The insurer clarified that the issue relates to prior reporting periods and was fully resolved in line with NGX regulatory procedures. It confirmed that all outstanding filings have since been regularised and that the company is currently in full compliance with NGX listing rules and reporting obligations.

In a statement, the company explained that following the delays, it conducted a comprehensive review of its governance, reporting and compliance frameworks, resulting in strengthened internal controls and oversight mechanisms.

Among the measures introduced are stricter internal reporting timelines, improved cross-functional coordination, and enhanced review protocols to ensure timely and accurate disclosures. The company also reinforced Board oversight through its Audit and Risk Committees, establishing clearer accountability structures and structured periodic compliance reviews.

Additionally, upgraded compliance monitoring systems have been deployed across its finance and company secretariat functions to improve regulatory tracking and reporting processes. Management noted that further investments have been made in technology, human capital and governance processes to sustain operational transparency and regulatory adherence.

According to the company, the reforms have significantly improved reporting efficiency and compliance discipline, positioning it for long-term stability and growth.

Reaffirming its commitment to transparency and stakeholder confidence, Mutual Benefits stated that it remains dedicated to maintaining the highest standards of corporate governance, accountability and regulatory compliance. The company added that it continues to operate from a position of financial and operational stability, focused on delivering sustainable value to shareholders, policyholders, business partners and the investing public.

The insurer also expressed appreciation to stakeholders for their continued confidence and reiterated its commitment to full compliance with all regulatory requirements.

Mutual Benefits Assurance Plc, regulated by the National Insurance Commission (NAICOM), has operated in Nigeria for over 30 years, providing general insurance solutions to individuals, businesses and institutions nationwide.

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In her new role, Olaniyan will lead enterprise-wide strategy formulation and execution across NGX Group, driving initiatives aligned with the Group’s ambition to deepen market liquidity, expand product innovation, broaden investor participation, and enhance long-term stakeholder value. The role is central to strengthening cross-functional alignment and organizational effectiveness as NGX Group continues to evolve its integrated market infrastructure model.

Prior to joining NGX Group, Olaniyan held senior leadership roles at FMDQ Group Plc and FDHL Group where she played key roles in business development, market expansion, and product innovation across the fixed income, currencies and derivatives markets. With over two decades of experience spanning financial markets, strategy, consulting, and banking, she brings extensive expertise in market structure, stakeholder engagement, and enterprise transformation.

Olaniyan holds a degree in Accounting as well as an MBA from INSEAD Business School and has built a reputation for driving growth, strengthening market participation, and delivering innovative financial market solutions that enhance transparency, efficiency, and market resilience.

Her appointment underscores NGX Group’s continued focus on disciplined strategy execution, strong governance and sustainable value creation. It also reflects the Group’s deliberate effort to strengthen its leadership structure through broader representation at the executive level, ensuring that women continue to play influential roles in shaping the evolution of Nigeria’s capital markets while contributing meaningfully to national economic development.

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Following a review of the results, the company recorded an increase in Profit After Tax (PAT) which rose from N100.1 billion in 2024 to a remarkable N273 billion representing a 173% increase. This outstanding performance is underpinned by volume-led growth, disciplined cost optimization across operations, enhanced plant stability, improved distribution efficiency, retail expansion, and efficient financial management.

Operating profit increased from 193 billion in 2024 to N392 billion following strong top-line momentum and continued execution on cost and efficiency initiatives. Earnings per share grew from N6.22 in 2024 to N17 in 2025, representing an outstanding 173% increase.

Commenting on the results of the landmark year, Lafarge Africa CEO, Lolu Alade-Akinyemi, said: “Our Full Year 2025 results are a testament of the effectiveness of our 4-point strategy, disciplined execution and relentless focus on value creation. Reaching the ₦1 trillion Net Sales threshold, a 53% year-on-year increase, marks a historic turning point for our Company. With a 103% surge in Operating Profit to ₦392 billion, we have demonstrated exceptional operating excellence. This 173% growth in Profit After Tax is the direct result of our focus on plant reliability, operational efficiency, and commitment to shareholder value.”

