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Aradel finance costs surge to N326bn in H1

Aradel finance costs surge to N326bn in H1Aradel Holdings Plc has revealed that its finance costs escalated sharply to N326.14bn for the six-month period ended 30 June 2026, marking a massive surge from the N11.08bn recorded in the corresponding period of 2025.

According to the energy firm’s official financial disclosure, the steep increase was driven primarily by interest expenses on bank borrowings and obligations tied to asset expansion and decommissioning provisions.

Despite the heavy financing obligations, the group delivered a record operational performance.

The Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, noted that the company delivered a strong first-half performance.

“Revenue of N2,491.5bn and EBITDA of N1,389.2bn, with an EBITDA margin of 55.8 per cent, reflect production of 25.2 mmboe and sustained gas offtake at 503.2 mmscf/d,” Falade said.

He added that a firmer price environment supported performance, generating net cash from operating activities of N975.6bn and a closing cash balance of N1,716.6bn.

The dramatic top-line expansion was spearheaded by crude oil sales, which generated N1.98tn, while gas commercialisation and refined products contributed N512.10bn and N129.44bn, respectively.

Strong operational leverage allowed the company to comfortably absorb the elevated financing costs, as pre-tax profit quadrupled to N752.71bn, up 293 per cent year-on-year.

Aradel’s balance sheet continued to strengthen alongside its operational scaling, with total assets expanding to N10.88tn, while net cash generated from operations reached N975.61bn.

Falade previously noted that Q1 2026 marked a significant milestone as the first full quarter reflecting the earnings impact of the group’s enlarged asset base following the consolidation of NDW and its majority interest in Renaissance, setting the foundation for the group’s robust first-half performance.

admin by — August 4, 2026 in Business 0
FirstHoldCo hits historic N6tn market capitalisation milestone

FirstHoldCo Plc has become the first Nigerian banking group to cross the N6tn market capitalisation mark, setting a historic record for the nation’s financial sector as strong investor demand continues to fuel a sustained rally in its shares.

The financial services holding company reached the landmark during Monday’s trading session on the Nigerian Exchange Limited after its share price rose to N136.50. Based on its 45.48 billion total outstanding shares, the price appreciation pushed the group’s total market value to approximately N6.21tn.

The achievement comes less than two weeks after the financial services group first crossed the N5tn market capitalisation threshold. Sustained buying pressure on the local bourse saw investors add more than N1tn to the company’s equity value in under a fortnight.

Since the start of 2026, FirstHoldCo’s stock has surged by 184.97 per cent, with a 143.53 per cent gain recorded since the end of June alone. The performance positions the lender as one of the top-performing large-cap equities on the NGX this year.

The stock’s momentum gained significant traction following the release of the group’s half-year financial results, which showed robust top-line and bottom-line earnings growth. Market analysts attribute the rally to renewed investor optimism surrounding Nigeria’s banking sector, driven by higher net interest margins in an elevated-interest-rate environment and strong transactional volume across digital channels.

The rally also comes against the backdrop of the Central Bank of Nigeria’s ongoing recapitalisation exercise, which mandated commercial banks to upgrade their minimum capital base—N500bn for banks with international operational licences—by March 2026. Institutional investors have increasingly reallocated capital toward tier-1 lenders with strong balance sheets, robust capital adequacy ratios, and clear capitalisation strategies to meet the regulatory deadline.

For FirstHoldCo, the parent entity of First Bank of Nigeria Limited, alongside subsidiaries in merchant banking, asset management, and insurance, the valuation represents a turnaround following years of corporate governance reforms and balance sheet clean-ups aimed at resolving non-performing loans.

While crossing the N6tn threshold does not immediately alter daily operations, market watchers note that it sends a strong signal regarding shareholder expectations for future earnings and dividend payouts.

Attention will now shift to whether the group can sustain its valuation momentum in subsequent quarters, with investors closely watching its forthcoming third-quarter financial results, corporate actions, and execution of its long-term strategic plans.

The PUNCH reported that billionaire businessman Femi Otedola has increased his stake in FirstHoldCo Plc after acquiring an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.

A regulatory filing showed that the transaction, valued at N222.20bn, was executed on Thursday, 30 July 2026.

