Dangote Cement Plc, Africa’s largest cement manufacturer and the most capitalised industrial firm on the Nigerian Exchange Limited, has reported a group revenue of N2.514tn for the half-year ended 30 June 2026.

According to unaudited financial statements submitted to the NGX on Wednesday, the figure represents a 21.35 per cent increase compared to the N2.072tn recorded in the corresponding period of 2025, driven largely by sustained local demand and strong operational efficiency across key African markets.

The company’s growth momentum was firmly anchored by its domestic operations, where revenue expanded by 25.17 per cent to reach N1.805tn during the six months, up from N1.442tn in the first half of 2025.

Domestic demand accounted for 9.70m metric tonnes of the total 14.94m metric tons sold across the group, delivering N1.086tn in earnings before interest, taxes, depreciation, and amortisation.

Meanwhile, Pan-African operations maintained steady top-line growth, generating N775.35bn in revenue, a 13.67 per cent year-on-year rise, and contributing N136.57bn to group EBITDA.

Strong top-line expansion translated into double-digit profitability gains across all performance metrics. Gross profit rose 30.51 per cent to N1.590tn from N1.218tn in H1 2025, while operating profit gained 30.66 per cent to close at N1.060tn.

Driven by a significant reduction in net finance costs, which fell to N112.11bn from N216.16bn as foreign exchange losses and interest charges eased, profit before tax surged 34.43 per cent to N981.39bn. Consequently, net income for the period settled 22.69 per cent higher at N638.53bn, raising basic earnings per share by 24.33 per cent to N38.22.

The industrial giant sustained its growth momentum into the second quarter of the year, generating N1.316tn in revenue between April and June 2026, marking a 22.19 per cent increase over the N1.077tn posted in the second quarter of 2025. Second-quarter profit before tax jumped 34.01 per cent to N560.22bn, while net profit for the quarter closed at N317.44bn compared to N311.21bn recorded in the same three-month window last year.

Despite ongoing operational and macroeconomic pressures, cost increases remained contained below revenue growth. Total production cost of sales edged up 8.29 per cent to N924.31bn, primarily driven by fuel and power consumption of N384.49bn and raw material costs of N225.41bn.

Selling and administrative expenses saw haulage costs increase to N318.60bn due to energy and logistics pressures. Over the period, the group expanded its overall balance sheet, increasing total assets 9.62 per cent to N6.622tn and boosting net assets 21.00 per cent to N3.170tn, positioning the firm to maintain positive investor sentiment on the exchange.

The House of Representatives has commended the Securities and Exchange Commission for enhancing its fiscal sustainability through cost‑cutting measures and improved revenue generation.

Deputy Chairman of the House of Representatives Committee on Finance, Saeed Abdullahi, gave the commendation on Tuesday during the 2026 Revenue Monitoring Exercise with the commission in Abuja.

Praising the SEC’s financial trajectory, Abdullahi urged its management to sustain the momentum and challenged the agency to surpass its 2026 revenue projection by at least 20 per cent.

He said, “DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well.

“This exercise is not to witch‑hunt any agency; it is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges.”

Earlier, the Director‑General of the SEC, Dr Emomotimi Agama, told the committee that securities regulators are expected to operate independently with government support where necessary, in line with International Organisation of Securities Commissions principles.

Agama revealed that the SEC receives zero budgetary allocation from the Federal Government, relying entirely on income generated from the capital market while continuing to remit funds to the government.

“Going by IOSCO principles, the SEC is expected to be financially independent.

The government is supposed to provide support for the running of the commission.

“However, due to the paucity of funds, all the money used to fund the commission comes from the market. The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama explained.

He noted that statutory deductions are automatically effected by the government once revenues enter the commission’s account with the Central Bank of Nigeria, leaving the SEC with no prior access to the funds.

To ease operational pressure without overburdening market operators with extra fees, Agama disclosed that the SEC secured approval from the Minister of Finance for a waiver allowing it to retain 20 per cent of its income.

