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FCMB Clarifies N400 Billion Capital-Raise Ceiling, Says Adjustment Is Driven Solely by CBN Compliance Requirements

FCMB Group Plc has issued a formal clarification regarding its recent decision to increase its authorised capital-raise ceiling from N340 billion to N400 billion. According to the institution, the adjustment is not the launch of a fresh capital-raising programme but a regulatory alignment step compelled by a new directive from the Central Bank of Nigeria (CBN). The clarification follows market speculation triggered by an addendum the Group published on November 21, 2025, amending aspects of the Extraordinary General Meeting (EGM) notice earlier released on November 15.

In the updated communication, the Company Secretary, Mrs. Olufunmilayo Adedibu, clarified that the amended resolution replaces the previously published Resolution 1. She explained that the Board’s only intention is to ensure that FCMB’s authorised capital-raise limit reflects the latest regulatory expectations communicated by the apex bank. This means the Group is not seeking additional capital beyond what has already been raised but is ensuring regulatory headroom to properly accommodate funds from its completed 2025 public offer.

Revised Resolution and Regulatory Triggers

The revised authorisation empowers the Board to raise up to N400 billion—or its equivalent in foreign currencies—through any combination of shares, bonds, notes or other capital instruments, executed locally or internationally. This flexibility is subject to relevant regulatory approvals and, according to FCMB, does not represent an expansion of fundraising ambitions but a compliance move.

This adjustment is directly tied to the CBN’s circular issued on November 14, 2025. The circular clarified that for Financial Holding Companies (HoldCos), minimum paid-up capital must now be calculated exclusively as issued share capital plus share premium. Reserves and retained earnings—previously included by some institutions—no longer count toward minimum capital.

The new rule immediately affected several banks and HoldCos, prompting industry-wide reviews of capital positions and contributing to delays in half-year and nine-month earnings reports. Some institutions that had previously believed themselves adequately capitalised suddenly faced compliance gaps, especially regarding dividend payments.

How the New Rule Affects FCMB

FCMB explained that the revised CBN definition impacted its internal capital structure because its ongoing plan to divest minority stakes in two subsidiaries would have reduced its paid-up share capital to a level lower than the combined capital thresholds of those subsidiaries. Falling below this benchmark would trigger the dividend restrictions outlined in Section 7.1 of the CBN’s Guidelines for Financial Holding Companies.

To avoid that scenario, the Group increased the capital-raise ceiling to N400 billion, allowing the Board to absorb the additional capital already generated from the 2025 public offer. The offer has closed and is now awaiting CBN verification, SEC approval and NGX listing. FCMB stressed that this change does not constitute new fundraising but ensures it remains fully compliant and able to maintain dividend payments.

Recapitalisation Strategy Remains Unchanged

FCMB reaffirmed that its three-phase recapitalisation plan is still intact. This plan consists of:

The 2024 public offer and convertible instrument issuance
The restructuring and partial divestment of minority stakes in two subsidiaries
The 2025 public offer, which has now closed

Collectively, these steps are designed to ensure that FCMB’s banking subsidiary meets the CBN’s N500 billion minimum capital requirement for international banks under the ongoing sector recapitalisation programme.

The only modification relates to the scale of the minority-stake divestments, which may now be reduced so the Group does not fall below the revised paid-up capital threshold.

Shareholder Value Will Not Be Diluted, FCMB Assures

Addressing investor concerns, FCMB emphasised that the expanded capital-raise ceiling does not amount to dilution of shareholder value. The Group referenced its performance projections, noting that earnings per share (EPS) are expected to grow sharply—from N1.85 in 2024 to N4.60 by 2026—representing a 58% compound annual growth rate. According to the Group, this demonstrates that even with a larger capital base, the business remains highly profitable and value-accretive.

Broader Sector Implications

Industry analysts expect FCMB’s move to be one of several similar adjustments across Nigeria’s financial sector as institutions realign their capital structures under the CBN’s stricter capital definition. With regulatory scrutiny increasing ahead of the 2025 recapitalisation deadlines, more HoldCos are likely to update their reporting frameworks to avoid dividend restrictions, sanction risks and compliance gaps.

As banks prepare their full-year financials under the new rules, the sector is expected to experience continued disclosures, adjustments and governance reforms in the weeks ahead.

CBN Proposes Automatic Five-Year Ban for Repeat Dud Cheque Offenders

The Central Bank of Nigeria (CBN) has unveiled a stringent new proposal aimed at curbing the persistent issuance of dud cheques across the financial system. Under the new rules, individuals who repeatedly issue cheques that bounce due to insufficient funds may face an automatic five-year ban — a sanction that will also apply again for every subsequent offence.

