Articles by Radarr Africa

Nigerian Breweries Records N1.04tn Revenue in Nine Months, Posts 157% Profit Growth

Nigerian Breweries Plc has announced a Group Revenue of N1.04 trillion for the nine months ended September 30, 2025, representing a 48 per cent increase from the N703 billion recorded in the same period of 2024. According to the company’s unaudited financial statements released on the Nigerian Exchange Limited (NGX), the brewer’s cost of sales rose from N495 billion in 2024 to N627 billion in 2025, while marketing, distribution, and administrative expenses climbed 38 per cent, from N184 billion to N254 billion. The firm attributed the increase to intensified brand promotion and sales activities during the period. In a statement, the Company Secretary and Legal Director, Uaboi Agbebaku, said Nigerian Breweries recorded solid growth despite the challenging operating environment characterised by high inflation and elevated input costs. He said the company strengthened its market leadership through a combination of premiumisation, enhanced competitiveness, and an improved route-to-market strategy. “The Group’s revenue grew 47 per cent, supported by appropriate pricing and the strong performance of our premium portfolio,” Agbebaku stated. “Operating profit improved significantly, supported by cost management and supply chain efficiencies, while net profit rose 157 per cent, driven by strong operating profit and lower finance costs. The Rights Issue programme of 2024 also contributed immensely to the turnaround in profitability compared to a year ago.” Agbebaku, however, noted that the third quarter of 2025 experienced a seasonal dip in demand alongside a one-off impairment charge linked to the integration of its subsidiary, Distell Wines and Spirits Nigeria Limited, which resulted in a net loss for the quarter. He expressed confidence that the final quarter of 2025 would witness stronger performance due to increased consumer spending during the festive season, adding that the company’s full-year results are expected to remain positive. The Board of Directors of Nigerian Breweries also appreciated shareholders for their continuous confidence and support, which have helped sustain the company’s recovery and reinforce its commitment to long-term growth. Nigerian Breweries, a member of the Heineken Group, remains one of Nigeria’s largest brewers, with a portfolio that includes popular brands such as Star Lager, Gulder, Maltina, Fayrouz, and Heineken. The company continues to focus on operational efficiency, local sourcing, and premium product innovation to strengthen its leadership in the competitive beverage industry.

Oct 23, 2025

Technology

OPay Unveils ‘Location Guard’ as New Security Feature

Nigeria’s leading financial technology firm, OPay, has concluded the grand finale of its My OPay Security Vote Challenge at its Lagos headquarters, where it also unveiled its eighth security feature, known as Location Guard. The event drew the attention of major Nigerian entertainers and content creators, including Funke Akindele, Layi Wasabi, Broda Shaggi, and BrainJotter, who thrilled the audience with live performances — including BrainJotter’s viral track created specially for the campaign. The My OPay Security Vote Challenge was a national social media campaign that ran across TikTok, Instagram, Facebook, and X (formerly Twitter). It reached over 200 million users, with thousands of creative entries submitted in the form of comedy skits, educational videos, animations, and songs — each creatively interpreting digital safety from everyday users’ perspectives. The initiative spotlighted seven of OPay’s existing security tools: Large Transaction Shield, Scam Alert, Large Transaction Double Check, Emergency Lock, USSD Lock, Night Guard, and Online Subscription Control. The campaign culminated in the selection of four winners — one each from Instagram, TikTok, Facebook, and X — who were flown to Lagos to attend the finale alongside other standout participants. One of the winners, Zarifa Golden-Kalio, shared how her content was inspired by her small business. “I’m a student, but I also run a small zobo business,” she said. “I decided to spotlight the Scam Alert feature because it helps me keep my money safe and protected.” Actress and filmmaker Funke Akindele, who was one of the faces of the campaign, commended OPay for its forward-thinking approach to customer protection. “It is not easy to work hard for your money, and at the end of the day, they will just scam you and clear your account,” she said. “So, I want to thank OPay for being innovative and for inventing these security features.” Speaking at the event, Elizabeth Wang, Chief Commercial Officer at OPay, said the company’s focus remains on protecting its users. “Our core value is always customer first, and for our customers, security is the top priority,” Wang stated. “We built seven security features and today announce the eighth — Location Guard — and we’ll continue to develop more to protect users in all scenarios.” The newly launched Location Guard feature leverages smart location tracking to detect and prevent suspicious transactions. If a payment attempt is initiated from an unfamiliar location, the feature automatically prompts Face ID verification, adding an intelligent layer of security. “Location Guard is a leap forward in digital protection,” Wang added. “It’s intelligent, proactive, and built around real-life user behaviour. Wherever our users go, their OPay account follows them — securely.” Founded in 2018, OPay has grown into one of Nigeria’s most trusted financial technology platforms, licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). The platform provides a wide range of services, including money transfers, bill payments, airtime and data purchase, card services, and merchant payments, among others.

