The Manufacturers Association of Nigeria (MAN) has stated that the production of polypropylene by the Dangote Petroleum Refinery & Petrochemicals will revive Nigeria’s struggling textile industry and save the country $267M in import costs. In an interview on the Channels Business Incorporated Programme, the Director-General of MAN, Segun […]
Category: Industry
Industry
CDP Awards Dangote Cement ‘B’ On Climate Change, Water Security
Dangote Cement Plc (DCP) has achieved a ‘B’ score in climate change and water security disclosures according to released 2024 CDP results. CDP (formerly Carbon Disclosure Project) is the world’s largest, most comprehensive dataset on environmental action which empowers investors, companies, cities, and national and regional governments to […]
NBPlc To Seek Shareholders’ Approval For 1.9 billion Share Cancellation Arising From Right Issue
Nigerian Breweries Plc (NB Plc) has announced that it will seek shareholders’ approval for the cancellation of 1.9bn unissued shares at its upcoming 79th Annual General Meeting (AGM), scheduled to take place virtually. The move follows the company’s N599.1bn Rights Issue, which led to the creation of additional […]
Oando, REA Launch 1.2GW Solar Project To Boost Power
Oando Clean Energy Limited, in collaboration with the Rural Electrification Agency (REA), has signed a Memorandum of Understanding (MoU) to develop a 1.2-gigawatt (GW) solar power project, marking a significant milestone in Nigeria’s transition to renewable energy. The initiative, which aims to provide electricity to millions of Nigerians, will […]
Nigerian Breweries Completes 100% Ownership Of Distell Wines & Spirits
Nigerian Breweries Plc (NB) has announced the acquisition of the remaining 20 per cent minority shareholding in Distell Wines and Spirits Nigeria Limited (DWSN), completing its 100 per cent full ownership of the company. According to the company’s notice to the Nigerian Exchange Limited, the acquisition, which follows […]
Seplat Launches $650m Senior Notes Offering For Debt Refinancing
Seplat Energy Plc, Nigerian energy company listed on the Main Market of the London Stock Exchange (LSE) and the Premium Board of the Nigerian Exchange Limited (NGX) has announced the launch of a $650m Senior Notes offering due 2030. According to the company in a notice to the […]
Tantalizers Expands into Blue Economy, Partners U.S. Consortium To Boost Seafood Exports
Tantalizers Plc, Nigeria’s quick-service restaurant (QSR) sector, has announced a major expansion into the country’s blue economy with the acquisition of 10 state-of-the-art trawlers and a strategic partnership with a U.S.-based marine consortium. This move marks a significant milestone in the company’s diversification strategy, aimed at tapping into […]
Dangote Cement’s Manufacturing Costs Hits ₦1.65trn In 2024
Dangote Cement’s Manufacturing Costs Hits ₦1.65trn Amid Rising Energy Prices Dangote Cement Plc has reported a sharp increase in manufacturing costs, which rose by 63.5 per cent to ₦1.645trn in the 2024 financial year, up from ₦1.006trn in 2023. The surge was largely driven by the devaluation of […]
Nestlé Posts N150bn From Revaluation Model For Lands, Others
Nestlé Nigeria Plc has reported a net revaluation gain of N150bn following the adoption of a revaluation model for its lands, buildings, plants, and machinery in March 2024. This transition from cost accounting significantly impacted the company’s financial position, reflecting the gain in its Statement of Comprehensive […]
LCCI Cautions On NPA’s 15% Tariff Hike, Urges Phased Implementation
The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns over the Nigerian Ports Authority’s (NPA) recent 15 pr cent increase in port tariffs, warning of the potential economic impact on businesses and inflation. The Chamber has urged the NPA to consider a phased implementation of […]