The proposal is contained in an exposure draft titled Guidelines on the Treatment of Dud Cheques by Banks and Other Financial Institutions in Nigeria, released on Monday for comments from stakeholders and industry operators. The CBN noted that despite long-standing legislation discouraging the practice, dud cheques remain a recurring problem, eroding public trust in cheque-based transactions and affecting the integrity of the financial system.

The revised guideline, issued pursuant to the CBN Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, is designed to tighten reporting requirements, strengthen compliance, and protect the payments ecosystem. Once adopted, it will replace all previous circulars and directives on the subject.

Under the framework, banks and other financial institutions must adopt stricter monitoring and reporting procedures. Whenever a bank confirms that a cheque has been dishonoured due to insufficient funds, it must report the incident to the Credit Risk Management System (CRMS) as well as at least two licensed private credit bureaus — and this must be done within one hour of confirmation. This is a significant acceleration from previous reporting timelines.

Banks are also required to inform the customer responsible for the dud cheque within two working days, using a communication channel that is fully traceable. Each financial institution must also keep copies of all dishonoured cheques for a minimum period of five years, ensuring availability for audits and regulatory inquiries. Before issuing cheque books, banks must clearly educate customers on the consequences of issuing cheques without adequate funds.

A major highlight of the draft is the automatic blacklisting of any customer who issues three dud cheques within the banking system. Once a customer crosses this threshold, the CRMS will immediately alert all banks, categorizing the individual as a “serial dud cheque issuer.” The reporting bank must then notify the customer in writing and update the individual’s status at private credit bureaus.

The consequences are severe: serial offenders will be barred from accessing the cheque clearing system, prohibited from opening current accounts, and blocked from obtaining loans or credit facilities from any bank or financial institution for a period of five years. This effectively constrains the customer’s participation in the formal financial sector.

Even more stringent is the provision for repeat offenders. If a previously barred customer completes the five-year restriction period but later issues another dud cheque at any time, the individual will automatically incur another five-year ban. The renewed ban applies each time the offence is repeated, with no maximum limit. This means a chronic offender could be shut out of the financial system for a decade or even longer.

The guideline also prescribes penalties for non-compliant institutions. Banks that fail to report dud cheques within the stipulated timeframe, neglect to notify customers, open accounts without carrying out mandatory status checks, or fail to withdraw unused cheque leaves face fines ranging from ₦1 million to ₦5 million per incident, depending on their category. Private credit bureaus are not exempt; they may face penalties of up to ₦2 million for failing to maintain accurate records of reported offenders.

The CBN emphasized that the proposed framework is part of broader efforts to discourage financial misconduct, safeguard the credibility of the payments system, and enhance corporate responsibility across the industry. Stakeholders have three weeks to submit comments, suggestions, or objections to the Director of the Financial Policy and Regulation Department via the CBN’s designated channels.

The proposal signals the CBN’s intent to eliminate habitual issuance of dud cheques and reinforce financial discipline, ensuring that cheque transactions remain reliable and credible within Nigeria’s evolving financial landscape.

Lagos Food Prices Ease in November, but Onions, Fish and Key Essentials Buck the Trend

The food-cost landscape in Lagos remains challenging for many households, but findings from the November 2025 Nairametrics Lagos Market Survey indicate a cautiously improving environment. While consumers finally saw meaningful relief in several staple food categories, fresh price increases in essentials such as onions, fish, pasta, and flour reveal that food affordability remains fragile and uneven across markets.

The survey, which covered four major Lagos markets—Mushin, Mile 2, Daleko and Oyingbo—highlights a month defined by both easing pressures and emerging new cost drivers. Many items that surged in October have now retreated on the back of seasonal harvests, increased supply flows and stabilizing distribution channels. However, persistent volatility in logistics, rising transport fares, and the seasonal nature of some food items continue to influence market pricing.

These developments occurred as Nigeria’s food inflation eased for the second consecutive month, dropping from 16.87% in September to 13.12% in October 2025. Lagos food inflation followed a similar pattern, declining sharply from 21.2% to 14.76%. Despite this positive macro trend, the market-level data shows that some household essentials remain under pressure.

