₦airaland Forum

ACCESSCORP,UBA, Zenith Bank, GTBANK,Stanbic Bank and Fideity Bank results are going to be very good.

Here’s a summary of BUA Foods Plc’s unaudited financial results for the six months ended June 30, 2025 (H1 2025):


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📌 Key Financial Highlights

Revenue & Profitability

Revenue surged 36% year‑on‑year to ₦912.5 billion, up from ₦672.4 billion in H1 2024 .

Profit Before Tax (PBT) doubled (+101%), reaching ₦276.1 billion compared to ₦137.2 billion a year earlier .

Profit After Tax (PAT) jumped 98%, rising from ₦130.9 billion to ₦260.07 billion .


Earnings Per Share (EPS)

EPS nearly doubled, increasing from ₦7.27 to ₦14.45 .


Operating Performance

Finance cost declined 12.3% to ₦9.13 billion, while major distributions expenses rose sharply, raising total operating costs by 93% year-on-year .



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Segment & Balance Sheet Highlights

From the detailed breakdown reported by BrandCommunicator and Premium Times:

Gross Profit grew 55% to ₦339.3 billion, with gross margin improving to 37.2% (from 32.4%) .

Operating Profit stood at ₦284.8 billion, up 41% year-on-year .

Total Assets rose to ₦1.33 trillion (+21.7%); Total Liabilities declined to ₦644.1 billion (–3.4%).

Equity increased 60.6% to ₦689.1 billion, while Retained Earnings jumped by 62% to ₦681.1 billion .


Product Segment Performance

Flour Revenue: ₦378.2 billion (+66%)

Sugar Revenue: ₦398.1 billion (+8%)

Pasta Revenue: ₦96.9 billion (+31%)

Rice Revenue: ₦39.3 billion, a staggering 2,923% increase year‑on‑year (from ₦1.3 billion in H1 2024) .



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Management Commentary & Forward Outlook

BUA Foods’ Managing Director, Engr. Ayodele Abioye, highlighted the resilience of the company’s diversified model and operational efficiency amidst macroeconomic challenges, emphasizing continued investments in back‑integration, innovation, and supply‑chain expansion. Management remains optimistic about sustaining growth through greater affordability and contribution to Nigeria’s food security .


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📊 Summary Table

Metric H1 2024 H1 2025 YoY Change

Revenue ₦672.4 billion ₦912.5 billion +36%
PBT ₦137.2 billion ₦276.1 billion +101%
PAT ₦130.9 billion ₦260.1 billion +98%
EPS ₦7.27 ₦14.45 +99%
Gross Profit – ₦339.3 billion +55%
Gross Margin ~32.4% ~37.2% +480 bps
Assets – ₦1.33 trillion +21.7%
Liabilities – ₦644.1 billion –3.4%
Equity – ₦689.1 billion +60.6%
Retained Earnings – ₦681.1 billion +62%



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✅ Takeaway Summary

BUA Foods Plc delivered impressive half‑year growth in H1 2025, driven by a diversified portfolio and strong execution across flour, sugar, pasta, and rice segments. Its financial position has strengthened significantly with robust margins, rising equity, and sound capital structure. With EPS nearly doubled and management confident in its growth strategy, the company is well positioned for continued momentum in the second half of 2025.

Here are the confirmed H1 2025 financial results for MTN Nigeria Communications Plc, based on the official earnings release and media reports:


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🧾 H1 2025 Highlights (Six Months Ended 30 June 2025)

🔹 Key Financials

Service revenue rose 54.6% YoY to ₦2.38 trillion from ₦1.54 trillion

EBITDA jumped 119.5% YoY to ₦1.2 trillion, boosting the EBITDA margin by ~15 percentage points to **50.6%**

Operating profit surged to ₦892.8 billion, a 193% increase year-on-year


🔹 Profitability Turnaround

Profit after tax ended at ₦414.9 billion, reversing a ₦519.1 billion loss in H1 2024

Basic & diluted EPS reached ₦19.78 per share, versus a ₦24.71 loss in H1 2024


🔹 Operational & Commercial Metrics

Subscribers: total mobile base expanded by 6.7% to 84.7 million; active data users grew 11.8% to 51.0 million

Capital expenditure (capex, excluding leases) soared 288% to ₦565.7 billion, focusing on network expansion and quality enhancements

Free cash flow (FCF) stood at ₦409.8 billion, up 18% from prior year, significantly supported by improved operating cash generation