Alade-Akinyemi added: ‘Looking forward, with Huaxin’s collaboration and industrial expertise, we are excited about the year 2026 and the opportunities ahead. We maintain a prudent and agile approach to capital allocation and cost management while positioning the business to capitalize on emerging market opportunities. Our resilience, operational scale, and strategic clarity provide a strong foundation for sustainable growth and enhanced shareholder value.’’

The CEO expressed his appreciation to the company’s employees, customers, stakeholders, and investors for their continued trust. ‘Their partnership and support reinforce our commitment to delivering resilient performance and superior value creation”. He remarked.

Lafarge Africa has presented a robust and positive outlook for 2026. The CEO reaffirmed that the company’s priorities are focused on improving capacity utilization, enhancing value creation, embedding sustainability across operations, and top-notch industry-leading health and safety performance.

Recently, the company announced their plans to expand Ashakacem Plant in Gombe State and Sagamu Plant in Ogun State. Upon completion, Ashaka and Sagamu Plants’ total capacity will be 2MT and 3.5MT per annum respectively. After the expansion, the total capacity of Lafarge Africa will rise to 14.0MMT.

Lolu Alade- Akinyemi concluded: ‘Lafarge Africa Plc will continue to explore the volume opportunities in our markets, while sustaining prudent cost optimization. Our sustainability-driven growth model remains at the core of our long-term value creation strategy, underpinned by the continued execution of our strategic priorities.’

About Lafarge Africa Plc
Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company, listed on the Nigerian stock Exchange, Lafarge Africa Plc is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.

Lafarge Africa Plc has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State), with Ready-Mix operations in Lagos, Abuja, and Port Harcourt.

Lafarge Africa Plc leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria.

The post Lafarge Africa Hits ₦1.1tn Revenue as PBT Soars 170% to ₦411bn in 2025 appeared first on Business Today NG.

According to him, market capitalisation increased by 125 per cent within the same period, climbing from about N55 trillion to over N123.93 trillion, reflecting what he described as renewed investor confidence and growing resilience in the Nigerian capital market.

He spoke in Lagos during his inaugural address to members of the Capital Market Working Group on Market Liquidity at the Commission’s office, where he stressed that while the growth figures are impressive, sustaining momentum will require deeper liquidity, improved market efficiency and broader participation.

The SEC boss described the growth figures as evidence of strong investor confidence and the resilience of the Nigerian capital market under the current administration, but stressed that market size alone was not enough without corresponding depth and liquidity.

“Since this administration came into being in April 2024, we have seen market capitalisation grow from about N55 trillion to over N123.93 trillion. Our contribution to GDP has moved from 13 per cent to 33 per cent. These are impressive figures, but they tell only part of the story,” he said.

According to him, liquidity remains critical to sustaining the growth momentum, noting that a market must be deep and efficient to effectively perform its primary function of capital formation.

“A capital market is often described as the barometer of an economy’s health. But for that barometer to be accurate, the market must be more than just large—it must be liquid,” he said.

Agama identified key structural challenges, including high transaction impact costs for institutional investors and the concentration of trading activities in a limited number of highly capitalised stocks, which he said leaves the broader market relatively shallow.

He warned that without sufficient liquidity, investors may be reluctant to enter the market if they are uncertain about their ability to exit positions without significant price distortions.

To address these concerns, the SEC inaugurated a multi-stakeholder Working Group comprising exchanges, custodians, fund managers, dealing members and other market operators. The group is expected to develop practical recommendations to improve trading efficiency, deepen participation and enhance price discovery.

Among its mandates are a comprehensive review of trading and settlement infrastructure, identification of technical and structural bottlenecks affecting transaction speed, and proposals to make Nigeria’s settlement cycle more competitive with other emerging markets.

The group is also expected to recommend measures to broaden retail participation, with the SEC targeting the onboarding of up to 20 million new investors through digital platforms, dematerialisation of share certificates and fintech partnerships.

Agama noted that product innovation would also be central to improving liquidity, particularly through the accelerated development of derivatives and other asset classes that can provide hedging opportunities and deepen market activity.

He added that the recently enacted Investments and Securities Act (ISA) 2025 has expanded the Commission’s regulatory oversight to include digital assets, creating an opportunity to channel speculative interest into regulated and productive investment channels.

