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 Investment › Dangote Refinery IPO Investors Face Three-week Wait For Allotment by MCentral(op): 2:04pm On Oct 29 |
Investors in Dangote Petroleum Refinery and Petrochemicals FZE’s initial public offering face a wait of at least three weeks to learn how many shares they have received. On the company’s indicative timetable, shares are unlikely to reach CSCS accounts or begin trading on the Nigerian Exchange before early December. The offer of 4.1 billion new shares at N525 each closed on Tuesday, October 27, after the Securities and Exchange Commission approved an extension from the original October 13 deadline. The offer “now moves into post-offer processing and regulatory approvals”, the refinery said in a closing statement. It added that a subscription receipt “does not confirm how many shares you will be allotted”. Reuters reported orders of about N6.4 trillion ($4.78 billion), citing two people familiar with the deal. That is about three times the N2.15 trillion base offer, on MoneyCentral calculations. The company has not confirmed the order book. The Road to Your CSCS Account The company has set out six stages on its IPO portal. The dates below are from its revised timetable, and those after November 17 are counted in business days. Why You May Get Fewer Shares If the offer is oversubscribed, applicants will receive fewer shares than they applied for. The prospectus allows the issuer to absorb extra demand, subject to SEC approval. Reuters reported that up to 30% of the offer could be absorbed. Taking up an extra 30% would lift the offer to 5.33 billion shares, or about N2.80 trillion, on MoneyCentral calculations. Even then, reported orders would be roughly 2.3 times the enlarged offer, so a large share of application money could still be refunded. In the refinery’s private placement earlier this year, it absorbed $1.5 billion above the offer size and refunded $1.2 billion. Aliko Dangote has said he plans to protect small retail applicants of 50,000 shares and below and scale back large orders, but the refinery has not published its formula. Analysis: The Cost of Waiting For investors who borrowed money or sold other assets to subscribe, the timetable matters. Application money tied up from as early as mid-September earns nothing until refunds arrive around late November. At current Treasury bill yields, that delay has a real cost. The listing date also affects the wider market. A refinery valued at around $49 billion, would become one of the largest stocks on the NGX at debut. Index trackers and fund managers would need to make room for it. That could put pressure on other large-cap stocks in the weeks before trading starts. Refunds may also have an effect. If more than N3 trillion in surplus application money returns to investors in late November, some of it could go back into equities and fixed income ahead of the listing. https://moneycentral.com.ng/markets/article/dangote-refinery-ipo-investors-face-three-week-wait-for-allotment-results/ |
| Business › Re: Dangote Refinery IPO Closes With Record $1.6Bn Demand From Domestic Investors by MCentral(op): 10:30am On Oct 28 |
Heffalump:The bible says its better to not speak hence people dont know that you dont know anything. There are 2 ways people make money from investing in shares. Capital gains and dividends. The allure for the Dangote Refinery is more of capital gains even though dividends will play as well. If you buy at N525 and in 1-year the price moves to N1,000, you have made roughly 100% gains on your investment. If you invested N10million you will have N20 million and you can choose to sell everything or some of it on the NGX. Secondly the investment will pay dividends annually. You complain about only 3.3% being sold. If a man tells you to invest in his company and wants to offload his entire stake to you for you to become the bag-holder you should be worried more than someone who wants to give you only a little piece because it means there's lots of value remaining in the latter example, while in the former, he wants to sell u a lemon and dissappear. Also if Dangote increased the stake he is selling to 10% that means you will need to come up with close to N6.3 trillion. Do you have that kind of money to invest? The refinery already has diverse ownership from NNPC owning about 7.25%, Private Placement guys 6% and now IPO owners 3.3%. That total's 16.55% leaving Dangote with a little over 83.45%. Dangote stake could also fall further with demand from Africa countries, according to the article. 1 Like |
| Business › Dangote Refinery Makes History As IPO Attracts Investors From 120 Countries by MCentral(op): 8:55pm On Oct 27 |
Dangote Petroleum Refinery and Petrochemicals has successfully concluded its landmark Initial Public Offering (IPO), attracting investor applications from 120 countries across all six inhabited continents, including every one of Africa’s 54 countries, in an unprecedented demonstration of the continent’s capacity to mobilise capital and broaden ownership of strategic industrial assets. The historic offering, widely described as The People’s IPO, achieved 100 per cent geographical coverage of Africa, bringing together investors from across the continent and beyond in a transaction that could redefine the scale, accessibility and international reach of African capital markets. More than a conventional fundraising exercise, the IPO has emerged as a landmark in financial inclusion, demonstrating how digital technology, coordinated financial institutions and innovative distribution channels can connect millions of potential investors to opportunities previously dominated by institutional and high-net-worth participants. The transaction was supported by an extensive network of commercial banks, stockbroking firms, fintech platforms, capital market institutions and distribution partners, whose collaboration expanded access to the offer across national boundaries and created new pathways for retail participation. For Dangote Industries Limited, the conclusion of the IPO marks a defining moment in its industrial journey, transforming the refinery’s ownership proposition from an investment driven by a single entrepreneurial vision into an opportunity for broader African participation. President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the outcome as a powerful affirmation of African confidence, enterprise and the continent’s ability to mobilise its own resources for development. “When we set out to build this refinery, many doubted that a project of this scale could be delivered by Africans. We proved that Africa could build it. Today, through this historic IPO, we have demonstrated something equally important: Africans are ready to own and participate in the prosperity created by their own industries. “To have investor applications from all 54 African countries is deeply significant to me. It tells us that our people do not simply want to consume what Africa produces; they want