🔹 Balance‑Sheet Progress & Guidance

Retained earnings improved to –₦192.9 billion (end‑June), from –₦607.5 billion at end‑2024; shareholders’ equity swung to –₦42.5 billion (from –₦458.0 billion), nearing break-even by Q3

Net debt-to-EBITDA was low at 0.3×, with interest cover of 12.8×, showcasing strong debt serviceability

New guidance issued: FY 2025 service revenue growth and EBITDA margin both expected in the ‘at least low‑50%’ range; for FY 2026, service revenue growth at least low‑20%, with EBITDA margin projected at **53–55%**



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✅ Key Takeaways

A remarkable financial turnaround: from massive losses to strong profitability in just one year.

Strong demand and pricing delivered top-line growth, while severe reduction in FX losses (from ₦887.7 billion to ₦5.2 billion) played a critical role .

Massive capex push supports network quality and expansion—especially 4G+ rollout across major cities .

Re-engagement with positive equity and narrowing retained losses points to balance‑sheet recovery by Q3 if momentum holds.

Strong free cash flow and healthy debt metrics underpin financial flexibility for future investments.



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📌 Summary Table

Metric H1 2025 Change vs H1 2024

Service Revenue ₦2.38 trillion +54.6%
EBITDA ₦1.20 trillion +119.5%
EBITDA Margin 50.6% +15 pp
Operating Profit ₦892.8 billion +193%
Profit after Tax (PAT) ₦414.9 billion From –₦519.1 bn to profit
EPS ₦19.78 per share From –₦24.71/share
Capex (ex‑leases) ₦565.7 billion +288%
Free Cash Flow ₦409.8 billion +18%
Shareholders’ Equity –₦42.5 billion Improved from –₦458 bn

Melcapital:
Good!

An opinion: Why not just share the name of the AI tool/app that you use rather than pasting the entire output information? When these responses are pasted on other platforms, they lose the reading appeal and appear like boring epistles riddled with figures and funny characters.

Chat GPT is the AI app

Here’s the unaudited H1 2025 result for Tantalizers PLC (Nigeria), covering the six‑month period ended June 30, 2025:


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📌 H1 2025 Financial Highlights

System Revenue: ₦1.40 billion

Loss Before Tax (PBT): ₦25.90 million



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🧾 First Half Breakdown: Q1 vs Q2

Period Revenue (₦M) Profit (Loss) (₦M)

Q1 2025 (ended Mar 31) 314.70 Net Loss ₦20.05 (after tax)
Q2 2025 (ended Jun 30) included in system revenue above Loss Before Tax ₦25.90


Q1’s net sales were ₦314.7 m with a net loss of ₦20.05 m.

Q2 contributed significantly to the system revenue total, but profitability did not improve—operating in the red with PBT ₦25.90 m.



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🎯 Strategic & Capital Developments

The company plans a hybrid capital raise up to ₦2.5 billion, aimed at doubling issued share capital from ₦2.5 billion to ₦5 billion .

Leadership is pursuing a diversified growth strategy across:

Blue Economy: Acquisition of 10 deep‑sea trawlers under the Tantalizers Fisheries Limited venture, aimed at seafood exports and cold‑chain operations .

Media & Entertainment: Purchase of Grand Media Projects Limited to strengthen presence in Nollywood and content production .




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✅ Key Takeaways

H1 revenue of ₦1.40 billion marks strong top-line growth, largely fueled by Q2 performance.

The company remains unprofitable, with PBT losses totaling ₦25.90 m in Q2 and net loss ₦20.05 m in Q1.

Strategic repositioning is underway via capital raising and expansion into fisheries and entertainment—moving toward a multi‑sector “foodtainment” conglomerate.



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🔍 For Investors & Observers – What to Watch

1. Q3 2025 earnings: Essential to see whether diversification into fisheries and media begins to impact margins favorably.


2. Execution on capital raise plans: Will funding come from rights issue, placement, and how will it be used?


3. Operational traction of new segments: Early performance indicators from fisheries and media ventures will be critical to track.

zendi:
Ellah Lake will have the last laugh over it's skeptics, led by Edueco alias Ellah Lekos, and Street, alias Ellah Kpakus.

Lekos is a future company. Its success story may start manifesting from 7 to 10 years time

Bigdeal01:
Ellah Lake result is still missing. Companies in similar industry have all released their reports.

