Connect with us

BIG STORY

From FX Pain To Profit Boom: Nigerian Companies Rebound Big After Devaluation

Published

on

In June 2023, Nigeria’s decision to float the naira marked a significant shift in its foreign exchange framework.

This led to a sharp and sustained depreciation of the local currency, as the naira fell from around N460/$ in June 2023 to N1,535/$ by the end of 2024.

The devaluation caused major FX translation losses and increased interest obligations for Nigerian firms, reducing shareholder value across the Nigerian Exchange.

Companies in the consumer goods and ICT sectors, particularly reliant on imported inputs or foreign-denominated debt, were hit hardest.

By late 2024, however, the foreign exchange market began to show signs of stability.

By Q1 2025, the naira traded within a more stable band. Better FX liquidity, stronger pricing strategies, and cost reductions helped many firms return to profitability.

Consumer goods sector:

By the close of 2024, seven listed consumer goods firms — BUA Foods, Cadbury Nigeria, International Breweries, Nigerian Breweries, NASCON Allied Industries, Dangote Sugar, and Nestlé Nigeria — posted a combined pre-tax loss of N507.57 billion, compared to N359 billion in 2023.

Over two years, these firms lost N867 billion, largely due to FX exposure and soaring interest costs.

Only BUA Foods and NASCON remained profitable over the period.

FX losses surged 56% to N1 trillion in 2024, up from N710 billion in 2023.

Finance costs more than doubled to N365 billion in 2024 from N158 billion the previous year.

The telecoms and ICT sector also suffered.

MTN Nigeria posted a pre-tax loss of N550 billion in 2024, following a N178 billion loss in 2023.

MTN attributed its performance to the steep naira depreciation, which heavily impacted foreign obligations, including tower leases and infrastructure contracts.

According to CEO Karl Toriola, “In the foreign exchange market, the naira depreciated to N1,535/US$ by the end of 2024 (from N907.1/US$ on 31 December 2023), as businesses and consumers continued to grapple with escalating costs. These headwinds significantly impacted MTN Nigeria’s costs, particularly those related to tower leases and other foreign currency obligations.”

Between 2023 and 2024:

MTN Nigeria recorded N1.67 trillion in FX losses, with N926 billion in 2024.

Finance costs rose to N433 billion in 2024, totaling N669 billion over two years.

Cumulative losses reached N607 billion, resulting in a negative net worth of N458 billion by the end of 2024.

The turnaround

By Q4 2024, the naira began to stabilize, FX volatility declined, and market liquidity improved.

Companies adjusted their cost base, improved pricing, and restructured foreign debt — laying the groundwork for recovery.

By Q1 2025, results began to improve.

Consumer goods sector rebounds

After almost two years of losses, the sector returned to profitability in Q1 2025.

The seven companies reversed a combined N418 billion Q1 2024 loss to a pre-tax profit of N289.8 billion in Q1 2025.

Only Dangote Sugar remained unprofitable, reporting a N23 billion loss — a marked improvement from the N121 billion loss in Q1 2024.

The rest — BUA Foods, Nestlé, NASCON, Nigerian Breweries, Cadbury, and International Breweries — returned to profit through FX gains, lower finance costs, and operational efficiency.

FX losses shifted to a N2.511 billion gain in Q1 2025 from a N423 billion loss in Q1 2024.

Interest expenses dropped to N94 billion from N170.1 billion year-on-year.

MTN Nigeria’s recovery continues

MTN Nigeria extended its profitability into Q1 2025, after recovering in Q4 2024.

The company posted a pre-tax profit of N202.6 billion in Q1 2025, compared to a loss of N575.7 billion in Q1 2024.

The return to profit was driven by:

FX losses reduced to N5.25 billion from N656 billion.

Slower growth in finance costs.

Tariff increases.

Growth in data and fintech revenue.

By Q2 2025, all seven consumer goods firms were back in profit with a combined pre-tax gain of around N264 billion.

FX losses dropped to just N896 million.

Dangote Sugar’s FX loss fell to N160 million from N208.903 billion the previous year.

MTN Nigeria reported a pre-tax profit of N419.6 billion in Q2 2025, bringing H1 2025 profit to N622.26 billion. This reduced its retained losses to N192.889 billion and raised shareholders’ funds to N42 billion, up from a negative N458 billion at end-2024.

MTN may be one profitable quarter away from reversing two years of retained losses due to naira devaluation.

This earnings turnaround shows how currency stability and disciplined cost control can rapidly revive companies affected by macroeconomic shocks.

Capital markets respond

Investor sentiment improved, and MTN Nigeria became the most valuable company on the NGX as of July 2025.

MTN’s share price rose to N480, pushing its market capitalization to N10.1 trillion.

