BUA Foods Plc posted a 12 per cent increase in profit after tax for the first half of 2026, demonstrating resilience in a challenging operating environment as improved cost efficiency, stronger margins and disciplined execution offset a decline in revenue.

The food manufacturing giant reported a profit after tax of ₦292.27 billion for the six months ended June 30, 2026, up from ₦260.1 billion recorded in the corresponding period of 2025. Profit before tax rose by 14 per cent to ₦314.9 billion, while operating profit climbed 13 per cent to ₦320.5 billion.
Revenue, however, declined by 16 per cent to ₦765.12 billion, compared with ₦912.51 billion in the first half of last year, reflecting moderated pricing across key product categories amid inflationary pressures and changing market conditions.

Despite the lower turnover, the company improved profitability through tighter cost controls, enhanced supply chain efficiency and lower finance costs, resulting in significant expansion in operating margins.

Managing Director of BUA Foods, Ayodele Abioye, said the company’s performance underscored the strength of its operating model and its ability to navigate economic headwinds.

He noted that disciplined cost management, continuous improvements in supply chain execution and a more efficient product portfolio enabled the company to expand margins while delivering double-digit growth in key profitability indicators.

According to him, the focus in the second half of the year will be to translate operational gains into stronger sales volumes, sustain profitability improvements and increase market share while delivering long-term value to shareholders.

The company’s operational performance remained robust, with gross profit rising seven per cent to ₦363.23 billion. Gross profit margin improved significantly to 47.5 per cent, compared with 37.2 per cent in the corresponding period of 2025, while operating profit margin increased to 42 per cent from 31 per cent, reflecting stronger operational efficiency.

BUA Foods also strengthened its balance sheet during the period, with total assets increasing by 20 per cent to ₦1.67 trillion, while shareholders’ equity rose by 41 per cent to ₦1.01 trillion, providing additional capacity to finance future expansion.
The strong financial performance comes as the company accelerates one of the largest investment programmes in its history.

Ongoing projects include the expansion of wheat milling capacity, completion of its edible oils business, entry into the noodles segment and further investments in integrated manufacturing operations.

The company said the expansion is expected to boost domestic food production, reduce dependence on imports and support Nigeria’s long-term food security objectives.
Looking ahead, BUA Foods said it would continue to pursue growth through increased production capacity, innovation, operational excellence and market expansion, while maintaining a disciplined approach to profitability and shareholder value creation.

Seplat Energy Plc has delivered a strong first-half performance for 2026, with profit after tax soaring by 498 per cent to $164 million, driven by higher oil prices, improved production and stronger operational efficiency, as the company declared a 12.0 US cents dividend per share for shareholders.

The dual-listed energy company, quoted on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE), reported revenue of $1.82 billion for the six months ended June 30, 2026, representing a 30 per cent increase from $1.40 billion recorded in the corresponding period of 2025.

Gross profit climbed 68 per cent to $815.9 million, while adjusted EBITDA rose 28 per cent to $939 million. Cash generated from operations also increased by 29 per cent to $985.9 million, underscoring the company’s strong cash-generating capacity.

Seplat’s production averaged 139,509 barrels of oil equivalent per day (boepd) during the period, up four per cent year-on-year and within its full-year production guidance of 135,000–155,000 boepd. Second-quarter production rose to 149,070 boepd, reflecting stronger contributions from its onshore operations.

The company attributed the improved operational performance to sustained output from its West, East and Elcrest assets, continued success of its idle well restoration programme and robust growth in natural gas liquids production.

Despite higher operating costs linked mainly to the Yoho restoration project, Seplat strengthened its balance sheet by repaying $200 million under its Advanced Payment Facility ahead of schedule, reducing outstanding obligations to $100 million. Consequently, net debt declined by 45 per cent to $370.7 million, while cash at bank increased to $433.8 million at the end of June.

In line with its improved earnings, the board declared a second-quarter dividend of 12.0 US cents per share, comprising a core dividend of 5.0 cents and a special dividend of 7.0 cents, amounting to a total shareholder distribution of approximately $72 million.

The company also announced plans to pay a total dividend of 45.0 US cents per share for the 2026 financial year, representing an 80 per cent increase over the previous year.

Subject to the completion of the sale of a 10 per cent interest in the NNPCL-SEPNU Joint Venture to NNPC Limited, Seplat expects to pay an additional 23.3 US cents per share as a transaction dividend, bringing the total projected 2026 dividend to 68.3 US cents per share, valued at about $410 million.

The proposed transaction, valued at $281.6 million, is expected to close in the second half of the year, with proceeds to be shared between a special dividend for shareholders and further debt reduction.

Commenting on the results, Chief Executive Officer, Roger Brown, said the company’s first-half performance reflected the strength of its diversified asset base and disciplined financial management.

According to him, stronger commodity prices, improved production and prudent capital allocation enabled Seplat to reduce debt significantly while enhancing shareholder returns.
Brown, who will hand over as Chief Executive Officer on August 1 to Effiong Okon, expressed confidence in the company’s future, noting that Seplat remains on course to achieve its production targets and unlock further value from its offshore assets.

The company also announced board changes, with Tony O. Elumelu set to succeed Senator Udoma Udo Udoma as Chairman from January 2027, while Independent Non-Executive Director Dr. Emma FitzGerald will retire at the end of the year.

Sterling Financial Holdings Company Plc increased its profit after tax by 20.4 per cent to N50.30bn in the first half of 2026, despite a sharp rise in loan loss provisions as the lender expanded its credit portfolio.

The financial holding company reported profit after tax of N50.30bn for the six months ended 30 June 2026, up from N41.78bn in the corresponding period of 2025. Profit before tax also rose 21.9 per cent to N55.53bn, while gross earnings climbed 31.5 per cent to N279.6bn.

However, the group’s credit impairment charges surged to N23.85bn from N5.21bn a year earlier, representing an increase of about 358 per cent. The higher provisioning reflected the cost of supporting an expanding loan book, even as the non-performing loan ratio remained unchanged at 4.7 per cent.

Interest income rose 33.8 per cent to N223.58bn, driven by growth in loans and investment securities, while net interest income increased 41 per cent to N137.39bn, despite a 23.6 per cent increase in interest expenses.

Customer deposits grew 21.1 per cent to N3.62tn, while loans and advances increased 13.7 per cent to N1.61tn. Total assets expanded 19.3 per cent to N4.67tn, and shareholders’ funds rose by nearly 28 per cent, supported by the successful completion of the group’s rights issue.

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.