Items That Recorded Price Increases

Despite the broader market cooldown, several key staples saw notable price hikes in November:

Dry onions recorded the biggest upward movement. The average price of a bag jumped by 28.57%, rising from N70,000 to N90,000, driven by lower-than-expected harvest volumes and higher transportation costs.
Fish prices also continued their upward trajectory.
- A kilo of kote (horse mackerel) rose from N3,800 to N4,500, an 18.42% increase.
- Titus fish climbed from N6,500 to N7,000, up 7.69%.
  Cold-chain gaps, logistics expenses, and reduced catch volumes remain key drivers.
Pasta prices increased as a 500g pack of Bonita climbed from N1,200 to N1,400, marking a 16.67% rise.
Flour experienced broad price increases across major brands, with a 50kg bag rising by between 2.67% and 13.33%, depending on the brand. Millers continue to adjust prices in response to elevated wheat importation costs.
Other noticeable increases included Ovaltine refill, Milo refill, sweet potatoes, eggs, and Mama Gold rice.

These developments highlight the reality that while raw staples may respond quickly to supply relief, processed and packaged foods remain vulnerable to cost-intensive supply chains.

Items That Became Cheaper

Encouragingly, more than 27 out of the 70 items tracked recorded price declines—the most positive shift seen in months.

Pepper topped the list with a steep 20% drop as a big bag fell from N75,000 to N60,000.
White maize fell by 18.18% to N45,000, while yellow maize dropped by 16.67% to N50,000, both benefiting from harvest-season supply boosts.
Vegetable oil and palm oil saw significant declines, dropping by 17.86% and 10% respectively.
Peak milk (900g) dropped sharply by 17.74% to N9,460.
Yam prices eased substantially, with large Abuja tubers down 16.67%.
Yellow garri recorded a 14.81% drop to N23,000 for a 50kg sack.
Cooking gas reversed last month’s spike, with a 12.5kg cylinder dropping by 13.33% to N16,250.
Frozen poultry—turkey and chicken lap—also became cheaper.

Other items that recorded declines include noodles, poundo yam, and melon.

Items With Stable Prices

Around 26 food items recorded no price changes in November, including semo, tomatoes, tea, wheat, ogbono, and certain noodle brands. This suggests a degree of stabilization in specific market segments.

Market Voices: Insights From Traders

Local traders across the surveyed markets provided context to the numbers:

“Onions didn’t turn out as cheap as we expected… transport and supply issues are the problem,” said Mrs. Ebere, a vegetable seller in Daleko.
Bakers remain troubled by flour increases, with many adjusting loaf sizes, according to Mushin retailer Mrs. Grace.
Yam sellers and garri wholesalers expressed cautious optimism but noted that consumers are still buying in smaller quantities due to limited purchasing power.
Food vendors welcomed the drop in gas and poultry prices, calling it a relief for daily operations.

Overall, the November 2025 survey paints a nuanced picture: while more than one-third of tracked food items became cheaper and inflation indicators improved, the cost of key essentials—especially onions, fish and flour—continues to pressure household budgets. The market remains highly sensitive to supply chain disruptions, seasonal harvests, and logistics challenges. Continuous monitoring will be crucial as Lagos families enter the festive season, a period historically known for fluctuating food prices.

Federal High Court Overturns FIRS’ ₦5.3 Billion Tax Judgment Against AEDC, Cites Bias and Orders Fresh Trial

The Federal High Court in Abuja has set aside a contentious judgment previously issued by the Tax Appeal Tribunal (TAT), which had mandated Abuja Electricity Distribution Company (AEDC) to pay the Federal Inland Revenue Service (FIRS) a combined ₦5.31 billion in alleged Value Added Tax (VAT) and Withholding Tax (WHT) liabilities dating back to 2013. In a significant ruling delivered on Monday, Justice Umar Mohammed held that the tribunal’s decision was undermined by bias and a breach of the principles of natural justice, thereby necessitating a complete retrial of the case.

The dispute dates back to a December 14, 2023 judgment delivered by the TAT, in which AEDC was ordered to pay ₦4.53 billion in VAT liabilities for the 2013–2017 assessment years, ₦780.3 million in WHT liabilities, and an additional ₦100,000 as costs in favour of the FIRS. AEDC immediately challenged the ruling, arguing that the judgment was flawed and that compelling compliance would endanger electricity supply across multiple states, including Kogi, Nasarawa, Niger, and the Federal Capital Territory.