We know why. You know why too.
Hopeville culture sustaining that stock.

Ellah lekos is still a baby company.

Banks are the best when you compared their EPS to those
of most non-banking companies.

Here’s the latest Half‑Year (H1) 2025 financial summary for Caverton Offshore Support Group Plc, covering the six‑month period ended June 30, 2025:


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📈 H1 2025 Financial Highlights (January–June 2025)

Based on the unaudited financial statements:
Revenue: ₦16.126 billion (versus ₦18.796 billion in H1 2024)
Operating profit: ₦9.013 billion (compared to ₦2.859 billion in prior H1)
Net foreign exchange gain: ₦6.916 billion, up from ₦3.167 billion in H1 2024
Other operating income: ₦613.3 million (up from ₦24.6 million)
Profit before tax: ₦2.114 billion (from a ₦3.703 billion loss)
Profit after tax: ₦2.082 billion (versus ₦3.703 billion loss)
Basic EPS: ₦0.62/share (versus a loss of ₦0.54/share)


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🏛️ Balance Sheet & Cash Flow Summary

Cash & bank balances grew to ₦1.662 billion, up from ₦0.448 billion at end‑2024

Total assets stood at ~₦77.3 billion, a slight increase over Dec 2024

Equity remained negative at approximately ₦52.5 billion, but improved from ₦54.6 billion deficit at start‑2025


Operational cash flow turned sharply positive, benefiting from forex gains and reduced liabilities. Operating activities generated around ₦10.12 billion in cash, offset by investing and financing outflows, resulting in a net cash increase of ₦1.214 billion in H1.


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🔍 Key Insights

Profit turnaround: Caverton shifted from deep losses in 2024 to solid profitability in H1 2025.

Forex tailwinds: A significant net foreign exchange gain was a major contributor to profitability.

Better margins: With operating expenses well controlled, margins improved dramatically.

Liquidity improvement: Cash balances climbed nearly fourfold, improving flexibility despite persistent negative equity.

Balance sheet still under pressure: Retained losses continue to outweigh reserves, keeping equity negative.



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📊 Quick Comparison: H1 2025 vs H1 2024

Metric H1 2025 H1 2024

Revenue ₦16.126 billion ₦18.796 billion
Operating profit ₦9.013 billion ₦2.859 billion
Net FX gain ₦6.916 billion ₦3.167 billion
Profit before tax ₦2.114 billion ₦(3.703 billion)
Profit after tax ₦2.082 billion ₦(3.703 billion)
EPS (basic) ₦0.62/share ₦(0.54)/share



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🧭 Final Thoughts

Caverton’s H1 2025 sets a strong foundation after a challenging 2024 — driven by operational efficiencies, significant forex gains, and improved margins. While profitability and liquidity trends are improving, the balance sheet remains under strain due to negative equity.

Would you like a breakdown of segment performance (e.g. helicopter charter vs maintenance, marine operations), detailed cash‑flow analysis, peer comparisons, or outlook guidance next?

Here are the key figures and insights from First HoldCo Plc’s Q2 2025 (period ended June 30, 2025) financial results, as reported by Investors King today:


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📊 First HoldCo Plc Q2 2025 Highlights

Profit for the period (PAT): ₦118.7 billion, down from ₦157.2 billion in Q2 2024

Interest Income: ₦812.1 billion, up 61.9% from ₦501.5 billion in Q2 2024

Net Interest Income (NII): ₦539.6 billion on improved lending and investments; after impairment (₦148.1 billion), net NII was ₦391.5 billion

Fee & Commission Income: ₦90.9 billion, with net fee income at ₦74.6 billion

Dividend Income: ₦10.0 billion, from rising investment returns

Operating Profit: ₦169.3 billion, slightly below ₦177.8 billion a year ago due to higher costs

Profit Before Tax (PBT): ₦169.7 billion, down from ₦177.8 billion

Tax Expense: ₦53.3 billion

Discontinued operations contributed an additional ₦2.3 billion into total PAT

Earnings Per Share (EPS): ₦6.84, down from ₦10.05 in Q2 2024

Here’s a detailed summary of FCMB Group Plc’s H1 2025 (6-month period ended 30 June 2025) unaudited financial results:


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🏦 FCMB Group Plc – H1 2025 Financial Highlights (Jan 1 – Jun 30, 2025)

📌 Overview:

Gross earnings jumped to ₦529.2 billion, up approximately 41% from ₦374.5 billion in H1 2024 .