The latest acquisition raises Otedola’s shareholding in FirstHoldCo from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent.

The purchase marks Otedola’s second major investment in the bank in July. On 22 July, he acquired 706.13 million shares valued at N77.58bn, further strengthening his position as the company’s largest shareholder.

admin by — August 4, 2026 in Business 0
Osun guber: Adeleke urges voters to defy intimidation

​Osun State Governor, Ademola Adeleke has called on residents of the state to ignore alleged threats and intimidation ahead of the August 15 governorship election and come out in large numbers to vote.

Speaking during a church service in Osogbo on Sunday, Adeleke accused opposition figures in the state of resorting to violence after losing public support.

He expressed confidence in securing a second term, citing his administration’s achievements in workers’ welfare, healthcare, education, infrastructure and agriculture.

The governor assured residents that adequate measures were being taken to guarantee their safety during the election and urged them to vote according to their conscience.

Meanwhile, the Imole Campaign Council raised concerns over what it described as a tense political atmosphere in the state ahead of the poll.

The council alleged that dozens of Accord Party leaders and other political figures had been targeted for arrest in the run-up to the election and called on security agencies to ensure fairness and professionalism.

The council also appealed to the Inspector-General of Police, Tunji Disu, and other security chiefs to safeguard the democratic process and prevent any form of political intimidation.

Accord Party presidential candidate, Gbenga Olawepo-Hashim, urged party members in Osun to remain loyal and work for the party’s success despite recent internal disagreements.

He criticised what he described as acts of disloyalty but insisted that party supporters should stay focused on the election.

Also, the Osun State chapter of the African Action Congress (AAC) faulted the decision of some governorship candidates to boycott a televised debate, arguing that public debates are essential for accountability and democratic engagement.

On his part, APC chieftain, Olatunbosun Oyintiloye, urged the police to remain neutral and ensure a peaceful, credible and violence-free election, stressing that voters must be adequately protected before, during and after the poll.

admin by — August 3, 2026 in News 0
Osun Guber: Accord challenges police operations, alleges selective arrest

Osun State chapter of the Accord Party has accused the State Police Command of selective policing and targeting its members ahead of the August 15 governorship election.

The party’s position follows the police dismissal of allegations by the Imole Campaign Council that it had compiled a list of political figures for arrest before the governorship poll.

In a statement signed by the Osun Accord Chairman, Pastor Victor Akande, the party rejected the police’s explanation for recent raids and arrests, alleging that security operations were being used to intimidate its leaders and members rather than tackle criminal activities.

According to the Accord, “the police had departed from their constitutional responsibility by allegedly focusing on members of the party while failing to act against individuals it claimed were linked to the All Progressives Congress (APC).”

The party alleged that individuals such as Kazeem Oyewale, popularly known as Asiri Eniba, and others allegedly connected to the APC had not been subjected to similar security operations despite facing criminal allegations. It further claimed that selective policing was undermining public confidence in the security agencies.

Referring to an incident in Ikire, Accord alleged that one of its members, Taofeeq Akinyemi, who was recently arrested and transferred to the State Criminal Investigation Department, had earlier been shot by an individual identified as Akinkunmi Alabi, also known as Ojuyobo.

The party claimed Akinyemi survived after receiving medical treatment and questioned why the alleged attacker had not been arrested.

Akande said, “As a political party, we very much support any effort that will put criminals away so as to guarantee a peaceful and free poll, but we will not accept the subtle attempt by the Police to brand the membership of Accord as being criminal.”

The Accord chairman urged the police to review their operations, release what the party described as political detainees, including Akinyemi, and ensure that policing remained impartial throughout the election period.

The Osun State Police Command has also maintained that their operations are strictly aimed at combating crime across the state.

The command denied the existence of any such list and insisted that its operations were not politically motivated.

Responding to the allegations, the Police Public Relations Officer, DSP Abiodun Ojelabi, reiterated that the command had not drawn up any list of politicians for arrest and was not targeting any political party.

Ojelabi said, “We are raiding black spots and criminal hideouts every day to sanitise the environment for the forthcoming election, and this raid is not targeted at any individual, group of persons or political party. It is targeted at criminal hideouts. We don’t have any list anywhere; the police do not formulate any list.”