Emphasising the strategic importance of the sector, the SEC DG said it plays a critical role in financing infrastructure, supporting businesses and driving job creation.

“The capital market is not gambling; it is the engine of national development. It finances roads, powers factories and creates jobs,” he said.

Agama urged members of the Working Group to produce bold and practical recommendations that would strengthen liquidity and support the Federal Government’s broader ambition of building a trillion-dollar economy.

He added that while the recent surge in market capitalisation and GDP contribution reflects strong progress, the next phase of reforms would focus on ensuring that the market is not only large, but deep, inclusive and globally competitive.

In his remarks, chairman of the Committee and Group CEO of NGX, Mr. Temi Popoola thanked the SEC for the opportunity and assured the DG that the team understands its mandate and will diagnose structural constraints with candour, align on practical reforms, and deliver measurable actions that will deepen liquidity, restore confidence, and strengthen the resilience of our market.

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The move reverses the post–Petroleum Industry Act revenue structure and is being hailed as a major step toward strengthening fiscal transparency, equity in revenue distribution, and the financial capacity of all tiers of government.

CMAN described the decision as a landmark reform that reinforces collective ownership of national resources and signals the administration’s commitment to accountability in the management of Nigeria’s oil and gas wealth.

Since 2021, when the Petroleum Industry Act (PIA) was implemented, the Federation Account shared by the Federal, State, and Local Governments, received only 40% of these proceeds, while the Nigerian National Petroleum Company Limited (NNPCL) retained 60% through the Frontier Exploration Fund (30%) under their expenditure oversight and a management fee of 30%.

This imbalance undermined the principle of collective ownership of national resources. By correcting this anomaly, the President has ensured that all tiers of government benefit equitably from the nation’s oil and gas wealth.

CMAN further notes that as a limited liability company, NNPCL must operate independently on its own revenues rather than relying on public funds.

The President’s decision is a bold move in this direction. However, CMAN emphasizes that the reform process should continue, particularly with regard to Joint Venture (JV) assets, which should also be returned to the Federation Account.

This development is a victory for the Federation Accounts Allocation Committee (FAAC) and for fiscal justice in Nigeria. It will significantly boost revenues available to all tiers of government, thereby enhancing their capacity to deliver services to the people, generate economic activities, and boost the capital markets.

CMAN stands firmly behind this decision and calls on all stakeholders to support the President’s reform agenda. We remain committed to advocating for policies that strengthen transparency, accountability, and fairness in the management of Nigeria’s resources.

CMAN also underscores the importance of including the Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on the Committee overseeing the implementation of the Executive Order, to ensure transparency and accountability.

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The two series, with a combined value of ₦119.87 billion, were admitted to trading on NGX on 18 February 2026, following the Exchange’s introduction of the Commercial Paper listing framework last year.

Dangote Cement’s ₦19.95 billion Series 1 Commercial Paper carries a tenor of 181 days and matures on 20 May 2026, while the ₦99.92 billion Series 2 issuance has a tenor of 265 days and will mature on 12 August 2026. Both series were issued at a discount and will be redeemed at par value of ₦1,000 upon maturity. Series 1 and Series 2 Commercial Papers was offered implied yields of 17.50% and 19.00%, respectively.

The Vice Chairman of Highcap Securities Limited, David Adonri, described the development as a sign of growing sophistication in Nigeria’s short-term debt market, noting: “Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market. The attractive yields of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances.”

The listing represents a strategic expansion of NGX’s product offerings, deepening the Exchange’s fixed income market and providing issuers with enhanced visibility, liquidity, and transparency for short-term funding instruments. By admitting Commercial Papers to its platform, NGX is strengthening the efficiency of price discovery while broadening investment options for institutional and qualified investors seeking diversified short-term instruments.

Commercial Papers are unsecured short-term debt instruments issued by corporates to meet working capital and other short-term financing needs. Their admission to trading on the Exchange introduces greater transparency to a market segment that has traditionally operated over-the-counter, while improving secondary market tradability.

The listing of Dangote Cement’s CP reflects continued issuer engagement with NGX’s platform and supports ongoing efforts to deepen Nigeria’s domestic debt capital market. It also reinforces NGX’s commitment to innovation, product diversification, and the creation of a more robust, accessible, and globally competitive marketplace.

