Business

Naira Devaluation: PZ Nigeria Speaks On Plans To Sell Company

Published

1 year ago

September 20, 2024

The board of PZ Cussons Nigeria, the country’s leading soap and other household items manufacturer has said that it has yet to receive any information from its parent company on plans to sell its African subsidiaries.

This was made known in a statement released on Thursday on the website of the company’s secretary, ALSEC Nominees Limited.

The development comes as PZ Cussons International on Wednesday hinted at plans to sell its African business, stating that it has received several expressions of interest.

The position was contained in a statement revealing its First Half Financial standing which ended on May 31, 2024, and showed that its revenues declined by 19.6 percent to £527.9 million.

Consequently, the firm said, “The favorable trends of the second half of FY24 have continued into the new financial year. We are progressing with our plans to sell St. Tropez and have received several expressions of interest for our African business, recognizing the potential of our brands and people, which could lead to a partial or full sale”.

The Chief Executive Officer, Jonathan Myers had blamed the devaluation of Naira for the decline of the company’s financial fortunes.

“The period was marked by a 70 percent devaluation of the Nigerian Naira, which has had significant implications on our reported financials,” he said.

However, the Nigeria subsidiary said, “The Board of PZCN has not at this time received any formal notification or more detail on this matter from the parent company, and will make the necessary disclosures as and when it receives more information.

“Please note that the Company’s closed period, which commenced on September 1, 2024, will remain in effect until 24 hours after the release of the Unaudited Financial Statements for the first quarter ended 31 August 2024, to the market.

“Consequently, no Director, persons discharging managerial responsibilities, Audit

“Committee Members, Advisers, Consultants and Employees, with insider information or their connected persons, shall deal directly or indirectly in the securities of the Company during this closed period”, it stated.

In April 2024, the company had earlier revealed a plan to reduce its business in Africa to cut down risks.

However, the Nigerian Securities and Exchange Commission has rejected the company’s proposal to delist its stock from the Nigerian Stock Exchange.

The development comes as Nigeria witnessed the exit of several multinationals in the last year over harsh economic realities such as the Naira crisis and high energy costs.

This includes Procter and Gamble (P&G), GlaxoSmithKline (GSK), Unilever, Sanofi-Aventi Nigeria, manufacturer of Huggies and Kotex brands of diapers, and Kimberly-Clark, among others.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

21 hours ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

23 hours ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

2 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.