He added that the command would continue intelligence-led operations against criminal elements across the state and advised parents to discourage their children from late-night movements and association with individuals with criminal records.

Ojelabi also noted that the proposed joint security task force announced by the state government had yet to commence operations.

admin by — August 3, 2026 in News 0
Transfer: Chelsea inform Man City of Pedro Neto’s asking price

Chelsea have set a £70 million asking price for Pedro Neto amid significant interest from Manchester City this summer.

Neto has become one of City’s main attacking targets after scoring five goals and providing six assists during Chelsea’s challenging Premier League campaign last season.

The 26-year-old joined the Blues in a transfer valued at approximately £51 million in 2024 and has contributed to the west London club’s victories in both the Europa Conference League and the Club World Cup during his tenure.

This weekend, he was seen boarding a flight to Hong Kong to join Xabi Alonso’s squad for their pre-season match against Juventus on Wednesday.

According to The Sun, however, Neto’s time at Chelsea may be coming to an end, as City are preparing to test their rivals’ determination with a substantial initial offer for the Portugal international.

It is reported that City head coach, Enzo Maresca has played a pivotal role in Chelsea’s potential move to acquire Neto, having previously collaborated with the winger during his 18-month tenure at Stamford Bridge.

The report further suggests that City might need to fend off interest from Serie A powerhouses AC Milan for Neto, but a deal could be reached with an offer around £70 million before the transfer deadline.

Milan have prioritized Neto on their list of wingers as they prepare for the potential exit of Rafael Leao ahead of the upcoming season.

Chelsea consider Neto a vital part of their squad and locker room, but they acknowledge that a significant offer could change their position regarding the forward’s future.

Neto’s agent Jorge Mendes has also offered Neto to Al-Hilal but the player has major reservations about moving to the Saudi Pro League and wishes to continue playing at the highest level.

Though a regular starting spot may not be immediately guaranteed at City, the former Braga and Wolves star is said to be ‘open’ to the idea of leaving Chelsea for the Etihad.

Neto’s current contract with Chelsea is not due to expire until June 2031.

admin by — August 3, 2026 in News 0
2027: Makinde meets Obasanjo in Ogun

Oyo State Governor, Seyi Makinde, on Sunday, visited former president Olusegun Obasanjo in Abeokuta, Ogun state, amid political permutations ahead of the 2027 general election.

In a post on his Facebook page, the governor visited the former Nigerian leader with former governor of Ekiti state, Kayode Fayemi as well as former Osun state governor, Olagunsoye Oyinlola.

Makinde, the presidential candidate of the Allied Peoples Movement, APM, said the meeting focused on a range of national issues ahead of next year’s general election.

According to the Facebook post, Makinde said, “earlier today, we visited Baba, His Excellency Chief Olusegun Obasanjo GCFR in Abeokuta.

“Our discussions centred on important national issues in view of the upcoming general election. We appreciate Baba for his wise counsel at this crucial time in our nation’s history.”

Recall that in May, Makinde, who is completing his second term as Oyo governor, officially declared his intention to contest the 2027 presidential election.

DAILY POST reports that Oyinlola is a chieftain of the Peoples Democratic Party, PDP, while Fayemi remains a member of the All Progressives Congress, APC.

Meanwhile, Obasanjo is yet to publicly declare who he will support in the 2027 election.

 

admin by — August 3, 2026 in News 0
‘Stop pretending, act now’ — Bishop Oyedepo knocks Tinubu over worsening insecurity, economy

General Overseer of  Living Faith Church Worldwide, a.k.a Winners Chapel, Bishop David Oyedepo, has taken a swipe at President Bola Tinubu over the worsening insecurity and economic hardship in Nigeria.

In a viral video shared online, Oyedepo alleged that Tinubu administration was failing to take decisive action to address the challenges bedeviling Nigerian people.

The cleric expressed anger over the persistent attacks and killings across the country, issuing a note of warning that Nigerians who have endured the situation for a long time may no longer remain silent.

The General Overseer, however, condemned those behind the attacks and killing of armless Nigerians, stating that victims should not be expected to show sympathy towards the perpetrators of the heinous crime.

“The president needs to act now and stop pretending.You can’t slaughter members of my family and expect me to pray for you. I will pray against you and your household.

