was already under severe stress, with prices reportedly plunging from N14,000 to N6,000 per kilogramme.

    READ ALSO: No religious persecution in Nigeria, Tuggar insists

    The farmers also complained that the Ministry of Agriculture recently raised  cocoa grading fee from N11,000 per tonne to a rate that translated to N22,000 per kilogramme – amounting to about N660,000 per trailer of cocoa.

    “Our members are smallholders. They are being asked to shoulder costs that even big investors will struggle with,” the petition read.

    The farmers reminded the government that they already paid N20,000 per hectare under the existing arrangement, saying it was their commitment to environmental compliance using the forest.

    They questioned why the state could not subsidise the mapping exercise, pointing out that exporters currently conduct mapping for free in non-forest communities and sometimes provide incentives to farmers.

    “The N100,000 levy for tree planting is excessive. A measure of seeds capable of producing 1,000 trees costs only N5,000. This raises concerns about the fairness and transparency of the Agro-Forestry component,” the letter read.

    The farmers further alleged disparity in treatment, noting that while smallholders were restricted to five-year permits, large-scale investors enjoyed long-term leases at significantly lower costs per hectare.

    They cited examples such as: JB Farms Ltd (Ore-Otutule Forest Reserve) – 14,000 hectares, 50-year permit, N50 million annually (N3,572/ha), SAO Agro Ltd – 10,000 hectares, 80-year permit, N20 million annually (N2,000/ha) and Tropic Palm Oil Ltd (Ute Owo Forest Reserve) – 14,000 hectares, 40-year permit, N30 million annually (N2,150/ha)

    “Cocoa trees have a productive lifespan of over 40 years. It is unjust to restrict indigenous farmers – many of whom were previously unemployed – to a five-year permit while granting investors decades-long access,” the letter stated.

    The farmers pleaded with Aiyedatiwa to review the N250,000 levy per hectare and extend the permit duration to at least 50 years to enable them benefit from their long-term investments.

    They, however, called for a review of agro-forestry charges to reflect actual market costs of tree planting and demanded government subsidy for polygon mapping to aid compliance with the EUDR.

    “Your Excellency, our clients believe in your commitment to equity, sustainability, and inclusive development. We trust that you will consider their plight and act in the interest of fairness and economic justice,” it added.

  • Protect Diaspora investments, Winhomes boss urges Tinubu

    Protect Diaspora investments, Winhomes boss urges Tinubu

    A Nigerian entrepreneur and US-based diaspora investor, Mrs. Stella Ifeoma Okengwu, has issued a passionate appeal to President Bola Ahmed Tinubu, urging him to prioritise the protection of lawful investments and address the worsening socio-economic indicators with renewed courage and accountability.

    Speaking on behalf of thousands of Nigerian diaspora investors, Okengwu, CEO of WINHOMES Global Services Ltd., emphasised that the people are “not asking for miracles, but fairness” and called on the President to actively restore trust, rebuild investor confidence, and ensure that his administration shields citizens and lawful investors from abuse, intimidation, and injustice. 

    She urged the President to choose to “be remembered as the man who healed Nigeria — not the one who watched her bleed,” framing the economic situation as an urgent call to action against poverty and instability.

    Okengwu highlighted stark data illustrating the nation’s economic struggles, which she stressed is rapidly eroding confidence and discouraging investment. 

    READ ALSO: Fed Govt appoints Nwabueze as first tax Ombudsman

    She added that the Naira lost over 70% of its value in the past year, demanding immediate intervention to stabilise the country’s fiscal position.

    The core of her appeal is linked to the alleged unlawful demolition of the $250 million WINHOMES Estate in the Okun Ajah area of Lagos. 

    The estate, financed by diaspora investors, was reportedly destroyed as part of the Lagos-Calabar Coastal Highway project. 

    Okengwu criticised the demolition, which investors claim disregarded the established road alignment and due process, stating that it undermines Nigeria’s commitment to foreign investment. 

    She warned that “When bulldozers replace justice and intimidation replaces dialogue, no nation rises.”

    The diaspora leader called on President Tinubu to decisively act to uphold the rule of law, protect diaspora investors from government overreach, compensate victims of unlawful demolitions to demonstrate respect for property rights, restore confidence in government institutions by upholding judicial integrity, and demonstrate transparency and accountability at all levels of governance. 

    Okengwu reaffirmed her belief in the President’s Renewed Hope Agenda, emphasising that true national renewal starts with confronting injustice, concluding that Nigerians are “not asking for pity — they are asking for justice.”