Business

UAC of Nigeria Plc (UACN) held a highly anticipated investor and analyst briefing on November 20, 2025, marking its first major public engagement since announcing the monumental N182.4 billion acquisition of C.H.I Limited (CHI) from Coca-Cola. The session, held in Lagos, attracted capital-market analysts, institutional investors, and industry stakeholders eager to understand both the financing structure of the deal and its long-term implications for one of Nigeria’s oldest conglomerates.

From the detailed presentations delivered by the Group Finance Director, Funke Ijaiya-Oladipo, and Group Managing Director, Fola Aiyesimoju, it became clear that UACN views the acquisition as a generational opportunity—one that positions the group to dominate the food and beverage landscape for decades.

How the Deal Was Financed: SPV Structure and Aggressive Bank Funding

Ijaiya-Oladipo provided the most granular explanation to date of how the company mobilized N182.4 billion for the takeover. To execute the transaction efficiently, UACN created a wholly owned Special Purpose Vehicle (SPV)—UAC Food and Beverage Company Limited—tasked with acquiring and financing CHI. By housing all debt obligations within the SPV, UACN ensured a clean transition and avoided disruptions to its existing operations.

The financing mix showed a deliberate tilt toward debt:

• N30.8 billion (17%) came from UACN’s internal cash reserves.

• N151.6 billion (83%) was secured from banks through a 12-month U.S. dollar bridge loan.

Because Coca-Cola required dollar settlement, UACN hedged the entire facility, absorbing higher initial costs but preventing foreign exchange volatility from affecting the transaction. The company also disclosed that it has secured a fully underwritten 7-year naira refinancing loan and is preparing to access its N150 billion SEC-approved bond programme as interest rates ease.

Why UACN Believes the Time Was Right

During his presentation, Aiyesimoju explained that for a business like CHI—which has changed hands only once in 45 years—the window for acquisition is exceptionally rare. The challenging macroeconomic environment, softened valuations, and a wave of multinational exits from Nigeria created an unusual buying moment.

“Many companies were leaving. Prices were cheap. We thought it was a great opportunity to pounce,” he said.

UACN’s comparatively strong balance sheet and strategic clarity gave it the capacity to move decisively where others could not.

Strategic Fit: Entering High-Growth Beverage and Dairy Markets

Before the acquisition, UACN had no presence in three fast-growing consumer segments:

• Drinking yoghurt

• Evaporated milk

• Fruit juice and nectars

With CHI’s leading brands—Chivita, Hollandia, Capri-Sun, and SuperBite—UACN instantly becomes a dominant player in the non-alcoholic beverage and dairy market. The deal also brings one of the largest aseptic beverage facilities in sub-Saharan Africa, an extensive distribution network, and 52 SKUs across multiple categories.

Value Creation Plan: From 6% Margin to 15%

Perhaps the most compelling revelation was UACN’s plan to significantly expand CHI’s profit margins. CHI currently operates at about 6% margin, while UAC Foods—UACN’s comparable business—expanded its own margin from 1% to 15% in under five years.

The GMD declared that the company’s immediate priority is to raise CHI’s margins to 15%. With CHI now a N500 billion revenue business, each margin point unlocks roughly N5 billion in additional profit. A 9-point improvement therefore represents a N45 billion profit opportunity.

Key Risks: FX Exposure and Excess Inventory

Management acknowledged two critical risks:

1. Intense FX exposure due to reliance on imported raw materials such as milk powder and juice concentrates.

2. Excessively high inventory levels, with CHI holding about 220 days of stock—far above industry norms.

However, they believe these issues are also avenues for value creation. Fixing inventory inefficiencies alone could free up substantial cash, while their experience managing FX-sensitive operations—especially in their paints subsidiary—provides confidence that they can navigate currency swings.

Transformational Impact on UACN’s Financials

Once consolidated, CHI radically transforms UACN’s scale and earnings profile. Pro-forma financials for the 12 months ending September 30, 2025, show:

• Revenue rising from N223 billion to N717 billion

• EBITDA increasing from N25 billion to N67 billion

• Packaged foods and beverages now making up 85% of total revenue

Aiyesimoju described the acquisition as one of the most significant strategic shifts in UACN’s 146-year history, noting that the company has “tripled its scale” and is now positioned to unlock N45–N50 billion in additional profit as efficiencies improve.

With the stock already up 117% year-to-date and investor expectations rising, UACN now faces the challenge of delivering on an ambitious transformation plan—one that could reshape Nigeria’s FMCG landscape for years to come.

SUNU Assurances Nigeria Plc has secured unanimous backing from its shareholders to embark on a comprehensive N9 billion recapitalisation programme, positioning the company to meet the new regulatory demands introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The approval was granted during an Extraordinary General Meeting (EGM) held in Lagos, where shareholders endorsed a broad set of resolutions designed to strengthen the company’s financial foundation and ensure long-term competitiveness in Nigeria’s evolving insurance landscape.

