SUNU Assurances Nigeria Plc has increased its issued share capital to 7.89bn shares following the listing of 2.08bn new ordinary shares on the Nigerian Exchange, giving investors a larger equity base to trade.

The additional 2,075,285,714 shares, valued at N9.34bn, were listed on August 31, 2026, following the insurer’s Rights Issue priced at N4.50 per share. The offer was made to existing shareholders on the basis of five new shares for every 14 held.

With the new shares admitted to trading, SUNU’s issued shares rose from 5.81bn to 7.89bn . At the stock’s closing price of N3.29 on 4 September, the enlarged share capital had a market value of about N25.95bn.

SUNU shares gained 1.86 per cent on 4 September, closing at N3.29 from N3.23. However, the stock remained under pressure compared with its N5.50 opening price for 2026, representing a year-to-date decline of 40.18 per cent.

The enlarged share base comes after SUNU completed a N9.33 billion Rights Issue designed to strengthen its capital position and meet the higher minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act 2025.

For shareholders, the key question now is whether the additional equity can translate into stronger earnings, improved returns and a recovery in the company’s share price.

SUNU’s management has outlined a technology-driven expansion strategy following the recapitalisation, with artificial intelligence, digital transformation, product innovation and operational efficiency expected to play larger roles in the company’s growth plans.

The insurer also plans to expand its presence in the retail and SME segments while strengthening its corporate, broker and partnership channels.

The strategy comes as SUNU seeks to convert its stronger capital position into higher business volumes and improved profitability.

The Nigerian National Petroleum Company Limited has disowned a fuel truck with its old logo intercepted by the National Drug Law Enforcement Agency with 2,145kg of cannabis concealed in a compartment in Ondo State.

The company said preliminary checks showed that the truck, with registration number MKA 960 XC, was neither owned by NNPC Ltd. nor part of its official fleet or that of any of its authorised dealers.

NNPC disclosed this in a statement issued on Monday by its Chief Corporate Communications Officer, Andy Odeh. The company said it had taken note of media reports concerning the intercepted vehicle, which bore markings associated with NNPC.

It, however, stated that the logo displayed on the vehicle was not consistent with its current official branding, while the truck did not appear in its asset database.

“NNPC Ltd has taken note of media reports concerning the intercepted vehicle, which bears markings associated with the company. We wish to clarify that preliminary checks indicate that the vehicle, with registration number MKA 960 XC, is neither owned by NNPC Ltd nor part of the official fleet of the company or any of its authorised dealers,” the statement said.

According to the company, it is engaging with the Nigerian Association of Road Transport Owners to obtain further information and establish the circumstances surrounding the use of its old branding on the vehicle.

NNPC said it took any unauthorised use of its corporate identity seriously, particularly where such use might be associated with unlawful activity. The national oil company said it would cooperate fully with the NDLEA and other relevant security agencies in investigating the incident.

It added that the investigation would establish the ownership and operation of the vehicle and how NNPC markings came to be displayed on it.

“The company is also reviewing its brand-protection and asset-monitoring protocols and will take appropriate steps, including legal action where warranted, against any unauthorised use of its corporate identity,” NNPC said.

The company urged members of the public and relevant authorities to verify the ownership or affiliation of vehicles purporting to belong to NNPC through appropriate official channels.

NNPC also commended the NDLEA for its vigilance and sustained efforts in combating illicit drug trafficking in Nigeria, saying it remained supportive of the ongoing investigation.

 

Dangote Petroleum Refinery and Petrochemicals Limited has formally began the process of launching its Initial Public Offering (IPO) with the signing ceremony for the offer of 4.1 billion ordinary shares, which is expected to open the doors of ownership in Africa’s largest single-train refinery to unprecedented 10 million subscribers.

 

Industry stakeholders have described the offer as potentially the largest retail investment drive ever undertaken on the continent, positioning it as a watershed moment for both Nigeria’s capital market and Africa’s industrial landscape.