Oct 23, 2025

Technology

FG begins procurement for port modernisation outside Lagos — Oyetola

The Federal Government has started the procurement process for the modernisation of seaports outside Lagos as part of plans to promote balanced development across Nigeria’s maritime gateways and strengthen the country’s position in regional trade. The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this in Lagos on Wednesday during the 2025 Chartered Institute of Logistics and Transport (CILT) Nigeria Conference themed “Enhancing Logistics and Transport for a Sustainable Blue Economy in Nigeria.” Oyetola, who was represented by the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, said the Federal Government’s ongoing port modernisation initiative is focused on upgrading key infrastructure, improving cargo handling operations, and expanding port capacity to meet international standards. According to him, the administration of President Bola Ahmed Tinubu is determined to reform the marine and blue economy sector to improve logistics performance, enhance competitiveness, and attract foreign investment into the country. The minister explained that the government is also working to make Nigerian ports fully digital and paperless, a move that would reduce turnaround time for vessels, improve transparency, and curb corruption within the port system. “As part of this commitment, the Federal Government has approved a $1 billion modernisation project for the Lagos ports. This project will upgrade infrastructure, enhance cargo handling, and expand capacity to meet global standards,” Oyetola said. “In addition, the procurement process has commenced for similar modernisation projects at ports outside Lagos to ensure balanced development across all maritime gateways.” He said the port reforms and infrastructure expansion efforts reflect the Federal Government’s commitment to transform Nigeria into a preferred maritime hub in Africa by addressing challenges such as poor logistics, congestion, and outdated port facilities. Oyetola added that the marine and blue economy sector holds huge potential for job creation and revenue generation if properly harnessed. He said the government is determined to ensure that Nigerian ports become efficient, competitive, and sustainable in line with global best practices. The minister also highlighted the success of the Deep Blue Project, an initiative designed to improve maritime security and protect Nigeria’s territorial waters. He said the project, along with other security interventions, has helped the country maintain a record of zero piracy incidents in the past three years. “Since the creation of the Ministry of Marine and Blue Economy, we have focused on reform and institutional strengthening. Through the Deep Blue Project and other efforts, we are safeguarding our maritime domain to encourage investment and reduce the cost of doing business. For more than three years now, Nigeria has recorded zero piracy incidents on its waterways,” Oyetola said. He further revealed that the government has developed a comprehensive 10-year National Blue Economy Strategy, which aligns policies in maritime transport, fisheries, logistics, and coastal development under one sustainable framework. The minister noted that private sector participation is key to achieving the ministry’s goals. He said the government is creating a more enabling environment for private investors through regulatory reforms, public-private partnerships (PPP), and targeted incentives aimed at driving innovation and boosting productivity across the maritime value chain. “Our goal is sustainable and inclusive growth that balances economic opportunity with environmental protection and social equity. We encourage stakeholders in the logistics and transport sectors to embrace green technologies, train young professionals, and promote data-driven decision-making,” Oyetola said. At the same event, the President of the Chartered Institute of Logistics and Transport (CILT) Nigeria, Mfon Usoro, announced that the institute had recorded significant revenue growth in the last four years. She attributed the improvement to financial discipline, transparency, and stronger governance structures within the organisation. “Every expenditure now passes through the Finance, Budget, and Audit Committee for review, and we conduct quarterly audits to ensure accountability. The results have been outstanding, and the confidence of our members has grown,” Usoro stated. CILT Nigeria, established in 1958, operates under the global CILT network headquartered in the United Kingdom. The institute serves as the professional body for logistics, transport, and supply chain practitioners in Nigeria. The 2025 conference attracted policymakers, academics, and industry leaders who discussed sustainable transport systems, digitalisation in logistics, and opportunities within Nigeria’s emerging blue economy sector.

Oct 23, 2025

Technology

SEC DG Urges Nigerian Capital Market to Embrace Sustainability in Investment and Governance

