Business

Naira Devaluation: PZ Nigeria Speaks On Plans To Sell Company

Published

9 months 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

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.