Why the Court Reversed the Tribunal’s Decision

At the heart of AEDC’s appeal was an allegation of procedural unfairness linked to the involvement of Honourable Ajayi Julius Bamidele, who served as a member of the TAT panel that adjudicated the case. AEDC contended that Bamidele had previously worked with the FIRS and had directly participated in tax audit decisions relevant to the very liabilities under dispute. According to the company, this prior involvement created a clear conflict of interest and violated the rule against bias.

Justice Umar described this revelation as “uncontroverted,” noting that neither the FIRS’ counter-affidavit nor relevant submissions successfully disputed the claims. Additional testimony provided by a partner at KPMG Advisory Services strengthened AEDC’s position. The KPMG representative stated unequivocally that during the relevant audit period, FIRS’ tax audit teams reported to Bamidele, who was then a coordinating director responsible for overseeing such examinations.

The court ruled that this undisputed link struck at the jurisdiction and integrity of the tribunal’s decision. Citing settled Supreme Court authority, Justice Umar emphasised that no individual may sit in judgment over a matter in which they have been previously involved or have a vested interest. Even the perception of bias, he argued, “destroys the integrity” of judicial or quasi-judicial proceedings.

The FIRS had attempted to argue that AEDC waived its right to raise the issue by failing to object during the tribunal hearings. But Justice Umar dismissed this contention, stating that a violation of natural justice could not be ignored or excused by procedural omissions. Once bias—or the likelihood of bias—is established, he held, the entire proceedings become null and void regardless of whether the tribunal otherwise acted correctly.

A Full Retrial Ordered

With these findings, the court declared AEDC’s appeal meritorious, set aside the TAT judgment in its entirety, and ordered the matter to be sent back to the tribunal for a fresh trial before a properly constituted panel.

Background to the Dispute

The controversy began after a 2018 joint tax investigation conducted by the FIRS and the Economic and Financial Crimes Commission (EFCC). The FIRS alleged that AEDC owed billions in unpaid taxes for the 2013–2017 period. AEDC disputed the assessment, maintaining that the liabilities lacked lawful foundation and that conclusions drawn by the tax authorities were incorrect. The matter escalated through hearings and submissions before the TAT, ultimately resulting in the now-quashed ruling.

Monday’s judgment resets the long-running tax conflict, reopening a legal battle with major implications for both the electricity distributor’s finances and Nigeria’s broader tax administration framework.

Pastors and Imams Must Pay Tax on Salaries — Oyedele Clarifies Amid Nigeria’s Ongoing Fiscal Reforms

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reiterated that pastors, imams, and other religious workers are required to pay personal income tax on the salaries and allowances they receive from their religious institutions. His clarification comes amid growing public debate over the tax obligations of religious leaders, a sector many Nigerians assume is exempt from statutory deductions.

Speaking on the popular podcast Mic On, Oyedele explained that while religious institutions themselves enjoy tax exemptions under Nigerian law, these exemptions apply strictly to the organizations—not the individuals who work for them. Churches, mosques, and faith-based organizations are classified as non-profit entities, which shields them from corporate taxes as long as they refrain from commercial business operations. However, employees of these institutions, whether spiritual or administrative, are legally considered workers earning income, and therefore, must comply with personal income tax regulations.

He emphasized that the misunderstanding arises from conflating the tax-exempt status of religious bodies with the tax liability of their workforce. “What the law says,” Oyedele noted, “is that the church and the mosque will not pay tax unless they start doing business as an institution or organization. But anybody they pay—whether it’s the pastor, whether it’s the choir—is liable to tax because these people are just working. It only happens that they are working in God’s vineyard.”

‘Religious Workers Are Not Different From Anyone Else’

Oyedele reinforced the principle that personal income tax applies uniformly across professions. He argued that workers in religious environments are not fundamentally different from farmers, traders, teachers, or artisans who also contribute to the well-being of society. Many sectors, he noted, could be described as doing “God’s work,” yet this does not exempt them from paying taxes.

“The person who is selling food—do you think they are not doing the work of God?” he asked rhetorically. “The farmer who goes to the farm so that we can eat is doing God’s work. Everybody who earns income is required to declare it honestly and pay tax accordingly.”

The Nigerian constitution, he added, mandates all citizens to fulfil their civic responsibility by remitting applicable taxes based on their income levels. Religious affiliation, he clarified, does not alter this statutory obligation.

How the New Tax Thresholds Will Apply

As part of the broader fiscal reforms set to take effect in January 2026, Oyedele highlighted changes to the tax brackets designed to improve fairness and reduce the burden on low-income earners:

Low-income earners will be exempt from paying tax entirely starting next year.
Middle-income earners will enjoy reduced tax rates.
High-income earners will pay more under a progressive tax structure.