 

Beyond raising capital, the IPO is expected to broaden participation in one of the continent’s most strategic energy assets, deepen market liquidity, and create a new generation of shareholders in a business widely regarded as a catalyst for Africa’s energy security and economic transformation.

 

At the grand signing ceremony held in Lagos on Monday, President and Chief Executive of Dangote Group, Aliko Dangote, who formally unveiled the public offering alongside transaction advisers and key stakeholders involved in the pan-African share sale said the IPO seeks to raise approximately N2.2 trillion, making it one of the most ambitious capital-raising exercises ever undertaken by a private enterprise in Africa.

 

Addressing the audience at the event which comprises Bank Chief Executives, Captains of Industry as well as Financial Services advisors, Dangote disclosed that the minimum subscription has been set at 10 ordinary shares, representing an entry investment of N5,250 noting that the offer was strategically designed to enable broad-based participation by retail and institutional investors while deepening public ownership of one of Africa’s most transformative industrial assets.

 

According to him the Share offer is not just about raising money but also carry along all Nigerians with drivers, cleaners, housemaids and the likes having the opportunity to be part owner of the refinery

 

Said he: This IPO is not only about raising capital; it is about democratizing wealth creation, broadening participation in Africa’s industrial future and giving millions of investors the opportunity to own a stake in a world-class enterprise, it’s a legacy we are laying down, nobody will live forever”

 

In his remark, Group Managing Director of Vetiva Advisory Services Limited, the Lead Issuing House and coordinator of the transaction, Chuka Eseka, explained that the launch follows the recent approval granted by the Securities and Exchange Commission (SEC), paving the way for the offering of 4.1 billion ordinary shares at N525 per share.

 

The landmark public offer places a valuation of close to $50 billion on Dangote Petroleum Refinery and Petrochemicals and is expected to provide the capital required to finance the expansion of the refinery’s production capacity from 700,000 barrels per day to 1.4 million barrels per day. Situated on a sprawling 6,180-acre complex in the Lekki Free Zone, the refinery is reputed as the largest single-train refinery in the world.

 

Analysts say the eventual listing of the refinery on the Nigerian Exchange later this year could significantly reshape the country’s capital market landscape, potentially increasing the exchange’s total market capitalization by more than one-third.

 

Investor appetite for the refinery has been evident in recent months. In July, the company raised $2.5 billion through a private placement targeted at institutional investors and high-net-worth individuals, with demand exceeding the offer size by 270 per cent. Market observers believe substantial unmet demand from that exercise could flow into the public offering.

 

Interests in the share sale had been building long before the SEC granted formal approval. The refinery’s investment appeal continues to attract attention even beyond Nigeria’s borders.

 

The public offer, scheduled to open on September 14, is expected to benefit from improving investor sentiment towards Nigeria following the country’s reinstatement to Frontier Market status by FTSE Russell. The development is anticipated to enhance foreign portfolio inflows and strengthen international investor participation in the capital market.

 

Market experts believe the success of the Dangote Refinery IPO could establish a new benchmark for large-scale public offerings in Africa, while encouraging other major Nigerian enterprises to access long-term capital through public listings. into a limited liability company.

 

Managing Director of Dangote Petroleum Refinery explained since the commencement of production in January 2024, Dangote Refinery has rapidly emerged as a key player in the global energy market expressing excitement that the facility last June, surpassed the United States to become the largest external supplier of jet fuel to Europe, a position it maintained in July, further underscoring its growing influence in international petroleum trade.

Marketers may turn away from imported petrol in favour of locally refined products as the cost of imported Premium Motor Spirit (petrol) rises to over N45 per litre above the price of petrol from the Dangote Petroleum Refinery, industry data have shown.

The development is likely to weaken the competitiveness of petrol imports further, buttressing calls by some marketers that the Federal Government should halt the importation of PMS because imported products are more expensive than locally refined fuel.

