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The Corporate News, 18 Owoseni Street, Lagos (2025)

08/05/2025

Pope Leo XIV Emerges as the new pontiff

Cardinal Robert Francis Prevost has emerged as the head of the Catholic Church and takes the name Pope Leo XIV, on Thursday, May 8th.

"Cardinal Prevost who is the first American pope in the 2,000-year history of the Catholic Church is a strong voice for the Catholic Church's social mission to address poverty.

Executive Director of the religious development group Jubilee USA Network ,Eric LeCompte who advises Vatican and Catholic Church leadership in its statement said the selection of the name of Leo XIV is a special acknowledgement of the need to support the poor and workers.

"As Prevost takes the name Leo XIV, he will follow the path that Francis set to build a more inclusive and transparent Church.

"Leo XIII, the previous Pope Leo, was the author of the Encyclical Rerum Novarum which became the Church's primary teaching on the rights of workers and those who struggle for a better life and to live in dignity.

"The new Pope has a strong sense of how important the global Church is to address global challenges.

"Coming from the Augustinian religious order, Leo XIV will bring a commitment to building a world where we all have enough.

"Pope Francis followed previous Popes in establishing debt relief to address poverty as a key focus for the Church's Jubilee holy year that's taking place this year. Pope Leo XIV will continue that focus for this holy year."

22/04/2025

Pope Francis to be buried Saturday at St. Mary Major Basilica .

The Vatican has released images of Pope Francis, showing him in a wooden casket with red vestments.

In his will, Francis, said he wanted to be buried in a tomb that “was simple, without particular decoration and with only the inscription Franciscus.”

The Holy See Press Office announced on Tuesday that Pope Francis’ funeral Mass will take place on Saturday, April 26, 2025, at 10:00 AM in St. Peter’s Square.

Public viewing of Pope Francis who died at the age of 88 will begin Wednesday, before he’s laid to rest on Saturday.

Francis died Monday from a stroke that led to a coma and irreversible heart failure. The Vatican’s top doctor said Francis also suffered from “acute respiratory failure” related to his recent bout of double pneumonia, as well as type 2 diabetes and hypertension.

21/04/2025

Pope Francis died on Easter Monday at 88

The Catholic Church’s first Latin American pontiff Pope Francis is dead.

He died at the age of 88 at his residence in the Vatican’s Casa Santa Marta the Vatican .

The Vatican announced the death of Pope Francis on Monday , ending a groundbreaking pontificate who charmed the world with his humble style and concern for the poor.

The pontiff, who was Bishop of Rome and head of the Catholic Church, became pope in 2013 after his predecessor Benedict XVI resigned.

Francis had experienced a string of health worries in recent years and spent 38 days in hospital in February and March this year.

But he recovered enough to leave hospital and just yesterday was greeting crowds on Easter Sunday in St Peter’s Square.

Standing somberly behind a microphone at the Vatican, Cardinal Kevin Farrell announced the pope’s death. “At 7:35 this morning, the Bishop of Rome, Francis, returned to the house of the Father,” he said. An American of Irish origin, Cardinal Farrell becomes the Vatican’s de facto administrator after the death of a pope.

04/04/2025

UNITED CAPITAL PLC APPROVES N14.4 BILLION DIVIDEND PAYOUT AT 12TH ANNUAL GENERAL MEETING

United Capital Plc, a leading pan-African financial and investment services group, held its 12th Annual General Meeting (AGM) at the Transcorp Hilton Hotel, Abuja, where shareholders approved a total dividend payout of N14.4 billion for the 2024 financial year. This represents a 33% increase from the previous year, reinforcing the company’s commitment to delivering exceptional value to its investors.

The meeting, which brought together shareholders and key stakeholders, served as an opportunity to review the company’s outstanding results for the 2024 financial year and outline its strategic vision for continued growth.

In his opening remarks, Prof. Chika Mordi, Chairman, United Capital Plc, highlighted the company’s outstanding financial performance despite macroeconomic challenges. “In 2024, our Profit Before Tax (PBT) accelerated by 74.0% year-on-year to N30.10 billion in 2024, indicating impressive growth in the overall profitability of the Group. In terms of our financial position, the Total Assets of the Group appreciated by 82.6% year-on-year to N1.7 trillion. Prof. Mordi reassured investors of the company’s commitment to sustaining this momentum, stating that United Capital remains well-positioned to deliver even greater returns in the coming years.