With this transaction, NGX continues to position itself as a comprehensive capital-raising and trading hub, supporting corporates across the funding spectrum, from equities and bonds to short-term commercial instruments.

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The company’s Chief Executive Officer, Dinesh Balsingh, disclosed this on Thursday in Lagos, noting that 2026 would be a major year of investment, following a similar scale of expansion achieved over the past two years.

Specifically, he said the company expanded its network footprint by about 15 per cent between December 2023 and early 2025, increasing its sites from roughly 15,000 to 17,000, with further expansion planned this year.

“Over the last two years, we have expanded our geographical network by close to 15 per cent, and we intend to repeat that scale of expansion again in 2026,” he said.

He said the investments were focused on deep rural communities, small towns and the fringes of major cities, adding that the expansion was designed to improve coverage, capacity and network resilience.

“Everyone has the right to digital connectivity, including people in deep rural markets and small communities,” Balsingh said.

According to him, Airtel has deployed satellite technology in remote locations where fibre access is impractical, citing communities in Adamawa and other parts of northern Nigeria now connected via Starlink.

“These are very remote villages where terrestrial fibre was practically impossible, but satellite connectivity is performing very well,” he said.

Balsingh said Airtel had also upgraded capacity on about 25 per cent of its existing sites in 2025 the by deploying higher-capacity radios and migrating backhaul from microwave to fibre.

He noted that 99.99 per cent of Airtel’s network sites were now 4G-enabled, even in remote areas, while spectrum capacity on the 4G network had been increased by about 20 per cent to meet rising data demand.

“4G remains the backbone of mobile data usage, and expanding spectrum is like widening the highway for traffic,” he said.

On 5G, Balsingh said Airtel had more than doubled its 5G sites in the last three months and planned to migrate about 25 per cent of its network in the top 20 cities to 5G over time.

He also said Airtel was expanding its fibre backbone by about 25 per cent and had completed nearly half of the rollout, alongside plans for a second internet breakout point from southern Nigeria to improve national network resilience.

“These investments are about building scale, capacity and resilience for the long-term future of Nigeria,” Balsingh said.

He added that Airtel was strengthening its artificial intelligence and data centre capabilities, including a hyperscaler-ready facility expected to support advanced analytics, network automation and consumer protection services.

Balsingh acknowledged ongoing challenges around fibre cuts and infrastructure damage, but commended government and regulatory efforts to protect telecom assets under the Critical National Information Infrastructure (CNII) framework.

“We are very happy with what the government and the regulator are doing around CNII, especially the focus on reducing fibre cuts, which affect all operators and consumers,” he said.

Balsingh said in spite of challenges such as fibre cuts, Airtel remained committed to sustained investment, describing 2026 as another massive year for network and digital infrastructure development ìin Nigeria.

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This commitment was underscored on Wednesday during a Closing Gong Ceremony held in honour of the Inspector-General of Police, IGP Kayode Egbetokun, reflecting a shared resolve among market regulators and law enforcement agencies to uphold transparency, accountability, and market integrity.

The ceremony highlighted a shared commitment to investor protection, the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.

Welcoming the IGP, Alhaji Umaru Kwairanga, Group Chairman of NGX Group, commended the leadership of the Nigeria Police Force in supporting market integrity.

He said: “Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system. Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth.”

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”

In his response, IGP Kayode Egbetokun reaffirmed the commitment of the Nigeria Police Force, stating: “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”

Also speaking, Chairman of Nigerian Exchange Limited (NGX), Ahonsi Unuigbe, highlighted the role of the Exchange in promoting market discipline: “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”

Similarly, Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, stressed the importance of aligning innovation with oversight: “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”

The event brought together key stakeholders across the capital market ecosystem, all reaffirming their commitment to accountability, transparency, and investor confidence. The ceremonial Closing Gong marked a collective resolve to strengthen Nigeria’s financial system through sustained collaboration.

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On a normalized basis, excluding foreign exchange effects, profit after tax rose by 54.0% to ₦18.3 billion, compared with ₦11.9 billion in FY 2024. Premiums written grew 20.3% year-on-year to ₦191.8 billion, reflecting sustained momentum in both retail and commercial segments.