The latest energy bulletin of the Major Energies Marketers Association of Nigeria showed that while the Dangote refinery’s gantry price stood at N1,265 per litre, the spot import-parity price was N1,310.64 per litre under the ASPM benchmark.

Under another benchmark, the spot import-parity price stood at N1,309.63 per litre. The figures indicate that imported petrol was N45.64 per litre more expensive than the locally produced product under the ASPM benchmark and N44.63 higher under the NPSC-NOJ benchmark.

The development provides a fresh dimension to the debate over petrol pricing in Nigeria, coming shortly after the Dangote refinery increased its gantry price from N1,165 to N1,265 per litre last week.

Despite the N100 increase, the refinery’s product remained cheaper than the prevailing spot import-parity price, according to the MEMAN data.

The bulletin also put Dangote’s coastal PMS price at N1,245 per litre. The latest figures suggest that local refining continued to offer a price advantage over imported petrol, even as international refined-product prices remained elevated.

MEMAN reported that the seven-day average ICE petrol price stood at $1,337.96 per metric tonne.

The import-parity calculation reflects the cost of bringing refined petrol into Nigeria and therefore provides a useful benchmark for comparing imported products with locally refined petrol.

The development comes amid renewed debate over the latest petrol price increase by the Dangote refinery, with the refinery maintaining that its pricing decisions are influenced by the cost of crude and other operating considerations.

The refinery had previously explained that it was still processing crude purchased at higher prices, meaning changes in international crude prices do not immediately translate into changes in the cost of the crude being processed.

However, the MEMAN data shows that despite the latest increase, Dangote’s gantry price remained below the prevailing spot import-parity level.

The figures could strengthen the case for greater reliance on domestic refining, as marketers and consumers continue to grapple with the impact of fluctuations in international petroleum product prices and the naira exchange rate.

At N1,265 per litre, Dangote’s gantry price was therefore about N46 below what it would cost to import the equivalent petrol at the prevailing spot import-parity benchmark.

The price differential has also raised questions over the continued importation of petrol, with the Independent Petroleum Marketers Association of Nigeria earlier urging the Federal Government to halt the importation of premium motor spirit.

IPMAN had argued that imported petrol had become more expensive than locally refined products and was frustrating efforts to stabilise prices in the downstream sector.

The association said the continued issuance of fuel import licences was worsening price volatility, putting additional pressure on the naira and undermining the competitiveness of domestic refineries, particularly the Dangote Petroleum Refinery.

The National Publicity Secretary of IPMAN, Chinedu Ukadike, said the import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in July had failed to achieve their intended objective of moderating domestic fuel prices.

According to him, petrol imported under the licences was being sold at rates significantly higher than the price of products supplied by the Dangote refinery.

Ukadike said, “Independent marketers have looked at the issues of price volatility, import licences and the sale of petroleum products in dollars. I want to use this opportunity to urge the Federal Government to transparently review these issues through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which is the industry’s regulator.

“The recent import licences, which were expected to serve as a guide and a check on the prices of petroleum products refined locally, are not yielding the results we expected. We were shocked that the licences issued to depot owners to import petroleum products are resulting in prices far higher than what Dangote has been selling to us.”

He stressed that the objective of allowing fuel imports was to create competition capable of checking domestic prices but noted that the policy had produced the opposite outcome.

“The essence of the NMDPRA and the Federal Government opening up import licences was to check domestic fuel prices. Instead, we have found that the imported products have questionable quality and are more expensive.

“What is the essence of issuing these licences? They will only create tension in society. Price volatility is deepening and is affecting independent marketers. We do not know what to expect or where to turn,” he said.

Ukadike maintained that imported petrol remained significantly more expensive than supplies from the Dangote refinery, questioning the rationale behind continued imports.

“The implied offshore price of petroleum products is higher than Dangote’s prices. So, what is the essence of importing products from Lomé when they are more expensive than Dangote’s? It does not make any sense. It is putting unnecessary pressure on the dollar and the naira,” he stated.