He added that the commission has secured a grant from the African Development Bank to acquire a modern market surveillance system, set for deployment this year to strengthen oversight of Nigeria’s capital market and align it with global standards.

AVA Capital Plc, an integrated financial services group, will be admitted to the main board of the Nigerian Exchange Limited on 31 July 2026, by way of listing by introduction.

The company, in a statement on Tuesday, said that the move represents a strategic transition into public markets that reinforces its long‑term institutional ambitions.

Speaking on the development, the Managing Director of AVA Capital Plc, Olukayode Fadahunsi, described the listing as a pivotal step for the firm.

He said, “Our admission to the Nigerian Exchange is a natural progression in AVA Capital’s evolution as a long‑term institution. We’re stepping into the public market with a solid foundation, an established platform, and a commitment to transparency. This is about cementing our place in Nigeria’s financial landscape and building a foundation for sustained growth.

“The public markets expect us to be open, disciplined, and responsible. We see these as strengths that help our institutions grow stronger over time.”

The admission marks a major milestone in the group’s evolution rather than a fundraising exercise. Unlike an Initial Public Offering, AVA Capital will not issue new shares or raise fresh capital. Instead, the listing is designed to enhance market visibility, strengthen corporate governance transparency, and deepen engagement with shareholders and the broader investment community.

AVA Capital Plc, through its subsidiaries, including AVA Global Asset Managers, AVA Securities, and AVA Trustees, has built an integrated financial services platform with a growing institutional footprint, structuring transactions exceeding N500bn in the 2025/2026 financial year.

The listing comes at a time when Nigeria’s financial services industry is placing increased emphasis on governance standards, transparency, and broader public market participation. AVA Capital already satisfies the Exchange’s free‑float requirement, with roughly 20 per cent of its issued shares held outside the controlling shareholder structure.

For the group, admission represents an institutional progression, aligning it more closely with the governance and disclosure standards of publicly traded companies while broadening market access. AVA Capital Plc enters the market with an established operating platform and a track record within Nigeria’s capital markets ecosystem.

The group previously marked the launch of the AVA Infrastructure Fund with a ceremonial closing gong at the NGX and operates across multiple regulated business lines under the supervision of the Securities and Exchange Commission.

“Because no new shares are being issued, the listing’s significance will likely be measured less by fundraising metrics and more by the quality of market participation, investor engagement, and the group’s ability to sustain long‑term value as a listed institution”, the statement added.

As Nigeria’s capital markets continue to deepen, the listing of indigenous financial institutions such as AVA Capital reflects a broader shift towards market formalisation, stronger corporate governance, and greater institutional participation in the domestic economy.

Nigeria’s net foreign liability position rose by $7.5bn to $90.2bn in 2025, as foreign investors’ claims on Nigerian assets increased faster than the country’s investments abroad, according to data from the Central Bank of Nigeria.

The rise in foreign liability position is an indication of stronger foreign portfolio and direct investment liabilities, partly offset by growth in Nigeria’s reserve assets and higher holdings of foreign investments by Nigerian residents.

The CBN’s International Investment Position report showed that Nigeria’s net financial liabilities rose from $82.7bn in 2024 to $90.2bn in 2025. The position was based on external assets of $125.6bn, representing investments held abroad by Nigerian residents, and foreign liabilities of $215.8bn, representing foreign investments in Nigerian assets.

Unlike the Balance of Payments, which measures the flow of trade and capital transactions during a period, the IIP captures the stock of external financial assets and liabilities at a particular point in time.

The increase in Nigeria’s external liabilities was largely driven by a $10.1bn increase in portfolio investment liabilities, mainly from foreign investments in government debt instruments such as OMO bills. Investors were attracted by high yields arising from Nigeria’s elevated interest‑rate environment.