The declaration of a final dividend of N0.50 per share, complementing the interim dividend of N0.90 per share distributed within the financial year, received unanimous shareholder endorsement. Investors commended the company's consistent delivery of strong returns, spotlighting the previously declared 2-for-1 bonus share issuance that significantly enhanced their equity positions. This robust shareholder value creation is reflected in the 47% growth of Shareholders' Funds to N133.50 billion

Peter Ashade, Group CEO, United Capital Plc, attributed the company’s continued success to strategic ex*****on, operational excellence, and the dedication of its leadership team and employees. “We remained committed in our mission to create sustainable value for our stakeholders despite a volatile operating environment. Our market capitalization surged by 200% to N396 billion, while our Return on Average Equity (RoAE) stood at 21.5%, underscoring the wealth creation and business stability we have achieved,” he said. Looking ahead, Ashade reaffirmed United Capital’s commitment to sustaining its growth trajectory and delivering superior performance in 2025. “Our focus remains on expanding our market leadership, enhancing innovation, and driving long-term value creation.”

Following a profitable year with the firm leading key transactions, expanding into digital banking, consumer finance and recording impressive growth in funds under management, the Group is determined to solidify its position as a high-performing, sustainable financial services group, with key strategic expansion into new markets and sectors, setting new standards of excellence in Africa’s financial landscape.

About United Capital Plc
United Capital Plc remains a leader in the financial and investment services space, offering a robust suite of service offerings: Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, Consumer Finance, and Microfinance Banking. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.

United Capital is listed on the Nigerian Exchange Limited (NGX) and is at the forefront of becoming the financial and investment role model across Africa by leveraging on innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.

09/03/2025

Railway Vandalisation: Police arrests two suspects in Kafanchan

Two vandals were on Thursday, arrested by men of the North Central District (NCD) of the Nigerian Railway Corporation (NRC), and the Nigerian Railway Police Command, in a renewed onslaught against vandalism of the nation's railway fixed assets.

The Management in a statement issued by the Deputy Director Public Relations, Mahmood Yakub, on Sunday, said the arrest followed intelligence reports of the discovery of a private apartment in Kafanchan, Jemaa local government, Kaduna state, where vandals uses to hide the stolen materials.

According to him, materials recovered at the house, which was stormed after report indicated that the vandals were using the place as hideouts include 25 Short rails and 91 Sleepers.

"The Railway Police Area Command Kafanchan stormed the premises and recovered some vandalized materials including 25 short rails and 91 Sleepers stacked in two different buildings on the same premises," the statement stated.

The two suspects arrested at the premises are being detained at the Railway Police Station, Kafanchan as the police intensifies investigations to round up other members of the gang who are still at large.

All recovered materials are under the custody of the Railway District Police Station in Kafanchan as exhibits.

Meanwhile, the management of Nigerian Railway Corporation (NRC) under the leadership of the Managing Director, Dr. Kayode Opeifa reiterates its resolve and determination to stamp out all those behind unpatriotic vandalisation of Railway critical infrastructures.

He commended the RDPO Kafanchan, for tracking the suspects and for the recovery of the track materials belonging to the Nigerian Railway Corporation.

Opeifa appeals to the people residing along the Railway corridor to report any suspicious movements by those attempting to vandalise railway critical infrastructures and assets to any nearest law enforcement agency.

08/03/2025

International Women's Day : NRC boss celerates women contributions to railway development.

The Managing Director of the Nigerian Railway Corporation Dr Kayode Opeifa has congratulated Women in the Rail (WIR) on the occasion of this year's International Women's Day.

Opeifa who saluted the women for their industry, their zeal and passion for the nation's critical transportation sector said his administration will continue to celebrate their contributions to the railway development in the country.

He said: "We celebrate the women who have chosen a career in this critical sector, in whatever capacity, either as janitors, administrative staff or engineers for their contributions, and passion for the growth of the industry.

"On the occasion of this international Women's Day, we celebrate all women in Nigeria, particularly in the railway system for their commitment to continue to see to the development of the industry."

Opeifa reiterated the commitment of the corporation to the welfare of the teeming workers, especially the women, even as he said everything possible would be done to continue to advance their cause.

The Managing Director asked them to continue to dedicate themselves to their various assignments and to work towards the growth and development of the railway industry in the country.

On his part, he pledged the commitment of the corporation to continue to advance the cause of women and work towards their overall development.

02/03/2025

CBN Strengthens Regulatory Oversight to Safeguard Nigeria’s Financial System

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions.

Speaking at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi on February 28, 2025, in Lagos, Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, emphasised the need for strict adherence to global banking standards to sustain confidence in Nigeria’s financial sector.

“Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are responsive to the evolving financial environment. Proactive engagement with regulatory developments and the integration of innovative compliance solutions are essential for institutions to meet these expectations effectively,” Phillips stated.