Some marketers told our correspondent anonymously that “it does not make any economic sense to buy a product where it is more expensive”.

The report also showed that crude prices rose during the trading session, with Nigeria’s Brass River opening at $99.22 per barrel and closing at $101.19, representing a 1.99 per cent increase.

The Nigerian equities market closed the first week of September 2026 on a bullish note, buoyed by robust trading volumes and widespread investor optimism across most sectors. The benchmark Nigerian Exchange All-Share Index surged 2.36 per cent over the course of the five-day trading session to close at 246,992.44 points, up from 241,298.47 points recorded at the end of the previous week.

In tandem with the index gain, total market capitalisation expanded 2.40 per cent, adding trillions in equity value to settle at N159.559tn.

Trading activity experienced a dramatic surge in both volume and turnover compared with the preceding week. A total turnover of 4.360 billion shares valued at N210.331bn was exchanged across 223,284 deals, reflecting a substantial increase from the 2.507 billion shares worth N123.223bn traded in 173,561 deals during the previous period. Activity culminated in an exceptionally high-volume session on Friday, 4 September, when over 2.24 billion shares worth N73.38bn changed hands in a single day.

This impressive weekly surge reflects a broader year-to-date trajectory that has seen the Nigerian capital market post remarkable long-term growth. The All-Share Index has gained an unprecedented 58.72 per cent year-to-date, driven by persistent domestic demand, favourable earnings results, and institutional rebalancing across core equity sectors. Market capitalisation and broader indices have expanded steadily throughout the year, with blue-chip components on the NGX 30 Index advancing 60.02 per cent since the start of 2026.

A Lagos-based stock market trader, Joy Bobaseye, said, “A major factor underpinning this sustained multi-month momentum is the ongoing capital recapitalisation exercise across Nigeria’s financial services industry. To meet heightened regulatory threshold requirements, commercial banks and insurance companies have actively tapped the capital market through rights issues, private placements, and debt-to-equity conversions. This structural transformation has bolstered equity listing bases, deepened overall market liquidity, and attracted significant fresh capital into listed financial firms.”

Consequently, sectors such as Banking and Insurance have logged staggering year-to-date returns of 73.90 per cent and 94.82 per cent (on the Premium Board) respectively, further solidifying the exchange’s position as a preferred asset class.

Sector performance highlights

The Financial Services industry maintained its dominant lead on the activity chart, driven by heavy appetite for tier-one banking assets and insurance stocks. Investors traded 3.580 billion shares in the sector valued at N88.635bn across 99,488 deals. The sector effectively generated 82.10 per cent of total market turnover volume and 42.14 per cent of total turnover value.

The Consumer Goods sector took second place with a turnover of 188.039 million shares worth N15.343bn in 24,518 deals, followed by the Services industry with 142.292 million shares valued at N2.020bn in 14,007 deals.

Market turnover was heavily concentrated in three equities: Fortis Global Insurance Plc, United Bank for Africa Plc, and Access Holdings Plc. Combined, these three stocks accounted for 2.287 billion shares worth N35.232bn traded in 20,975 deals, contributing over 52.46 per cent of total equity turnover volume and 16.75 per cent of total market turnover value.

Sectoral indices performed predominantly in positive territory during the week. The NGX Oil/Gas Index recorded the most pronounced gain, surging 9.10 per cent to close at 5,657.27 points, bringing its year-to-date gain to a market-leading 111.86 per cent. Broad market gauges also posted strong growth, with the NGX CG Index advancing 4.47 per cent, the NGX Insurance Index rising 3.85 per cent, the NGX Premium Index up 3.73 per cent, and the NGX Pension Index gaining 3.66 per cent.

The NGX Banking Index appreciated 3.58 per cent to close at 2,636.10 points, while the NGX Consumer Goods Index gained 3.52 per cent. Conversely, the NGX Industrial Goods Index bucked the positive trend, declining slightly by 0.35 per cent to 10,342.50 points, alongside the NGX Sovereign Bond Index, which edged down by 0.36 per cent.

