Economy
Ardova Positions Business for Future Growth, Cuts Borrowing Cost by 69% in 9 months
By Dipo Olowookere
Despite the huge challenges businesses across the globe, especially the oil industry, have faced this year, Ardova Plc has been able to come out stronger.
This has been made possible by the cost-optimisation, superior customer experience, operational efficiency, innovation, and strategic partnerships strategies of the board and management.
In the first nine months of 2020, the energy firm significantly reduced its borrowing cost by 69.6 per cent to N0.7 million from N2.3 billion in the same period of last year.
This was mainly due to the lower interest paid on bank loans and overdrafts in the period under consideration as N299.1 million was paid in contrast to the N1.3 billion paid last year.
Business Post reports that the superior customer experience offered by Ardova resulted in the 3.7 per cent rise in revenue to N128.2 billion from N123.6 billion, with the cost of sales up to N119.2 billion from N115.4 billion, leaving the company with a gross profit of N9.0 billion versus N8.1 billion in the same period of 2019.
In strict compliance with its cost-optimisation policy, Ardova cut is administrative expenses to N5.2 billion from N6.0 billion and this was mainly because of the reduction in board and AGM costs, personnel costs, transport and travel costs, amongst others.
In the first nine months of the year, the distribution expenses reduced to N1.6 billion from N1.7 billion and the operating profit went down to N2.9 billion from N4.2 billion.
Business Post observed that the bottom line of the results was not too palatable in the first nine months of the year, but in the third quarter, the firm bounced back into profitability.
In Q3 of 2019, the company had a net loss of N190.8 million but in Q3 of 2020, it was a net profit of N875.4 million, while the balance sheet closed very strong as the total assets closed at N49.8 billion versus N47.0 billion in FY 2019.
The CEO of Ardova, Mr Olumide Adeosun, in his reaction to the company’s performance in the period under consideration, said it “reflects our continued resolve towards operational excellence despite the challenging operating environment.”
“In the third quarter, we made significant strides in optimizing our core assets, built a resilient balance sheet, and worked extensively in positioning our business for future growth.
“Consequently, this led to increasing top-line revenue, higher margins, and improved operational efficiency.
“Specifically, our business transformation initiatives resulted in a sterling growth of over 2,000 per cent in normalized profit with operating expense ratio and gross margin printing at 5.2 per cent and 7.0 per cent,” he added.
Continuing, he said, “As a forward-thinking organisation, we will continue to explore opportunities in clean energy solutions and appraise the ever-changing downstream regulatory environment to build a socially responsible and formidable integrated downstream energy company.
“These opportunities and reforms, where required, will lead to one-off investments and collaboration with the right partners to deliver sustainable future returns to the business in the short to medium-term.”
“Overall, we are pleased with the progress we have made so far, especially in what has been the most challenging year for businesses across the globe and our industry in particular,” Mr Adeosun, who has transformed the firm since it was acquired from Mr Femi Otedola last year, stated further.
“Nonetheless, we remain committed to continue enhancing shareholder value. The focus over the coming periods will be to consolidate and build on the gains achieved and further refine our processes to ensure we achieve our set objective of superior customer experience, operational efficiency, innovation, and strategic partnerships,” he assured.
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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