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Economy

Nigeria Nowhere Target of $33,000 GDP Per Capita—Bagudu

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gdp per capita Nigeria

By Adedapo Adesanya

Nigeria is nowhere near its target of $100 billion investment annually to achieve a gross domestic product (GDP) per capita of $33,000, according to the Minister of Budget and Economic Planning Mr Abubakar Bagudu.

The Minister spoke in Abuja at the ongoing management retreat of the Nigerian Financial Intelligence Unit, according to a statement issued by his Media Assistant, Mr Bolaji Adebiyi.

According to the Minister, this is frustrating the efforts contained in the Nigeria Economic Agenda 2050, which requires the average Nigerian to have a value of $33,000 per head. The GDP per capita is a metric that breaks down the country’s GDP to an amount per person.

However, the Minister said the Nigerian economy is nowhere near the target.

Current data from the International Monetary Fund (IMF) shows that Nigeria has a GDP per capita of $1,087.89 as of 2024.

Mr Bagudu said that for the country to realise the target, it must enthrone a sound financial system to attract investments.

He said the current financing level was smaller than that but explained that President Bola Tinubu’s administration had undertaken bold and courageous economic reforms to boost its revenue.

“However, we still need to be where we should be; we are not near the kind of flows we expect,” the minister noted.

To buttress his point, he cited the $20 billion federal budget size, which he said was too small compared with other countries like Brazil and Indonesia, which have similar population sizes and have $750 billion and $210 billion budgets, respectively.

The minister also explained that a sound financial system would attract domestic and foreign investments to finance its development plan.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Shareholders Reject PZ Cussons $34.3m Debt-to-Equity Proposal

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PZ Cussons

By Dipo Olowookere

Plans by the board of carry out a debt-to-equity conversion exercise have again been frustrated by minority shareholders.

In a notice to the Nigerian Exchange (NGX) Limited over the week, the company said the small investors kicked against the conversion of about N34.3 million, approximately N51.8 billion, debt to equities of the organisation.

It was disclosed that at an Extraordinary General Meeting (EGM) held on March 13, 2025, in Abuja for an approval to implement the proposal, the board could not secure the approval threshold, frustrating the plan.

PZ Cussons owes PZ Cussons (Holdings) Limited about $34.3 million and the debt-to-equity exercise was to resolve challenges stemming from Nigeria’s currency devaluation and historical foreign exchange (FX) liquidity challenges.

Recall that in June 2022, PZCH gave its Nigerian subsidiary a loan of $40.26 million to settle foreign currency payables for raw materials and operational costs due to the ongoing forex scarcity.

Following the liberalisation of the foreign exchange market in June 2023 and subsequent Naira devaluation, the FX debt position drove an exchange loss of N157.9 billion, resulting in a N76.0 billion loss after tax and a negative shareholders’ equity position of N27.5 billion for the financial year ended May 31, 2024.

Despite strong operational performance, with 34 per cent and 42 per cent year-on-year revenue growth for the periods ended May 31, 2024, and November 30, 2024, respectively, continued Naira depreciation has further eroded operational profits, worsening the negative net equity position to N34.5 billion as of November 30, 2024.

The chief executive of PZ Cussons, Mr Dimitris Kostianis, said, “We would like to thank our shareholders for participating in the EGM and for their active engagement in the process.

“As a response to shareholder feedback received during the meeting, the majority shareholder amended the proposed conversion terms to reduce the level of debt to be converted and increase the conversion price, which would have reduced minority shareholder dilution and also ensured that the Company remained compliant with the 20 per cent free float requirement.

“There was very strong minority shareholder support for the transaction, with 663 of the 675 minority shareholders present at the meeting voting in favour. However, the 75 per cent shareholding vote required to approve the resolution was not met, as 12 minority shareholders representing a significant shareholding voted against the resolution.

“In compliance with the law, the majority shareholder did not vote on the resolution. We believe that there were strong benefits for the Company and shareholders from the proposed transaction.

“By converting the intercompany loan into equity, the Company’s exposure to foreign exchange volatility would have been significantly reduced, our balance sheet would have been strengthened, and future cash flow would have been freed up to be allocated to productive investments that support the company’s profitable and sustainable growth ambitions. This would have established the basis for improving shareholder liquidity.

“The board of PZCN remains committed to building on the strong operational growth we have seen in H1 of FY25, exploring alternative mechanisms for restoring our net assets to a positive position and to working closely with our shareholders and the broader stakeholder ecosystem during this process.”

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Economy

Investors Transact N63.517bn Shares in 60,782 Deals in Five Days

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domestic investors NGX

By Dipo Olowookere

Last week, investors bought and sold 3.281 billion shares worth N63.517 billion in 60,782 deals compared with the 1.818 billion shares valued at N47.226 billion transacted in 64,222 deals in the preceding week.

Data showed that Sovereign Trust Insurance, Champion Breweries, and Jaiz Bank were the most attractive stocks, accounting for 1.621 billion units sold for N3.244 billion in 1,528 deals, contributing 49.42 per cent and 5.11 per cent to the total trading volume and value, respectively.

Financial equities dominated the activity chart in the five-day trading week, with 2.302 billion units worth N25.014 billion traded in 27,625 deals, contributing 70.17 per cent and 39.38 per cent to the total trading volume and value, respectively.

Consumer goods stocks followed with the sale of 421.846 million units for N3.796 billion in 6,149 deals, as services shares exchanged 228.075 million units for N800.274 million in 4,741 deals.

Livestock Feeds topped the price gainers’ log after chalking up 22.16 per cent to settle at N10.20, Caverton jumped by 15.38 per cent to N3.00, FTN Cocoa expanded by 14.20 per cent to N1.85, CWG gained 13.21 per cent to N9.00, and Tantalizers surged by 13.13 per cent to N2.93.