Breadth of market sentiment was overwhelmingly positive, with 56 equities advancing in price during the week, more than double the 24 gainers registered in the previous week. Thirty-five equities recorded price depreciations compared with 55 decliners previously, while 56 equities remained unchanged.

Insurance and brewery stocks headlined the top price gainers. Royal Exchange Plc topped the gainers’ table with a 25.00 per cent jump, rising from 88 kobo to close at N1.10 per share. Champion Breweries Plc followed with a 20.10 per cent surge, moving from N9.95 to N11.95 per share.

Nigerian Breweries Plc delivered an impressive performance, advancing 18.80 per cent, or N13.05, to close at N82.45 per share. Other notable gainers included Coronation Insurance Plc, which appreciated 17.07 per cent to N2.40; McNichols Consolidated Plc, up 16.67 per cent to N5.25; Sunu Assurances Nigeria Plc, climbing 15.85 per cent to N3.29; and Zichis Agro Allied Industries Plc, gaining 14.14 per cent to finish at N16.55 per share. Ellah Lakes Plc, Omatek Ventures Plc, and Daar Communications Plc also registered double-digit gains.

On the losing side, Beta Glass Plc led the decliners, shedding 17.38 per cent, or N97.80, to close at N465.00 per share. NASCON Allied Industries Plc slipped 15.90 per cent, dropping N31.00 to close at N164.00 per share. Red Star Express Plc dropped 13.62 per cent to N13.95 per share following an ex-dividend price adjustment, while R.T. Briscoe (Nigeria) Plc fell 13.16 per cent to N9.90. Other equities facing sell pressure included University Press Plc, Industrial & Medical Gases Nigeria Plc, Academy Press Plc, Juli Plc, ABC Transport Plc, and Abbey Mortgage Bank Plc.

Fixed income, ETPs

In the Exchange Traded Products segment, trading activity witnessed modest expansion. A total of 2.102 million ETP units valued at N425.921m were traded across 5,042 deals, compared with 1.792 million units valued at N418.519m traded in 4,785 deals the preceding week. Stanbic IBTC ETF 30 recorded the highest trade value, accounting for N203.306m across 1,495 deals, while Vetiva Bank ETF led by trade volume with 902,728 units traded for N27.209m.

The Debt Securities market registered increased activity as well. A total of 295,465 bond units valued at N293.761m were traded in 49 deals, up from 164,122 units valued at N171.540m transacted in 46 deals previously. Trading in sovereign and corporate debt instruments was dominated by TAJ Sukuk 2, which accounted for 240,901 units valued at N240.882m in 23 deals, alongside various Federal Government Sukuk and savings bonds.

The Securities and Exchange Commission has approved the commencement of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for the company to raise approximately N2.15tn from the Nigerian capital market.

According to a statement by the Dangote Group on Friday, the approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.

According to the statement, the proposed offer comprises 4.1 billion ordinary shares at N525 per share, which could raise approximately N2.15tn if fully subscribed.

The SEC has also registered the company’s existing 120.13 billion ordinary shares. The statement said the regulatory approval had cleared the refinery’s draft offer documents and authorised the company to proceed with its completion board meeting and signing ceremony.

“The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its completion board meeting and signing ceremony, marking a significant milestone in the IPO process,” the statement said.

It added that the SEC clearance would create an opportunity for investors to participate in the ownership of the refinery while deepening the Nigerian capital market.

“The SEC’s clearance represents another major step in the evolution of Dangote Petroleum Refinery, opening investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital market,” the statement said.

Located in Ibeju-Lekki, Lagos, the Dangote Refinery and Petrochemicals Complex occupies approximately 2,635 hectares and houses an integrated refining and petrochemicals facility.