In the consumer goods sector, Nigerian Breweries and International Breweries joined the billion-dollar club alongside Airtel Africa, Dangote Cement, BUA Foods, Seplat Energy, Geregu Power, Aradel Holdings, BUA Cement, Transcorp Power, GTCO, and Zenith Bank.

Cadbury also emerged as one of NGX’s top performers in July 2025, reflecting renewed investor confidence.

 

Credit: Nairametrics

BIG STORY

Chief Pius Akinyelure Calls for Peace Amid Rising Tension in Idanre Over Alleged Consensus Candidates

Published

on

As political tension continue to rise in Idanre Local Government Area following speculation around alleged consensus candidates towards the upcoming primaries of the All Progressives Congress (APC), elder statesman and Chairman of the Governors Advisory Council in Ondo State, Chief Pius Akinyelure, has called for calm, urging party faithful and stakeholders to refrain from action capable of disrupting the peace of the ancient town.

In a strongly worded but conciliatory message made available to the press, Akinyelure dismissed claims of any officially endorsed consensus candidates in Idanre at this stage, describing such reports as premature and capable of heating the polity in the local government and in Ondo State.

He noted that while internal democratic processes may generate disagreements, members must prioritize unity, discipline, and respect for party structures rather than resort to hostility or misinformation.

“Our attention has been drawn to growing tension fuelled by unverified claims of consensus arrangements. Let it be clearly stated that there is no basis for such assertions at the moment. Party members should disregard any narrative intended to mislead or create unnecessary division,” he said.

The respected APC chieftain cautioned political actors and their supporters against heating the polity, warning that desperation and inflammatory rhetoric could undermine the long-standing reputation of Idanre as a bastion of progressive politics in Ondo State.

He emphasized that peace and reconciliation remain the most potent tools for sustaining the strength and electoral viability of the APC, particularly at a time when unity is crucial for consolidating the gains of the party at both state and national levels.

Akinyelure further urged aggrieved members to channel their concerns through established party mechanisms, stressing that dialogue and consultation are the hallmark of a mature political system.

“Political contests should not degenerate into conflict. We must remember that we are members of one family, bound by a shared vision. Violence, intimidation, or the spread of falsehoods will only weaken our collective strength,” he warned.

He also appealed to party leaders, youths, and grassroots mobilizers in Idanre to demonstrate restraint and responsibility, noting that the actions taken at this critical moment would determine the party’s electoral fortunes in Idanre in next year’s elections. He assured that available positions would be fairly distributed among qualified candidates.

Reaffirming Idanre’s historical role as a bastion of progressive ideology, Chief Akinyelure called on all stakeholders to close ranks and work towards reconciliation, adding that unity within the party would ultimately translate into electoral success next year.

Political observers in Idanre and Ondo State say this intervention by the apex leader is timely, coming amid heightened anxiety and speculation among party members. This latest intervention by the elder statesman is expected to help douse tension while reinforcing confidence in the party’s internal processes.

Continue Reading

BIG STORY

FG Slams 13-Count Treason Charge Against Sylva, Retired Generals, Police Officer, Other Alleged Coup Plotters

Published

on

The federal government has filed a 13-count charge before the federal high court in Abuja against alleged plotters of a coup to oust President Bola Tinubu.

Among the suspects are a retired major general, a retired naval captain, a serving police inspector and three others.

The defendants are accused of waging a war against Nigeria and committing acts bordering on treason and terrorism.

THE ALLEGED PLOT

In October 2025, the federal government announced the cancellation of a parade earlier scheduled to celebrate the country’s 65th independence anniversary on October 1.

Days later, there were reports that the cancellation of the independence anniversary event was linked to an alleged coup attempt.

However, the DHQ dismissed the reports, insisting that the cancellation had no links to the alleged coup attempt.

On October 31, 2025, it was reported that 16 military officers were arrested in the first week of the month over the alleged coup attempt, while two other officers were on the run.

In January 2026, the defence headquarters (DHQ) confirmed that there was a plot to overthrow Tinubu.

Samaila Uba, the DHQ director of defence information, had said investigations conducted in line with established military procedures found some personnel involved in a coup plot.

Uba had said the officers would be arraigned before relevant military judicial panels.

In March, family members of military officers detained over an alleged coup plot appealed to Tinubu to allow the suspects to be tried in an open court.

During a press conference in Abuja, wives and other family members of the detained officers also requested access to the alleged coup masterminds.

In April, families of the detained military officers protested at the entrance of the national assembly to demand a speedy trial and access to their relatives.

DEFENDANTS

The defendants in the case are Timipre Sylva, a former minister of state for petroleum resources; Mohammed Ibrahim Gana, a retired major general; Erasmus Ochegobia Victor, a retired captain; and Ahmed Ibrahim, a police inspector.

Others are Zekeri Umoru, Bukar Kashim Goni and Abdulkadir Sani.