At the heart of the approval is the mandate granted to the Board of Directors to pursue multiple capital-raising options. These include rights issues, public offers, private placements, and the admission of strategic investors who can inject fresh capital and support the company’s future growth ambitions. Shareholders also authorised the Board to proceed with a restructuring of the company’s share capital, engage seasoned professional advisers, and list any newly issued shares on the Nigerian Exchange (NGX) to enhance market liquidity and strengthen corporate governance.

Meeting the New Capital Threshold

The recapitalisation push has been driven by the sharp revision of the Minimum Capital Requirement (MCR) for non-life insurance companies. Under NIIRA 2025, the MCR rose from N3 billion to N15 billion, significantly increasing the compliance burden on industry operators. SUNU Assurances Chairman, Kyari Abba Bukar, explained that as of September 30, 2025, the company faces a capital shortfall of N9 billion, which must be bridged ahead of the July 30, 2026 regulatory deadline.

Bukar underscored that the recapitalisation plan is not merely a regulatory obligation but a strategic imperative for the company’s sustainability. According to him, strengthening the capital base is vital to maintaining solvency, expanding underwriting capacity, and ensuring that the company remains competitive in the post-reform insurance market. He further disclosed plans to remedy the company’s free-float deficiency on the NGX, aligning with broader efforts to improve transparency, compliance, and investor confidence.

Following the EGM, Bukar told journalists that the company would aggressively pursue all authorised options to achieve full recapitalisation well ahead of the NAICOM timeline. “We are committed to compliance and will explore rights issues, public offers, private placements, or strategic investor participation to meet the deadline,” he said.

Major Shareholder to Dilute Stake

In a move expected to boost liquidity and broaden domestic investor participation, Managing Director/CEO Samuel Ogbodu revealed that the SUNU Group plans to reduce its current 83% controlling stake to around 70%. This dilution is intended to increase the company’s public float and attract more local investors, reinforcing market confidence.

Ogbodu described the EGM as an essential governance milestone for any publicly listed company and reiterated that SUNU remains an attractive investment opportunity. He pointed to the company’s consistent operational performance, long-term outlook, and strong fundamentals. Despite the stock’s recent dip — now trading between N4.70 and N5.70 after previously hitting N11 — he expressed optimism that the recapitalisation exercise would spark a recovery in market valuation.

Parent Company Reaffirms Commitment

Executive Director Elie Ogounigni reaffirmed the SUNU Group’s long-standing commitment to the Nigerian market, noting that the company operates across 17 African countries and views Nigeria as a priority. He assured stakeholders that the Group stands ready to support SUNU Nigeria’s recapitalisation journey, ensuring the company achieves full compliance and remains competitive under the new regulatory framework.

With shareholder approval secured, SUNU Assurances now enters a critical implementation phase. The recapitalisation programme is expected to determine the company’s competitive strength in a sector undergoing rapid consolidation, heightened regulatory oversight, and increased investor scrutiny. The success of this initiative will likely shape SUNU’s positioning and resilience in Nigeria’s future insurance market.

VFD Group Plc has once again demonstrated its reputation for financial discipline and operational strength with the successful redemption of its N12.83 billion Series 5 Commercial Paper (CP). The settlement, which occurred precisely on its maturity date of November 14, 2025, reinforces the Group’s strong liquidity position, prudent balance sheet management, and trusted standing in Nigeria’s fast-evolving fixed-income market.

The redemption marks yet another milestone in VFD’s corporate financing journey. Since the formal launch of its Commercial Paper Programme in 2022, the Group has raised and redeemed a cumulative N33.4 billion across five consecutive issuances—each one settled seamlessly and on time. This flawless track record positions VFD as one of the most reliable non-bank issuers in the domestic debt market, especially at a time when many corporates continue to struggle with high rates, tightening liquidity, and unpredictable market cycles.

By retiring the Series 5 note as scheduled, VFD Group has sent a powerful signal to both existing and prospective investors. The move underscores the organisation’s ability to internally generate sufficient liquidity to meet all short-term obligations, even amid persistent volatility in Nigeria’s macroeconomic environment. It also strengthens confidence in the Group’s strategic management practices and supports the success of its ongoing N50 billion Rights Issue, which is set to close on November 24, 2025.

The Rights Issue—which offers five billion ordinary shares at a price of N10 per share—has already attracted significant investor interest, a clear reflection of the market’s belief in VFD’s fundamentals, long-term vision, and capacity for value creation. The Group’s impeccable redemption history only deepens that confidence, reassuring investors that VFD maintains a resilient capital structure and a disciplined funding strategy capable of withstanding current high-yield pressures.

Commenting on the successful settlement, Mr. Folajimi Adeleye, Executive Director of Finance & Investor Relations at VFD Group, highlighted the significance of the redemption. He described the timely payment as “non-negotiable proof” of the Group’s strong liquidity position and unwavering commitment to stakeholders. According to him, the retirement of the Series 5 obligation contributes to a meaningful reduction in short-term debt exposure, ultimately enhancing the Group’s funding mix and reinforcing its competitive edge in Nigeria’s fixed-income space.

