In a strongly worded statement, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has categorically denied allegations leveled by former Vice President Atiku Abubakar, asserting that President Bola Ahmed Tinubu and Mr. Wale Tinubu hold a 49% stake in the OVH acquisition deal. The accusations suggest a broader scheme to entwine personal business interests with Read More…
Tag: financial performance
NNPC posts 28% profit surge amid operational challenges; MTN grapples with Naira devaluation
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…
Corporate financial reports and strategic plans unveiled by Transcorp, Unilever, and Nigerian Breweries
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…
Mixed fortunes visit Nigerian Companies: Transcorp Power reports surge, Cadbury Nigeria posts loss, Geregu Power pays dividend
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…