to invest in it, own it and share in its future. This is the Africa we have always believed in,” he said. “We did not undertake this IPO simply because we needed to raise capital. We wanted to open the doors of ownership, give ordinary Africans an opportunity to participate in an enterprise of global significance and establish a new culture of shared prosperity. The refinery was built in Africa, by African determination, and its future must create opportunities for Africans. Today, we have made history together. But the greater achievement will be the generation of African investors, entrepreneurs and industrialists that this transaction inspires. Our ambition is not merely to build successful businesses. It is to help build a prosperous, self-reliant Africa whose people are participants in its economic destiny. As we advance our expansion programme and Vision 2030 strategy, we remain committed to strengthening our operational performance, deepening our contribution to Africa’s energy security and building an enterprise that rewards the confidence placed in it.” https://moneycentral.com.ng/markets/article/dangote-refinery-makes-history-as-ipo-attracts-investors-from-120-countries-all-54-african-nations/ |
| Business › Dangote Refinery IPO Closes With Record $1.6Bn Demand From Domestic Investors by MCentral(op): 1:10pm On Oct 27 |
The Dangote Refinery initial public offering (IPO), Africa’s biggest, has already secured enough commitments from Nigerian and retail investors to meet its fundraising target, Bloomberg reported, citing people familiar with the matter.https://moneycentral.com.ng/markets/article/dangote-refinery-ipo-closes-with-record-1-6bn-funded-demand-from-domestic-and-retail-investors/ 10 Likes
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| Crime › Re: NDLEA arrests South African with 36.65kg cocaine at Lagos airport by MCentral: 9:20am On Oct 26 |
adenigga:"During interrogation, Babafemi said the suspect reportedly stated that she had arrived in Nigeria on September 30 to collect the consignment and had been recruited by another South African woman who promised to pay her R20,000 upon successful delivery." The R20,000 is just $1,200 or about N1.6 Million. I think these drug dealers prey on the poor that have probably not travelled outside South Africa before or been on an Airplane, selling them glamorous travel and hotel living. Because that's a ridiculous amount of money for such a huge risk. 1 Like |
| Business › Re: Nigeria Now $2.4trn Purchasing-power Economy As Oyedele Courts Private Capital by MCentral(op): 6:32am On Oct 26 |
itzadorable333:You didnt really say anything here. |
| Business › Nigeria Now $2.4trn Purchasing-power Economy As Oyedele Courts Private Capital by MCentral(op): 12:36am On Oct 24 |
Nigeria’s economy is worth about $2.4 trillion when measured by purchasing power parity (PPP), making it the world’s 19th-largest, Finance Minister Taiwo Oyedele told a Chatham House event in London on Oct. 21. He used the figure to sell the country’s consumer market to foreign investors as the International Monetary Fund’s (IMF) October 2026 projections put the country’s GDP measured by PPP at $2.44 trillion international dollars, placing it between Egypt in 18th place and Taiwan in 20th. Nigeria’s output is also more than twice South Africa’s $1.08 trillion international dollars. In nominal dollar terms the picture is very different. The same IMF data put Nigeria’s economy at $386.67 billion, 48th in the world, with income per head of $1,594. “The next phase of growth will be financed by private capital, domestic and foreign, and not by the state borrowing more,” Oyedele said. Demand that is often underestimated PPP adjusts output for the fact that a naira buys far more locally than its market exchange rate suggests. Nominal per-capita income of $1,594 suggests a very poor market. However, when measured by purchasing power, the figure is about $10,051, so the average Nigerian can buy far more than the dollar number implies. Companies selling everyday products priced in naira, such as noodles, data bundles, cement and beer, are selling into a much larger market than the dollar headline suggests. Put simply, food, transport, rent, labour and services cost much less in Nigeria than in the US. For investors, the PPP figure measures how much Nigerians actually produce and consume. On that basis Nigeria’s 242 million people form Africa’s largest consumer market for food, telecoms, banking, cement and household goods. Low local costs also favour manufacturers and service firms that produce in Nigeria for export. The government says investors are already responding. Capital importation rose to $10.37 billion in the first quarter of 2026 from $1.13 billion three years earlier, and foreign direct investment reached $4.01 billion in 2025, the Federal Ministry of Information said. Limits to PPP Measurements PPP measurements for an economy however has its limits, though. Foreign investors earn in naira but measure returns in dollars, euros or pounds, so the nominal economy and the exchange rate decide what they can take home. The gap between Nigeria’s PPP and nominal rankings is largely the result of the naira’s devaluations since 2023. Income per head on a PPP basis is also less than half of Egypt’s, which makes Nigeria a large but low-income market where shoppers are highly sensitive to price and companies must sell small, cheap units, with margins thin when costs rise. For investors, the PPP number is best read as a measure of how many potential customers and how much demand Nigeria has. The nominal number is a measure of what that demand is currently worth in hard currency. The case for investing rests on narrowing the gap between the two, through a stable naira, lower inflation and rising incomes, which would help translate Nigeria’s purchasing-power scale into dollar returns. https://moneycentral.com.ng/markets/article/nigeria-pitches-2-4-trillion-purchasing-power-economy-as-oyedele-courts-private-capital/ |
| Business › Access, Fidelity Results Stuck As CBN Steps Up Scrutiny Of Banks’ Asset-quality by MCentral(op): 4:22am On Oct 23 |
