Economy
Africa Prudential Reports 7% Drop in H1 2020 Earnings
By Adedapo Adesanya
The gross earnings of Africa Prudential Plc dropped 7 per cent in the first six months of the year to N1.87 billion from N2.01 billion in the same period of 2019.
The company noted in its unaudited financial statements for the half-year ended June 30, 2020, the weak performance came on the premise of the COVID-19 pandemic, which it claimed wiped out as many contributions from its retainer fees, which contributes over 60 per cent of revenues from contracts with customers.
According to details contained in the documents, revenue from contract with customers, one of its major business segments, went down by 32 per cent year-on-year.
However, the company’s Profit After Tax (PAT) rose by 4.9 per cent during the period under review to N1.08 billion from N1.03 billion in H1 2019.
The registrar of some publicly listed firms said businesses that engage in contract of services on retainership basis were badly affected by the pandemic as a lack of business activities means services were cut by clients in line with business continuity initiatives.
During the period under review, revenue from contracts with customers contracted by 32.12 per cent year-on-year on the back of the effect of COVID-19 on the business landscape. This led to a 100 per cent drop in retainer fee in the first half of the year.”
However, the company said it was able to increase fees from corporate actions by 34.9 per cent, register maintenance by 32.8 per cent and digital consultancy by 94.3 per cent year-on-year.
Also, a quarter-on-quarter analysis showed that the company has been able to improve revenue from fees from corporate actions by 1791.9 per cent and register maintenance by 171.4 per cent.
Despite the drop in revenues from contracts year on year, the registrar did better quarter-on-quarter, rising by 249 per cent to N490 million in revenue from contracts, majority of which it said came in the second quarter of the year.
Africa Prudential reported a half-year earnings per share of 54 kobo compared to 51 kobo same period in 2019.
Speaking on the performance, the company’s Managing Director, Mr Obong Idion said, “Our Q1 results showed the impact of the pandemic on our business.
“However, we have been able to put in place structures to help us maximize the current business cycle.
“Through this structure we were able to achieve an impressive quarter-on-quarter results, increasing gross earnings by 52 per cent and PAT by 144 per cent.
“We were also able to deliver an improved result year-on-year, growing interest income and PAT by 12 per cent and 5 per cent respectively.
“As the company continues to observe safety measures to ensure the safety of staff and customers, we have enhanced our virtual channels to meet the needs of our various categories of customers while reducing the need for physical visits significantly,” he added.
On the impact of the COVID-19, the company has put in place appropriate measures to respond to the global COVID-19 pandemic.
In line with the directives from the government to curtail the spread of the virus, the company activated its business continuity plan and also a ‘Work from Home’ plan thus, providing the necessary tools to employees to enable them to work effectively.
Africa Prudential added that it was assessing the impact of COVID-19 on its earnings, liquidity, capital, employee, customers and other stakeholders.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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