₦airaland Forum

Infinity Trust Mortgage Bank Plc has:

Return on Equity: 19.21%
Price to Earnings Ratio: 13.72x
Debt to Equity Ratio: 3.04x
Current Ratio: 1.22x
Net Profit Margin: 40.17%
Dividend Yield: 3.11%.

Once again, at exactly 3.50pm today, Dangote Cement Plc has again been pushed up by 10%

*NGX flags nine firms for delisting or restructuring*

NGX RegCo says *Union Dicon Salt Plc + 3 others face November 2026 deadline* to complete business restructuring. Total 9 firms flagged.

*Breakdown from Oct 23 X-Compliance Report:*

*4 on Delisting Watchlist (DWL):*
- Critical Minerals Financing Corp Plc - undergoing restructuring, to file Quarterly Compliance Report
- Multi-Trex Integrated Foods Plc - 2-year watchlist period
- Union Dicon Salt Plc - on watchlist since Nov 1, 2024 (2 years)
- Fortis Global Insurance Plc - since Feb 14, 2025.

*5 others undergoing restructuring:*
- FTN Cocoa Processors Plc
- Thomas Wyatt Nigeria Plc (also previously suspended for not filing 2025 audited accounts)
- Austin Laz and Company Plc - 2-year restructuring approval
- Pharma-Deko Plc
- Premier Paints Plc

*Union Dicon specifics:*
- NGX says Union Dicon has now *fixed its free-float compliance* deficiency that put it on watchlist originally
- But still must finish post-listing obligations by *November 2026*
- If not done by deadline, case goes to NGX RegCo Board for further action - could mean further regulatory action, not automatic delisting
- Company recently said new management commissioned salt & pepper production, got NAFDAC approval, started packaging Dicon Salt and Dicon Hot Pepper
- Earlier problem was difficulty contacting Aims Limited, its 40% core investor

*Expert views:*
- Globalview Securities CEO Aruna Kebira: regulators gave enough time, but must protect shareholders
- ECL Asset Management CEO Charles Fakrogha: assess restructuring progress, if efforts not enough, consider regulatory delisting, or company could do voluntary delisting

NGX says any change in listing status will be on its website and X-Compliance Reports.

*United Capital cuts borrowings, doubles cash*

United Capital Plc Q3 2026 balance sheet shift:

*Highlights:*
- Borrowings reduced by *N52.2 billion* in first 9 months of 2026
- Cash and cash equivalents more than doubled in same period.

*What it means:*
- Stronger liquidity position — lower debt + bigger cash buffer
- Gives United Capital more flexibility to fund operations, meet short-term obligations, and jump on investment opportunities
- Described as prudent financial management

*Context given:*
- For Nigeria's financial services sector, liquidity management is key in volatile market. Companies with large cash buffers and less debt absorb shocks better.
- This balance sheet improvement positions United Capital for long-term growth.

*Femi Otedola returns to Dangote Cement with reported plan to build $700m position*

*Key details:*

- Nigerian billionaire Femi Otedola is reportedly buying Dangote Cement shares, targeting up to 5% stake.
- At closing price of N1,111 on Oct 23, a 5% holding = ~N936 billion = *$700 million*.
- Neither Otedola nor Dangote Cement has confirmed he has reached 5%. No regulatory filing yet.
- Stock hit 10% daily limit on Oct 23, adding N1.7trn market value. Market cap ~N18.7trn.
- Free float pressure: Dangote Industries owns 86.65% as of end 2025. Other insiders mean less than 10% publicly available. A 5% Otedola position would absorb significant portion of free float, potentially driving price.
- Possible link to planned London listing: NGX CEO Temi Popoola said Dangote Cement could pursue London listing as early as November. Company has not said if Otedola buying is connected.
- Not first investment: Otedola bought undisclosed shares in Jan 2024 at ~N350, calling it strategic investment citing domestic capacity, export potential and 6mt Itori plant. Stock is up 82% YTD in 2026, from ~N609 at open to N1,111 on Oct 23.
- H1 2026 revenue up 21.4% to N2.51trn.
- Otedola is already dominant shareholder in First HoldCo (FirstBank parent) and major holder in Geregu Power.

United Capital Plc has:

Return on Equity: 14.69%
Price to Earnings Ratio: 6.41x
Debt to Equity Ratio: 6.65x
Current Ratio: 1.43x
Net Profit Margin: 55.76%
Dividend Yield: 6.04%.