Religious leaders fall under the same system. If their earnings exceed the tax threshold, they are required to pay—regardless of their role or religious beliefs.

“We cannot create a society where certain religions or positions are considered superior to others,” Oyedele said. “Once your income passes the exemption threshold, you must pay tax. It is that simple.”

A Broader Push for Compliance

These clarifications are part of the Federal Government’s ongoing efforts to broaden Nigeria’s tax base, improve compliance, and ensure a more equitable fiscal system. Oyedele’s committee has been actively conducting public engagements to demystify tax laws, especially around the digital and remote-work economy.

In a recent webinar hosted by the National Orientation Agency, themed Simplifying Nigeria’s Tax System, Oyedele revealed that Nigeria has signed data-sharing agreements with over 100 countries. This would help identify Nigerians earning income from foreign companies or digital platforms, especially remote workers who often fall outside traditional tax tracking systems.

Regardless of where the income originates—whether local or international—every remote worker based in Nigeria is required to declare and remit taxes. “The obligation is on the individual,” he stressed, noting that increased global cooperation will make tax evasion more difficult.

Oyedele’s message underscores the government’s commitment to enforcing tax fairness across all sectors, including religious institutions. While Nigeria continues to respect the non-profit status of religious organizations, individuals who earn a salary—pastors, imams, choir members, or administrative staff—remain responsible for fulfilling their personal tax obligations.

Chams Holding Company Expands Share Capital to 6.65 Billion Units Following Major Private Placement

Chams Holding Company Plc has significantly strengthened its capital structure with the successful listing of 1,955,910,000 additional ordinary shares on the Daily Official List of the Nigerian Exchange Limited (NGX). The transaction, which followed the completion of a major private placement exercise, has pushed the company’s market capitalisation to approximately N21 billion and marks a strategic step toward enhancing its balance sheet, operational capacity, and long-term competitiveness.

The listing was disclosed through an official notification sent to Trading License Holders and published by the NGX for the week ending Friday, November 21, 2025. According to the announcement, the new shares were issued at N1.87 per unit under a private placement programme involving roughly 2 billion ordinary shares of 50 kobo each.

With the addition of these shares, Chams’ total issued and fully paid-up share capital has expanded from 4,696,060,000 units to 6,651,970,000 units. This capital boost is expected to support the company’s investment agenda, which includes upgrading digital infrastructure, strengthening identity authentication technologies, and funding expansion initiatives across its subsidiaries and service lines.

Share Price Movements and Market Activity

Chams’ stock has exhibited noticeable volatility over the past few months, reflecting shifting investor sentiment and broader market conditions. The company recorded a 52-week high of N4.67 on October 7, 2025, before experiencing a pullback to N3.15 as of November 21. This represents a modest rebound from its monthly low of N3.00 on November 11. The stock closed the last trading session at N3.15, up 1.6% from the previous close of N3.10.

Despite short-term fluctuations and a 20% decline over the past four weeks, Chams remains one of the standout performers of the year. The stock has gained 58.3% year-to-date, rising from its opening value of N1.99 in January.

Trading activity has also remained strong. Chams ranked as the 13th most actively traded stock on the NGX over the three-month period from August 25 to November 21, 2025. During this window, investors exchanged 889 million shares across 27,956 deals, worth approximately N3.25 billion. Average daily volume stood at 14.1 million shares, highlighting the company’s high liquidity and sustained investor interest. The period’s highest trading day occurred on October 13, with 44 million shares traded, while November 7 saw the lowest volume of 3.29 million shares.

Financial Performance and Implications of the Capital Increase

For the nine months ending September 30, 2025, Chams Holding Company Plc reported revenue of N13.45 billion—slightly above the N13.12 billion posted in the corresponding period of 2024. However, profit after tax fell sharply to N500.7 million from N1.08 billion the previous year. This decline was driven primarily by increased operating costs and a substantial rise in finance expenses, reflecting higher borrowing costs and broader macroeconomic pressures.

On the balance sheet, total assets stood at N20.66 billion, while total equity improved to N10.56 billion. The growth in equity was supported by stronger retained earnings and increased non-controlling interests. The recent private placement further strengthens the equity position by injecting fresh capital into the company’s operations.

Nevertheless, the enlarged share base—now at 6.65 billion units—will dilute earnings per share (EPS) unless the company significantly increases profitability. EPS for the nine-month period dropped to 9.17 kobo, compared to 19.10 kobo recorded in 2024. For investors, this dilution reinforces the importance of how effectively Chams deploys its newly raised capital.

