Corporate and Commercial

Alhaji Abdul-Samad Rabiu, the Chairman of BUA Group, has affirmed the company’s commitment to maintaining the selling price of cement at N3,500 per bag starting January 2024. He disclosed this while speaking to State House correspondents following a visit to President Bola Tinubu…

Multichoice Nigeria operators of DStv and GOtv have announced a second price increase for its packages this year, with hikes of at least 19% across all bouquets. The new prices took effect from November 6, 2023, just five months after its last price upward review. Multichoice,…

Nigerian consumers will soon see fewer Procter & Gamble (P&G) products on shelves, as the American multinational consumer goods company announced a limited market portfolio restructuring that includes pulling out of the Nigerian and Argentinian markets. The decision, attributed to challenging macroeconomic and…

Owners of an indigenous biscuits company in Nigeria, Mayor Biscuits Company Limited (MABISCO), has stated that they have shut down the company and would be selling the multi-million-dollar biscuits plant. It will reinvest the proceeds into a new line of business, it…

BUA Cement Plc has reviewed the timeline for the implementation of its reduced ex-factory price of N3,500 per bag, saying Nigerians can begin to enjoy the benefits of the price reduction before the completion of its plants. The company’s management, in a…

MTN has agreed on a deal to sell a stake in its fintech business to Mastercard for an undisclosed sum, in line with the operator’s long-term goal of raising cash from asset sales and its financial services platform. In its H1 earnings announcement,…

First Bank of Nigeria Holdings Plc (FBNH) has insisted on electing Femi Otedola, its former highest single shareholder as a director despite opposition from other shareholders. Advertisement FBNH has also amended the agenda of its disputed Annual General Meeting (AGM) to include the raising…

Nigerian Breweries (NB PLC) has taken a significant step that is set to impact beer lovers across the nation, as they announce a price increase on all their products effective August 10, 2023. The company cited the need to review prices due to…

The legal battle between Seplat Energy PLC and its Nigerian minority shareholders may have forced the company to spend at least $19.4m on professional fees to defend its Chief Executive Officer, Roger Brown. Adding to Seplat’s injury is the naira depreciation resulting from the floating of…

Airtel Africa Plc on Thursday reported that it lost $151m due to the harmonisation of the foreign exchange rates in Nigeria. This was disclosed in its second quarter report filed with the Nigerian Exchange Limited. The telecom company said, “Profit after tax was negative…