₦airaland Forum

Agbalowomeri:
Cardoso really mean ACCESS, e be like say he had intercontinental bank shares

I'm sure most of them are tired of Cardoso already. Otedola will be smiling though.

CBN at it again. New proposed rules for Financial Holding companies.

The Central Bank of Nigeria (CBN) has proposed new rules to separate banks from other financial entities, like financial technology (fintech) company, under their control, in a bid to make the subsidiaries operate independently.

https://www.thecable.ng/cbn-moves-to-separate-banks-from-fintech-units-prevent-use-of-customer-funds-for-subsidiaries/

https://nairametrics.com/2026/06/13/cbns-proposed-holdco-rules-what-it-means-for-banks-and-shareholders/

Fidelity has since dropped their 2025 AFS. No dividend.

https://doclib.ngxgroup.com/Financial_NewsDocs/46985_FIDELITY_BANK_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_MAY_2026.pdf

Take a bird's eye view of the Quarter 1 results of Tier 1 Nigerian Banks (FUGAZ) placed side by side, vis a vis their share prices and market capitalization, and see if you are missing any gem hidden in plain sight.

https://www.cowryvest.com/2026/05/nigeria-tier-1-banks-q1-2026-results-analysis.html

StockBaron:
It's dividend season. Stay updated.

List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
https://www.cowryvest.com/2026/03/list-of-dividend-2026-Nigeria.html

More dividends are streaming in and list is being updated. Keep tabs here:

List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
https://www.cowryvest.com/2026/03/list-of-dividend-2026-Nigeria.html

Olaide1295:
To think I sold off all my units when it reached 145, I was even happy I made a killing at over 150% returns.
The biggest losers here though is the Holcim, they sold this company at a cheap valuation just before it's acceleration.

"Despite Holcim's divestment from direct ownership of Lafarge Africa, it continues to hold a 41.8% stake in Huaxin Cement, making it the company’s largest shareholder. This means Holcim’s influence, and indirectly its presence in Lafarge Africa, has not been completely erased."
https://www.cowryvest.com/2026/04/lafarge-africa-fy2025-record-results-financial-analysis.html

StockBaron:
It's dividend season. Stay updated.

List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
https://www.cowryvest.com/2026/03/list-of-dividend-2026-Nigeria.html

More dividends are streaming in and list is being updated. Keep tabs here:

List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
https://www.cowryvest.com/2026/03/list-of-dividend-2026-Nigeria.html

Mankind2024:
In Pursuit of High-Yield Dividends: Lessons from an App Glitch for Investors
In my ongoing search for attractive dividend-paying stocks—the investor’s equivalent of finding the honeycomb—I tried a quick shortcut on the Cowryvest platform to check the latest weekly dividend announcements.
One figure immediately caught my eye: it appeared to show a dividend of ₦6.25 kobo for UPDC Plc, a Nigerian-listed real estate company. At first glance it looked too good to be true… and, as the saying goes, if something sounds too good to be true, it usually is.
I paused. This was the same “next-to-mediocre” stock I had just sold a million units of during a portfolio rebalance. Could it really be paying such a generous dividend right after I exited? I immediately cross-checked the official announcement on the Nigerian Exchange (NGX) corporate disclosures portal. The actual dividend declared was just 1 kobo per share (₦0.01), before the standard 10% withholding tax.
The eye-popping ₦6.25 kobo figure was clearly a display error on the app.
For a split second I was tempted to blame “village people”—that classic Nigerian shorthand for mysterious external forces or bad luck supposedly conspiring against you. But I caught myself.
The real lesson is this: when things don’t go as planned in the markets, newer investors often look for someone (or something) else to blame. In equity investing, however, there are no village people, no curses, and no supernatural culprits. Every investor—beginner or seasoned—is 100% responsible for their own decisions and omissions.
Imagine selling a stock you bought at ₦0.94 only to watch it climb to ₦4.98, then seeing what looked like a massive dividend announcement shortly afterward. That sting of “what if I had held?” is real—but it’s part of the game. The markets owe us nothing, and neither do apps or data feeds.
So the next time a number looks off, double-check the official source before you react. And leave the village people out of it—they’ve got enough on their plate already.
Moral for investors everywhere: Verify, don’t assume. Own your trades. And always remember—high dividends that seem too perfect are usually just a glitch.

