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‘No more N899 per litre’ – Dangote refinery increases petrol price 

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Dangote refinery increases petrol price 

The Dangote Petroleum Refinery has increased the ex-depot price of its petrol, also called premium motor spirit (PMS).

In an email to customers on Friday, the refinery said its refined products would now cost N955 per litre at the loading gantry.

The upward adjustment comes amid rising crude oil prices in the international market, with the cost of Brent, the global benchmark for crude, recently hitting $81 per barrel.

Oil marketers had said the increase in global crude prices is taking a toll on local production, warning of an imminent hike in pump prices.

Speaking to TheCable on Friday, Chinedu Ukadike, the national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the latest price adjustment.

“Yes, we received an email from Dangote stating that their price has increased from N899 to N955,” he said.

In the email, Dangote refinery said marketers buying between 2 million – 4.99 million litres will now pay N955 per litre while 5 million litres and above will be sold at N950 per litre.

“Kindly be advised that, effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit (PMS), as detailed in the table below,” the email, seen by TheCable, reads.

“Please note that all stock balances yet to be lifted as at the above stated time, are to be repriced at the new reviewed prices.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

In November 2024, the Dangote refinery reduced the petrol ex-depot price to N970 per litre and further lowered it to N899.5 in December.

 

Business

FG, Nestlé partner to revolutionise Nigeria’s dairy sector

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FG, Nestlé partner to revolutionise Nigeria’s dairy sector

The federal government and Nestlé Nigeria have launched a demonstration dairy farm at the Paikon Kore Grazing Reserve in Gwagwalada, Abuja in a major development poised to transform Nigeria’s dairy industry.

The initiative, inaugurated by the minister of Livestock Development, Idi Mukhtar Maiha, underscores a groundbreaking public-private partnership aimed at boosting local milk production, introducing technological advancements, and empowering pastoralists.

This report unveils fresh insights into the multimillion-naira investment, advanced farming technologies, and the transformative impact on local pastoral communities.

During the event, minister Maiha described the project as a pivotal step in repositioning Nigeria’s livestock sector.

“This project demonstrates the power of collaboration between the public and private sectors. It offers a sustainable solution to Nigeria’s dairy challenges and aligns with the government’s commitment to diversify the economy, create jobs, and enhance food security,” he stated.

The minister stressed that the farm’s success provides a model for similar projects across the country and that the government will continue to support initiatives that address key challenges such as infrastructure, access to finance, and veterinary services.

The demonstration dairy farm was developed in collaboration with 2Scale, CBI Innovations Limited, and the Federal Capital Territory Administration (FCTA) as part of Nestlé’s Livestock Development Project.

Since 2019, Nestlé has invested over N1.8 billion in the Paikon Kore Grazing Reserve project. This strategic investment has transformed the region, with daily milk collection rising from 200 liters in June 2021 to an impressive 6,000 liters today.

Nestlé Nigeria Plc’s managing director, Wassim Elhusseini, described the project as a testament to the company’s commitment to fostering agricultural development and creating shared value.

“We are deeply committed to strengthening Nigeria’s dairy sector. This farm is a clear demonstration of our dedication to empowering local farmers, supporting sustainable practices, and contributing to food security,” Elhusseini said.

CBI Innovations Limited’s managing director, Olusoji Apampa, highlighted the technological advancements at the farm, including semi-automated milking systems, sustainable waste management practices, and improved animal feed solutions.

“This project marks a new beginning for Nigeria’s dairy industry. With cutting-edge technology and a commitment to excellence, we are setting a standard that will inspire similar initiatives across the country,” Apampa said.

A facility tour revealed modern infrastructure designed to improve productivity and efficiency. Breed improvement through artificial insemination has also significantly increased the animal population, which grew from 20 to 71 over the past year and eight months.

Beyond technological advancements, the project has had a profound impact on local pastoralists.

Farmers in and around the Paikon Kore Grazing Reserve have received extensive training in modern dairy practices, helping them adopt sustainable and productive methods.

“Before this intervention, we barely made ends meet. With the training and resources from Nestlé, our milk production has tripled, and our income has significantly improved.”

The initiative is helping reduce the challenges pastoralists face, from milk storage to access to modern milking facilities.

The farm’s ambitious target to aggregate 30,000 liters of milk per day by November 2027 demonstrates the transformative potential of public-private partnerships in reshaping Nigeria’s agricultural landscape.

The demonstration dairy farm stands as a model for sustainable agricultural development, offering hope for greater food security and job creation for generations to come.