“The government is pretending like they don’t know what to do. I have been quiet for a long time, but the bubble is about to burst,” he fumed.

He equally accused the government of appearing unaware of the severity of the security crisis, saying leaders had failed to demonstrate the urgency required to protect citizens and restore confidence.

admin by — August 3, 2026 in News 0
Jungle justice: Rule of law in Nigeria under threat if govt fails to take tough action – Experts

The growing cases of jungle justice in Nigeria have continued to raise concern, with human rights advocates and legal experts calling for urgent action to stop mob violence and protect innocent lives.

Human rights groups have documented at least 555 cases.

Several victims have been killed by angry mobs based on allegations that were never tried in court. Cases such as those of Deborah Yakubu in Sokoto, Ummul Khairi in Kaduna, and the 16 Hausa travellers killed in Uromi, Edo State, have remained painful reminders of the dangers of taking the law into one’s own hands.

Stakeholders insist that no one should be punished outside the judicial process, warning that mob justice has led to the deaths of innocent people and deepened divisions across the country.

Govt must ensure justice for victims – Sunusi

The Country Director of Amnesty International Nigeria, Isa Sunusi, told DAILY POST that the Nigerian government has a legal obligation to investigate every case of mob violence and prosecute those responsible.

“Under international law, the government of Nigeria has an obligation to ensure prompt, thorough, impartial, independent, transparent, and effective investigation of cases of mob violence and bring those suspected to be responsible to justice in fair trials.”

He also urged authorities to prevent future attacks and ensure justice for victims.

“Authorities should also take appropriate and effective measures to prevent cases of mob violence across the country and ensure access to justice and effective remedies for victims.”

Sunusi stressed that the police must be adequately equipped to respond quickly to incidents of mob violence.

According to him, existing laws are sufficient to deal with the problem, but authorities need to improve enforcement.

“Current regulations and rules are enough and sufficient to ensure the prevention and prosecution of mob violence, but the government has to do more to provide sufficient ground for prevention and prosecution.”

He also called for sustained public enlightenment, saying many people who take part in mob attacks do not fully understand the consequences of their actions.

The Amnesty official further expressed concern over attacks on women accused of witchcraft, noting that many of these incidents occur in rural communities where false accusations are sometimes used to settle personal or family disputes.

He blamed weak law enforcement and corruption within the justice system for encouraging mob violence.

Justice belongs to the courts – IHRC-RFT

The Country Director of the International Human Rights Commission – Relief Fund Trust (IHRC-RFT) Nigeria Chapter, Amb. Abdullahi Bakoji Adamu, also condemned jungle justice.

He said, “Jungle justice is a grave violation of human rights and the rule of law. No individual should be condemned, assaulted, or killed without due process, regardless of the allegations against them.”

He urged the government to strengthen the criminal justice system through prompt investigations, speedy trials, effective policing, and prosecution of those involved in mob attacks.

Adamu also emphasised the importance of public awareness.

“Public education is equally essential. Citizens must understand that taking the law into their own hands is a criminal offence that undermines justice and can result in the killing of innocent people.”

He said the position aligns with the Universal Declaration of Human Rights.

“Article 3 guarantees the right to life, liberty, and security of person; Article 10 guarantees the right to a fair hearing; and Article 11 affirms that every person accused of a criminal offence is presumed innocent until proven guilty in a court of law. Justice must always be administered by competent courts of law, not by the mob.”

The law does not permit mob justice – Lawyer

Nigerian lawyer and social commentator Ibrahim Kiyawa also told DAILY POST that there is no legal basis for jungle justice in the country.

He said, “What the Nigerian law says is that if you suspect someone has committed a crime or intends to do so, the law instructs or permits people to report that incident to security agencies.”

He explained that security agencies are responsible for investigating allegations and prosecuting suspects.

“The security agencies would investigate. If a crime has already been committed, they will arrest the suspect and take him to court for a proper ruling.”

Kiyawa stressed that the law does not permit citizens to punish suspects.

“There’s no place where the law allows people to take the law into their own hands by punishing a suspect.”

He warned that if a suspected thief is beaten to death by a mob, those responsible could also face prosecution.