Direct investment liabilities also increased by $6.7bn year‑on‑year, reflecting stronger foreign ownership positions in Nigerian companies and subsidiaries, a development that signals continued investor interest in selected sectors of the economy.

On the asset side, Nigeria’s reserve assets jumped by $5.6bn, strengthening external buffers and improving the country’s capacity to respond to external shocks. Additional growth in Nigerians’ direct, portfolio and other foreign assets contributed another $3.3bn.

However, the widening liability position highlights Nigeria’s growing dependence on foreign capital inflows and the need to improve the quality of external financing. While foreign investment has supported foreign exchange liquidity and helped ease pressure on the naira, a large concentration of inflows in short‑term portfolio investments could expose the economy to sudden capital outflows if global interest rates rise or investor confidence weakens.

The higher foreign debt securities holdings also mean that Nigeria may face increased pressure on foreign exchange resources when investors repatriate interest payments or exit their positions.

Economists argue that the country’s external sustainability will depend on attracting more long‑term foreign direct investment, expanding non‑oil export earnings and maintaining stronger reserve accumulation.

A sustained improvement in crude oil prices could provide additional support through higher export revenues and foreign exchange inflows. However, reducing vulnerability will require Nigeria to shift from reliance on short‑term yield‑driven capital flows towards productive investments that boost economic capacity and generate foreign exchange earnings, analysts say.

Global oil prices tumbled on Monday after United States President Donald Trump said Washington was holding “good talks” with Iran, raising hopes of a diplomatic breakthrough following the suspension of a two-week bombing campaign against the Islamic Republic.

Brent crude, the international oil benchmark, fell by about 8.2 per cent to below $90 per barrel after dropping as low as $87.55 during trading. The decline came after prices briefly climbed above $100 per barrel last week amid heightened tensions in the Middle East.

Reuters quoted Trump as saying there was a good chance of reaching an agreement with Tehran but warned that the United States would resume military action if negotiations failed.

“We’re talking right now. We’re having good talks. I think there’s a good chance that something could happen, and if it does, good; if it doesn’t, we go back to doing what we were doing two days ago,” Trump said.

The latest comments followed Washington’s decision on Saturday to suspend its air strikes on Iran after 13 consecutive nights of bombing.

Despite Trump’s optimism, tensions remained high across the region. Saudi Arabia said it intercepted drones targeting petroleum facilities, including sites in the capital, Riyadh. According to Saudi authorities, the drones were launched from Iraq by Iran-backed armed groups, adding that the kingdom reserved the right to respond.

Iran-backed Houthi rebels in Yemen also claimed responsibility for targeting Saudi Arabia’s East-West Pipeline, which transports crude oil to the Red Sea port of Yanbu. The group said the attack was in retaliation for alleged Saudi drone incursions into Yemeni airspace.

Meanwhile, Iran insisted it had not requested a resumption of peace negotiations with the United States. Foreign Ministry spokesman Esmail Baghaei dismissed reports suggesting Tehran had sought talks, describing them as fabricated.

“This is not in our DNA,” Baghaei said, while noting that messages continued to be exchanged through mediators and that Iran had not abandoned diplomacy.

Tehran also maintained that it remained in control of the Strait of Hormuz, a critical shipping route through which about a fifth of global oil supplies pass, despite Washington’s demand that vessels move freely through the waterway.

According to Iranian state media, authorities turned back six ships on Monday that allegedly attempted to transit the strait without permission.

Reuters reported that Trump’s decision to halt the bombing campaign followed advice from senior military commanders, who reportedly concluded that the strikes had reached the limits of what they could achieve. A US official told the news agency that commanders had expressed concerns over dwindling targets and the depletion of air munitions.

The sharp decline in crude prices could provide some relief to oil-importing countries if sustained, although analysts said the market remained vulnerable to renewed geopolitical tensions should the ceasefire collapse.

Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria (CBN) will speak as Special Guest of Honour at the 3rdBusiness Journal Fintech & Financial Inclusion Roundtable 2026 scheduled for Friday, July 31, 2026 at Oriental Hotel, Lekki Road, Victoria Island, Lagos. Time is 10.00 am prompt.

