Economy
Elections, Cash Shortage Impacted Our Financial Performance—Lafarge Africa
By Aduragbemi Omiyale
One of the leading cement makers in Nigeria, Lafarge Africa Plc, has said the 2023 general elections and the cash crunch negatively impacted its financial performance in the first quarter of this year.
Prior to the polls, the country’s economy was almost brought to its knees over the decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 denominations.
The apex bank announced the currency redesign policy in October 2022 and gave Nigerians till January 31, 2023, to swap the old banknotes with the new ones.
However, this deadline was extended to February 10, but before the expiration, three state governments, Kaduna, Kogi, and Zamfara States, filed a suit at the Supreme Court to stop the implementation of the policy.
When the central bank announced the new policy, it explained that it was to stop vote-buying, currency counterfeiting and kidnapping.
The state governors said the Naira redesign policy was a tool used by the CBN chief, Mr Godwin Emefiele, to get back at the candidate of the ruling All Progressives Congress (APC) in the election, who was later declared as the winner of the exercise by the Independent National Electoral Commission (INEC).
Mr Emefiele had wanted to partake in the election under the APC but was stopped by the court, which held that he must resign as CBN Governor before joining the political race. He opted to remain in office.
In the first quarter of 2023, cash transactions shrank, and many Nigerians could not transact businesses because of a shortage of cash and issues with electronic transfers.
Lafarge Africa said this also affected its performance in the first three months of the year.
In its financial statements for the period ended March 31, 2023, the cement firm suffered a 14.9 per cent decline in its net profit as it stood at N4.7 billion compared with the N5.1 billion recorded in the same period of last year.
“Q1 2023 was a challenging first quarter due to the economic impact of the general elections and shortage of cash in circulation following the currency redesign policy. These constrained our financial performance,” the chief executive of the company, Mr Khaled El Dokani, said.
But he emphasised that Lafarge Africa remains “focused on delivering sustainable value to all stakeholders as the market recovers post-election and through the rest of the year. Lafarge Africa remains committed to accelerating green growth in line with our sustainability ambitions and targets.”
A brief look into the results showed that despite the headwinds, the organisation witnessed a 1.3 per cent jump in its net sales to N91.8 billion from N90.6 billion in Q1 2022, while the recurring EBIT stood at N22.2 billion versus N22.1 billion in the corresponding period of 2022, with the free cash flow at N4.7 billion versus the N5.1 billion loss in Q1 of 2022.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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