Profit after tax (PAT) rose to ₦73.4 billion, a 23.4% increase versus ₦59.5 billion in H1 2024 .

Profit before tax (PBT) stood at ₦79.1 billion, up 23% YoY from ₦64.2 billion .



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📈 Revenue Breakdown:

Interest and discount income surged to ₦458.4 billion, a 70.3% increase from ₦269.2 billion in H1 2024 .

Net interest income grew 95.3%, reaching ₦207.4 billion (from ₦106.2 billion) .

Interest expenses climbed 54.1% to ₦251.0 billion, reflecting higher cost of funds .

Net fee & commission income rose 51.3% to ₦37.9 billion, with total fee income up ~31% to ₦47.4 billion and fee expenses down ~15% to ₦9.5 billion .

Trading income declined by 29.3% to ₦22.2 billion, while other gains fell significantly from ₦37.1 billion to ₦696 million, mainly due to lower FX revaluation and asset disposal gains .



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🧾 Balance Sheet & Capital:

Total assets expanded to ₦7.54 trillion by June 30, 2025 .

Customer deposits rose almost 40% YoY to ₦4.54 trillion .

Shareholders' equity grew to ₦746.6 billion, up 24.3% from the prior year .

Loans & advances stood at ₦2.38 trillion, supporting income growth .

Cash and cash equivalents totalled ₦1.53 trillion at June 30, increasing sharply from ₦795.4 billion at year-end 2024 .



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📉 Per-Share Metrics & Capital Adequacy:

Earnings per share (EPS) declined to ₦3.70 basic and diluted, down from ₦6.00 in H1 2024—driven by capital and share count adjustments .

Capital adequacy ratio (FCC) improved to 16.2% at end-2024 from 14.7%, bolstered by FCMB’s ₦147.5 billion public offer in Q4 2024 .



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🚀 Key Takeaways

FCMB delivered solid top‑line growth, anchored by booming interest income and expanding loan book.

The sharp rise in funding costs partly offset interest income gains, but strong cost control helped maintain healthy margins.

Growth in non‑interest income (fees & commissions) added diversification.

Trading and other gains softened, pointing to volatility in market-sensitive revenues.

Robust deposit inflows and an expanding asset base improved liquidity and capital buffers, though EPS declined due to capital restructuring.



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📊 Summary Table

Metric H1 2025 YoY Change

Gross earnings ₦529.2 billion +41%
Profit before tax (PBT) ₦79.1 billion +23%
Profit after tax (PAT) ₦73.4 billion +23.4%
Net interest income ₦207.4 billion +95.3%
Fee & commission income ₦47.4 billion +30.9%
Trading income ₦22.2 billion –29.3%
Loans & advances ₦2.38 trillion –
Customer deposits ₦4.54 trillion +39.9%
Total assets ₦7.54 trillion –
Shareholders’ equity ₦746.6 billion +24.3%
EPS (basic/diluted) ₦3.70 ↓ from ₦6.00
Capital adequacy (FCC) ~16.2% (end‑2024) ↑ from ~14.7%

Agbalowomeri:
It doesn't seem to add up with the 35B outstanding shares

I didn't check it.

feelamong:
is that not annualised?


Also check the impact of the new shares from the May 2025 capital raising exercise

I didn't check it.

Care4:
My advise to anyone here is this: don't use any of this NYSE/USD focused apps for NGX.
For seamless NGX experience, we have enough brokers. Open an account with them you'd be better off.

This is nothing but the bitter truth.

Mpeace:
No dey look that side. What interest me the most in the result is that Ote$ now owns 31% stake in FIrst bank as against 20% of last year.
If you add the 25% that is on the way to him, he would be owning like 56%. When you now add the one that will come by way of private placement, then we start our journey.

I think the Barbican units of share is not for him; but he is still the highest individual shareholders through direct and indirect holdings.

Streetinvestor2:
I have not checked the result.Did u look at forex gain in the both results first

I didn't check for forex gain.

WEMA Bank's EPS is around ₦8 for H1 2025.

When I told you the gereguralization of First Bank has started you thought I was joking?

Earning per share dropped from ₦10.__ in H1 2024 to ₦6.__ in H1 2025

Ichimoku cloud is trending up for FCMB!

SAK:
CI leasing never cross 10 naira o! We never hear anything again about cI leasing?