The Bottom Line

Chams Holding Company’s private placement marks a major milestone in its capital expansion strategy. While the move provides the company with the financial flexibility needed to pursue growth, invest in technology, and reinforce its identity solutions ecosystem, it also raises expectations. To preserve shareholder value and counteract EPS dilution, the company must channel the new funds into high-return projects and deliver improved profitability in the coming quarters.

Champion Breweries Posts Strong Half-Year 2025 Performance, Upgrades Profit to N4.04 Billion

Champion Breweries Plc has published its audited financial statements for the half-year ended June 30, 2025, delivering a significant improvement in profitability and building on the momentum reflected in its earlier unaudited filings. The company reported a pre-tax profit of N4.04 billion, marking an upgrade from the previously announced N3.4 billion and representing a remarkable turnaround from the N232.6 million loss recorded during the same period in 2024.

The audited results confirm that Champion Breweries has regained operational stability following a challenging 2024, benefiting primarily from stronger revenue performance, disciplined cost management, and more favorable financing activities. The company’s recovery comes at a time of heightened competition and rising input costs within Nigeria’s beverage and brewery sector.

Stronger Revenue Performance Drives Growth

Revenue for the period closed at N15.9 billion, reflecting a 66.92% year-on-year increase, up from N9.5 billion recorded in the first half of 2024. This growth was driven by higher sales volumes and renewed consumer demand for the company’s beverage portfolio. The steady expansion of the Nigerian beer and malt beverages market, supported by improved distribution efficiency, contributed significantly to the top-line gains.

Though revenue grew sharply, the company also experienced a rise in cost of sales, which climbed by 25.34% YoY to N7.4 billion. Despite this increase, Champion Breweries delivered a substantial improvement in gross profit, which surged to N8.4 billion, more than doubling the N3.5 billion posted in the corresponding period of 2024. This underscores the company’s ability to enhance production efficiency and improve margins even in an inflationary environment.

Operational Efficiency and Expense Management

Champion Breweries’ operating expenses reflected the pressures of business expansion and rising administrative costs. Selling and distribution costs rose to N2.2 billion, marking a 20.59% increase, while administrative expenses surged by 65% to N1.75 billion. Despite these significant cost pressures, the company posted a strong rebound in operating profit.

Operating profit reached N4.48 billion, a dramatic increase of 548% YoY when compared to N692.2 million recorded in the first half of 2024. This performance reinforces the company’s success in balancing business expansion with effective cost controls and strategic allocation of resources.

Improved Financing Position Strengthens Bottom Line

The company’s financing activities supported its profitability improvement. Finance income rose to N139.9 million, compared to zero finance income in the same period last year. At the same time, finance costs dropped sharply to N585.2 million, down from N924.9 million in 2024. Lower borrowing costs and improved cash management played a central role in strengthening the company’s bottom line.

As a result, pre-tax profit climbed to N4.04 billion, while profit after tax stood at N2.73 billion, cementing the company’s successful reversal from the previous year’s loss.

Healthier Balance Sheet and Stronger Equity Base

Champion Breweries also reported improvements in its financial position. Total assets increased by 17.75% YoY to N25.1 billion, largely supported by property, plant, and equipment valued at N14.7 billion. This underscores the company’s sustained investment in production capacity and infrastructure.

Total equity rose to N14.2 billion, up from N12 billion, with retained earnings contributing N6.04 billion—a clear indicator of enhanced profitability and stronger shareholder value.

On the liabilities side, total liabilities increased to N10.9 billion, driven mainly by trade and other payables amounting to N3.8 billion, and borrowings of N3.6 billion.

Market Performance

Champion Breweries continues to maintain strong investor interest on the Nigerian Exchange (NGX). The company’s share price stands at N13.50, with a year-to-date return of 254%, reflecting renewed shareholder confidence and expectations of continued growth.

The company’s improved financial performance positions it strongly for its planned N58 billion capital raise, an initiative expected to support expansion, strengthen working capital, and enhance its competitive edge in the Nigerian beverages industry.

Africa Holds 60% of the World’s Best Solar Resources but Attracts Only 2% of Global Energy Investment – EU

The European Union has raised fresh concerns over the persistent mismatch between Africa’s enormous renewable energy potential and the limited global investment flowing into the continent. Despite possessing 60% of the world’s best solar resources—more than any other region on earth—Africa receives only about 2% of global energy investment, according to a new statement issued by the EU.