Adeleye also noted that VFD’s performance sharply contrasts with broader market trends, where many issuers continue to adopt conservative or cautious financing strategies due to high borrowing costs. VFD’s ability to meet every maturity without delay, he explained, demonstrates a “premium issuer profile” and speaks to the Group’s well-coordinated financial and operational systems.

Looking ahead, the Group says the redemption forms part of a broader strategy to consolidate its financial position in preparation for the proceeds of the ongoing Rights Issue. The fresh capital will boost VFD’s ability to scale strategic initiatives across its investment ecosystem. Key focus areas include expanding the Bvndle Loyalty Platform, strengthening technology-driven market infrastructure, and accelerating growth across its core investment verticals: Financial Services and FinTech, Capital Markets, Market Infrastructure, Real Estate & Hospitality, and Ecosystem Support Services.

With active operations already spanning West and Southern Africa, as well as the United Kingdom and the United States, VFD is positioning itself as a dominant African player with a global footprint. The Group’s investment philosophy—anchored on disciplined capital allocation, pursuit of companies with strong management teams, and synergy-driven growth—remains central to its ability to deliver consistent, risk-adjusted returns across multiple economies.

In summary, the successful redemption of the N12.83 billion Series 5 Commercial Paper not only reinforces VFD Group’s financial credibility but also strengthens its strategic foundation for future expansion. As the Group prepares for the next chapter of growth, it continues to demonstrate the discipline, transparency, and reliability that have made it a preferred issuer in Nigeria’s investment landscape.

Tantalizers Plc has taken a bold step into the global seafood market with the announcement of a new five-year export agreement involving its subsidiary, Tantalizers Fisheries Limited, and Harvester Fisheries LLC, a major seafood importer headquartered in Massachusetts, United States. The deal, described by the company as a multimillion-dollar contract, represents one of the most significant international partnerships yet for the Nigerian food services company, traditionally known for its quick-service restaurant chain.

The agreement, disclosed through a regulatory filing with the Nigerian Exchange and signed by Company Secretary Olamide Babawale-Mo, outlines a long-term offtake arrangement under which Tantalizers Fisheries will supply minimum annual quantities of wild-caught tiger prawns and pure shrimps to the US-based buyer. The arrangement will run for five years, providing revenue visibility and establishing a firm foothold for the company in North America’s premium seafood distribution network.

Harvester Fisheries LLC, which operates out of New Bedford, Massachusetts—one of the most active and reputable fishing ports in the United States—specializes in distributing high-grade seafood to supermarkets, restaurant chains, specialty stores, and institutional customers across North America. The US company is known for its strict sourcing standards, suggesting that Tantalizers Fisheries has met the stringent quality, safety, and sustainability requirements needed to enter the US market.

Tantalizers Plc’s Group Managing Director, Robert Speijer, emphasized the strategic importance of the partnership, noting that it enhances the company’s global supply chain and positions Nigeria as a dependable origin for high-quality seafood. “Our partnership with Harvester Fisheries strengthens our global supply chain and positions Nigeria as a credible source of high-quality seafood for the North American market,” he said.

A Growing Export-Focused Operation

Tantalizers Fisheries Limited operates within a designated Free Trade Zone in Nigeria, allowing the company to focus exclusively on export activities while benefiting from duty exemptions, faster processing, and other incentives that support international trade. The subsidiary is involved in the harvesting, trawling, processing, and exportation of wild-caught shrimp and prawns, adhering to global food safety and traceability standards. This specialized operational structure has helped position the company as a competitive player in the expanding global seafood market.

The signing of this long-term agreement coincides with Tantalizers’ improving financial performance. After a challenging 2024, where the company ended the year with a pretax loss of N259.5 million, the first nine months of 2025 saw a dramatic turnaround. Tantalizers reported a pretax profit of N41.1 million during the nine-month period, reflecting improved revenue quality, cost reductions, and overall operational discipline.

Revenue and Financial Performance

Total revenue for the nine months reached N2.05 billion—slightly below the N2.9 billion recorded in December 2024, but more stable and supported by better margins. Franchise-operated outlets contributed the largest share of sales at N1.1 billion, while company-owned outlets generated N945.2 million.

Net revenue closed at N913.2 million. Despite lower gross profit of N310.4 million compared to the N425.1 million posted in 2024, cost of sales declined significantly by 22%, contributing to healthier margins.

Improved Efficiency and Cost Management

A key driver of the company’s financial rebound was improved operational efficiency. Other income rose 29% to N159 million, supported largely by franchise income of N81.5 million and rental income of N74.1 million.

The company made notable progress in expense management:

• Distribution expenses reversed a previous loss of N3.1 million to a positive N10.3 million.

• Administrative expenses fell sharply to N539.9 million, down from N825.8 million.

• Write-back entries totaling N59.8 million provided additional support to the bottom line.