The price losers’ chart was led by Neimeth after its value went down by 17.00 per cent to N2.49, MeCure declined by 10.36 per cent to N11.25, International Energy Insurance slipped by 10.26 per cent to N1.75, University Press retreated by 10.00 per cent to N4.32, and Conoil also fell by 10.00 per cent to N331.20.

Business Post reports that when the market closed last Friday, 38 stocks appreciated versus 30 stocks of the preceding week, 46 equities depreciated compared with 58 equities a week earlier, and 66 shares closed flat, in contrast to 62 shares in the previous week.

The All-Share Index (ASI) and the market capitalisation lost 0.55 per cent in the week to finish at 105,955.13 points and N66.352 trillion, respectively.

Similarly, all other indices finished lower except the insurance, AseM, MERI growth, consumer goods and commodity, which appreciated by 0.89 per cent, 0.04 per cent, 0.89 per cent, 0.03 per cent and 0.02 per cent, respectively.

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Economy

From Courtrooms to Chaos: Suits LA Brings Hollywood’s Power Struggle to Your Screen on Showmax

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In Hollywood, reputation is everything, and for entertainment lawyer Ted Black, keeping the biggest names in showbiz out of trouble is his full-time job. Suits LA takes the high-stakes legal drama of the original series and raises the bar, moving the action from New York’s corporate towers to Los Angeles’ power circles, where one bad deal could mean the end of a career.

Led by Teen Choice winner Stephen Amell (Arrow), Suits LA follows Ted as he navigates a cutthroat industry where billion-dollar contracts, scandalous lawsuits, and celebrity egos collide. The legal drama also features Gabriel Macht reprising his fan-favourite role as Harvey Spectre, alongside appearances from real-life Hollywood elites. With its gripping storytelling, the Suits franchise expands into new, high-stakes territory that’s already one of IMDb’s Most Anticipated New TV Shows of 2025.

Watch the trailer: https://www.youtube.com/watch?v=G0KMvx4y2-o

But while Suits LA brings power struggles to the courtroom, here are other must-watch titles that explore the battle for control, survival, and dominance in different ways:

Yellowjackets S1-3 | New Episodes Saturdays

What happens when survival instincts take over, and the line between humanity and savagery blurs? Yellowjackets tells the gripping tale of a high school girls’ soccer team whose plane crashes deep in the wilderness, leaving them to fend for themselves. As the story unfolds in two timelines, the past, where their descent into chaos begins, and the present, where the survivors struggle with the haunting aftermath, dark secrets and unsettling truths come to light.

Starring Emmy nominees Melanie Lynskey, Christina Ricci, and Juliette Lewis, alongside Yellowjackets breakout star Sophie Thatcher (also seen in Heretic), the series masterfully blends psychological horror, mystery, and drama. Described by The Guardian as “a chilling mix of Lost and Lord of the Flies,” Yellowjackets keeps audiences on edge with every twist.

Watch the trailer: https://www.youtube.com/watch?v=JuHe_y-UQJk

The White Lotus S3 | New Episodes Monday Nights

Far from Nigeria’s mystical past, another world of power and deception unfolds in Thailand, where the guests of The White Lotus resort check in for what they believe will be a luxurious escape. Instead, their secrets, ambitions, and betrayals set off a chain of events that none of them could have foreseen.

Winner of 15 Emmys, the critically acclaimed series returns with a new cast, including Emmy nominees Carrie Coon, Jason Isaacs, Parker Posey, and Walton Goggins, alongside BAFTA winner Aimee Lou Wood. As TimeOut puts it, “Much as we’ll all miss Jennifer Coolidge, RIP Tanya, the third run of The White Lotus should be February’s most talked-about telly.”

Watch the trailer: https://www.youtube.com/watch?v=XwQRkOK5KC

 Heretic | Now Streaming

The fight for survival takes an even darker turn in Heretic. Two young missionaries knock on a door, hoping to share their faith, but instead, they step into a nightmare. What follows is a chilling test of belief and endurance as they become trapped in a house where nothing is as it seems.

Featuring Hugh Grant in a terrifying role alongside Sophie Thatcher (Yellowjackets) and Chloe East (The Fabelmans), Heretic was named one of Rotten Tomatoes’ top horror films of 2024. Men’s Health raves, “Arguably [Hugh Grant’s] best performance from the last decade,” while Empire Magazine warns, “You’ll never watch Notting Hill the same way again.”

Watch the trailer: https://www.youtube.com/watch?v=O9i2vmFhSSY

Godzilla X Kong: The New Empire | Now Streaming

While humans fight their battles in courtrooms and luxury resorts, another kind of war is brewing beneath the Earth. Godzilla and Kong, once bitter rivals, must now unite against a powerful new enemy that threatens their very existence. Featuring BAFTA winner Rebecca Hall, Oscar nominee Brian Tyree Henry, and Teen Choice winner Dan Stevens (Downton Abbey), this film was among the ten biggest box office hits of 2024 and earned a Best Fantasy Film nomination at the 2025 Saturn Awards. With jaw-dropping action sequences and stunning visual effects, Godzilla X Kong delivers pure blockbuster spectacle.

Watch the trailer: https://www.youtube.com/watch?v=qqrpMRDuPfc

From Hollywood power struggles to high-stakes resorts and monster showdowns, Showmax has something for everyone. And with the Shikini Offer, you can stream it all for less.

Get Showmax Mobile for just ₦1,000 or enjoy the multiple-device plan for ₦2,000. Don’t wait—sign up now at www.showmax.com/deals to get started. or download the Showmax app to start watching today.

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