The publication of audited Half-Year (H1) 2026 financial statements for top Tier-1 and Tier-2 lenders—notably Access Holdings Plc and Fidelity Bank Plc—remains in limbo as the Central Bank of Nigeria (CBN) steps up oversight of commercial banks’ asset quality, credit provisioning, and foreign currency risk exposures. Access Holdings Plc, Nigeria’s largest lender by assets, has yet to publish its half-year results, 114 days after the period ended and 23 days into the fourth quarter. Fidelity Bank Plc is in the same position, meaning that investors are trading both stocks on numbers that are now more than six months old. Both lenders say their audited accounts for the six months to June 30 are “subject to receipt of regulatory approval” from the Central Bank of Nigeria (CBN). The CBN’s heightened review reflects a systemic regulatory effort to stress-test bank balance sheets against elevated loan impairments, ongoing capital adequacy requirements, and sovereign restructuring risks across Pan-African subsidiaries before clearing interim audited accounts for public release. Neither bank has given a new publication date, even as most tier-one peers have already reported Half-Year results including: GTCO, Zenith Bank, Stanbic IBTC and First HoldCo. Access last reported its financial results in April. First-quarter profit after tax rose 18.5% to N216.54 billion from N182.75 billion, according to its unaudited Q1 2026 statements. The CBN’s extended review aligns with early balance-sheet signals in Q1 2026. Access Holdings recorded a 239% spike in credit impairment charges to ₦73.81 billion in Q1, and the group reported a capital adequacy ratio of 17.25%. Fidelity’s first-quarter profit after tax fell 18.2% to N74.47 billion from N91.10 billion. Gross earnings climbed 37.9% to N434.95 billion as rising funding costs and loan impairments squeezed margins. Waiting on the Regulator Access’s board approved the half-year accounts on Aug. 27. The Nigerian Exchange then extended the filing deadline to Sept. 30. On Oct. 2 the exchange granted a further extension with no fixed date, MoneyCentral reported. Access said it “will publish the results promptly upon receipt of the required approval.” Fidelity got a further extension in a notice dated Oct. 5. Its insider trading window will stay closed until 24 hours after both the half-year and third-quarter accounts are released. Sources tell MoneyCentral that the central bank has stepped up its review of banks’ asset quality and earnings sustainability, which could be delaying the results release. This is the first set of audited accounts filed since the industry’s recapitalisation, and it comes ahead of possible interim dividends. Questions Over Capital Some market participants doubt the regulator is the only reason for the delay. “These banks seem to want to blame the CBN for their failure to release their results as at when due. I think it’s time for the CBN to clarify the situation,” said a person familiar with the matter, who asked not to be identified. “What we hear is that there may be issues regarding capital adequacy or need to raise more capital.” MoneyCentral found no public statement from either bank saying it needs fresh capital, and no comment from the CBN on the delays. Access’s last published capital ratio of 17.25% was well above regulatory minimums. Fidelity said it lifted its qualifying capital above the N500 billion threshold for international banks through a private placement. Both Stocks Stuck in a Range Without fresh numbers, neither stock has broken out of their set trading range over the past year. Access has traded mostly between N20 and N30 this year: buyers step in near the bottom of that range and sellers take profits near the top. The shares fell 6.1% to N26.10 on Oct. 21, about 27% below their 52-week high of N36. Fidelity has stayed between N17.10 and N24.25 over the past year and closed at N22 on Oct. 22. Access trades at about 0.36 times book value, one of the lowest valuations among Nigeria’s large banks, and Fidelity at about 0.8 times, on MoneyCentral calculations. Those ratios use March balance sheets that are now more than six months old. https://moneycentral.com.ng/markets/article/access-fidelity-h1-results-stuck-as-cbn-steps-up-scrutiny-of-banks-asset-quality/ |
| Health › Nigeria Records First Ebola Case From Traveler Back From Uganda by MCentral(op): 10:19pm On Oct 20 |
Nigeria has recorded its first Ebola infection in more than a decade, widening an outbreak that already spread to several African countries. Nigeria confirmed that a woman who recently arrived in the country on a flight from Uganda had tested positive for the virus. She began showing symptoms on Oct. 7 and was admitted to a private hospital in Abuja on Oct. 11, according to Health Minister Muhammad Ali Pate. She is now in isolation and receiving medical care. The Nigerian case was caused by the Bundibugyo strain, Africa Centres for Disease Control and Prevention Director-General Jean Kaseya said in a statement on Tuesday. The agency is mobilizing support for Nigeria, while intensifying its response in the Democratic Republic of Congo and Kenya, he said. Authorities have identified 44 of her contacts so far and are tracing and monitoring people who may have been exposed, including healthcare workers, patients, caregivers and travel contacts. “We are doing everything possible to contain this case by tracing all the contacts the individual may have had,” Pate said. Nigeria, the continent’s most populous nation, is a major West African travel hub. Bundibugyo has no approved vaccines or therapies. “This Ebola Bundibugyo outbreak has already become the most geographically widespread Ebola outbreak in history, affecting multiple countries across three regions of Africa,” Kaseya said. The current outbreak began more than five months ago in Congo, which has recorded 9,552 confirmed infections and 4,602 deaths, according to the National Institute of Public Health. The crude case-fatality rate is 48%. Uganda recorded cases earlier in the outbreak and remains on heightened alert, while Kenya has reported infections linked to a traveler from Congo who passed through Uganda before arriving in Nairobi. Patients with infections tied to the outbreak have also been detected or treated in Europe. Africa CDC called for immediate international financing, medical supplies, diagnostics, trained responders and stronger community-based surveillance to prevent further spread. “We cannot allow this outbreak to spread to more countries or continue for another year,” Kaseya said. “Every day of delay costs lives.” The last Ebola outbreak reported in Nigeria was in 2014, when an infected traveler arrived in Lagos from Liberia during the West African Ebola epidemic. https://moneycentral.com.ng/markets/article/nigeria-records-first-ebola-case-from-traveler-back-from-uganda/ |
| Politics › Re: Lagos 2025 Revenue Hit N2.67trn But Debt Soars To N3.07trn Amid Accounting Gaps by MCentral(op): 10:18pm On Oct 20 |
Buccalcavity2:Why do u say he can only do a term? Has he been Governor before? |
| Politics › Re: Wike’s Son Jordan Dragged To EFCC Over Alleged $2.1 Million Land Deal by MCentral: 3:54pm On Oct 20 |
ObnoxiousGandi:Cash was allegedly paid in Gwarinpa Abuja, and not London. Read the report. 1 Like |
| Politics › Re: Lagos 2025 Revenue Hit N2.67trn But Debt Soars To N3.07trn Amid Accounting Gaps by MCentral(op): 3:37pm On Oct 19 |
Buccalcavity2:Lagos Leverage is not too bad. The only issue as per the report is opaque spending. Also with N2.67 trillion annual revenue, the state should be looking a lot better with all roads tarred and major infrastructure like street lights, waste disposal working well. |
| Politics › Re: Lagos 2025 Revenue Hit N2.67trn But Debt Soars To N3.07trn Amid Accounting Gaps by MCentral(op): 10:36am On Oct 19 |
honeyB2018:Yes |