As a result of these improvements, Tantalizers reduced its operating loss to just N189,152—a major improvement from the N189.9 million loss recorded at the end of 2024. Financial costs also shifted favorably: a net finance cost of N69.6 million last year converted into a gain of N41.3 million during the period under review, further strengthening the company’s profitability metrics.

A Strategic Pivot Toward Export Markets

The new seafood export agreement signals a deepening of Tantalizers’ long-term diversification strategy. By leveraging its fisheries subsidiary within the Free Trade Zone, the company is positioning itself not only as a domestic food services operator but also as an emerging player in Nigeria’s non-oil export sector. With a guaranteed buyer in the United States for the next five years, Tantalizers appears set to scale its export operations, earn steady foreign exchange, and further solidify its financial recovery.

IHS Holding has reported another strong quarter, with its Nigerian operations delivering a substantial $268 million in revenue between July and September 2025. The figure, disclosed in the company’s Q3 2025 earnings report and investor briefing, underscores Nigeria’s position as the firm’s most valuable market. During the period, Nigeria accounted for nearly 59% of IHS Holding’s total group revenue of $455.1 million.

The company attributed the robust performance to a combination of factors, including higher carrier tariffs approved earlier in the year, continued demand for infrastructure from major mobile operators such as MTN Nigeria and Airtel Africa, and a more stable macroeconomic environment that resulted in a stronger naira. These elements collectively offset certain operational pressures, including site churn associated with MTN Nigeria’s ongoing lease adjustments.

According to the report, revenue from the Nigerian segment rose 11% year-on-year, outpacing the group’s overall 8.3% year-on-year (YoY) growth rate. The quarter also saw notable activity within IHS’s Nigerian portfolio, with the company executing more than 1,700 lease amendments and securing over 220 new colocations. These expansions and upgrades contributed meaningfully to organic revenue growth in the country, which stood at 5% despite the drag from MTN-related churn.

The churn—primarily driven by MTN vacating 510 tenant sites and modifying terms on 980 leases—resulted in an estimated $8 million revenue impact. Still, IHS management emphasized that the issue was temporary and tied to the renegotiation and renewal of long-term master lease agreements, which have now been extended for an additional 8 to 9 years. CEO Sam Darwish described the reset as a strategic move that strengthens long-term visibility for both parties.

From a profitability standpoint, Nigeria delivered $170 million in segment-adjusted EBITDA for the quarter, representing a 7% increase from the prior year. However, EBITDA margin compressed by 230 basis points to 63.3%. The company linked the margin decline to higher electricity and diesel costs, inflation-related adjustments, and additional expenses following revised agreements with telecom operator 9mobile. Despite these cost pressures, management reaffirmed its confidence in the Nigerian market, highlighting the country’s improving economic fundamentals and stable regulatory landscape.

Macroeconomic data during the period supported the company’s optimism. The naira appreciated notably, averaging N1,523 per dollar across the quarter and currently trending around N1,440 per dollar. Inflation declined to 18%, marking its lowest point in more than three years, while GDP growth showed resilience on both quarterly and yearly comparisons. The Central Bank of Nigeria further bolstered sentiment by cutting interest rates by 50 basis points to 27%, signaling that earlier tightening measures had begun to yield positive results.

Darwish applauded the broader economic turnaround, stating that “Nigeria is firing on all cylinders,” and credited ongoing government reforms aimed at boosting foreign reserves, enhancing currency stability, and reducing bureaucratic hurdles. These improvements, he said, have strengthened investor confidence and created a more supportive backdrop for infrastructure operators like IHS.

Telecom operators—the backbone of IHS’s revenue base—also delivered strong quarterly results. MTN Nigeria posted a 63% revenue surge and reported an EBITDA margin of 53%, while Airtel Nigeria achieved a 56% revenue increase and a 57% EBITDA margin. The performance of both companies was aided by a 50% hike in carrier tariffs, which not only improved their financials but also fueled greater demand for infrastructure services such as tower leasing and network densification.

At the group level, IHS Holding beat market expectations with earnings per share of $0.44, far surpassing the projected $0.11. The earnings surprise triggered a 13.37% rise in pre-market trading, lifting the stock to $7.63. The group recorded adjusted EBITDA of $261 million and delivered an impressive 81% YoY increase in adjusted levered free cash flow, which rose to $158 million.

Looking ahead, IHS Holding reiterated its commitment to expanding and modernizing its Nigerian asset base. After resolving previous regulatory and shareholder-related tensions with MTN Nigeria, the company appears to be operating with greater clarity and alignment. With renewed long-term agreements, improving macroeconomic conditions, and a stable policy environment, Nigeria remains a central pillar of IHS’s long-term growth strategy.

Ellah Lakes Plc, one of Nigeria’s fastest-growing integrated agro-industrial companies, has announced the launch of a landmark N235 billion equity raise aimed at accelerating its next phase of growth, deepening operational capacity, and positioning the company as a dominant force across the agricultural value chain. The capital raise was formally unveiled during a comprehensive “Facts Behind the Offer” presentation at the Nigerian Exchange Limited (NGX), marking one of the largest equity subscription initiatives in Nigeria’s agribusiness sector.