Today, 3 landmarks happened to Dangote Cement Plc:

1. It gained another 10% indicating it's likely on a Bull Run.
2. It crossed 100% YtD gain mark, now at 100.67% gain this year 2026.
3. It has achieved a new All Time Highest price of N1,222.10


We watch and wait...

United Capital Plc has lost 11.50% so far this Year 2026.

Will it close this Year on red, or is it likely to experience a last minute Turn around before the end of this year?

We watch and wait...

*14 Companies that you should Avoid Completely...:*

1. *Austin Laz & Company Plc*
2. *Critical Minerals Financing Corp CMFC Plc*
3. *Fortis Global Insurance Plc*
4. *FTN Cocoa Processors Plc*
5. *Infinity Trust Mortgage Bank Plc*
6. *Lasaco Assurance Plc*
7. *Morison Industries Plc*
8. *Multi-Trex Integrated Foods Plc*
9. *Premier Paints Plc*
10. *Prestige Assurance Plc*
11. *SUNU Assurances Nigeria Plc*
12. *Thomas Wyatt Nigeria Plc*
13. *UACN Property Development Company UPDC Plc*
14. *Union Dicon Salt Plc*

They are all Prostitutes in the Church. Enough said.

*Why Aradel may still have room, after doubling investors' money, in 2026.*

*Performance:*

- Closed Oct 16 at *N1,499.90*
- Up *123.87% YTD* from N670 at end of 2025.
- N100,000,000 invested at start of this year 2026 = N223,866,000 now.
- BUT still *-25.89% below April peak of N2,024*.
- So it doubled, then corrected ∼30% April to June, then flat N1,415 to N1,530 through Sept.
- Last week: +8.93% from N1,377 to N1,499.90.

*Why it jumped in 2026:*

- Completed extra investment in ND Western on Dec 31, 2025, effective interest in Renaissance now *53.30%*.
- Full earnings from those assets only started in 2026.
- H1 2026: Revenue *N2.49 trillion vs N368B* a year earlier.
- Operating profit *N1.06 trillion vs N118.62B*.
- CEO Adegbite Falade: "Their full earnings contribution will be reflected, from 2026 onwards".

*Cash is the stronger story:*
- N975.61B generated from operations after tax in H1.
- Spent N298.95B on capex, left N676.66B.
- Repaid N253.79B borrowings, paid N145.52B interest.
- Closing cash: N1.72 trillion.
- But cash flow was helped by increased payables, receivables also jumped - needs watching.

*Valuation catch:*

- At N1,499.90 with TTM EPS N175.72, P/E looks *8.54x* - cheap.
- BUT earnings include *one-off gains*: N217.10B bargain-purchase + N393.19B currency translation from acquisitions - not recurring.
- Real operating picture: Profit attributable to Aradel shareholders rose only *6.30% to N153.66B* in H1, despite huge revenue jump - financing costs, and taxes ate the gain.

*Analysts' view:*
- Still 4 Buy recommendations (Blue Marina, Arthur Steven, First Securities, and Futureview).
- Targets Sept: N1,977 to N4,136, average N2,589, median N2,121.
- Targets Oct: average N2,557 - implies *∼70.50% upside* from N1,499.
- But wide range = disagreement on value.

*Technical and liquidity:*
- Latest recovery volume 1.21M avg daily, *41% below 3-month avg 2.06M* - rebound lacks strong participation.
- Needs break above N1,530, with higher volume, to confirm.
- Free float *75.78%* at June 2026 - very liquid. Largest holders: Petrolin Ocean 12.26%, Fola Adeola 5.52%, Badagry Creek 5.33%.

*Dividend watch:*
- Last year, they declared N10 interim + N23 final = N33 total = *2.20% yield* at current price.
- Q3 results + possible interim dividend, are next catalysts.

*Summary:*
Aradel _may_ still have room, because bigger asset base, gives chance to grow sustainable EPS, cash flow can fund production, and cut debt. But need to see execution - higher production, fewer shutdowns, cost control - plus oil price help. Current low P/E, is flattered by one-offs.

DANGCEM's trading:

*Price action:*
- *N1,111.00 + N101 (10%)* - it hit the daily limit up.
- It was flat around N600 in Dec-Feb, climbed to ~N1,180 in June, then consolidated around N1,066, now broke out again.
- Day's Low: N1,015.00 / Day's High: N1,111.00.

*Friday was unusual volume:*
- *Volume: 2.71M shares*
- *Turnover: N2.88B*
- *921 deals*

Compare to previous days:
- Oct 22: 654k volume
- Oct 21: 266k
- Oct 20: 142k
- Oct 19: 447k but -5.5%
- Normal days before: 90k - 635k

So Friday was *∼4x normal volume* - someone was aggressively buying.