Our Respected Elder, thanks for calling out this typo. It has now been corrected. Your contribution is appreciated. Please note that you can always drop your comments under each article for faster responses.
List has also been updated.
And yes sir, every investor has the responsibility to do their own research before making investment decisions.
Cheers!

jonnysessy:
Thanks for sharing this update. Out of the 22 companies listed. I am involved in 8. Though, i didn't see NIDF ( maybe, it was not considered as a company )

We are patiently waiting for the money spinner (Banking stocks). At least one should annouce what it will pay. When that is done it may make or mar the sector for capital appreciation. Banks are used to bandwagon effect.

I was thinking i could used these dividend for Easther celebration. But, most can't come before then. But, knowing that money will be paid after is enough consolation ( I might even take an I - owe - you) 😀😅

You're welcome. Congratulations!
Thanks for the feedback on NIDF. Q4 distribution has now been included.
Will keep updating as new dividends are announced.

It's dividend season. Stay updated.

List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
https://www.cowryvest.com/2026/03/list-of-dividend-2026-Nigeria.html

Stockpromoter:
I know but you never attended to my question.
Why is it counted as an insurance company ?
Why is the volume & value included on the insurance index ?
I still consider it as a core insurance company if these answers are not provided.

These two custodian & Royalex are not listed in the insurance sector but contributes to insurance index.
I need clarity please if you know the reason...

Custodian is listed as “Conglomerate” on NGX.

https://ngxgroup.com/exchange/data/company-profile/?symbol=CUSTODIAN&directory=companydirectory&tdate=2026-02-23T00:00:00

aj8:
VeritasKap
Strengths
1. Has a new CEO/MD, a no-nonsense career chief who understands the sector
2. The 2025 statement is looking good with a lot more prudent management and an increase in the investment portfolio. The negative earnings have turned green
3. Earnings 2025 EPS is 0.93 but I consider it even more remarkable coming from a negative 0.57. In other words a move of 0.57 +0.93 =1.50. Compared well to that of Mutual Benefit Assurance
4. Q4 earnings stand alone is 0.42 profit at Q4 was 2,925,972,000 compared to the 2025 UF year of 6,459,407,000 a remarkable surge when compared
5. Common sense strategy is based on an average PE range of 4 and 5 and when the multiples are far outstretched, on the sector’s average PE multiple or the company's PE multiple whichever is lower. Earnings must however be organic or with a high probability of repeat occurrence
6. Veritaskap’s calculations were based on the Q4 earnings and the strength of the new management against the background of Insurance sector reforms.


You may wish to refer to some of my past posts for deeper insight.

Let's see what the Q1 2026 results would come up as: then we can recalculate and restrategize.

I own VeritasKap. But kindly do your research before you jump in.

The EPS is confusing. Their Shares outstanding is 13.87 billion with PAT of N6.4 billion. That should translate to less than N0.50 per share. Or am I missing something?
I also hear that they plan to do a capital raise of N15 billion through private placement.

Meanwhile Julius Berger has silently moved from circa N152 mid-January this year to N290 as at yesterday.

https://www.cowryvest.com/2026/02/julius-berger-2025-strategy-thesis.html

StockBaron:
Access Holdings PLC Explains New ₦40bn Capital Raise and Dividend Impact
https://www.cowryvest.com/2025/12/access-holdings-clarifies-private-placement-cbn-capital-guidelines.html

They'll definitely pay final dividend for FY2025. The only question would be how much, considering their bloated Shares Outstanding.