| Politics › Re: Lagos 2025 Revenue Hit N2.67trn But Debt Soars To N3.07trn Amid Accounting Gaps by MCentral(op): 12:29am On Oct 18 |
aworatak:Lagos probably needs new political power at the centre. 1 Like 1 Share |
| Politics › Re: Lagos 2025 Revenue Hit N2.67trn But Debt Soars To N3.07trn Amid Accounting Gaps by MCentral(op): 10:13am On Oct 17 |
MCentral:"Under General and Administrative Expenses Lagos State booked N137.76 billion as Consultancy and Professional Services, while another line item, General Expenses gulped N101.33 billion. Both items were not properly explained further." Thats about N238bn of expenses not properly defined. Lagos is a goldmine but needs better use of its resources. All the roads in the state need to be tarred and needs of the public like mass housing and transportation tackled with seriousness. |
| Politics › Lagos 2025 Revenue Hit N2.67trn But Debt Soars To N3.07trn Amid Accounting Gaps by MCentral(op): 6:41am On Oct 17 |
Lagos State, Nigeria’s largest and richest sub-national recorded N2.67 trillion ($2 billion) as total operating revenue for the 2025 fiscal year, according to audited financial statements for the period seen by MoneyCentral. The major sources of revenue were Taxation Income which grew by 36.2% to N1.413 trillion in FY 2025 (compared to N1.037 trillion in 2024), Statutory allocation from the Federation Account of N816.4 billion (compared to N769.4 billion in 2024), Levies Fees and Fines of N163.8 billion, other revenue of N69 billion and grants of N11.2 billion. Other revenues included revenues from exchange transactions (income from services, capital receipts, investment income and interest income), totaling N203.8 billion. Expenses for the 2025 full year totaled N1.025 trillion, comprising wages, salaries and employee benefits of N323.68 billion, grants and other transfers of N42.53 billion, subvention to parastatals of N221.66 billion and general and administrative expenses of N437.93 billion. Wages, salaries and employee benefits rose by 22.5% in 2025, compared to N264.1 billion in 2024, while general and administrative expenses rose by 44.7% from N302.5 billion in the 2024 Full Year. This resulted in a surplus for the period before capital items, foreign exchange losses and public debt charges of N1.652 trillion. Capital expenditure for 2025 FY came in at N302.2 billion, down marginally from N323.92 billion in 2024, public debt charges amounted to N187.8 billion, while there was a net loss of foreign exchange transactions of N29.92 billion, compared to gains of N716.8 billion in 2024. Depreciation also amounted to N169.23 billion. Lagos recorded a surplus for the 2025 period of N1.023 trillion. Total assets for the state were N6.169 trillion, with Property, Plant and Equipment being the largest component at N5.26 trillion. Public Debt Lagos’s total public debt consists of bond issues, internal loans and external loans. This was equivalent to N3.07 trillion as at Full Year 2025, up from N2.8 trillion as at December 2024. External loans made up the vast majority of outstanding debt at N1.905 trillion, followed by internal loans at N595 billion and bond issues at N570 billion. Internal loans consist of Forty-Seven (47) loan facilities from various local banks with interest ranging from 19% -24% per annum, including facilities from the Central Bank of Nigeria Differentiated Cash Reserve Requirement (DCRR) used to finance the Blue line and Red rail Project. The external loan includes Thirty-One (31) loan facilities for various projects repayable in foreign currencies. The outstanding principal on the foreign loans sums up to about $1.321 billion, with tenors ranging between 20 to 40 years and moratoriums between 5 to 13 years. All foreign loans have been translated to naira using the prevailing exchange rates at the reporting date. Unexplained Expenses and Accounting Gaps Under General and Administrative Expenses Lagos State booked N137.76 billion as Consultancy and Professional Services, while another line item, General Expenses gulped N101.33 billion. Both items were not properly explained further. Lagos State Government also adopted the accrual basis of International Public Sector Accounting Standards (IPSAS) for its 2025 financial statements; consequently, the Financial Statements were prepared in accordance with the accrual basis of IPSAS. The IPSAS standards require a full consolidation [aggregation) of all Government Ministries, Departments, Agencies (MDAsJ and Parastatal Organizations; however, the consolidation of the Subsidiaries, Associates and Joint Ventures of the State Government has not yet occurred and as such, the figures contained in its 2025 Financial Statements presented by the Accountant-General were yet to fully reflect an the activities Of the State Government. For instance, the under-listed Other classes of valuable assets of the Lagos State Government, were yet to be recognized, measured and eventually brought into the State’s Financial Statements, namely: Investment property, Heritage Assets, Biological Assets, and Concession Assets (where applicable). “It is necessary to state that the following items were also observably not recognized in the Year 2025 Financial Statements: Full consolidation of Subsidiaries, Associates and Joint Ventures of the State and Related parties’ disclosures,” M.J. Adetola, State Auditor-General said. https://moneycentral.com.ng/markets/article/lagos-records-n2-67trn-revenue-n1-02trn-surplus-for-2025-but-debt-hits-n3-07trn-and-accounting-gaps-remain/ 2 Likes 1 Share |
| Business › Court Rules For UBA On All Issues Against Stallion Group In Debt Recovery Case by MCentral(op): 2:00pm On Oct 16 |
…as Judge Upholds Receiver United Bank for Africa (UBA) Plc has won a court ruling in its three-year effort to recover money it says Stallion Group owes. The Federal High Court upheld the bank’s receiver, its mortgage security and the liability of the guarantors. Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, resolved every issue in UBA’s favour and granted all the reliefs sought, MoneyCentral’s reports according to the judgement heard in Court. The court confirmed Romeo Ese Michael as receiver-manager, with the right to take possession of the mortgaged property and seek protective orders. It also barred the defendants from diverting payments owed to them by government agencies, thereby reinforcing the Bank’s ability to protect its recovery interests. The court held that the defendants did not dispute owing money, only the amount, and that a reconciliation of accounts did not cancel the debt. The Court also dismissed objections raised by the 12th Defendant (Barbedos Ventures Limited), holding that it had failed to establish any proprietary rights over the mortgaged property. Consequently, its consent was not required for the creation of the mortgage, and its objections were rejected. When UBA filed the suit in October 2023, it claimed N156.03 billion, as being owed. Stallion has called the claim “entirely false,” however, the court’s written