*Performance:*
- 1WK: +4.15%
- 4WK: +4.15%
- 3MO: -7.45% (because it fell from June high).
- 6MO: +27.70%
- 1YR: +85.20%
- *YTD: +82.40%* - from N609 at start of year. Ranks 28th on NGX YTD.

- Shares Outstanding: 16.9B
- Market Cap: 18.7T
- 85th most traded stock in last 3 months: total 38.4M shares (N27.6B turnover), but 2.7M of that, was just this last Friday.

In short: low-float stock, huge volume spike on Friday, closed at limit up. That is why it pushed the whole NGX market cap to N160T.

https://nairametrics.com/2026/10/24/scoop-otedola-buying-dangote-cement-again-as-shares-jump-10/

https://www.billionaires.africa/2026/10/24/nigerian-billionaire-femi-otedola-eyes-5-stake-in-dangote-cement/

*Femi Otedola is buying Dangote Cement again, as shares jump 10%.*

*What is reported:*
- Billionaire Femi Otedola is buying Dangote Cement shares again.
- Target is said to be a *5% stake*.
- Dangote Cement has very low free float - less than 10% - with Dangote Industries owning 86.65% as of Dec 2025.
- Dangote Cement shares closed *10% higher at N1,111* on Friday, with market cap about N18.7 trillion.

*Important caveat:*
- Analysts *could not independently verify* the buying, or that it caused the price jump.
- Buyer identities in NGX trades are not publicly disclosed.

*Context:*
- This would be a repeat. In 2024, Otedola bought at about N350, and released a statement citing export potential, over N2.1 trillion in dividend history, and governance.
- "Mr. Otedola has cash with him now, and it appears he is taking strategic positions in companies he believes are undervalued, and Dangote Cement is one of them."

*Price history:*
- Opened this year at N609.
- High of N1,180 in June 2026.
- Fell below N900, then recovered to N1,111 on Friday.

*What this means practically:*
A 5% stake in Dangote Cement is massive - at N1,111 that is roughly N950bn worth of shares. Because free float is so small, it cannot be bought easily on the open market without moving the price heavily, so if true it would likely require a block or off-market deal.

The confirmation to watch for is a *Substantial Shareholding filing* on NGX - anyone crossing 5% must file.

This is not verified fact yet.

If she says No, do to her what the Ebonyi State man did to the Anambra State Lady.

Total Energies Plc has:

Return on Equity: 10.95%
Price to Earnings Ratio: 30.12x
Debt to Equity Ratio: 6.99x
Current Ratio: 0.97x
Net Profit Margin: 0.88%
Dividend Yield: 0.00%.

*Which of these 13 Companies are most likely to resume payment of Dividend from next year 2027*?

1. Cadbury Plc
2. Dangote Sugar Plc
3. Lasaco Assurance Plc
4. Nigeria Breweries Plc
5. Neimeth Plc
6. Nestle Plc
7. Fidelity Bank Plc
8. First Bank Plc
9. Mansard Insurance Plc
10. Sterling Bank Plc
11. Access Bank Plc
12. UBA Bank Plc
13. Total Plc



List them out...

ppogba:
JAPAUL

Sounds like JARULE.

Apart from Julius Berger Plc, the 3 other Companies on the NGX Stock Market that are names of human beings, their stocks always behave like Ekperima:

1. Austin Laz
2. John Holt
3. Thomas Wyatt.

First Bank Plc has:

Return on Equity: 19.28%
Price to Earnings Ratio: 7.96x
Debt to Equity Ratio: 7.34x
Current Ratio: 1.12x
Net Profit Margin: 35.57%
Dividend Yield: 0.00%.

Unilever Plc has:

Return on Equity: 25.46%
Price to Earnings Ratio: 23.70x
Debt to Equity Ratio: 0.73x
Current Ratio: 2.09x
Net Profit Margin: 14.35%
Dividend Yield: 6.65%.

Transcorp Power Plc has:

Return on Equity: 28.28%
Price to Earnings Ratio: 23.64x
Debt to Equity Ratio: 2.15x
Current Ratio: 1.40x
Net Profit Margin: 21.23%
Dividend Yield: 3.09%.

Not yet directly — but that's exactly what Dangote, NGX and United Capital are trying to force to happen.

Right now Africa does NOT have one app where you can buy Dangote in Lagos, Safaricom in Nairobi, and MTN in Johannesburg directly like you buy Apple on Robinhood.