 

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BUA Foods’ revenue surges by 109% to N1.53trn in FY 2024

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BUA Foods’ revenue surges by 109% to N1.53trn in FY 2024

BUA Foods Plc, one of Nigeria’s leading food manufacturing companies, has announced its unaudited financial results for the fiscal year 2024, posting significant growth across all key performance indicators.

In the financial report released to the Nigerian Exchange Limited, the company said it’s resilience, operational efficiency, and strategic expansion efforts have continued to drive remarkable financial performance, further reinforcing its leadership position in the industry.

Founder and chairman of BUA Foods, Abdul Samad Rabiu, attributed the company’s strong results to its unwavering commitment to innovation, efficiency, and market expansion.

He stated, “BUA Foods’ exceptional growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We have continued to invest in capacity expansion, optimise our supply chain, and enhance operational efficiencies to meet growing market demand. As we move forward, our focus remains on driving sustainable growth, strengthening our market leadership, and delivering superior value to our customers and stakeholders.”

The company’s revenue surged by 109.3 per cent to a record N1.53 trillion, up from N729.4 billion in 2023, driven by strong sales growth across key product segments, optimised pricing strategies, and enhanced cost management measures.Gross profit grew by 107.9 per cent to N541.71 billion, while profit after tax rose 145.3 per cent to N274.95 billion, further solidifying BUA Foods’ position as a dominant player in Nigeria’s food manufacturing sector. Earnings Per Share (EPS) climbed 145.3 per cent to N15.27, underscoring the company’s ability to drive value creation for shareholders. Across key product categories, sugar sales increased by 74 per cent to N733.8 billion, flour sales surged by 172 per cent to N589.5 billion, and pasta sales grew by 125 per cent to N197.6 billion, reflecting strong market demand and the company’s robust distribution network.

Speaking on the results, Dr. Ayodele Abioye, Managing Director of BUA Foods, said:“We are pleased to report another year of exceptional performance despite prevailing macroeconomic challenges. The effectiveness of our expansion strategy, coupled with our operational excellence, enabled us to achieve strong volume growth and revenue milestones. Looking ahead, we remain committed to deepening our market presence, optimising efficiencies, and ensuring that we continue to deliver superior value to all stakeholders in line with our strategic objectives.

”With a strong foundation for growth and a clear expansion roadmap, BUA Foods remains well-positioned to continue driving sustainable value creation while addressing Africa’s evolving food security needs.”

 

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Crisis hits 9mobile as 6,079 subscribers abandon network in 60 days

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This is not the best of times for 9mobile, one of Nigeria’s network service providers as its is currently facing crisis, losing 6079 of its subscribers who have ported out of the network in two months, as reported by The Witness Nigeria.

This porting loss for 9mobile occurred in the months of November and December 2024.

The Nigerian Communications Commission (NCC) made this known in its Incoming and Outgoing Porting Activities of Mobile Networks Operators Report on its website.

According to the NCC’s report, out of a total of 2998 subscribers which moved from one network to another in December 2024, 2188 subscribers left 9mobile to other networks in the period.

The report stated that in November 2024, out of 4726 subscribers that switched from one network to another, 9mobile lost 3891 subscribers to other networks.

“This brought the total number of subscribers lost by 9mobile in two months to 6079.

“Other operators recorded insignificant outgoing porting numbers compared to 9mobile.

“In December 2024, MTN lost 236 customers, Airtel recorded 269 outgoing porting, Globacom recorded 305, while 9mobile lost 2188.

“In terms of incoming porting in the same period (December 2024), MTN gained the most customers from other operators, with 1856 subscribers joining its network.

“Airtel recorded 835 incoming porting, while Globacom gained 290 customers.

“In contrast, 9mobile recorded a mere 17 incoming porting in December 2024,” the report stated.

It noted that in November 2024, 4726 subscribers ported from one network to another.

The NCC report also showed that for outgoing porting activities for November 2024, 9mobile was the biggest loser, as 3891 subscribers ported out of the network.

According to it, other operators lost only a few subscribers, MTN parted with 166 customers, Airtel recorded 362 outgoing porting activities while Globacom lost 307 subscribers.

For incoming porting activities in November 2024, the report showed that MTN gained the most, adding 3019 subscribers to its network, Airtel recorded 1266 incoming porting, and Globacom gained 414 customers.

It noted that in contrast to the others, 9mobile gained just 27 subscribers.

The report indicated that there were more incoming and outgoing porting activities in November 2024 than December 2024

A total of 2998 activities were recorded in December, while November had 4726 porting activities, it said.

The report also revealed a decrease of 1728 in mobile number portability activities in December 2024, when compared to November 2024.