judgment and Stallion’s response to the ruling were not immediately available. The case began when Justice Akintayo Aluko granted UBA orders to take over assets of Stallion Nigeria Ltd. and its affiliates in Lagos, Port Harcourt and Kano, and to freeze their funds across Nigerian banks. Stallion’s attempts to lift those orders failed in December 2023. The defendants include Von Automobile Nigeria, Stallion Motors, The Honda Place and director Sunil Vaswani. The ruling strengthens a principle Nigerian lenders rely on: arguing over how much is owed does not by itself stop a creditor from enforcing its security. UBA is using the same receiver to pursue N61.45 billion linked to Western Metal Products Co. The decision represents a comprehensive victory for UBA, with the Court resolving all issues in the Bank’s favour and granting all the reliefs sought. The ruling is particularly significant for the enforcement of creditors’ rights in Nigeria, underscoring the legal validity of properly constituted security arrangements and the authority of duly appointed receivers to enforce creditors’ interests. The judgment marks a major milestone in UBA’s efforts to recover its exposure to Stallion Group and safeguard the interests of the Bank and its stakeholders. The key highlights of the judgment are as follows: The Federal High Court Ikoyi affirmed its jurisdiction to hear the case. The Judgement was delivered by Justice Daniel Osiagor of Court 6 of Federal High Court, Ikoyi, Lagos The Defendants did not dispute their indebtedness, only the amount owed. The guarantors were held liable. The appointment of the Receiver/Manager was upheld as valid. The Receiver/Manager’s right to take possession of the mortgaged property was affirmed. The Receiver/Manager was held to be entitled to seek protective orders. The Court held that the reconciliation exercise did not negate the indebtedness. The objection of the 12th Defendant was dismissed, as it failed to establish any proprietary rights over the mortgaged property. Its consent was therefore not required for the mortgage. The Defendants were restrained from diverting receivables due to them from government agencies. https://moneycentral.com.ng/markets/article/court-rules-for-uba-on-all-issues-against-stallion-group-in-debt-recovery-case/ |
| Business › Re: Dangote Says Refinery’s EBITDA Tops $5.5 Billion, Signals Record Third Quarter by MCentral(op): 2:19am On Oct 14 |
malali:Here u go: "Dangote Petroleum Refinery and Petrochemicals FZE swung to a profit after Africa’s biggest oil-processing facility reached full capacity and as it undertakes the continent’s largest initial public offering to date. Net income in the nine months through Sept. 30 surged to $4.725 billion from a loss a year earlier, the Lagos-based company said in a statement Tuesday. The company ended the period with cash balances of $6.6945 billion and a net cash position of $650.8 million, compared with $1.7 billion of debt a year earlier." https://moneycentral.com.ng/markets/article/dangote-refinery-9-months-net-profit-surges-to-4-725-billion-ahead-of-ipo/ |
| Business › Opay’s Profit Quadruples As Zenith And GTCO Stall In Warning Sign by MCentral(op): 1:14am On Oct 14 |
OPay Ltd. more than doubled its revenue and quadrupled its profit in the first half of 2026. Over the same period, two of Nigeria’s biggest lenders, Zenith Bank Plc and Guaranty Trust Holding Co., showed shrinking or stalled income.https://moneycentral.com.ng/markets/article/opays-profit-quadruples-as-nigeria-tier-one-banks-zenith-and-gtco-stall-in-warning-sign/ 4 Likes
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| Business › Re: Dangote Says Refinery’s EBITDA Tops $5.5 Billion, Signals Record Third Quarter by MCentral(op): 7:15am On Oct 13 |
hakeemhakeem:Dangote exports about 40% - 60% of his refinery's produce with Jet Fuel and Diesel being the major exports. 1 Like |
| Business › Re: Dangote Says Refinery’s EBITDA Tops $5.5 Billion, Signals Record Third Quarter by MCentral(op): 7:11am On Oct 13 |
malali:You can extrapolate the nine-month net profit from the Half Year results already published in the IPO Prospectus. MoneyCentral estimates nine-month net profit at about $4.1 billion, according to the report. |
| Business › Dangote Says Refinery’s EBITDA Tops $5.5 Billion, Signals Record Third Quarter by MCentral(op): 5:43am On Oct 13 |
Aliko Dangote said his refinery has generated “a bit over $5.5 billion” in earnings before interest, tax, depreciation and amortisation (EBITDA) through the third quarter (Q3) of 2026.https://moneycentral.com.ng/markets/article/dangote-says-refinerys-ebitda-tops-5-5-billion-signals-record-third-quarter/I'm 6 Likes 3 Shares
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| Business › Zenith Bank Half-year Profit Rises To ₦637 Billion, To Pay ₦1.50/share Dividend by MCentral(op): 10:32pm On Oct 09 |
…as Fees Surge 40% Zenith Bank Plc raised Half-Year (H1) pretax profit and lifted its interim dividend by 20% as wider margins, cheaper deposits, a 40% jump in fees and a sharp fall in bad-loan charges outweighed lower interest rates, a stronger naira and a heavier tax bill. Profit before tax rose 2% to ₦637 billion in the six months to June, from ₦625.6 billion a year earlier. The board proposed an interim dividend of ₦1.50 a share, up from ₦1.25. Profit after tax fell 19% to ₦430.7 billion. That was entirely due to tax: the charge more than doubled to ₦206 billion after the Nigeria Tax Act 2025 took effect. MoneyCentral calculates that Zenith’s effective tax rate rose to 32.3% from 14.9%. At the old rate, net profit would have been about ₦542 billion, slightly up on last year. Zenith Bank cut funding costs faster than its interest income fell. Interest expense dropped 13% and the cost of funds fell to 3.3% from 4.0%, widening the net interest margin to 12.4% from 11.9%. Net fee and commission income rose 40% on higher digital transaction volumes. Cost of risk fell to 2.2% from 14.3% because last year’s clean-up of forbearance loans did not recur. Gross loans grew 14% to ₦12.57 trillion from December, while the non-performing loan ratio improved to 3.78%. Customer deposits rose 8% to ₦26.35 trillion. At a closing of its shares at ₦134.10, Zenith trades at about 6.5 times annualised earnings, on MoneyCentral estimates. The interim dividend takes only 14% of first-half profit, leaving room for a larger final payout. The main weak spot was trading income, which fell on revaluation losses as the naira strengthened. https://moneycentral.com.ng/markets/article/zenith-bank-half-year-pretax-profit-rises-to-%e2%82%a6637-billion-to-pay-%e2%82%a61-50-a-share-interim-dividend/ 1 Like 1 Share |
| Business › Access Chairman’s Extravagant London Birthday Bash Contrast With Lagging Shares by MCentral(op): 12:04pm On Oct 04 |