The paradox is stark: Africa is the sunniest continent, with vast stretches of high-radiation land ideal for large-scale solar development, yet it continues to lag behind in renewable energy deployment due to structural financial, geographic, and logistical challenges. These include high capital costs, investor risk perceptions, limited access to long-term financing, inadequate transmission infrastructure, and supply chain inefficiencies that complicate equipment delivery and project execution.

The EU emphasised that this imbalance has far-reaching consequences. Currently, an estimated 600 million people—nearly half of Africa’s population—still lack access to electricity. With the continent’s population expected to double by 2050, the demand for affordable and sustainable energy will increase dramatically. Failure to expand clean electricity access could slow economic growth, undermine industrialization, and complicate global climate targets, as Africa is expected to play a central role in the global transition to low-carbon energy pathways.

To tackle these issues, the European Commission announced a major collaborative initiative designed to unlock renewable energy capacity across Africa. Led jointly by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa, the campaign has already mobilised €15.5 billion in commitments to accelerate Africa’s clean energy transition.

According to von der Leyen, the funds aim to transform the continent’s energy landscape by expanding access to stable, affordable power while supporting emerging industries. She noted that the investments would “turbocharge Africa’s clean-energy transition,” enabling millions of households, businesses, and communities to benefit from reliable, renewable electricity.

The €15.5 billion package is being mobilised through the EU’s Global Gateway programme—a flagship strategy designed to strengthen global infrastructure partnerships. The bulk of the funding comes from the European Union and a coordinated Team Europe effort involving Germany, France, Italy, Denmark, Spain, and the Netherlands. European financial institutions, development banks, and African partners—including the African Development Bank—have also committed to channeling significant resources into renewable energy expansion.

A major part of the campaign focuses on addressing the infrastructure bottlenecks that have historically hindered investment. These include upgrading transmission networks, expanding cross-border electricity trade, financing large-scale solar and wind farms, and supporting the industrial policies needed to stimulate local manufacturing of energy equipment. The initiative also aims to drive industrial decarbonisation, promote green hydrogen development, and enhance climate resilience across African economies.

Once fully implemented, the campaign is expected to deliver up to 26.8 gigawatts of renewable energy and bring electricity access to 17.5 million households that are currently off-grid or underserved. Team Europe partners have also signaled intentions to scale up investments by an additional €4 billion before 2030.

The EU says the partnership represents a long-term commitment to supporting Africa’s energy independence and reducing reliance on fossil fuels. By unlocking the continent’s vast solar resources, European and African leaders believe they can catalyse job creation, boost economic competitiveness, and deliver lasting environmental benefits.

Switzerland, EU to Raise ETIAS Travel Fee to $23 From 2026

Switzerland has confirmed that it will increase the cost of the European Travel Information and Authorisation System (ETIAS) from €7 ($8) to €20 ($23) beginning January 1, 2026. The announcement, made on November 22, 2025, aligns the country with the broader European Union (EU) and Schengen Area policy shift aimed at financing enhanced border-security architecture and new digital-screening systems.

The revised pricing brings Switzerland in step with major EU countries including France, Italy, Spain, Greece, Belgium and others that recently agreed to the same fee adjustment. The harmonised increase is part of a coordinated strategy to ensure sustainable funding for a continent-wide overhaul of digital border-control tools.

ETIAS is a mandatory electronic travel authorisation required for visa-exempt travellers entering the Schengen Area for short stays. It applies to citizens from the United States, United Kingdom, Canada, Japan, Australia and dozens of other countries who previously enjoyed unhindered access. While the system is not a visa, it functions as a pre-screening mechanism to improve security checks before travellers arrive at European borders.

According to the Swiss State Secretariat for Migration (SEM), revenue from the higher fee will be channelled into strengthening cybersecurity frameworks, expanding data-exchange cooperation with Europol, and upgrading the Schengen Information System (SIS). These improvements are expected to enhance the detection of identity fraud, monitor high-risk travellers more effectively, and reinforce the region’s ability to respond to emerging border threats.

The fee hike follows months of technical consultations among Schengen member states. During those deliberations, officials concluded that the original €7 charge—set when ETIAS was conceived—would fall short of funding the extensive border-technology ecosystem that Europe is now deploying. The 2026 revision therefore represents the system’s first major pricing overhaul since its inception.

Despite the increase, the financial impact on individual travellers remains relatively minor. ETIAS approvals are valid for three years or until the associated passport expires, allowing multiple entries into any Schengen country throughout that period. Travel analysts note that the effective cost per trip will remain low, especially for frequent travellers.