*Why it's still hard:*

1. *Every country has its own regulator, currency, and depository.* Your Naira in CSCS Nigeria cannot settle a trade in Ethiopia's ESX. You need a custodian in each country, FX conversion, separate KYC.

2. *Settlement is not linked.* In US, DTCC settles everything T+1. In Africa, Ghana settles T+3, Nigeria T+1, Kenya T+3, but with different banks. No common rail.

3. *FX controls.* Ethiopia has strict birr controls, Nigeria has CBN rules. You can't just move money cross-border from an app.

So what they do now is *workarounds, not direct trading:*

- *Depository Receipts* — what United Capital is doing. You don't buy the Nigerian share in Ethiopia, you buy a local receipt (EDR at 74.9 birr) that _represents_ the Nigerian share held in Nigeria. Kenya is doing GDR, same idea.
- *AELP - African Exchanges Linkage Project:* Links 7 exchanges (Nigeria, Kenya, Morocco, Mauritius, South Africa, Ghana, etc.) through a common trading technology. Brokers in one country can route orders to another. It's live but volume is tiny, and you still need a local broker account in each market.
- *Apps like Bamboo, Chaka, Trove:* They give you US stocks, but for African stocks they still go through local brokers behind the scenes.

*What would make true cross-border app trading possible:*

- PAPSS for instant FX settlement across Africa (Afreximbank is building this).
- Linked CSDs (central depositories) so CSCS Nigeria can talk to ESX Ethiopia.
- Single passport for brokers — one license to operate in many markets

NGX Group MD Temi Popoola said this Dangote IPO is the test case — NGX, ESX, Nairobi NSE all trying to list the same asset via receipts. If it works, next step is to allow an app to show "Dangote - NGX price ₦525 / ESX price 74.9 birr" and let you trade.

For now, if you are in Lagos, you can only buy directly on NGX via Nigerian brokers — United Capital InvestNow, Meristem, Bamboo (Nigerian stocks). If you are in Addis, you must use CBE Capital / United Capital Ethiopia and you must be qualified investor.

We are maybe 2 to 3 years away from one App for all African stock exchanges. The plumbing is being laid now, with this Dangote IPO.

Dangote is selling his Refinery IPO to Ethiopians at the cost of N620 per share equivalent.


And only those with a minimum Networth of 83 Million Naira equivalent, excluding houses and cars owned, are qualified to buy the Dangote Petroleum Refinery IPO in Ethiopia.


And United Capital Plc, is the company spearheading the entire processes...

*Dangote Refinery IPO's cross-border push*.

Here is the breakdown:

*The IPO itself:*
- Dangote Petroleum Refinery and Petrochemicals FZE
- 4.1 billion new shares at ₦525 each = about ₦2.15 trillion or $1.5 to 1.6bn
- Opened Sept 14, 2026, extended to Oct 27, 2026 to allow more African countries to join.
- Stated use of funds: build second train to double capacity from ∼700k bpd to 1.4m bpd.

*What United Capital Ethiopia is doing:*

- UCFS Ethiopia (subsidiary of United Capital Plc) appointed as Joint Issuing House, Official Stockbroker and Lead Distributor for the Ethiopian leg.
- Working with CBE Capital, Wegagen Capital, Awash Capital.
- Roadshow was in Addis Ababa on Oct 15, hosted by Ethiopian Securities Exchange, with Aliko Dangote present.
- Regulated by ECMA and ESX.

*How Ethiopians can participate — and the limits:*

- *NOT open to general public in Ethiopia.* Restricted to qualified institutional and qualified investors only.
- ECMA caps at 100 qualified investors unless they approve more, and requires 10 million birr net worth (excluding one house, and one car).
- Price quoted in Ethiopia ∼74.9 birr per share.
- Plan is to issue *Ethiopian Depository Receipts (EDR)* — a local instrument that represents the Nigerian shares, held by a custodian, and then potentially listed on ESX (Ethiopian Stock Exchange).

Similar structures are being set up for Kenya (GDR on Nairobi), Uganda, Rwanda, Egypt, Botswana — NGX is calling it "Africa's People IPO", trying to get 10 million shareholders across Africa.

ECMA also warned that their authorization is not an endorsement of the investment merits — investors must do their own risk review.

mikeapollo:
Tinubu Shouldn't Be Spending Like A Drunken Sailor - Obasanjo

https://www.nairaland.com/8770036/shouldnt-spending-money-like-drunken

How come I started seeing your political posts again? I thought I blocked you before.