The CBN confirmed the participation of Yemi Cardoso at the Roundtable over the weekend.

The theme of the Roundtable is: Fintech: Driving the Future of Digital Financial Ecosystem in Nigeria.

Other Special Guests of Honour include Dr. Aminu Maida, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) and Mr. Olusegun Omosehin, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the event.

The Keynote Speakers include Mr. Emmanuel Ovaga, CEO, PufferPay Limited and Dr. Chinyere Almona, Director-General/CEO, Lagos Chamber of Commerce & Industry (LCCI).

The Guests of Honour are Mr. Jide Orimolade, President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) and Mrs. Ekeoma Ezeibe, President/Chairman of Council, NCRIB.

Distinguished members of the Panel include:Dr. Muda Yusuf, CEO, Centre for the Promotion of Private Enterprise (CPPE), Mrs. Idu Okeahialam, Group Managing Director/CEO, Royal Exchange Plc, Dr. Obioha Oti, President, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr. Sarafadeen Fasasi, President, Association of Financial Inclusion Agents of Nigeria (AFIAN), Chidubem Emelumadu, Ecosystem Lead (Africa), Lis and Mrs. Sola Longe-Okenimkpe, Chief Operating Officer of Vuvu Africa

The revolutionary success story of Moniepoint, Opay, PalmPay, Flutterwave and others in the digital payment system in Nigeria represents a positive expansion of the financial services sector in the country.

With millions of Nigerians and businesses lacking access to basic financial services, the importance of Fintechs remain sacrosanct in achieving substantial level of Financial Inclusion and expanding the frontiers of the industry.

According to AI Overview, Fintechs in Nigeria have revolutionised the financial landscape by dramatically increasing access to banking services, driving, for example, a 20% increase in financial inclusion and helping to bring the banked population to roughly 63%. These firms have introduced faster, affordable digital payments, lending, and investment services, forcing traditional banks to adopt digital transformation.

The 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 aims to underscore the positive contribution of Fintechs in deepening Financial Inclusion, expanding access to financial services and contributing to economic growth in the country.

Expected participants at the Roundtable include regulators, operators from key sectors of the economy, media and members of the general public.

French supermajor TotalEnergies, has hinted its intention to appeal a landmark decision of the Paris Judicial Court from last month, which ordered it to align its business to climate change goals as it held it responsible for climate change.

In a statement, TotalEnergies said that it had decided to appeal the ruling, rendered under the French duty of vigilance law, arguing that “climate change, as a global phenomenon, does not fall within the scope of the duty of vigilance law.”

The oil major also considers that “Imposing companies in energy, defense, aeronautics, or automotive sectors to control risks resulting from the use of their products by their customers does not appear to be consistent with the objectives of the law, or the principles of legal certainty and freedom to conduct business.” Oil.com reports.

“TotalEnergies does not decide whether a motorist chooses to drive a petrol-powered vehicle, use biodiesel, or drive an electric vehicle,” the oil and gas supermajor said, adding that it “seeks to ensure that motorists have access to the energy they choose to use.”

The French firm said it would advance its arguments before the Paris Court of Appeal.

TotalEnergies is not the only European supermajor fighting climate orders in court.

Shell has been dragging a climate lawsuit through Dutch courts for half a decade.

Environmental activists in April launched a new lawsuit against Shell in the Netherlands, demanding that the supermajor stop bringing new oil and gas fields on stream to avoid additional emissions.

In 2024, a Dutch court of appeal handed a victory to Shell in the first landmark climate case, overturning a lower court ruling that had obliged the supermajor to slash its greenhouse gas emissions.

The Court of Appeal of The Hague overturned the 2021 ruling of the District Court of The Hague, in the case brought against Shell by the environmentalist organization Milieudefensie, other NGOs, and a group of private individuals