The company is offering 18.8 billion ordinary shares of 50 kobo each at N12.50 per share, with the application list opening on Monday, November 10, 2025, and scheduled to close on Friday, December 5, 2025. Rand Merchant Bank (RMB) has been appointed as Lead Issuing House for the transaction, underscoring the scale and strategic significance of the offer.

Capital Raise Designed for Strategic Expansion

According to Ellah Lakes Plc, the N235 billion capital pool will be deployed primarily towards funding key acquisitions and upgrading the company’s processing assets. A substantial portion of the proceeds will support the integration of Agro-Allied Resources & Processing Nigeria Limited (ARPN)—a newly acquired asset expected to significantly strengthen the company’s long-term revenue profile and processing efficiency.

Chief Executive Officer, Mr. Chuka Mordi, described the equity raise as a pivotal moment that will unlock the next chapter of the company’s growth trajectory. He emphasized that the offer price reflects the intrinsic value of Ellah Lakes’ extensive landbank, diversified crop portfolio, and growing processing capacity.

“This Offer for Subscription is not just about raising capital; it is about unlocking the next chapter of Ellah Lakes’ growth story,” Mordi said. “With over 30,000 hectares of resilient and diversified assets, this equity expansion will transition the company from foundational consolidation to full-scale market expansion. Our objective is sustainable profitability, measurable returns on investment, and meaningful contributions to Nigeria’s food security and rural prosperity agenda.”

Deployment Plan: Integration and Operational Upgrade

Deputy Managing Director, Paul Farrer, highlighted that the funds would be channeled into investments that immediately strengthen operational efficiency. This includes the modernization of crude palm oil (CPO) mills, expansion of cassava processing plants, and deployment of mechanization assets across multiple farming locations.

“Every naira has a defined purpose,” Farrer said. “The equity will enable seamless integration of ARPN assets and unlock a step-change in our production capabilities. Our strategy is to maximize value extraction per hectare and deliver strong, stable revenue lines for shareholders.”

NGX Endorses Ellah Lakes’ Expansion Vision

At the NGX presentation, Chief Executive Officer of the Exchange, Mr. Jude Chiemeka, commended the company for leveraging the capital market as a platform for sustainable growth.

“The launch of this N235 billion equity raise underscores the depth and resilience of Nigeria’s capital market,” Chiemeka said. “We are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes using the market to scale its operations. This offer sends a strong signal of investor confidence and highlights the Exchange’s role in enabling transformative capital formation.”

Chiemeka noted that the planned expansion will stimulate activity across Nigeria’s agricultural value chain, improve agro-processing capacity, and strengthen food security at a critical time for the national economy.

A Unique Ground-Floor Opportunity for Investors

The Offer for Subscription provides investors—both institutional and retail—an opportunity to participate in what is projected to become one of Africa’s most significant agro-industrial expansion stories. With a vertically integrated model spanning crop cultivation, processing, and Livestock operations, Ellah Lakes aims to secure a leadership position in West Africa’s rapidly evolving agricultural landscape.

About Ellah Lakes Plc

Founded in 1980 as a fish farming enterprise, Ellah Lakes has undergone a transformational journey. Following the acquisition of Telluria Limited in 2019, the company repositioned itself as a vertically integrated agribusiness focused on high-demand crops such as oil palm and cassava. Its operations now span multiple value chains, including processing, Livestock, and sustainable agriculture.

Headquartered in Benin City, Edo State, the company manages expansive farmlands across multiple regions and remains committed to driving agricultural innovation, facilitating rural economic development, and strengthening Nigeria’s food security framework.

With the N235 billion equity raise, Ellah Lakes Plc is charting an ambitious course toward becoming West Africa’s leading indigenous agribusiness, built on scale, sustainability, and long-term value creation.

TenTrade, a leading force in Africa’s digital trading and investment ecosystem, is set to host the Ibadan Edition of its renowned Partnership Conference on November 29, 2025, at Golden Tulip (Oduduwa Hall). Themed “Empowering Partnerships and Expanding Collaborations,” the event reinforces TenTrade’s commitment to building communities of financially empowered Africans through education, mentorship, and strategic collaboration.

Following a string of successful conferences across Lagos, Abuja, Kano, Port Harcourt, and Uyo, the Ibadan edition marks another milestone in TenTrade’s city-to-city campaign to make financial empowerment accessible to individuals and businesses across the continent.

A movement rooted in inclusion and consistency

Since its inception, TenTrade has positioned itself as more than a trading platform — it is a catalyst for financial inclusion, equipping individuals with the tools, knowledge, and confidence to participate in global financial markets. Through its Partner Program and Funded Trader initiatives, the firm provides opportunities for traders, fund managers, and introducing brokers (IBs) to scale their income potential while maintaining access to a globally regulated, technology-driven trading infrastructure.