“On market share, the Nigerian telecommunications sector witnessed a significant shift in market dynamics, with 9mobile’s market share declining to as low as 1.9 per cent in December 2024, according to recent data released by the NCC.

“This decline is a far cry from 9mobile’s erstwhile dominance, when it boasted 23.4 million subscribers and a 15.7 per cent market share in 2015.

“The company’s stagnant subscriber base, which has remained unchanged at 3.2 million for two consecutive months, further accentuated this decline.

“In contrast, the country’s other major telecommunications operators have experienced notable growth,” the NCC report stated.

It said that MTN Nigeria had solidified its position, increasing its market share to 51 per cent with 84.6 million subscribers in December, up from 81.2 million in November.

It added that Airtel also demonstrated resilience, expanding its subscriber base to 56.6 million in December, up from 55.4 million in the preceding month.

It showed that Globacom, which faced a decline in subscribers earlier in 2024 due to a regulatory audit, had shown signs of recovery, growing its subscriber base from 19.6 million to 20.1 million by the end of year 2024.

 

 

 

 

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Bento CEO resigns, amid EFCC, LIRS probe; gives up equity

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Bento CEO resigns, amid EFCC, LIRS probe; gives up equity

Ebun Okubanjo, CEO of Bento Africa, a Nigerian payroll and human resource management platform, has resigned amidst allegations of failing to remit taxes and pensions on behalf of its clients, as reported by TechCabal.

Okubanjo announced his resignation in an email to Bento’s board of directors, signaling a clean break by also relinquishing his equity and debt holdings in the company.

This move opens the door for a potential fresh start for both Okubanjo and Bento Africa.

In his resignation email, Okubanjo hinted at launching a new company, Ada AI, an AI-powered sales assistant.

Okubanjo attributed his decision to the difficulty of scaling HR and payroll systems in Africa. “If Africa adopts the Western style of taxation and remittances—these companies are gold mines. I use Gusto in the U.S. not because I want to, but because I have to. Until that happens—scale will be a challenge,” Okubanjo wrote in the mail.

His resignation comes at a turbulent time for Bento Africa, with allegations of financial mismanagement, particularly regarding the withholding of employee taxes and pension contributions. These claims were brought to light on Friday by Akintunde Sultan, co-founder of edtech company AltSchool. Additionally, Fuelmetrics, a digital inventory management firm for petrol stations, alleged that Bento Africa had failed to remit up to ₦50 million ($108,000) in taxes and pension contributions for 2023 and 2024.

Okubanjo earlier sent a resignation letter to the company’s board of directors on January 11, 2025. His resignation follows a controversial leadership journey, which included a brief outsing and subsequent return as CEO in 2022.

Okubanjo stepped down in March 2022 after allegations of verbal abuse and creating a toxic work environment. Bento’s board appointed cofounder Chidozie Okonkwo as CEO but in a surprising turn, Okubanjo returned as CEO in September 2022 after Okonkwo resigned, citing personal reasons. Okubanjo’s resignation in January 2025 may not have been a complete shock to insiders. In 2024, he had signaled his intent to step down, with one employee claiming that Okubanjo had offered his position to Lede Adeniyi, the company’s CTO. Adeniyi declined the offer and left Bento in October 2024 to pursue his own entrepreneurial ambitions.

In his first email to investors on January 11, Okubanjo asked the board to begin searching for his replacement and stated that he would vacate the position in six weeks. In the same email, he also reflected on his leadership journey: “This was an education; it will probably take a lifetime to parse through all the lessons of this great failure, but as a forever learning type, I am okay with that.”

Yet, three days after Okubanjo’s first resignation announcement, TechCabal learned Bento had not told contacted investors, with a handful unaware of the CEO’s resignation. One investor who asked not to be named claimed the company rarely sent investor updates, while another claimed to know next to nothing about the company. Both investors suggested the company’s operational transparency could have been improved.

Bento was founded in 2019 and raised funding from investors such as Berrywood Capital, Flexcap Ventures, and angel investors. Despite the roster of investors, allegations of a toxic workplace surfaced in 2022, when Okubanjo claims the company was raising funding. One former employee claimed the incident derailed those talks.

Bento is one of a class of relatively new startups offering salary automation, statutory remittances like taxes and pensions, and access to loans. Its client list includes Moniepoint, Lori Systems, Paystack, and Kobo360. Since 2019, Bento claims to have processed over $40 million in payroll.