The training, attended by compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions, provided critical insights into global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships.

Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, highlighted the critical role of robust governance frameworks in mitigating risks. She underscored the necessity of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.

Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, provided a stark assessment of financial crime risks, noting that over $3 trillion in illicit funds flow through the global financial system annually. She urged financial institutions to strengthen due diligence measures, leverage technology-driven risk assessments, and uphold transparency in all transactions.

The workshop aligns with CBN Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system. As Governor Cardoso has consistently emphasised, “A strong financial system is built on trust, and trust is earned through integrity and compliance. The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.”

By fostering a strong culture of compliance and strengthening risk management frameworks, the CBN aims to safeguard Nigeria’s financial sector while ensuring its resilience and credibility locally and globally.

02/02/2025

President Donald Trump Imposes Tariff on Imports from Canada, China and Mexico.

United States President Donald Trump On the First of February 2025 signed executive orders imposing 25℅ tariffs on imports from Canada and Mexico, while Canadian energy products, including oil and imported goods from China will have a lower tariff of 10% .

The tariffs are expected to take effect from Tuesday. Under the new executive order, the tariffs would escalate if the countries retaliate in any way against the U.S.

The products exempt from the tariffs are Canadian energy products, with a lower tariff rate of 10% to "minimize any disruptive effects on gasoline and home heating oil prices.

The tariff according to Trump administration was due to concerns over drug trafficking, particularly fentanyl, and issues related to immigration.

The imposition of these tariffs marks a significant shift in U.S. trade policy, reflecting a more protectionist stance.

01/02/2025

Oando Announces N65.5Billion Profit-After-Tax in FY 2024 Results

Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Grpup (NGX) and Johannesburg Stock Exchange (JSE), announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 Trillion compared to N2.9 Trillion in FY 2023 results.

The company’s 2024 performance showcases a consistent upward trajectory following its announcement of N65.5 billion in profit after tax.

Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, commented, “2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.

Despite a challenging operating environment, we achieved a 45% increase in revenue to ₦4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to ₦65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.”

Oando's production for the twelve months ended December 31, 2024, averaged 23,911 barrels of oil equivalent per day (boe/d), an increase from the 23,258 boe/d achieved in 2023. This growth was primarily driven by the acquisition of an additional 20% stake in the NAOC JV in Q4, partially offset by production disruptions due to shut-in wells resulting from sabotage activities.

Additionally, the Group incurred $18.1 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3 million in the twelve months to December 31, 2023.

Looking ahead to 2025, Tinubu stated, “In 2025, our priority shall be to drive cost optimization, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.

Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.

As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”
As the company prepares for its 2025 targets, it is bolstered by optimistic oil demand predictions.

The U.S. Energy Information Administration’s (EIA) global oil demand predictions forecast global demand to grow by 1.3 million barrels per day (bpd) in 2025, a significant increase from the estimated growth of 0.9 million b/d in 2024. This projected growth surpasses the pre-pandemic 10-year average (2010-2019) of 1.5 million bpd, indicating a positive trajectory for the global oil market.

With this announcement, Oando enters 2025 on a strong foundation. The announcement brings the company up to date on its financial reporting, successfully meeting all regulatory requirements. Notwithstanding the operational realities, Oando is positioned to build on the momentum of a successful 2024 committed to its strategic vision of becoming Africa’s first international oil company (IOC) by leveraging its strong operational capabilities and strategic partnerships to deliver value to its stakeholders.

01/02/2025

Access Bank Appoints Uche Orji as Independent Non-Executive Director.

Access Holdings Plc has appoints Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc , effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).

This appointment reflects the commitment of the bank to enhance governance practices and ensure a diverse and experienced board.

Mr. Orji a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience.

He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.

He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors.

He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies.

He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.

Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority.

He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London.

He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.

He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School. Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said: "Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.

Access Bank Plc expressed confident that his addition to the Board would further enrich the quality of their decision-making process, enabling the bank to deliver even greater value to its customers and stakeholders.

His appointment has been made in accordance with the Bank's internal policies and has been notified to all relevant regulatory authorities underscoring the banks commitment to upholding the highest standards of corporate governance.

26/01/2025

ICAN Applauds NDIC on Integrity, Transparency and Professionalism in Promoting Financial System Stability

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chizuoke S. Alaribe, has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance to the highest standards of integrity and transparency which is critical to the success of its operations in safeguarding depositors’ funds and ensuring the stability of the financial system.