“Our commitment has always been simple — to be present where the people are and to help them build sustainable financial lifestyles,” said Mr. Victor Ufot, Managing Director of TenTrade Africa. “We’re not just hosting events; we’re building communities of financially enlightened Africans who can create and sustain generational wealth.”

Ibadan: The next stop in TenTrade’s empowerment journey

The Ibadan Partnership Conference is expected to attract hundreds of participants — from traders and influencers to fund managers and digital finance enthusiasts — all eager to engage with TenTrade’s growing ecosystem.

Participants will gain firsthand insights into high-yield trading strategies, risk management, and digital wealth creation within Africa’s rapidly evolving financial landscape. They will also connect directly with experts who have successfully leveraged TenTrade’s partnership model to build profitable, long-term trading careers.

The conference will feature interactive breakout sessions, live mentorship clinics, and networking opportunities, creating a practical environment where knowledge meets collaboration.

Empowering Africa through grassroots finance education

TenTrade’s city-to-city model reflects a long-term vision that places grassroots engagement at the center of Africa’s financial evolution. Instead of concentrating opportunities in major economic hubs, the company travels across key cities to democratize access to trading education and financial literacy.

This deliberate approach has enabled TenTrade to reach thousands of aspiring traders and partners who may otherwise remain excluded from traditional financial networks. Each stop — whether in Uyo or Lagos — builds upon the last, weaving a growing network of educated, empowered, and connected Africans.

“Financial empowerment is not a one-time event; it’s a movement,” Ufot emphasized. “We are bridging the gap between ambition and opportunity, and in doing so, we’re helping everyday Africans take control of their financial destinies.”

Building lifestyles, not just accounts

At the core of TenTrade’s mission is the belief that trading is not just transactional — it’s transformational. The company’s programs are structured to help participants move beyond short-term profits toward creating long-term, sustainable financial lifestyles.

Through its Funded Trader Program, individuals can access trading capital backed by the firm, enabling them to trade at scale without personal financial risk. The Partner Program, on the other hand, provides recurring revenue opportunities for introducing brokers, financial influencers, and fund managers who drive growth within the TenTrade network.

This model, combined with access to robust trading technology and globally regulated markets, has positioned TenTrade as one of the most impactful fintech empowerment platforms operating in Africa today.

A legacy of transformation and collaboration

TenTrade’s consistency in hosting regional conferences has created ripple effects of transformation across Nigeria’s financial ecosystem. From Lagos to Kano and now Ibadan, each conference has helped foster a network of resilient, informed, and collaborative financial professionals.

Every city represents a new chapter in the firm’s vision — one of partnership-driven prosperity. With each event, TenTrade not only teaches people how to trade but also how to build businesses, mentor others, and sustain growth beyond the trading floor.

“The TenTrade story is one of impact,” said Ufot. “We are redefining what financial empowerment looks like in Africa — from digital inclusion to real-life transformation.”

Looking ahead

As Africa’s financial landscape continues to evolve — driven by digital adoption, innovation, and a new generation of financially curious youth — TenTrade remains at the forefront of this transformation. The company’s blend of education, partnership, and empowerment underscores its vision: to make financial independence attainable for everyone, regardless of geography or background.

The TenTrade Africa Partnership Conference (Ibadan Edition), scheduled for November 29, 2025, at Golden Tulip, Oduduwa Hall, promises to be more than just another networking event. It will be a convergence of ideas, ambition, and opportunity — another major step toward building Africa’s financial future, one city and one trader at a time.

The Dangote Group, led by Africa’s richest man Aliko Dangote, has signed a landmark $1 billion investment deal with the Government of Zimbabwe to establish an integrated industrial complex, signaling a major leap in the country’s ongoing industrialization drive.

The agreement, formalized in Harare on Tuesday, underscores Zimbabwe’s commitment to President Emmerson Mnangagwa’s Vision 2030 — an ambitious national development plan aimed at transforming the country into an upper-middle-income, industrialized economy within the next decade.

Under the terms of the deal, Dangote Group will develop a broad-based industrial hub encompassing cement production, coal mining, and energy generation, among other value-adding sectors.

Strengthening Zimbabwe’s industrial base

According to Zimbabwean officials, the Dangote project will play a pivotal role in boosting domestic production capacity, reducing import dependency, and strengthening the country’s manufacturing and energy base.

“The integrated industrial project will significantly enhance Zimbabwe’s self-sufficiency in cement, energy, and other essential materials,” said an official from Zimbabwe’s Ministry of Industry and Commerce. “It also represents one of the largest private sector investments in Zimbabwe in recent years, reflecting growing investor confidence in the country’s reform agenda.”

The initiative aligns with the government’s push to attract strategic investments that can create sustainable jobs, improve infrastructure, and drive GDP growth across key sectors.

Long-awaited partnership becomes reality

This development follows nearly a decade of intermittent discussions between the Dangote Group and Zimbabwean authorities. Dangote first expressed interest in Zimbabwe’s industrial potential during investment visits in 2015 and 2018, but initial negotiations stalled due to regulatory bottlenecks and economic challenges.