Just like we said, Access Holdings PLC has confirmed dividend payment for 2025. Left for CBN's approval which is as usual, most likely.

https://doclib.ngxgroup.com/Financial_NewsDocs/Access_Holdings_NGX_Announcement_FEB.pdf

Article on Ellahlake as at August 2025.
"...Whichever side of the divide that you belong, always remember that a stock or share is not just a ticker symbol, but part ownership in an actual company. Therefore you should always know your reason for buying such stock (part ownership in the company), and ensure that it aligns with your investment philosophy and holding time horizon, and not just for Fear of Missing Out (FOMO)".

https://www.cowryvest.com/2025/08/ellah-lakes-plc-capital-raise.html

Happy new week!

For Access Holdings PLC's faithfuls:

Access Holdings 5-Year Strategy (2023–2027): Execution Progress & Valuation Gap
https://www.cowryvest.com/2026/02/access-holdings-5-year-strategy-analysis.html

Luckybelt:
I want to start buying stocks, I downloaded Afrinvest 2.0. I’m having issues doing KYC and funding my wallet, their support is not responding. Kindly suggest another reliable platform.

Not sure you got a response. The below should be helpful for you and for newbies:

How to Start Investing in the Nigerian Stock Market: A Guide for Beginners
https://www.cowryvest.com/2025/10/how-to-start-investing-in-nigerian.html

Shalom428:
LolWell Done Brov! I'm a number guy , but lately I realised playing the number game on NGX will only make you miss a lot of opportunities.

If we were to go by present numbers, Ellalakes will be worthless , it should be trading in negation. Numbers on some stocks on NGX are merely academic exercise.

Run the number on OANDO and juxtaposed it with the present SP. Numbers alone are not enough. If we were to go buy numbers Stanbic IBTC and GTCO should be 200+.

I don't want to write too much epistle. Numbers alone is not enough, people factor in sentiments, projections and what they know that you don't know before taking positions.

Beyond numbers , I believe, e get why CP mentioned sugar in his top 3 , beyond numbers, e get why I put am in my top 7 . Yorubas used to say , eni to mo way , lo mo we. Na who Sabi way , Sabi book

Once again, well done brov

Shalom

Benjamin Graham — 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.'

StockBaron:
From the Notes to the Financial statement, components of Trade payables that significantly increased are "Due to Customer" and "Due to Banks", both of which accounted for over ₦423 billion for 2025, and had zero entries for the previous year 2024. Which means that they are as a result of Custodian's share of acquisition of FBNQuest Merchant bank which was concluded in November 2025 (refer to the NGX publication on November 28). Banks usually have those entries in their balance sheet liabilities- "Deposits from Banks" and "Deposits from Customers".

There were some other entries under Financial Assets for 2025 that were not recorded for 2024- "Quoted equity securities" and "Loan to Customers", which again obviously are Custodian's share of acquisition of FBNQuest Merchant bank.

For more on Custodian Investment PLC, check out:
https://www.cowryvest.com/2026/02/custodian-investment-plc-nigeria-berkshire-hathaway.html

ositadima1:
A Few Thoughts on the Custodian FY25 Commentary

Thanks for sharing the Custodian FY25 walkthrough. The numbers are helpful, but I think some of the conclusions drawn from them deserve a closer look. Pulling figures from the accounts is useful, but interpretation is where the real value of analysis should come in.

The main point that stood out to me was the suggestion that Custodian may have borrowed money to fund the sharp increase in assets and investments. When you look at the actual balance sheet, that conclusion doesn’t seem to hold. Interest-bearing borrowings actually declined year-on-year, falling from roughly ₦3.4bn to under ₦1bn. So the balance-sheet expansion was clearly not debt-driven.

The jump in payables is real and significant, but payables are not the same thing as borrowing. In a group like Custodian, payables typically relate to reinsurance premiums, claims settlements, investment settlement timing and acquisition-related obligations. These are operating liabilities, not financing liabilities. They can temporarily inflate cash and financial assets, but they do not represent leverage in the traditional sense.

