Nigeria’s state oil giant, NNPC, reported a remarkable 28% increase in its annual net profit, reaching a total of 3.297 trillion naira ($2.14 billion) for the year. The company also declared a dividend of 2.1 trillion naira, marking a significant financial milestone despite ongoing challenges in the operational and economic landscape. “Despite the inherent challenges Read More…
Transnational Corporation Plc (Transcorp) has reported a significant increase in its gross profit for the year ended Dec. 31, 2023, indicating positive growth in its financial performance. According to Mr. Tony Elumelu, Chairman Board of Directors, Transcorp, the company’s gross profit surged by 66.0 per cent to N109.1 billion, compared to N65.77 billion in the Read More…
Three major Nigerian companies, Transcorp Power Plc, Cadbury Nigeria Plc, and Geregu Power Plc, have released their end-of-year reports, revealing a mix of financial outcomes for the year ended Dec. 31, 2023. Transcorp Power Plc reported a significant surge in profit before tax (PBT), with Mr Stanley Chikwendu, Group Company Secretary, confirming a profit of Read More…
Singapore’s Olam Group has emerged unscathed from a storm of allegations, as its investigation team unequivocally exonerated its Nigerian unit from any involvement in a multibillion-dollar foreign exchange fraud. The verdict was delivered on Monday, putting to rest the cloud of suspicion that hung over the company. Last year, some Nigerian media outfits sounded the Read More…
The Corporate Affairs Commission (CAC) has granted an extension on the deadline for penalising companies failing to file annual returns, shifting the date from January 1, 2024, to April 1, 2024. According to Mr. Dominic Inyang, the CAC’s Director of Press, this decision stems from technical challenges encountered on the Company Registration Portal (CRP) and Read More…
PZ Cussons, the renowned soap maker based in Manchester, has revealed its intentions to acquire the minority shareholders of PZ Cussons Nigeria and subsequently remove the business from the Nigerian stock exchange. The decision to take this step is attributed to the “foreign exchange challenges” experienced in Nigeria. According to the company, “The group believes Read More…
The Dangote Group on Sunday said its drivers’ patrol team has made several arrests of unruly drivers that engaged in illegal activities and handed them over to relevant authorities for trial. Mr. Anthony Chiejina, Group Chief Branding and Communications Officer for the Company, made the disclosure in a statement in Lagos. Chiejina also urged the Read More…
The Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) last year. Abubakar made this known in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. According to him, in spite of the COVID-19 pandemic that affected Read More…