…as Rema Performs As Rema performed at Access Holdings Chairman Aigboje Aig-Imoukhuede’s 60th birthday celebration in London, investors in Nigeria’s largest bank by assets were confronting a less festive reality: Access shares have made little progress over three years and trade at the lowest valuation among the country’s biggest lenders. Access Holdings shares have a 1-Year Return of +15%, compared with a +384% return for FirstHoldCo stock, +111.4% return for Zenith Bank, and a +53% return for Guaranty Trust Holding Company (GTCO) stock in the same time period. Access Holdings has a market capitalization of about ₦1.65 trillion, compared with ₦2 trillion for United Bank for Africa, ₦4.85 trillion for Guaranty Trust Holding Co., ₦5.52 trillion for Zenith Bank and ₦6.82 trillion for FirstHoldCo, according to data compiled by MoneyCentral. The valuation gap is striking because Access has built the country’s largest banking balance sheet through years of acquisitions, capital raising and geographic expansion. Yet stock-market investors value the group at just 0.42 times book value, meaning the market prices its equity at less than half the carrying value on its balance sheet. Access valuation problem A price-to-book ratio below one does not automatically mean a bank is cheap. It can mean investors expect low returns on equity, are concerned about future asset-quality losses, question the sustainability of reported earnings or assign a discount for capital needs and execution risk. At 0.42x book value, Access trades at a large discount to the value of its net assets. The market is effectively saying that the group must prove that its scale can produce durable cash returns for shareholders. Access has spent years accumulating scale across Nigeria, Africa and other markets, while investing in technology, distribution, people and capital. The question is whether that investment phase is ending fast enough for shareholders to see higher dividends, stronger returns and a sustained share re-rating. The promise of consolidation At a fact behind the Rights Issue Presentation in July 2024, on the floor of the Nigerian Exchange (NGX) where Access is listed, Roosevelt Ogbonna, CEO of Access Holdings banking unit told investors that Access was close to finishing its growth and investment phase and by the first quarter (Q1) 2025, it will be consolidating for the future and there will be more dividend payout for shareholders. Aig-Imoukhuede made the case more directly. He told shareholders that Access was forecast to earn about ₦17 per share annually and described the group as a “money-making machine” approaching a period when it would “start dropping money” for shareholders. The rights issue was framed as an opportunity for existing shareholders to remain invested before the expected cash-flow and dividend phase arrived. “We did a rights issue because it will be sad if our shareholders have gotten us so far, stayed with us through the thick and thin, through the times of investing, blood, sweat and tears, and then this money-making machine is about to start dropping money and then you are not a part of it. Don’t make that mistake,” Aigboje Aig Imoukhuede, the Chairman of Access Holdings Plc , said at the event. More than two years later, shareholders are still waiting for tangible proof that the transition from expansion to payout has occurred. Dividend question Access has not paid a dividend since the 2024 fiscal year, according to data compiled by MoneyCentral. That leaves a gap between management’s earlier messaging and the shareholder experience. The absence of a new dividend does not necessarily mean the group lacks distributable earnings. Banks can retain capital for regulatory requirements, expansion, loan growth, foreign subsidiaries, technology investment, acquisitions or anticipated credit losses. But a group asking investors to support capital raising must eventually demonstrate why retained earnings create more shareholder value than cash distributions. Access Holdings Plc, last week announced a further delay in releasing its audited interim financial statements for the half-yea rH1) period ended June 30, 2026. In a corporate disclosure filed with the Nigerian Exchange (NGX) on October 2, 2026, Company Secretary Sunday Ekwochi confirmed that the NGX has granted the company a further deadline extension beyond the previously approved September 30, 2026 cutoff. This provides more uncertainty for investors in the stock even as partying goes on in London. Scale has not delivered a premium Access’s low market capitalization relative to its tier-one peers shows that asset leadership alone has not convinced investors. The group has become Nigeria’s largest bank by assets, but the market continues to place a lower value on each naira of its book equity than it does on peers with smaller balance sheets. The 0.42x price-to-book ratio is therefore not simply a verdict on Access’s assets. It is a judgment on the market’s confidence in how effectively those assets can be turned into returns. The contrast: London party vs long-suffering shareholders The performance by Rema at the Access Chairman’s London celebration is unlikely to determine investor sentiment. The Afrobeats superstar Rema took the stage for an extended performance backed by a live orchestra. However, it creates a sharp visual contrast with the concerns of retail and institutional shareholders who supported the group through years of acquisitions, recapitalization and expansion. For those investors, the relevant performance is not on stage. It is the share price, earnings per share, dividend per share, return on equity, capital adequacy and the pace at which Access converts its large asset base into cash that can be retained or paid out. Aig-Imoukhuede’s earlier message gave shareholders a simple proposition: stay invested through the difficult years of growth, and participate in the cash-generative phase that follows. The investors and shareholders that listened to Mr. Aig Imoukhuede then, are still waiting to dance to the beat of the Access “money-making machine” rewarding their long-suffering, almost 3 years later. https://moneycentral.com.ng/markets/article/access-chairmans-extravagant-london-birthday-bash-draws-contrast-with-lagging-share-price/ |
| Business › GTCO Estimates ₦20.8 Bn Legal Liability From Lawsuits Against It by MCentral(op): 5:10am On Sep 30 |
Guaranty Trust Holding Co.’s (GTCO) solicitors raised their assessment of potential legal liability from cases pending against the group to no more than ₦20.8 billion at June 30, from ₦10.41 billion at the end of 2025, according to the lender’s claims-and-litigation disclosure. The higher estimate came despite a modest reduction in the number of cases against GTCO. The group was a defendant in 1,212 cases, down from 1,237 in December. Claimants sought a combined ₦421.43 billion and $11.75 million, compared with ₦485.34 billion and $12.32 million at year-end. GTCO was also pursuing 472 cases as plaintiff, seeking ₦365 billion, down from 503 cases involving ₦380.2 billion. Why the estimate matters The ₦421.43 billion sought in naira claims is not an expected loss. It is the aggregate amount demanded by parties suing the group. GTCO’s solicitors assess the potential liability arising from the pending cases at no more than ₦20.8 billion—about 4.9% of the naira amount claimed. Earnings The ₦20.8 billion lawsuit liability estimate is equivalent to about 5% of GTCO’s ₦414.18 billion group profit for the first half of 2026. GTCO reported a 7.7% slide in profit after tax for the first half (H1) of 2026, amid a seeming struggle by the bank to reignite growth. The stock fell by 4.5% to ₦132.50 per share on heavy volume of 88.3 million shares (about 3.6 times the average 30-day volume of 24.5 million shares) as investors digested the earnings. https://moneycentral.com.ng/markets/article/gtco-estimates-%e2%82%a620-8-bn-legal-liability-from-lawsuits-against-it-amid-%e2%82%a6421-bn-in-claims/ |
