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Cutix Plans Major Acquisition for Expansion, Profit

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Cutix plc

By Dipo Olowookere

If the latest move by the board and management of Cutix is anything to go by, then shareholders may soon begin to smile because they will get value for their investment in the organisation.

Recently, Cutix announced its intention to acquire one of the players in its market, Adswitch Plc, which was delisted on the Nigerian Stock Exchange (NSE) in 2016.

According to reports, the board of Cutix wants this company to enhance its business expansion and boost the profitability of the company, which should in turn lead to more reward for investors.

But to make this a reality, the board has put a special resolution on the acquisition as one of the items for approval of shareholders at the forthcoming annual general meeting on Friday, October 25, 2019.

The board wants authorisation to enter into any agreements and execute any other documents necessary for and incidental to effecting the resolution on acquisition of Adswitch.

Information about Cutix

Cutix is an indigenous wire and cable company incorporated in 1982, which has gradually transformed from a private limited liability company formed and owned by friends and family members to become a publicly quoted company.

Cutix recently invested about N300 million on a new extension of its factory as part of efforts to increase the installed production capacity of the cables-manufacturing company.

The new factory extension was expected to impact positively on the production capacity and efficiency of the company and to enable it to further improve its performance notwithstanding the increasing competition in the cable industry.

Information about Adswitch

Adswitch Plc is a related electrical switchgears Nigerian company also incorporated in 1982 and it has a close relationship with Cutix Plc.

The firm was delisted from the NSE due to harsh operating environment. The company was listed as a second-tier stock in 1991 and filed for voluntary delisting at the NSE.

Prior to its delisting, Adswitch had struggled with dwindling margins and sales. Audited report and accounts of Adswitch for the year ended April 30, 2012 showed that turnover dropped from N32.72 million in 2011 to N30.7 million in 2012. It posted a loss before tax of N10.34 million in 2012, albeit a better position that loss of N19.04 million recorded in 2011. Loss after tax also stood at N10.73 million in 2012 as against N19.69 million in 2011.

Market analysts then described the harsh business climate as operational challenges due to influx of fake and substandard products and uncompetitive manufacturing costs in Nigeria as well as the costs and requirements of maintaining the listing.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Ibeto Customs, Police Renew Joint Security Pact for Efficiency, Safety

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Nigeria Customs Service

By Adedapo Adesanya

The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.

According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.

The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.

Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.

This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.

He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.

“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.

The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.

This was contained in a statement shared via the Customs official X handle.

Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.

He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.

On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.

“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.

He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.

Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.

The police commissioner also sought continued support from Customs officers in advancing shared security objectives.

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Economy

Tinubu Removes Wale Edun, Elevates Taiwo Oyedele as New Finance Minister

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swear in taiwo oyedele

By Modupe Gbadeyanka

Mr Taiwo Oyedele has become the new Minister of Finance and Coordinating Minister for the Economy after the exit of Mr Wale Edun.

This announcement was made on Tuesday by the Office of the Secretary to the Government of the Federation via a statement signed by Mr Yomi Odunuga, the Special Adviser of Media and Publicity to the Secretary to the Government of the Federation, Mr George Akume.

It was disclosed that President Bola Tinubu approved the removal of Mr Edun as Finance Minister as well his counterpart in the Housing and Urban Development Ministry, Mr Ahmed Musa Dangiwa.

According to Mr Akume, “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

In approving the cabinet reshuffle, the President has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended), he added.

Before this minor cabinet reshuffle in the membership of the Federal Executive Council (FEC), Mr Oyedele the Minister of State for Finance.

Mr Muttaqha Rabe Darma has now been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

Mr Tinubu thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours, reminding others that “the process of reinvigoration shall be continuous.”

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Economy

Dangote Eyes Crude Oil Production to Ease Shortfalls

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Crude Oil Production

By Adedapo Adesanya

The Dangote Group has announced plans to begin its own crude production, to help cover shortfalls in local crude feedstocks, in the coming weeks through its upstream assets.

According to Mr Devakumar Edwin, the Vice President of the Dangote Group, the company has commenced early testing on crude from its Niger Delta licenses.

In an interview with Platts, part of S&P Global Energy, the official said the company has already begun standard well testing and is preparing to scale up output.

“We have opened a well and begun standard testing, which should be completed in the next three to four weeks, maximum.

“After that point, oil can start to be pumped in larger volumes, and the company can begin work on drilling new wells,” he said.

Also speaking, Mr David Bird, the chief executive officer (CEO) of the Dangote refinery, said the upstream assets could provide a more stable crude supply for the refinery.

“Alongside its upstream interests, the company is seeking to establish its own shipping presence to help reduce logistics costs and improve the reliability of its crude sourcing,” Mr Bird said.

While confirmation has come from the company, the Nigerian government or the Nigerian National Petroleum Company (NNPC) Limited is yet to officially confirm the development.

The 650,000 barrels-per-day facility has been able to get enough feedstock locally under the federal government’s Crude-for-Naira initiative, leading it to source crude from international markets at a premium, which is partly responsible for the high cost of petrol and other fuels.

However, in April 2026, the NNPC said it would increase its crude supply to Dangote Refinery to seven cargoes.

The refinery, on several occasions, has stated it sources the majority of its crude oil outside Nigeria despite being the country’s Naira-for-crude sale deal.

Last month, it said the NNPC only gave it four to five cargoes, which is less than 50 per cent of expected volumes. The majority of Nigeria’s crude is tied to joint ventures with international oil companies.

With the latest development, it would help reduce the dependency on international crude as well as allow Dangote to ease some of its import costs.

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