The alleged coup plotters are expected to be arraigned before Joyce Abdulmalik, a judge at the Federal High Court in Abuja, on April 22.

The charges were filed by the office of the Attorney-General of the Federation and signed by Rotimi Oyedepo, Director of Public Prosecutions of the Federation.

In the charge sheet, the federal government accused the defendants of treason and terrorism, failure to disclose security intelligence and money laundering linked to terrorism financing.

The federal government alleged that the defendants conspired with one another to “levy war against the state to overawe the President of the Federal Republic of Nigeria”.

Bukar Kashim Goni was alleged to have “indirectly retained the aggregate sum of N50,000,000, which forms part of the proceeds of an unlawful act to wit: terrorism financing”, while Abdulkadir Sani allegedly retained N2 million from a similar source.

Umoru was alleged to have “without going through a financial institution accepted a cash payment of the sum of N10,000,000″, and also retained an additional N8.8 million suspected to be proceeds of terrorism financing.

Ibrahim, the police inspector, was also accused of taking possession of N1 million linked to the same alleged scheme.

Ibrahim and Umoru were accused of participating in meetings tied to terrorist activities.

“That you, MAJOR GENERAL MOHAMMED IBRAHIM GANA -(RTD), CAPTAIN (NN) ERASMUS OCHEGOBIA VICTOR -(RTD), INSPECTOR AHMED IBRAHIM (AP776373), ZEKERI UMORU, BUKAR KASHIM GONI, ABDULKADIR SANI, TIMPRE SYLVA (still at large) and others, sometime in the year 2025, in Abuja within the jurisdiction of this Honourable Court, conspired with one another to levy war against the state to overawe the President of the Federal Republic of Nigeria and thereby committed an offence contrary to and punishable under Section 37(2) of the Criminal Code Cap C38 LFN 2004,” part of the charge sheet reads.

“That you, MAJOR GENERAL MOHAMMED IBRAHIM GANA -(RTD), CAPTAIN (NN) ERASMUS OCHEGOBIA VICTOR -(RTD), INSPECTOR AHMED IBRAHIM(AP776373), ZEKERI UMORU, BUKAR KASHIM GONI, ABDULKADIR SANI, TIMPRE SYLVA(still at large) and others, sometime in the year 2025, in Abuja within the jurisdiction of this Honourable Court, knowing that COLONEL MOHAMMED ALHASSAN MA’AJI (N/10668) and others intended to commit treason, did not give the information thereof with all reasonable despatch to either the President of the Federal Republic of Nigeria, or a Peace Officer and thereby committed an offence contrary to and punishable under Section 40(b) of the Criminal Code Cap C38 LFN 2004.”

 

 

Continue Reading

BIG STORY

Tinubu Approves N15bn Take-off Grant For New Police Academy Campus in Ogun

Published

on

President Bola Tinubu has approved the establishment of a new campus of the Police Academy in Erinja, Yewa South LGA of Ogun.

In a statement on Monday, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu also approved a special take-off grant of N15 billion for the college.

“The President’s approval was in fulfilment of the provisions of the Nigeria Police Academy (Establishment) Act, 2021, particularly with respect to the expansion of the Police Academy based in Wudil, Kano state, into multiple campuses across the country,” the statement reads.

Onanuga said the fund would be sourced from the 2026 allocation of the Tertiary Education Trust Fund (TETfund) to “finance priority infrastructure, academic facilities, student accommodation, and core training assets”.

The presidential spokesperson said the siting of the new police campus in Erinja was recommended at a high-level consultative meeting involving Tunji Alausa, minister of education; officials of his ministry; Tunji Disu, the inspector-general of police (IGP); and Abdullahi Ribadu, executive secretary of the National Universities Commission (NUC).

“The meeting considered student intake capacity, funding realities, academic quality assurance, and the long-term needs of the Nigerian Police Force, which is currently recruiting more men,” he added.

“President Tinubu believes the expansion will strengthen institutional governance, modern policing education, and national security.”

On December 9, 2024, Ibrahim Gaidam, minister of police affairs, said Tinubu had approved the recruitment of 30,000 police officers annually for the next six years.

Gaidam spoke when he visited the Nigeria Police Academy in Wudil, Kano state, during the screening exercise of recruits.

The police affairs minister said the federal government was committed to transparently recruiting more police officers.

Gaidam said the annual recruitment of police officers is part of the government’s commitment to ensuring Nigeria has enough personnel to address the prevailing insecurity.

“The number of police being recruited, 10,000, is not enough to cover all the states, so the president has given approval for the recruitment of 30,000 policemen annually for the next five to six years,” he said.

“I believe if this is done, by the end of the year, we should be able to get enough policemen to take care of our security challenges in this country.”

Continue Reading


 

 


 

 

 

 

Join Us On Facebook

Most Popular


Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117