On the asset side, the move from about ₦407bn to over ₦1tn looks dramatic, but the story is actually visible in the accounts. Custodian consolidated acquired businesses, expanded its financial asset base significantly, and carried large timing balances from unpaid obligations. Assets and liabilities grew together, while equity increased by about ₦78bn, largely from retained earnings and some valuation reserves. That points to scale expansion, not unexplained balance-sheet risk.

The jump in quoted equity investments is also worth questioning, but it should be framed carefully. There are several plausible explanations here, consolidation of subsidiary portfolios, IFRS reclassification, or portfolio reallocation, none of which automatically imply aggressive or hidden risk-taking. It’s fair to ask for clarity, but it’s a stretch to imply borrowing without evidence.

On valuation, I also think the argument needs tighter logic. Highlighting a ~30% ROE and a low P/E, while at the same time suggesting fair value should be at or below book, creates a disconnect unless the case is explicitly that earnings quality is unsustainable. That point wasn’t fully developed, even though it’s probably the most important debate around this stock.

Overall, the numbers raised are valid, but the interpretation around leverage and funding could be stronger. Most investors can read financial statements; what differentiates good analysis is correctly classifying what the numbers actually represent and tying that back to risk and valuation in a consistent way.

From the Notes to the Financial statement, components of Trade payables that significantly increased are "Due to Customer" and "Due to Banks", both of which accounted for over ₦423 billion for 2025, and had zero entries for the previous year 2024. Which means that they are as a result of Custodian's share of acquisition of FBNQuest Merchant bank which was concluded in November 2025 (refer to the NGX publication on November 28). Banks usually have those entries in their balance sheet liabilities- "Deposits from Banks" and "Deposits from Customers".

There were some other entries under Financial Assets for 2025 that were not recorded for 2024- "Quoted equity securities" and "Loan to Customers", which again obviously are Custodian's share of acquisition of FBNQuest Merchant bank.

Agbalowomeri:
ACCESS will not pay dividends until 2027 and you expect the share price to do 50%😂

Access Holdings PLC Explains New ₦40bn Capital Raise and Dividend Impact
https://www.cowryvest.com/2025/12/access-holdings-clarifies-private-placement-cbn-capital-guidelines.html

They'll definitely pay final dividend for FY2025. The only question would be how much, considering their bloated Shares Outstanding.

chimex38:
They are doing well.
but have bloated amount of receivables and payables..
Hence low payout.

Be like the business is more of trade by barter rather than cash transactions.

Maybe wrong though.

From the notes to the Q1 result, about 38% of their receivables is Withholding Tax recoverable, while about 25% of their payables is VAT & WHT. They are still high though, but just wanted to state my observation.

nosa2:
ROE is like 16. Not that bad when you see how much of a discount it is trading to it's book value

Investors might be scared of their Mandatory convertible notes of $300m, which might be dilutive in the long run. They also seem to have one of the highest borrowing in their league (which they claim is for their acquisition drive).
Investors might also be scared of their many M&As, which could go North or South.

Access daily pricelist on
fman.com.ng/pricelist

Solidprof:
Good evening, All,

Pls, does anyone has an idea of STANBIC IBTC MONEY MARKET FUND interest rate??

Will appreciate a prompt response.

Thanks..

Tvegas:
Baba Go easy on the guy, he probably saw things from a different angle. See results as if Covid didn't happen.

The last set of entities I can ever pity are Nigerian banks, if you cry for them you are just wasting your tears. For any fresh charge imposed by the CBN na you and I go pay am. They will transfer every every to you, including unborn charges. So I was smiling when I read about how they were being treated by CBN. On pe

LOL!
It's like some people don't understand the politics in that sector. Mefy is their person. He came from within them. Same with the previous governors. That's how they roll. There's no decision that is made public that they would not have deliberated over bottles of champagne, agreed on the remedies, before announcing. When Mefy got his second tenure, Jim Ovia hosted him lavishly at the civic tower. You think it was for fun? LOL! UGAZ in today's Nigeria is a place to be. It's the Nigerian commonwealth.