| Business › GTCO Fraud Losses Jump Fivefold To ₦1.48 Billion As Digital Risks Persist by MCentral(op): 5:07am On Sep 29 |
Guaranty Trust Holding Co. (GTCO) reported a sharp increase in fraud-related losses in the first half (H1) of 2026 even as the number of recorded incidents declined, underscoring how fewer but larger-value attacks are reshaping operational risk for Nigerian lenders. GTCO disclosed 9,730 fraud and forgery incidents for the period ended June 2026, down from 15,469 reported for the full year 2025, according to data from its Half-Year (H1) financial statement seen by MoneyCentral. The amount involved nevertheless rose to ₦3.05 billion from ₦2.58 billion, while actual or expected naira losses climbed to ₦1.48 billion from ₦269.4 million. The group also reported $97,460 in fraud exposure, though it reported no actual or expected loss in dollars for the half year. The comparison is not like-for-like: the 2026 disclosure covers six months, versus a full-year period in 2025. Still, the direction of travel is notable. By midyear, the group had already reported fraud exposure above the prior year’s full-year value, and actual or expected losses were more than five times the 2025 level. The data indicate a clear deterioration in the severity of losses. The implied loss rate—the share of naira fraud exposure that translated into actual or expected loss—rose to about 48.6% in H1 2026 from approximately 10.5% in 2025. That suggests a greater proportion of reported value was not recovered, prevented or otherwise contained. On an annualized basis, the H1 2026 incident run rate would imply about 19,460 cases, higher than 2025’s 15,469. More strikingly, annualized naira fraud exposure could reach roughly ₦6.10 billion, while annualized actual or expected losses would approach ₦2.97 billion if first-half conditions persisted. GTCO disclosed the figures under Section 5.1.2(L) of the Central Bank of Nigeria’s corporate-governance code, which requires disclosure of fraud and forgery information for the financial period, https://moneycentral.com.ng/markets/article/gtco-fraud-losses-jump-fivefold-to-%e2%82%a61-48-billion-as-digital-risks-persist/ |
| Business › Re: Wema Overtakes FCMB In Market Value, Closes In On Fidelity Bank by MCentral(op): 8:22am On Sep 28 |
FreeStuffsNG:Everyone sold new shares or did rights issues including Fidelity Bank and FCMB. Share reconstruction does not lead to higher market capitalisation. |
| Business › Wema Overtakes FCMB In Market Value, Closes In On Fidelity Bank by MCentral(op): 4:34am On Sep 28 |
Wema Bank has overtaken FCMB Group in market value and is closing the gap with Fidelity Bank, as investors pay a steep premium for the lender’s earnings growth amid share-price momentum. Wema is valued at about ₦1.23 trillion, compared with ₦735 billion for FCMB and ₦1.36 trillion for Fidelity, according to data compiled by MoneyCentral. That puts Wema roughly ₦495 billion ahead of FCMB and ₦130 billion behind Fidelity. Its shares have a 1-Year return of 77%, against 17.07% for Fidelity and 5.41% for FCMB. It is important to note that Wema Bank is the smallest of the three in terms of total assets of ₦5.23 trillion as at Q1, 2026, compared with Fidelity Bank ₦11.35 trillion and FCMB’s ₦7.54 trillion. Wema’s Valuation Premium Wema’s first-half results help explain the enthusiasm. Profit after tax rose 50.1% to ₦131.37 billion from ₦87.51 billion a year earlier. Gross earnings climbed 36.9% to ₦415.09 billion, while interest income increased to ₦342.64 billion. Pre-tax profit reached ₦154.56 billion. The lender benefited from higher yields on loans and securities, alongside stronger trading income. The share rally, however, has taken Wema’s valuation well beyond those of the two banks it is approaching or has surpassed by market capitalization. At 1.76 times book value, Wema trades at almost 1.8 times Fidelity’s price-to-book multiple and about 2.8 times FCMB’s. Investors are paying not merely for the profits Wema has reported, but for an expectation that its growth and returns will persist. That distinction matters because FCMB has also delivered rapid earnings growth. Its first-half profit after tax rose about 90.5% to roughly ₦139.9 billion—slightly above Wema’s ₦131.37 billion—yet its market value is substantially lower. Wema’s lead over FCMB is therefore a valuation story as much as an earnings story. Fidelity is The Next in Sight Fidelity remains larger by market value, but the gap has narrowed to about 9.6% of Fidelity’s ₦1.36 trillion valuation. Its most recent first-quarter profit after tax was ₦74.47 billion, down about 18.2% from ₦91.10 billion a year earlier. Fidelity Bank has yet to release its Half-Year 2026 numbers. https://moneycentral.com.ng/markets/article/wema-overtakes-fcmb-in-market-value-closes-in-on-fidelity-bank/ |
| Investment › Re: Moneycentral Initiates Dangote Refinery At Buy With ₦1,020 Target by MCentral(op): 5:44pm On Sep 22 |
MCentral:Dangote Refinery 9 months results will show exceptional growth. |
| Investment › Moneycentral Initiates Dangote Refinery At Buy With ₦1,020 Target by MCentral(op): 7:59am On Sep 22 |
MoneyCentral initiated coverage of Dangote Petroleum Refinery and Petrochemicals FZE with a Buy recommendation and a 12-month target price of ₦1,020 per share, betting that stable operations at the 700,000-barrels-per-day complex and an eventual capacity doubling will drive a re-rating after the company’s initial public offering. The target implies about 94.3% upside to the ₦525 offer price. It values the company at approximately ₦126.7 trillion on a post-offer share count of 124.23 billion shares, comprising 120.13 billion issued shares and 4.1 billion new shares offered to investors. MoneyCentral’s call is premised on the view that Dangote Refinery has moved beyond its costly commissioning period and is entering a phase of sustained high utilization, stronger fixed-cost absorption and rapid earnings conversion. The refinery reached stable full-capacity operations across all processing units from March 2026 and recorded performance-testing throughput of as much as 700,000 bpd in June, according to the IPO prospectus. Earnings inflection Dangote Refinery reported ₦19.15 trillion of revenue