The Nigerian corporate debt market is set to witness yet another offering from Dangote Sugar Refinery Plc, as the company moves to raise N50 billion through its 180-Day Series 8 Commercial Paper (CP).Opening on February 18, 2025, and closing on February 20, 2025, the CP is issued at a 22.6515% discount rate, translating to an effective yield of 25.5%.Given the company’s recent financial struggles, this move raises questions about its long-term financial sustainability and strategic direction.A pattern of heavy borrowing This is not Dangote Sugar’s first foray into the commercial paper market. In June 2024, the company issued Series 4 and…
Author: Oladi Samuel
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Shares of Presco Plc have surged over 19% month-to-date in February, surpassing both the N600 and N700 thresholds, up from the N475 level at the start of the year.In its financial report released on January 31, 2025, the company reported a full-year pre-tax profit of N128 billion, representing a 156.05% rise compared to the N50 billion from 2023.Total revenue for fiscal year 2024 reached N198.1 billion, up 93.48% from N102.4 billion the previous year, with 90.2% of sales coming from Nigeria and the remainder from Ghana.Before releasing its financial results, Presco Plc unveiled plans to raise N100 billion through Series…
The Netherlands has confirmed the return of 113 Benin Bronzes to Nigeria, with the transfer set to take place on Wednesday.These artworks, which were taken by British soldiers during a raid on the royal palace in Benin City in 1897, will now be returned to their home country after being held in various locations around the world.According to Dutch News, the Benin Bronzes were originally seized during the British colonial campaign and have since been dispersed across museums and private collections globally, including institutions such as the British Museum in London and the Metropolitan Museum of Art in New York.The…
Kuda Technologies, one of Africa’s fastest-growing digital banks, is under scrutiny following allegations of workplace discrimination, harassment, and wrongful dismissal brought by its former Group Chief People Officer (CPO), Rosemary Hewat.The case, filed with the UK Employment Tribunal, accuses Kuda and its CEO, Babatunde Ogundeyi, of sex discrimination, victimization, and unfair dismissal.Hewat, who served as CPO for nearly three years, claims she was forced out of the company in April 2024 after enduring prolonged mistreatment.Kuda in an email response to Nairametrics confirms the case but declines to comment further because it is a legal matter.“It is accurate that Rosemary Hewat,…
Haldane McCall Plc has announced the appointment of Mr. Ojewande Adekunle Olufemi by its Board as the Finance Director, effective February 7, 2025.This information was shared in a disclosure to the Nigerian Exchange (NGX) on February 18, 2025, and signed by company secretary Oyewole Olurin.According to the disclosure, the appointment is part of the company’s ongoing efforts to enhance governance practices and ensure a diverse leadership team.The board noted, “We look forward to his contributions as we work towards our goal of improving our position in the Nigerian real estate market.” About Mr. Ojewande Adekunle Olufemi Mr. Ojewande Adekunle Olufemi holds an…
The global cryptocurrency market has seen unprecedented growth in the previous year, spearheaded by Bitcoin and Ethereum.Institutional participation was very important in driving prices higher, with Bitcoin reaching an all-time high above $100,000 in December 2024.With the spreading adoption of crypto assets, regulators have paid even more attention to the industry. Kar Yong Ang, a financial market analyst at Octa Broker, explains what regulation can be expected in 2025 and beyond.Key Events Shaping the Cryptocurrency Market in 2024–2025 The cryptocurrency market has entered a new phase, defined by record-breaking milestones and regulatory shifts that are reshaping opportunities for traders and institutional…
Keystone Bank’s journey in Nigeria’s banking sector is a compelling story of resilience, strategic transformation, and commitment to excellence.Since the Central Bank of Nigeria (CBN) intervened on January 10, 2024, the bank has experienced a remarkable turnaround, re-establishing itself as a stable and reliable financial institution.The bank’s transformation has been further solidified by a significant legal development. On February 11, 2025, the Lagos State Special Offences Court ruled on the case involving Sigma Golf Nigeria Limited and Alhaji Umaru Modibbo, the former shareholders of Keystone Bank.The federal government had accused them of converting N20 billion belonging to the Asset Management…
The Federal Airports Authority of Nigeria (FAAN) has announced that it is embarking on the recertification process for Kano and Port Harcourt airports.This initiative aims to enhance safety and align the airports with international standards.The Managing Director of FAAN, Mrs. Olubunmi Kuku, disclosed this during a tour of Murtala Muhammed International Airport (MMIA), Lagos, alongside FAAN Board Chairman, Mr. Abdullah Ganduje, on Tuesday, as reported by the News Agency of Nigeria (NAN).“She added that FAAN was embarking on Kano and Port Harcourt airports recertification,” the NAN report read in part.According to Kuku, FAAN is prioritizing security and infrastructure improvements across…
Nigeria’s inflation rate dropped to 24.48% in January 2024, down from December’s 34.80%—but is this a real decline or just a statistical adjustment? On this episode of Money Brief Podcast on Nairametrics TV, Udogre breaks down the rebasing of inflation calculations by the National Bureau of Statistics (NBS) and its impact on businesses, households, and financial markets. How does this new methodology affect economic policies and consumer prices?Join the conversation and stay informed!
The Cross River State Government has announced its ongoing efforts to reclaim the 76 oil wells that were ceded to Akwa Ibom in 2012 following a Supreme Court judgment.Governor Bassey Otu made the announcement on Tuesday during a media conference in Calabar, where he vowed that his administration is committed to regaining what rightfully belongs to the state.The Supreme Court of Nigeria, in 2012, ruled in favor of Akwa Ibom in the dispute involving the rightful owner of the oil wells, dismissing Cross River’s appeal.Justice Olufunlola Adekeye, who delivered the lead judgment, stated that Cross River lost its status as…