The complex currently has a refining capacity of 700,000 barrels per day, alongside a 900,000-tonnes-per-annum polypropylene plant. It is powered by a dedicated 435-megawatt power plant.

At full production, the refinery is designed to satisfy Nigeria’s domestic demand for refined petroleum products while generating substantial volumes for export markets. The facility is also undergoing expansion expected to increase its capacity to 1.4 million barrels per day, which would make it the world’s largest refinery.

The refinery is supported by a marine facility designed to optimise logistics and freight efficiency, while its infrastructure includes five Single Point Moorings. The company said the facility incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency, European emission standards and Nigerian regulatory requirements.

Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations. The refinery also has 177 storage tanks with a combined capacity of 4.742 billion litres.

With the SEC approval, the proposed IPO represents a major step in Dangote refinery’s plan to broaden investor participation in the company and raise fresh capital through the Nigerian capital market.

Combined finance costs across seven major listed consumer goods companies fell 14.4 per cent to N124.94bn in the first half of 2026, down from N145.94bn in the corresponding period of 2025, as they recovered from the naira devaluation shock and raced to reduce their debt.

The decline builds on a trend that emerged in the first quarter of the year, as companies that took on foreign exchange-driven debt during Nigeria’s currency devaluation in 2023 and 2024 continue to work down their obligations.

A Saturday PUNCH analysis covered Nestlé Nigeria, NASCON Allied Industries, Nigerian Breweries, Dangote Sugar Refinery, Guinness Nigeria, International Breweries and Champion Breweries. These fast-moving consumer goods companies disclosed a gross finance cost figure.

Cadbury Nigeria was excluded from the total because it did not disclose a gross finance income and expense split, though its implied net finance charge, derived from the gap between its operating profit and pre-tax profit, fell by an estimated 89.2 per cent, from about N1.74bn to about N0.19bn.

The sector-wide decline, however, masks a sharp split. Four companies posted double-digit improvements in finance costs, while three recorded increases, one of them by more than eightfold.

Analysts react

In separate interviews with Saturday PUNCH, experts, including the Senior Analyst, FMCG, at CardinalStone Securities, Oluwakemi Abiodun, said the divergence came down to different companies pursuing different debt strategies.

“The short way to summarise this is different companies, different debt strategies. The companies highlighted as having recorded lower finance costs have largely achieved this through a deliberate focus on reducing their debt balances,” Abiodun said.

She cited Dangote Sugar Refinery as an example. “Dangote Sugar recently raised a rights issue specifically to deleverage, underscoring management’s commitment to reducing its debt burden. Even now that the proceeds from the rights issue haven’t been reflected in its balance sheet, the company used its strong operating cash flows to pay down existing debt in H1’26,” she said.

Abiodun said Nigerian Breweries and Guinness Nigeria had followed a similar path. “Similarly, the brewers, NB and Guinness, have both communicated clear strategies to materially reduce leverage, and we can see this play out in their recent debt numbers,” she said.

However, the analyst noted that Nestlé Nigeria stood apart from its peers. “Nestlé, however, is taking a different approach, with a greater focus on servicing interest obligations and letters of credit, rather than prioritising a rapid reduction in its outstanding debt balance,” Abiodun said.

Asked what was mainly driving the decline in finance costs across the sector, Abiodun pointed to improved earnings. “The main reason is the focus on deleveraging, especially as operating performance is picking up and is stronger,” she said.

On his part, the Investment Research Analyst, Nathanael Disu, linked the trend to the sector’s broader recovery from the naira devaluation shock. “The decline in finance cost can be linked to deleveraging of their debt obligations,” Disu said.

He said stronger balance sheets had put companies in a better position to pay down debt. “Most FMCG companies have recovered from the FX-induced bottom-line losses driven by improved macroeconomic dynamics; as such, they have better financial buffers to deleverage their debt obligations,” he said.