The lawyer also urged Nigerians to avoid taking part in mob violence and called on media organisations to intensify campaigns against jungle justice across the country

admin by — August 3, 2026 in News 0
NAHCO grows profit by 22% to N14bn in H1

NAHCOThe Nigerian Aviation Handling Company Plc has sustained its growth trajectory in the first half of 2026, recording a 22 per cent increase in profit.

The company disclosed that recent strategic investments and corporate management initiatives continued to strengthen its overall performance outlook.

NAHCO’s six-month financial report for the period ended June 30, 2026, released on the Nigerian Exchange Limited, showed that the aviation handling and logistics group benefited from increasingly efficient operations and diversified income sources, moderating the impact of adverse operating conditions.

According to the report, gross revenue rose to N35.36bn in H1 2026 compared to N32.33bn in H1 2025. Operating profit grew by 25.4 per cent from N11.64bn in H1 2025 to N14.59bn in H1 2026.

Profit before tax improved by 21.8 per cent to N14.37bn in H1 2026 against N11.79bn recorded in the corresponding period of 2025. After taxes, net profit rose by 22.2 per cent from N8.88bn to N10.85bn.

Consequently, adjusted basic earnings per share improved from N4.55 in H1 2025 to N4.87 in H1 2026, providing adequate headroom for a cash dividend despite an increase in outstanding shares due to bonus shares distributed for the 2025 business year.

At their Annual General Meeting in May, shareholders of NAHCO approved a combined dividend of cash and bonus shares. The company increased its cash dividend to N12.18bn for the 2025 business year compared to N11.58bn paid for 2024. Shareholders received a dividend per share of N6.25 for 2025 compared with N5.94 paid for the previous year.

Shareholders also received one ordinary share of 50 kobo for every seven ordinary shares held, increasing individual shareholdings by 14.3 per cent. The company’s outstanding paid-up shares subsequently rose from 1.95 billion ordinary shares of 50 kobo each to 2.23 billion ordinary shares.

Commenting on the results, the Chairman of NAHCO Plc, Seinde Fadeni, said the H1 2026 performance demonstrated the resilience of the group’s operating structure and the ongoing benefits of investments in critical assets.

He noted that NAHCO has remained proactive in maintaining its position as a leading aviation handling group.

Fadeni added that investments in world-class warehouses, ground handling equipment, and human capital strengthened the group’s capacity to adapt to macroeconomic shifts while capturing growth opportunities.

He said, “Our H1 2026 results further confirm our assurance on the sustainability of our growth model. We have not only seen growth year-on-year, but also period-on-period, showing that we are growing steadily across operations.

“As the Nigerian aviation industry opens up further to global opportunities, NAHCO’s strategic focus on growth, diversification, and sustainability will ensure stronger performance and returns to our shareholders.”

Also speaking, the Group Managing Director of NAHCO Plc, Mr Olumuyiwa Olumekun, said the company continued to leverage its efficient operating model and built-in resilience to mitigate risks and sustain growth.

He noted that the H1 2026 performance underlined management’s focus on quality expansion, ensuring that growth is reflected both in the scale of operations and the quality of returns.

“We are focused on our strategy of diversification, operational excellence, and quality growth. We continue to invest in automation and human technical capabilities while expanding our nationwide storage and warehousing facilities,” Olumekun stated.

The H1 2026 performance indicates that NAHCO could surpass its 2025 financial results.

In the audited report for the year ended December 31, 2025, total revenue rose by 21.8 per cent from N53.54bn in 2024 to N65.21bn in 2025. Gross profit increased from N33.08bn to N38.61bn, while operating profit rose by 25 per cent from N19.84bn in 2024 to N24.84bn in 2025.

Profit before tax jumped by 30 per cent to N24.26bn in 2025 from N18.70bn in 2024, while profit after tax grew by 39.9 per cent from N12.87bn in 2024 to N18.00bn in 2025. Earnings per share also rose by 40 per cent from N6.60 in 2024 to N9.24 in 2025.