Despite these claims of success, some investors are skeptical about Bento’s future. While one investor claimed that it didn’t feel like a growing company, Okubanjo has repeatedly claimed the company is profitable, processing about ₦4-5 billion ($2.6 million) in monthly salaries with around ₦24 million ($15,871) in monthly revenue.

Source: TechCabal

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Zenith Bank raises N350bn via hybrid offer to meet CBN’s capital base requirement

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Zenith Bank reported roughly twice the net profit it earned in the first half of last year in the same period this year, its audited

Zenith Bank says it has raised N350.46 billion through rights issue and public offer to meet the Central Bank of Nigeria’s (CBN) minimum capital requirement.

In a statement dated January 24, but published on the Nigerian Exchange Group (NGX) on Monday, Michael Otu, Zenith Bank’s company secretary, said the bank has secured full regulatory approval from both the CBN and the Securities and Exchange Commission (SEC) for its recently concluded hybrid offer.

Otu explained that the hybrid offer included a rights issue of 5,232,748,964 ordinary shares of 50,000 each at N36 per share, along with a public offer of 2,767,251,036 ordinary shares of 50,000 each at N36.5 per share.

“The Public Offer was 160.47% subscribed, with a total of 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise (“CVE”),” Otu said.

“The Rights Issue was also 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.

“The target of the Hybrid Offer was thereby achieved with the Company raising a total of N350,460,397,329.

“The Hybrid Offer garnered substantial interest from domestic and international investors.

“This development has positioned the Company as one of the few banks in Nigeria to meet and even surpass the Central Bank of Nigeria’s N500 billion minimum capital requirements for Banks with International Authorization well ahead of the March 2026 regulatory deadline.

“The bank’s share capital would now rise to N614.65bn, which is N114.65bn above the regulatory minimum requirement.

“The Company has once again reiterated its leadership and pole position amongst the Nigerian banks.

“It successfully executed a largely digital offer embracing the power of technology to improve access to equity capital market as it seamlessly leveraged the Nigerian Exchange Limited’s e-Offer platform.”

Otu added that Zenith Bank plans to use the hybrid offer proceeds to solidify its market leadership, expand operations across Africa and Europe, and invest in technology and other growth initiatives.

On March 28, 2024, CBN announced an increase in the minimum capital requirements for commercial banks with international licences to N500 billion.

The following month, Zenith Bank disclosed its plans to raise funds through a share issuance, possibly via private placement, rights issue, or both, in both Nigerian and international markets.

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UBA to host Knowledge Series Webinar on new tax regime for SMEs

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UBA to host Knowledge Series Webinar on new tax regime for SMEs

United Bank for Africa (UBA) Plc, is set to host a Knowledge Series webinar specifically dedicated towards informing and educating Small and Medium business owners on the 2024 withholding Tax Regulations recently implemented by the federal government.

This special webinar has the theme ‘2024 Withholding Tax Regulations, Specific Emphasis on How They Affect SMEs’ and is scheduled to hold online on Thursday, January 30, 2025, by 12noon prompt. Business owners and SMEs who will like to be a part of this eye-opening event can access the session on Zoom via the link: https://ubagroup.zoom.us/webinar/register/WN_6gAJ6SYeQXaaYanXykBuiQ.

The knowledge Series is a regular seminar/workshop organised by the bank as part of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses.

This edition seeks to educate business owners on the implications of the new tax regulations and how UBA’s offerings can effectively support their growth.

Renowned leaders from diverse industries, including, UBA’s Head, SME Banking, Babatunde Ajayi; Financial Analysts with Anderson Consulting, Adeyemi Adediran and Vincent Okoukoni will be on ground to share their rich insights and explain how businesses can thrive in the new tax regime.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke ahead of the webinar emphasised the importance of this edition, noting that it will provide a platform for businesses, especially SMEs, to learn more about the new tax regime, implications for their business and attendant benefits for them and the economy at large.

He said, “Getting first -hand knowledge from experts on this important subject, as put together by UBA, will be invaluable for any business owner looking to build a lasting enterprise”

Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo noted that the sessions frequently organised by the bank, continues to resonate with SME’s and business owners, and has in more ways than one, helped them take major leaps that has helped engender success.

Ladipo said, “At UBA, we remain resolute in our commitment to empowering businesses of all sizes, and that is why we have decided that we will help guide our customers towards making better business decisions and embracing more opportunities in 2025” that will take them to new highs.

“We have assembled an esteemed panel of speakers who will do justice to this topic by sharing their vast wealth of experience and insights on how best to navigate the new tax regime,” she noted, adding that “this is a must-attend event for anyone serious about the long-term success of their enterprise.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

 

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