However, talks were reignited during the Afreximbank Annual Meetings held in Abuja in June 2025, where renewed commitments were made on both sides to fast-track the project.

Insiders say the latest deal builds on those discussions and reflects a more stable investment climate under Mnangagwa’s administration, which has prioritized foreign direct investment as a key pillar of economic recovery.

Project components and impact

At the core of the agreement is the establishment of a fully integrated cement manufacturing facility, complete with a limestone quarry, clinker plant, and grinding unit. The plant is expected to significantly cut Zimbabwe’s reliance on imported cement, stabilize local prices, and boost construction output in housing and infrastructure.

The industrial complex will also include a coal mine and an on-site power station to ensure energy reliability for Dangote’s operations and supply excess electricity to Zimbabwe’s national grid.

The investment, estimated between $800 million and $1 billion, is projected to generate thousands of direct and indirect jobs, especially for young people. It will also catalyze growth in related industries — from logistics and construction to raw material supply and small-scale manufacturing.

“Dangote’s project will create a powerful multiplier effect across the economy,” said a Zimbabwean economic analyst. “Beyond the capital injection, it brings modern technology, skills transfer, and industrial know-how that can reshape the country’s economic landscape.”

Enabling policies and government support

As part of the agreement, the Zimbabwean government and Dangote Industries discussed a range of enabling measures, including mining concessions, tax incentives, investment protection frameworks, and work permits for technical experts.

The government assured that it is committed to providing a stable and predictable policy environment, emphasizing that investor-friendly reforms remain central to its growth strategy.

“Zimbabwe is open for business — and partnerships like this are proof of our determination to build an industrial economy driven by private investment,” said a senior government representative.

Dangote’s expanding continental footprint

This move extends the Dangote Group’s industrial footprint beyond Nigeria and reinforces its pan-African investment strategy. In recent years, Dangote has embarked on large-scale projects aimed at transforming Africa’s manufacturing and energy ecosystems.

Earlier this year, Dangote Industries Limited partnered with Thyssenkrupp Uhde Fertilizer Technology to build four new urea-granulation plants in Lekki, Nigeria. The plants, which use cutting-edge fertilizer technology, will boost Nigeria’s total fertilizer output from 2.65 million tons to more than 8 million tons per year, making it one of the world’s leading producers.

Meanwhile, the Dangote Refinery, located in the Lekki Free Zone, continues to ramp up operations. The refinery — currently Africa’s largest — has a capacity of 650,000 barrels per day but is projected to double to 1.4 million barrels per day in the coming years. This expansion would make it one of the largest single-train refineries globally.

The refinery also secured a two-year crude oil supply deal with the Nigerian National Petroleum Company Limited (NNPC), allowing part of the crude to be supplied in naira, thereby supporting Nigeria’s currency stability and local fuel supply chain.

A milestone for African industrial cooperation

Analysts view the Zimbabwe investment as another milestone in Dangote’s mission to deepen intra-African trade and industrial cooperation under the African Continental Free Trade Area (AfCFTA).

By investing in Zimbabwe’s industrial infrastructure, the Dangote Group not only expands its own operations but also contributes to regional economic integration and sustainable growth across southern Africa.

“This investment demonstrates Africa’s growing ability to fund its own development,” one regional economist noted. “It’s not just about capital — it’s about confidence, vision, and the ability to build industries that will shape Africa’s future.”

PZ Cussons Nigeria Plc has announced plans to set remuneration for its Non-Executive Directors at N98 million, noting that sitting allowances will be paid in addition to this amount.

This proposal is among several resolutions to be presented for shareholder approval at the company’s 77th Annual General Meeting (AGM), scheduled for December 3, 2025, in Abuja.

According to its corporate calendar, the proposed remuneration covers the financial year ending May 31, 2026.

Board Elections and Reports

PZ Cussons also disclosed plans concerning the election and re-election of directors. Shareholders will be asked to approve the re-election of Mrs. Ifueko M. Omoigui Okauru (MFR), Dr. Suleyman A. Ndanusa (OFR), and Mr. Dimitris Kostianis, as well as the election of Chief Anthony Idigbe (SAN, PhD) and Mr. Richard Walker as new directors.

The company will also present its Directors’ Reports, the audited Financial Statements for the year ended May 31, 2025, showing a profit of N16.6 billion, and the reports of the Auditors and Audit Committee.

Financial Performance

PZ Cussons Nigeria Plc released its audited results for FY2025 in early September, reporting a pre-tax profit of N16.6 billion, a remarkable turnaround from a loss of N122.4 billion in 2024.

The rebound was driven by higher revenues and a sharp reduction in foreign exchange losses. Revenue rose to N212.6 billion from N152.2 billion in 2024, led by the home and personal care segment at N126 billion, while durable electronic appliances contributed N86.5 billion.