Ichimoku cloud has gone below the cloud!

Cileasing is very bearish!!

Umehj88:
No be my portfolio oooo nah bovali own.

Okay

Umehj88:
This portfolio way I take they get inspiration nah him person call audio. It was posted in 2024 oooh. Make una no they chase our helpers oooo

If government say make you pay tax now you go begin dey complain.

yMcy56:
You're right.
Learn Africa is a well managed company and used to trade ahead of Academy before now.
Gave 1:8 bonus last year but the OS is still below 900M even with that...... thus signalling more room for further increase in Capitalization.
Let's see if LEARN will also declare bonus in addition with dividend this fye too.

The Q1 2025 EPS and the shareholders funds is what I like about it.

yMcy56:
ACADEMY @11.26 full bid....
My post of few trading days attached......
The medium Outlook may not even be medium again.....but short term...

Learn Africa is better than Academy.

Learn Africa has excellent shareholders funds,but I don't like buying shares of small companies.

Learn Africa is my type of company(excellent shareholders funds);but,it is small capitalization company.

ppogba:
Thanks for this.
If one should mention shares that belong in this category, one may have his head chopped off even online.

Make everybody open their eyes and where you have not been baptised before, it is always good to experience it.

Good morning

Alright

ppogba:
That is why as an investor, there are shares you don't just buy for so many reasons.

For example, I will like someone to educate me on what justifies the present price of MECURE.

It is what finance experts call irritional exuberance.

SonofElElyonRet:
@EDUECO and his co nay sayers

Lekos is still in its conception/infancy.

unite4real:
if not for the neck pressing by CBN on banks in Nigeria, none of the FUGAZ should trade below N100

And there are stocks that their earning per share is nothing to write home about;but their prices have gone roof top.

https://doclib.ngxgroup.com/Financial_NewsDocs/44653_ECOBANK_TRANSNATIONAL_INCORPORATED-_QUARTER_2_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_JULY_2025.pdf

Ecobank Q2 2025!

GeneralDae:
Our Banks are still way too cheap.

This confirm that the market is never efficient in the short run.

Agbalowomeri:
Your matter no clear me again o. Projected year end EPS of 50kobo, you say price target na N33? Abi I drink ksekpe ni?😂

My brother,the matter shock me!

So ACCESSCORP will likely be over ₦100 as common sense value.

Locotrader:
Royalex

Good Q2 result.one of the best results so far.

Can now pay dividend.
Now on our of negative retained earnings.
Shareholders fund from 6B to 8B
PAT increased from 700m to 1.5B
EPS 0.35kobo
Reduction in expenses
Reduction in borrowing

A new MD with financial services experience resumed office in May 2025.Institutional investors moved into Royalex in the last 3 months.

Q3 is looking very gloomy.A new dawn is here @ Royalex

Projected price by 2025 year end N5-N7 based on the sector listed which is Financial services.

If this 1.37 supply is broken today,the stock will have its way to 1.50.

Aka Rolex company!

Rolex kiosk business is not doing badly

bovali:
Let me give you people small backstory on Ellah Lakes:

Chuka Mordi’s Background and Ellah Lakes Ownership Structure

Professional Background of Chuka Mordi (Pre–Ellah Lakes)
Chuka Mordi is a Nigerian investment professional with over two decades of experience in investment management, financial advisory, and corporate leadership.. He holds a Philosophy degree from King’s College, University of London, and began his career in the UK as an equities analyst at SBC Warburg. He later worked at firms such as Hardman & Co. (focusing on UK AIM stocks), InterSec Research (investment research), and Société Générale Asset Management (covering European emerging markets). In 2009, Mordi co-founded CBO Capital, a Lagos-based private equity and investment management firm, where he served as Managing Partner. He also headed the Infrastructure Financing division at First City Monument Bank (FCMB) in Nigeria. In addition to his banking and investment roles, Mordi held executive positions in other companies – notably serving as Co-Managing Director of Union Dicon Salt Plc in 2014 as part of a turnaround investment led by CBO Capital. This blend of international finance experience and local industry leadership defined Mordi’s career prior to his involvement with Ellah Lakes.