However, corporate mobility planners and international project managers have been advised to factor the higher fees into their 2026 budgets. Companies that routinely send staff to Switzerland or across the Schengen region—particularly engineering firms, manufacturing contractors, and consulting groups—may experience a near-tripling of administrative costs if they bulk-pay ETIAS fees for employees. Some organisations may respond by consolidating work trips, adjusting internal billing frameworks, or passing the additional costs to clients.

Travel-management experts say the price adjustment is unlikely to significantly reduce travel demand, but it may influence how often companies dispatch personnel for short-term assignments. On the positive side, Swiss border authorities expect operational efficiency gains once ETIAS is fully integrated with the EU’s new Entry/Exit System (EES). Major airports—Zurich, Geneva and Basel—anticipate faster passenger processing as ETIAS approvals and EES biometric enrolments are merged into a unified QR code for automated gate clearance.

Tourism and aviation groups, including Switzerland Tourism, have expressed support for the price update. They argue that stable, predictable funding for border-security technologies is preferable to sudden surcharges or ad-hoc fees that could disrupt travel flows. Because all Schengen states are moving to the same ETIAS pricing, Switzerland is not expected to face any competitive disadvantage.

To aid businesses and frequent travellers, the SEM has pledged to release multilingual guidance before the end of Q2 2026. The advisory will clarify compliance deadlines, fee-payment processes, transition arrangements, and recommendations for employers managing cross-border staff movements.

Atiku Accuses Federal Government of Reviving “Lagos-Style Revenue Cartel” Through Appointment of Xpress Payments

Former Vice President Atiku Abubakar has sharply criticised the Federal Government’s recent appointment of Xpress Payments Solutions Limited as a collecting agent under the Treasury Single Account (TSA), describing the move as a troubling return to the controversial revenue practices that dominated Lagos State for decades. In a statement released on X (formerly Twitter), Atiku alleged that the decision mirrors the “Alpha Beta model,” which, according to him, entrenched a monopoly over state revenue collection and concentrated financial power in the hands of politically linked private actors.

Atiku expressed concern over what he called the secrecy surrounding the appointment, arguing that such a major shift in national revenue administration should have undergone broad public scrutiny, stakeholder engagement, and full transparency. Instead, he said, the government opted for what he termed “governance by stealth,” quietly awarding a sensitive national assignment to a private company without adequate accountability measures. According to him, this signals a concerning tendency by the current administration to centralise fiscal control in ways that could erode democratic checks and balances.

He warned that the development risks converting Nigeria “from a republic into a private holding company,” where a small group of vested interests can influence or control critical channels of public finance. Atiku insisted that far from representing innovation or reform, the appointment amounts to “state capture masquerading as digital transformation.” He stressed that digital tools must not become a smokescreen for practices that undermine transparency, noting that Nigerians have seen such patterns before and should remain vigilant.

The timing of the move, Atiku added, highlights what he described as poor judgment on the part of the government. He said the decision was taken at a moment when the nation is grieving widespread deaths and grappling with deteriorating security conditions. According to him, this makes the perceived lack of sensitivity even more troubling, as citizens expect the government to prioritise safety, stability, and clarity in governance rather than controversial fiscal arrangements.

The Federal Inland Revenue Service (FIRS) recently announced the appointment of Xpress Payments as a collecting agent for payments made through the TaxPro Max platform into the TSA. The Acting Managing Director of Xpress Payments, Wale Olayisade, welcomed the endorsement from FIRS, describing it as confirmation of the company’s technological competence and its capacity to enhance taxpayer experience. He assured Nigerians that the firm would provide seamless, secure, and efficient payment processing services to support government revenue mobilisation.

However, the concerns raised by Atiku come against the backdrop of recent revelations by the Minister of Finance, Wale Edun, who disclosed that billions of naira belonging to the Federal Government were still outside the TSA as recently as August 2025, despite longstanding directives to consolidate public funds. The minister noted that plugging revenue leakages remains a major pillar of the administration’s fiscal reform agenda. He also highlighted the introduction of a central billing system from October 1, aimed at enabling real-time reconciliation of government payments.

Atiku’s critique suggests a deeper political and economic debate about the role of private intermediaries in public revenue collection, the safeguards needed to prevent abuse, and the broader implications for national financial governance. His comments indicate that the controversy around the TSA appointment is likely to remain a significant public policy issue in the weeks ahead.

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