Insurance service results improved markedly to a profit of ₦9.5 billion, from a loss of ₦3.0 billion in the prior year. This was supported by a recovery in service margins to 6.9%, from -2.8% in FY 2024, highlighting stronger pricing, risk selection, and claims management.

Normalized profit before tax increased by 63.6% to ₦20.4 billion, while normalized return on equity stood at an annualized 25.5%, underscoring improved earnings quality. Reported profits in FY 2024 benefited from net foreign exchange gains of approximately ₦10.9 billion, compared with an FX loss of ₦2.7 billion in FY 2025 following the appreciation of the naira.

Relative to internal expectations, group revenues were 2.1% below forecasts, while normalized profits were 5.1% lower than projected, primarily due to adverse FX movements. Earnings for the period were 8.6% below forecast.

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Amolegbe made the projection in a presentation titled “2025 Macroeconomic Review and Outlook for 2026: Stabilisation, Structural Reform, and Market Repricing” at the Capital Market Correspondence Association of Nigeria (CAMCAN) 2025 Capital Market Review and Prognosis for 2026, held in Lagos.

According to him, the firm remains constructive on the Nigerian equities market, noting that stability in prices and foreign exchange, alongside modest interest rate cuts and active capital raising by institutional investors, should support strong market performance in 2026.

He added that planned listings, particularly within the Dangote Group, could significantly enhance market depth and sector representation on the Nigerian Exchange (NGX).

“We expect the NGX to deliver a 45.9 per cent return in 2026 under our base-case scenario,” Amolegbe said. “Stable macro conditions, ample liquidity ahead of elections and renewed investor confidence continue to reinforce our bullish outlook.”

He explained that in a more optimistic scenario, faster disinflation, aggressive monetary easing of between 400 and 900 basis points, stronger corporate earnings, increased foreign portfolio investment inflows, and additional large-scale listings could drive even higher returns for equities.

However, Amolegbe cautioned that risks remain, particularly around capital gains tax sensitivity and potential delays in major listings, which could dampen overall market performance.

Highlighting factors expected to influence equities in 2026, the Arthur Steven chief pointed to elevated liquidity ahead of the 2027 general elections, driven by pre-election spending and fiscal expansion.

He noted that while this could boost market activity, it may also heighten volatility in equities and the foreign exchange market, prompting investors to adopt more tactical and short-term strategies.

On corporate developments, he said anticipated listings such as the Dangote Refinery and Dangote Fertiliser initial public offerings, as well as the planned separate listing of Airtel Money in the first half of 2026, are expected to significantly improve market liquidity and attract broader investor participation.

Amolegbe also identified foreign exchange market stability as a key pillar for sustaining foreign investor interest. As global interest rates normalise, he said foreign portfolio investors are increasingly assessing the durability of Nigeria’s FX reforms and the naira’s recent stability, which continue to support attractive carry trade opportunities in high-yield naira assets.

On fiscal matters, he noted that tax reforms scheduled to take effect in January 2026 will reshape cost structures across several sectors, particularly consumer goods and industrials, while capital gains tax reforms could influence investor behaviour by encouraging longer holding periods and more cautious trading ahead of elections.

Turning to asset allocation, Amolegbe said Arthur Steven is maintaining the framework outlined in its second-half 2025 outlook, recommending a portfolio mix of 70 per cent equities, 20 per cent fixed income and 10 per cent cash.

“We retain an overweight position in equities, reflecting strong market sentiment and the continuation of the bull cycle,” he said, noting that the NGX All-Share Index gained over 50 per cent in the previous year, supported by naira stability, improved earnings visibility and renewed foreign investor interest.

While fixed income remains attractive, Amolegbe said its relative appeal is expected to moderate as investor flows rotate into risk assets amid improving macroeconomic conditions.

The cash allocation, he added, is designed to preserve liquidity and provide flexibility to take advantage of market dislocations and tactical opportunities.

Amolegbe said the combination of stabilising macroeconomic indicators, structural reforms and renewed investor confidence positions the Nigerian financial market for robust performance in 2026.

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