Path to Control of Ellah Lakes
Ellah Lakes Plc was a struggling fish-farming company until 2019, when Chuka Mordi and his partners orchestrated a strategic takeover via an agribusiness company called Telluria Limited. In May 2019, Ellah Lakes announced the acquisition of 100% equity in Telluria, effective May 7, 2019. Shortly after, on June 12, 2019, the board appointed Chuka Mordi (who had been a director of Telluria) as the new Managing Director/CEO of Ellah Lakes, replacing Frank Ellah (a member of the founding family). This leadership change was part of a broader restructuring to recapitalize Ellah Lakes and pivot its operations from fish farming to crop cultivation (especially oil palm), leveraging Telluria’s farmlands and expertise.
Notably, the deal was structured as a reverse takeover: Ellah Lakes paid for Telluria by issuing new shares rather than cash. In other words, Telluria’s owners received equity in Ellah Lakes, effectively giving them control of the listed company. Approximately 1.88 billion new Ellah Lakes shares were issued to Telluria’s shareholders, increasing Ellah Lakes’ total shares from about 120 million to roughly 2 billion. This equity swap made Telluria’s investors (with Mordi among them) the majority owners of Ellah Lakes – “Telluria Limited actually owns the company,” as a contemporary report observed . Mordi’s private equity firm, CBO Capital, was a core investor in Telluria, which further explains his leading role in the post-merger ownership and management of Ellah Lakes. In summary, through the 2019 Telluria transaction, Chuka Mordi and his investment partners assumed both executive control and a controlling shareholding in Ellah Lakes.

Ellah Lakes Ownership Structure: Historical vs. Current

Historical Ownership: Ellah Lakes Plc was founded in 1980 by the late Senator F. J. Ellah as a fish farming business and became the first agribusiness company listed on the Nigerian Stock Exchange in 1993. For its first few decades, the company was closely held by its founders and early investors. Frank Ellah (the founder’s son) served as CEO from 2008 until 2019, and the Ellah family remained significant shareholders during that period. Prior to the 2019 restructuring, Ellah Lakes had only about 120 million shares outstanding, indicating a relatively concentrated ownership (primarily in the hands of the founding family and a small number of investors).

[b]Current Ownership (Post-2019): [/b]The Telluria reverse acquisition in 2019 dramatically altered Ellah Lakes’ shareholding structure. Telluria’s backers – notably CBO Capital Partners – emerged as the new controlling shareholders of Ellah Lakes. As of the 2022–2023 period, the major shareholders of Ellah Lakes were as follows:
- CBO Capital Partners Ltd – ~28.2% ownership (the private equity firm that led the 2019 investment)
- Enotie Ogbebor – ~18.8% (an Ellah Lakes director and investor associated with the Telluria acquisition)
- Blackman & Co. Ltd. – ~16.9%
- Lake Oko Farms Ltd. – ~9.4%
(No other individual shareholder held 5% or more of the company’s shares in that period..) These four shareholders collectively owned over 70% of Ellah Lakes, reflecting the concentration of ownership in the hands of Mordi’s investor consortium. CBO Capital, in particular, has been described as a “major shareholder” and key stakeholder in Ellah Lakes.

[b]Changes Over Time: [/b]In the years since the takeover, Ellah Lakes has undertaken further capital restructuring that affected its ownership distribution. The company raised additional equity to fund its expansion in agribusiness. For example, in 2024–2025, Ellah Lakes’ shareholders approved a conversion of about ₦3.1 billion of debt into equity. This debt-for-equity swap led to the issuance of approximately 1.10 billion new shares, which were listed on the NGX in March 2025. The total number of shares outstanding increased from about 2.75 billion to 3.86 billion after this conversion. During the same period, CBO Capital slightly pared down its stake – offloading roughly 81 million shares – in order to improve the stock’s liquidity and comply with free-float requirements of the exchange. Despite these adjustments, the core investor group introduced in 2019 (led by Chuka Mordi through CBO Capital and affiliates) remains the dominant shareholder bloc in Ellah Lakes, maintaining effective control of the company’s direction. This is evident from the fact that the majority of shares are still held by that group and its representatives, even as the company expands and brings in new capital.

Conclusion (my opinion as always): Was a smart public market play. Instead of doing an IPO or registering a new company, Chuka used a struggling listed entity to gain immediate market access, reputation, and funding pathways. It shows strategic thinking that most Nigerian entrepreneurs don’t apply. The structure is similar to what global private equity does. You inject value, control through equity, and scale with investor capital.

Ellah lekos is like a new born child!

It is from 10 to 15 years before investors will start getting dividend payment.

Infact,lekos is still in conception .