This formed part of the ICAN President’s remarks during a courtesy visit of the ICAN Governing Council to the NDIC Management in Abuja.
Chief Alaribe said, the NDIC has been recognised as a formidable organisation due to its commitment to compliance with standards of corporate governance, zero-tolerance for corruption and effective internal controls. He added that the Corporation’s commitment has been recognized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which awarded NDIC the top position in its 2023 Ethics and Integrity Compliance Scorecard (EICS).

While underscoring the relationship between his Institute and NDIC, Chief Alaribe disclosed that ICAN has also established the ICAN Accountability Index to promote integrity in key sectors of the economy, focusing on budget, credibility, asset and debt management.

In his remarks, the Managing Director and Chief Executive Officer of NDIC, Mr. Bello Hassan congratulated Chief Alaribe on his appointment as the 60th President of ICAN. Hassan, himself a Fellow of the Institute, described ICAN as a strategic stakeholder of the Corporation.

He therefore reiterated the need for the Institute to ensure its members uphold the highest values of integrity and professionalism in the discharge of their duties as auditors, as NDIC and the Central Bank of Nigeria (CBN) continue to rely on their work as external auditors in their risk-based supervision of banks.

Reflecting on his earlier call for stronger collaboration with ICAN, the NDIC Boss stressed the need for the introduction of Deposit Insurance module in the curriculum of ICAN examinations. He emphasised that this initiative is essential to enhance understanding of the Deposit Insurance Scheme among ICAN members, who represent a significant portion of potential bankers and bank examiners.

Hassan restated the Management’s commitment towards strengthening the partnership between ICAN and the Corporation in contributing to the stability of the banking sector and the nation’s financial system as a whole.

24/01/2025

ASAM Forecasts 39% ASI Growth on Bank Recapitalization, New Listings

The Nigerian stock market is poised for significant growth in 2025, with Arthur Steven Asset Management Limited (ASAM) projecting a 39% return on the All-Share Index (ASI).

According to Olatunde Amolegbe, Managing Director of ASAM and former President of the Chartered Institute of Stockbrokers (CIS), in his presentation at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2024 market review and 2025 projection tagged "In-Depth Evaluation of the capital market in 2024 and prognosis for 2025" held on Thursday in Lagos, this forecast is underpinned by ongoing bank recapitalization efforts, new equity listings, and anticipated monetary policy easing by the Central Bank of Nigeria (CBN).

Amolegbe highlighted Nigeria’s relative market attractiveness as a key factor in attracting increased foreign portfolio inflows (FPI), provided stable policies are maintained. He noted that the bank recapitalization process is set to boost investor confidence, while high-profile listings such as Dangote Refinery are expected to enhance market liquidity and broaden investment opportunities.

The projected bullish trend in 2025 comes as investors position themselves ahead of 2024 fiscal year results and dividend declarations, particularly in the banking sector. However, Amolegbe cautioned that the market’s performance will depend on critical factors such as the country’s economic growth trajectory, monetary policy direction, and corporate earnings results.

ASAM anticipates a shift toward equities as fixed-income yields decline, driven by the CBN’s likely adoption of a more accommodative monetary stance. Despite lingering concerns over exchange rate volatility and inflation, conservative sectors such as banking, consumer goods, and industrials are expected to perform well, offering steady returns for investors.

In the palm oil industry, robust growth is forecast for key players such as Okomu Oil Palm Company (OKOMUOIL) and Presco Plc. Sustained global demand for palm oil, coupled with rising prices and improved production volumes, are projected to drive growth in the sector, with expected returns ranging between 18% and 25%. Presco’s recent bond issuance to fund its acquisition of Ghana Oil Palm Development Company Limited is seen as a strategic move that further solidifies its growth prospects.

The consumer goods sector is also set for a rebound, recovering from the inflationary challenges of 2024. ASAM’s positive outlook for the sector is based on expectations of lower inflation, a more stable foreign exchange environment, and supportive government policies. Proposed tax modifications in the Economic Stabilization Bill, along with access to trade credit facilities, are expected to foster a favorable business climate. Additionally, ongoing efforts by the CBN to narrow the gap between official and parallel exchange rates are likely to improve access to foreign exchange, benefiting companies in the consumer goods sector.

Overall, the 2025 outlook for the Nigerian stock market remains optimistic, bolstered by strategic reforms, policy adjustments, and improving investor confidence. While challenges such as exchange rate instability and inflation persist, key sectors are positioned to drive market performance and deliver strong returns for investors.

The Corporate News

08/05/2025

22/04/2025

21/04/2025

04/04/2025

09/03/2025

08/03/2025

02/03/2025

02/02/2025

01/02/2025

01/02/2025

26/01/2025

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