The most notable improvement came from foreign exchange losses, which dropped from N157.9 billion in 2024 to just N7.7 billion in 2025. This turnaround helped the group achieve an operating profit of N18.9 billion, recovering from the previous year’s N124.4 billion loss.

Momentum continued into the first quarter of FY2026, ended August 31, 2025, with profit before tax of N21.54 billion, compared to a loss of N5.22 billion in the same period last year. Profit after tax stood at N13.48 billion, up from a loss of N4.64 billion in Q1 2024.

Market Performance

PZ Cussons’ shares have gained over 58% year-to-date on the Nigerian Exchange (NGX).

The stock opened 2025 at N24.30 and, after a 5.35% decline in January, rebounded strongly in February, surging 53% to N35.40.

Although it fell 21.8% in April, pushing prices below N30, modest recoveries in May and a 28% rally in June lifted the stock’s half-year performance to 56.38%.

While trading has remained relatively stable in the second half of the year, PZ Cussons shares currently trade around N38.50, maintaining strong upward momentum and investor confidence in its recovery story.

Legend Internet Plc has secured shareholder approval to raise up to N150 billion in additional capital as part of its ambitious expansion and acquisition drive. The approval was granted at the company’s 2nd Annual General Meeting (AGM) held on November 7, 2025, in Abuja.

The move represents a significant milestone for the broadband and technology infrastructure company, which has seen rapid growth since its listing on the Nigerian Exchange (NGX) earlier this year. The firm plans to deploy the new capital to fund network expansion, pursue new market opportunities, and strengthen its balance sheet amid Nigeria’s increasingly competitive digital services sector.

According to a post-meeting disclosure filed with the NGX on November 11, the company’s board confirmed that shareholders approved multiple resolutions, including a proposal to increase the company’s share capital by up to 10 billion ordinary shares. These new shares will rank pari passu with existing shares, allowing the company to raise equity capital efficiently when market conditions are favorable.

In addition, the shareholders endorsed plans for two major acquisitions — one in the financial services space and another in telecommunications. The company announced that it would proceed with the acquisition of a licensed Microfinance Bank and a licensed Telecommunications and Internet Service Provider (ISP) operating in Nigeria. These transactions, management said, are part of a broader strategy to diversify Legend Internet’s revenue base and build an integrated ecosystem combining digital finance and connectivity.

The AGM also featured the presentation of the company’s audited financial statements for the fiscal year ended July 31, 2025, alongside reports from the board of directors, external auditors, and the audit committee.

For the year under review, Legend Internet reported a profit after tax (PAT) of N172.6 million, marking a 44.5% increase from N119.4 million recorded in the previous year. The growth, the company said, was driven by stable revenues and disciplined cost management, despite a rise in administrative expenses.

Revenue for the year came in at N1.19 billion, a modest uptick from N1.13 billion in 2024. The firm’s fiber-to-the-home (FTTH) business, branded as Legend Fibre, accounted for the majority of the topline at N1.12 billion. Additional contributions came from Wholesale Bandwidth (N37.6 million) and Legend WiFi (N22.2 million), with other service streams making up the balance.

Operational efficiency helped to sustain profitability, with sales expenses falling by 6.8% to N429.6 million from N461 million in the prior year. This led to a gross profit increase to N761.4 million, up from N677.4 million in 2024.

However, the company faced higher administrative costs, which surged 52.3% to N560.1 million from N367.6 million, largely due to increased personnel expenses and depreciation linked to network expansion. Consequently, operating profit declined to N201.2 million from N309.8 million in the prior year.

After accounting for finance costs of N28.5 million, profit before tax stood at N172.6 million, compared to N285 million in 2024. Nonetheless, the absence of tax charges supported the year-on-year rise in net profit.

The company’s total assets expanded 10.3% to N3.3 billion, while retained earnings grew to N734.5 million from N561.9 million a year earlier, underscoring its improved capital position.

Legend Internet said the capital raise and acquisition strategy would accelerate its transition into a multi-sector digital services company. The firm emphasized that proceeds from the N150 billion capital program would be invested in network expansion, product development, and strategic acquisitions designed to deepen broadband penetration across Nigeria.

Founded as a broadband solutions provider, Legend Internet Plc delivers high-speed connectivity through its Legend Fibre (FTTH) and Legend WiFi public network offerings. The company became a publicly listed entity on April 24, 2025, trading under the ticker LEGENDINT, debuting at N6.20 per share.

In May 2025, shortly after listing, Legend introduced FTTR by Legend — Nigeria’s first Fibre-to-the-Room technology — which delivers enhanced in-home and enterprise connectivity. The innovation has positioned the company at the forefront of broadband modernization in the country.

In October 2025, credit rating agency Agusto & Co. assigned Legend Internet a Bbb- (long-term) and A3 (short-term) rating, reflecting moderate credit strength and stable operational outlook.

The company’s leadership said the combination of new capital, acquisitions, and strong operational momentum would help it achieve long-term sustainability, increase market share, and deliver value to shareholders in 2026 and beyond.