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said that the global movement towards sustainable finance is reshaping investment choices, corporate governance and risk management practices, stressing that Nigeria’s capital market must evolve to remain competitive and relevant. Agama made the call while speaking at the 2025 Annual Conference of the Chartered Institute of Stockbrokers (CIS), held in Abuja. He said that sustainability has become a global imperative that goes beyond technology and ethics, adding that environmental, social, and governance (ESG) principles are now driving responsible investment and capital allocation decisions across the world. According to him, the SEC has already taken significant steps to position the Nigerian capital market in line with international sustainability standards. “In line with this, the Commission has taken bold steps to align our market with global sustainability standards. Through initiatives such as the adoption of the International Sustainability Standards Board (ISSB) framework, the Green Bond Programme, and collaboration with development partners, we are laying the groundwork for a financial system that supports the transition of our country to a low-carbon, inclusive economy,” Agama stated. He explained that the Commission’s efforts are aimed at promoting responsible finance and ensuring that investors and companies integrate sustainability principles into their business and investment models. He further noted that this transformation is critical as the world moves towards cleaner energy sources, climate adaptation, and socially responsible business practices. The SEC boss said that stockbrokers and other market operators have an important role to play in promoting sustainable investment products, advising listed companies on ESG disclosures, and guiding investors towards responsible assets. He added that the Nigerian capital market cannot afford to lag behind at a time when global investors are demanding transparency, accountability and measurable impact from businesses. Agama also highlighted that the SEC and the Chartered Institute of Stockbrokers share a joint vision of developing a capital market that mobilises domestic savings for productive investments, drives economic diversification, and creates jobs across sectors. He commended the ongoing partnership between the Commission and the Institute in areas such as professional certification, investor education, financial literacy and policy advocacy. According to him, these efforts are already yielding positive results by improving professionalism, transparency and investor confidence in the Nigerian market. “Yet, we must do even more,” Agama said. “The task ahead is to ensure that the capital market becomes central to Nigeria’s economic transformation agenda, a market that finances infrastructure, empowers micro, small and medium enterprises (MSMEs), supports green and digital enterprises, and contributes meaningfully to the realisation of a trillion-dollar economy.” He praised the resilience and professionalism of market participants despite the country’s tough macroeconomic environment, including foreign exchange volatility, inflation and weak consumer purchasing power. Agama said the resilience shown by the operators demonstrates the enduring strength of the Nigerian capital market and its ability to support national economic growth. “With the world changing fast, the Nigerian capital market must not only keep pace but lead by example,” he added. “Let us therefore recommit to innovation that empowers, ethics that endure, and sustainability that delivers long-term prosperity for all.” The SEC chief said that the Commission will continue to work closely with other regulators, professional bodies, and international development partners to ensure that Nigeria’s capital market remains a driver of inclusive and sustainable economic growth. Analysts say the SEC’s focus on sustainability aligns with a growing global trend where investors and institutions are prioritising ESG factors as part of long-term value creation. They noted that Nigeria’s growing adoption of green bonds, sustainability-linked loans and ESG-compliant reporting frameworks will help attract foreign investment and strengthen investor confidence in the market.

Oct 23, 2025

Technology

Guinness Nigeria Returns to Profit with N26.3bn Earnings in 15-Month Period

Guinness Nigeria Plc has bounced back to profitability, reporting a profit after tax of N26.3bn for the 15-month financial period ended September 30, 2025. The brewer made this known in its unaudited financial statements filed with the Nigerian Exchange Limited (NGX) on Wednesday, marking a strong recovery from losses recorded in the previous financial year. According to the company’s report, revenue for the period surged to N594.7bn, compared to N299.5bn recorded in the 12-month period ended June 2024. The growth in revenue was driven by a rise in sales volume, improved product pricing, and strong consumer demand across key product categories. After accounting for a cost of sales of N409.9bn, Guinness Nigeria posted a gross profit of N184.7bn for the 15-month period. This performance reflects a more efficient cost structure and operational recovery following earlier supply chain and inflationary challenges that affected the firm’s margins in 2024. The company’s profit before tax stood at N43.8bn, representing a major turnaround from a pre-tax loss reported in the preceding year. After deducting tax expenses of N17.5bn, Guinness Nigeria ended the 15-month period with a net profit of N26.3bn. The brewer’s unaudited statement of financial position also showed an improvement in its balance sheet strength. Total assets rose to N245.98bn, up from N226.13bn in the previous period. Total equity stood at N28.44bn, while total liabilities amounted to N217.54bn, showing better capital management and reduced exposure to short-term financing risks. Analysts said the results signaled renewed stability for the beverage giant, which had faced a tough business environment marked by foreign exchange volatility, higher input costs, and weak consumer purchasing power. The improvement in profitability also comes after Diageo Plc, the parent company of Guinness Nigeria, announced plans earlier this year to divest its controlling stake in the Nigerian unit. Industry watchers believe the company’s latest results could strengthen its valuation and investor interest ahead of any new ownership transition. The turnaround is also attributed to stronger marketing efforts, increased local sourcing of raw materials, and improved product mix across its stout, lager, and non-alcoholic segments. The company has in recent months launched promotional campaigns to boost demand and sustain its leadership in the premium drinks segment. A top market analyst told MarketForces Africa that the brewer’s recovery underscores the resilience of Nigeria’s consumer goods sector despite inflationary pressures. “This performance shows that with better cost management and product innovation, consumer brands can still deliver value even in a tough economy,” the analyst said. Guinness Nigeria’s performance mirrors a broader recovery trend among listed beverage and fast-moving consumer goods companies on the Nigerian Exchange, following the easing of supply bottlenecks and gradual improvement in foreign exchange access. With the festive season approaching, analysts expect the company’s sales momentum to continue into the last quarter of 2025, although challenges such as rising energy costs and volatile exchange rates could still weigh on margins. Guinness Nigeria, which is one of the country’s oldest breweries, produces popular brands including Guinness Stout, Orijin, Malta Guinness, Smirnoff Ice, and Harp Lager. The company remains one of the key players in Nigeria’s beverages market, competing with Nigerian Breweries Plc and International Breweries Plc.

Oct 23, 2025