in the six months through June 2026, compared with ₦18.77 trillion for the whole of 2025. Profit after tax was ₦2.51 trillion in the first half, compared with ₦724.2 billion for the preceding full year. The figures illustrate the earnings leverage available as the refinery moves toward consistent high-throughput output. Operating profit reached ₦3.33 trillion in the first half, while MoneyCentral calculates EBITDA of about ₦3.65 trillion, after adding back prospectus-reported depreciation and amortization of roughly ₦325.3 billion. Metric FY 2025 H1 2026 Annualized H1 2026 run rate Revenue ₦18.77T ₦19.15T ₦38.31T Gross profit ₦349.0B ₦3.56T ₦7.11T Operating profit ₦123.6B ₦3.33T ₦6.65T EBITDA Not disclosed as a line item ₦3.65T* ₦7.30T* Profit before tax ₦724.2B ₦2.90T ₦5.80T Profit after tax ₦724.2B ₦2.51T ₦5.01T *MoneyCentral calculation: operating profit plus depreciation and amortization reported in the cash-flow statement. Annualization is illustrative and assumes the H1 2026 operating run rate persists. The company’s largest revenue stream was petrol, or PMS, contributing 42.5% of H1 2026 sales. Diesel contributed 25.2%, jet fuel accounted for 23.7%, and the balance came from products including residual catalytic oil, LPG, polypropylene and CBFS. The fuel mix matters because the refinery is designed to maximize higher-value transport-fuel output. Over the 12 months through June 2026, PMS represented 39.9% of production, diesel 21.4% and aviation turbine fuel 20.6%, according to the prospectus. Target price framework MoneyCentral uses a blended valuation framework weighted toward forward earnings, while also accounting for the asset-heavy nature of the business and its longer-term expansion potential. Valuation approach Standalone value Weight Contribution to target Forward earnings P/E ₦1,413 50% ₦707 EV/EBITDA ₦896 30% ₦269 Growth and strategic-option value ₦215 20% ₦43 Blended 12-month target — 100% ₦1,020 Source: MoneyCentral The forward P/E framework uses annualized H1 2026 profit after tax of ₦5.01 trillion and the post-offer share count to derive forward earnings per share of about ₦40.36. Applying an aggressive 35x multiple yields a value of ₦1,413 per share. The premium multiple reflects MoneyCentral’s view that Dangote should be valued as a strategic integrated energy and petrochemicals platform rather than as a conventional, mature refinery. The model gives weight to the company’s domestic market position, high-complexity configuration, product mix, marine and storage assets, export capability and planned expansion. We expect the earnings multiple to normalise to 15x after expansion and growth by 2029. Enterprise value case The EV/EBITDA analysis starts with annualized H1 2026 EBITDA of ₦7.30 trillion. Dangote reported total loans and borrowings of ₦7.82 trillion at June 30 and cash and equivalents of ₦5.89 trillion, producing net debt of about ₦1.93 trillion. Applying a 15x annualized EBITDA gives implied enterprise value of approximately ₦109.5 trillion and an equity value of ₦107.57 trillion, equivalent to a share price of ₦896. The multiple is appropriate for the refinery as MoneyCentral believes it reflects the business’s operating scale and growth option rather than solely its current refining cash flows. Expansion The most ambitious part of the target is the refinery’s plan to add approximately 700,000 bpd of capacity by 2029, doubling total capacity to about 1.4 million bpd. The expansion program is expected to cost about $14.3 billion, with ₦2.11 trillion in net IPO proceeds earmarked for growth capital expenditure. MoneyCentral estimates that the incremental 700,000-bpd train could ultimately generate EBITDA equivalent to the existing platform’s annualized H1 2026 run rate, or about ₦7.3 trillion, if it reaches comparable utilization and margin performance. That is an analytical extrapolation, not management guidance. The valuation gives the expansion option a probability-weighted present value of approximately ₦215 per share, applying a 60% probability of delivery, an 80% present-value factor and a 10x EV/EBITDA multiple to the potential new capacity. The refinery also plans to increase polypropylene capacity from 830,000 tonnes per annum to 2.4 million tonnes per annum by 2030. Its existing infrastructure includes about 4.7 billion liters of storage, 1,100 kilometers of pipelines, five offshore single-point moorings, a 570-megawatt captive power plant and 10,000 CNG-powered trucks. Domestic and export position Dangote’s main advantage is its position in Nigeria’s fuel market. As of May 2026, the prospectus said the refinery supplied all PMS produced domestically and about 87.6% of total PMS supply in Nigeria after including imported volumes. Its product sales are not confined to Nigeria. Dangote has sold refined products across Africa, including Togo, Ghana, Cameroon, Benin, Côte d’Ivoire, South Africa, Morocco and Mauritius, and also has export activity in markets including Singapore, Oman, Malaysia, Brazil, the US and Europe. The facility sources about 60% of crude feedstock from Nigeria, including under term contracts with NNPC Ltd. and through the government’s crude-for-naira program. It has access to volumes of as much as 350,000 bpd through its NNPC-related supply framework, subject to availability. Risks to the call The Buy case relies on strong operating and market assumptions. Refining margins can compress sharply when product cracks weaken or crude costs rise. The company remains exposed to crude availability, operational outages, domestic pricing policy, financing costs, FX movements and future expansion funding. The planned second refinery train is also execution-dependent. Its 2029 completion target requires financing, regulatory approvals, construction delivery and reliable equipment commissioning. The prospectus notes that the balance of the expansion program beyond IPO proceeds will be funded through internally generated cash flow and other financing sources, including debt, trade and project finance. Tax treatment is another variable. The company benefits from free-zone incentives, though sales into Nigeria’s customs territory may be subject to applicable taxes from Jan. 1, 2028. Disclosure: This is a research valuation prepared by MoneyCentral. It is not investment advice, a solicitation, or an offer to buy or sell securities. While reported financial, debt, cash, share-count, capacity and capex figures are taken from the prospectus, annualization, selected valuation multiples, probabilities, discount factors and strategic-value allocations are MoneyCentral modelling judgments and may not materialize. https://moneycentral.com.ng/markets/article/moneycentral-initiates-dangote-refinery-at-buy-with-%e2%82%a61020-target/ |
| Business › Re: Non-Oil Exports Overtake Crude For First Time As Reserves Exceed $55 Billion by MCentral(op): 9:50am On Sep 21 |
everythingtall3:I believe the source of that would be refined petroleum products such as diesel, jet fuel and petrochemicals. |