Additionally, the group’s balance sheet strengthened as total assets increased from N46.95bn in 2024 to N53.88bn in 2025, while shareholders’ funds grew by 32 per cent from N20.08bn to N26.50bn.

admin by — August 3, 2026 in Business 0
Banking stocks drive NGX turnover up 32% to N404.7bn

The NGX All-Share Index depreciated 0.84 per cent to close the week at 245,283.68 points, while overall Market Capitalisation fell 0.79 per cent to finish at N158.326tn. Despite this weekly pullback, market momentum remains firmly bullish on a broader horizon, backed by a Year-to-Date return of 57.62 per cent.

Sectoral performance was predominantly bearish across most sector boards, though resilience was registered in select indices. The NGX Premium Index, NGX Insurance Index, and NGX Sovereign Bond Index bucked the downward trend by appreciating 0.02 per cent, 1.72 per cent, and 0.27 per cent, respectively.

In contrast, sectors such as NGX Growth (-8.82 per cent), NGX MERI Growth (-4.23 per cent), NGX-AFR Bank Value (-2.99 per cent), and NGX Consumer Goods (-2.29 per cent) experienced notable sell-offs.

Market activity breakdown

Overall market liquidity surged during the review period, driven by high investor participation.

Total turnover reached 5.119bn shares valued at N404.762bn across 285,223 deals, reflecting an increase compared to the previous week’s record of 4.433bn shares worth N306.143bn that exchanged hands in 255,589 deals.

Sectoral volume distribution showed that the Financial Services Industry dominated market activity, accounting for 3.918bn shares valued at N271.428bn traded in 123,514 deals. This contribution represented 76.55 per cent of the total equity turnover volume and 67.06 per cent of the total value.

The Services Industry followed in second place with 203.203m shares valued at N3.061bn in 18,333 deals, while the Consumer Goods Industry secured third position with 191.283m shares worth N13.203bn exchanged in 30,730 deals.

Trading activity was heavily concentrated in the top three equities—First Holdco Plc, AVA Capital Plc, and Access Holdings Plc—which jointly generated 2.308bn shares worth N224.773bn in 27,359 deals, accounting for 45.09 per cent of total volume and 55.53 per cent of total value.

Breadth, gainers, losers

Market breadth closed negative as decliners outnumbered gainers across the board. A total of 33 equities appreciated over the week, dropping from 57 in the previous week. Conversely, 56 equities depreciated compared to 38 in the preceding period, while 58 equities remained unchanged relative to 51 registered previously.

Leading the gainers’ chart was Critical Minerals Financing Corp Plc with an advance of 22.78 per cent to close at N3.88, followed by Coronation Infrastructure Fund, which rose 20.92 per cent to N154.30, and Thomas Wyatt Nig. Plc, gaining 20.66 per cent to close at N4.38. Other notable advancers included Consolidated Hallmark Holdings Plc (+19.60 per cent) and Lasaco Assurance Plc (+18.68 per cent).

On the decliners’ side, Associated Bus Company Plc led the losses with an 18.44 per cent drop to close at N5.75. Fortis Global Insurance Plc followed with a decline of 16.13 per cent to close at N2.34, while Tripple Gee and Company Plc dipped 15.54 per cent to N2.88. Veritas Kapital Assurance Plc and International Breweries Plc also pared value, dropping 15.38 per cent and 13.87 per cent, respectively.

Corporate actions review

The week was marked by significant corporate restructuring and exchange actions. On Thursday, 30 July 2026, Fortis Global Insurance Plc listed an additional 15.0bn ordinary shares of 50 kobo each on the Exchange following the conversion of an N12.0bn debt to equity at N0.80 per share, expanding its total paid-up shares to over 18.227bn.

Additionally, on Friday, 31 July 2026, AVA Capital Plc successfully listed its entire 5.0bn ordinary shares of N1.00 each by Introduction on the Main Board at N7.50 per share under the ticker AVACAP.

Price adjustments were also executed for United Capital Plc, Guinness Nig. Plc, and Nigerian Exchange Group Plc following dividend declarations. Beyond equities, Exchange-Traded Products recorded a total turnover of 4.607m units valued at N549.378m traded in 6,535 deals, up from 2.559m units worth N447.340m traded in 5,338 deals the prior week.

The Fixed Income segment similarly gained traction, recording 305,669 bond units traded for N311.559m across 53 deals, compared to 189,675 units valued at N185.844m in 64 deals during the preceding session.

admin by — August 3, 2026 in Business 0