A ranking of the seven companies by the percentage change in finance costs shows Guinness Nigeria as the sector’s strongest improver, followed by NASCON Allied Industries, Nigerian Breweries and Dangote Sugar Refinery, all of which cut finance costs by double digits.

Nestlé Nigeria, International Breweries and Champion Breweries moved in the opposite direction, recording increases. Guinness Nigeria’s finance costs fell 64.9 per cent, from N12.44bn to N4.36bn, the sharpest improvement in the sector. NASCON Allied Industries followed with a 58.5 per cent decline, to N171.6m from N413.1m.

Nigerian Breweries cut finance costs by 50.4 per cent, to N10.16bn from N20.51bn, while Dangote Sugar Refinery’s finance costs fell 22.4 per cent, to N50.42bn from N64.97bn — the smallest percentage decline among the improvers, but the largest in naira terms.

At the other end, Nestlé Nigeria’s finance costs rose 10.9 per cent, to N47.86bn from N43.17bn. International Breweries’ finance costs rose 80.6 per cent, to N7.05bn from N3.90bn. Champion Breweries recorded the sharpest increase in the sector, with Group finance costs rising more than eightfold, to N4.91bn from N543.7m.

Guinness Nigeria posted the best-improved finance line in the sector. Gross finance expense fell 64.9 per cent to N4.36bn, while finance income surged to N1.18bn from N110.7m.

Net finance cost dropped 74.2 per cent, from N12.33bn to N3.18bn, and was the single biggest driver of the company’s 60.9 per cent growth in pre-tax profit — a bigger factor, in fact, than its 14.8 per cent growth in operating profit.

NASCON Allied Industries carries almost no debt, with non-current borrowings of just N38.6m, so finance costs were never a major line item for the company. They still fell 58.5 per cent to N171.6m, while finance income more than doubled to N5.35bn.

NASCON now runs a net finance income position rather than a cost, reflecting a cash-rich balance sheet, with cash and cash equivalents of N46.05bn at the end of the period.

Nigerian Breweries’ finance costs fell 50.4 per cent to N10.16bn. The company’s balance sheet backs up the trend as its interest-bearing loans and borrowings fell to zero, from N59.71bn at the end of December 2025.

The deleveraging shows up directly in the company’s equity position, which flipped from an accumulated deficit of N72.17bn to retained earnings of N13.65bn within six months.

Dangote Sugar Refinery’s finance costs fell 22.4 per cent to N50.42bn, a smaller percentage improvement than the brewers, but the largest naira reduction of any company in the sector.

Combined with a near-doubling of its gross margin, from 12 per cent to 23.9 per cent, the lower finance costs helped the company swing from a pre-tax loss of N22.11bn in the first half of 2025 to a pre-tax profit of N44.09bn in the first half of 2026.

Nestlé Nigeria moved against the sector trend. Its gross finance costs rose 10.9 per cent to N47.86bn. What rescued its net finance position was a jump in finance income, to N33.26bn from N1.12bn, largely reflecting a foreign exchange translation gain.

Net finance cost still improved 65.3 per cent, from N42.05bn to N14.60bn, but the underlying cost of the company’s debt rose during the period rather than falling, in line with CardinalStone analyst Abiodun’s assessment that Nestlé has prioritised servicing its obligations over reducing its debt balance.

International Breweries also moved against the trend. Its finance costs rose 80.6 per cent to N7.05bn. Because finance income also grew by 27.6 per cent to N11.96bn, the company still posted net finance income rather than a net cost, but that net income shrank 10.3 per cent, from N5.47bn to N4.91bn.

Champion Breweries recorded the most dramatic move in the sector. Group finance costs rose more than ninefold, from N543.7m to N4.91bn, alongside a broader corporate transformation that saw the company consolidate a new subsidiary, adding N3.49bn in goodwill and a first-time non-controlling interest to its balance sheet.

Net finance cost rose 865 per cent at the Group level and 910 per cent at the standalone parent level, a jump that pushed the parent company to a pre-tax loss for the period.