Economy
NSE Applauds Management for Reviving Golden Guinea Breweries
By Dipo Olowookere
The management of Golden Guinea Breweries Plc has been applauded by the Nigerian Stock Exchange (NSE) for reviving the business after 17 years of inactivity.
This commendation was given by the president of the National Council of the NSE, Mr Abimbola Ogunbanjo, during a visit to the company’s factory.
Mr Ogunbanjo, who was accompanied by the NSE’s Divisional Head in charge of Listing Business, Mr Olumide Bolumole, explained that the visit was to assist the company to achieve more impressive heights.
At the NSE, we are dedicated to helping issuers derive optimal value from their interaction with the market.
“As such, we have identified various opportunities for us to provide assistance in terms of enhanced regulatory support, capacity building, and engagement sessions,” he said.
The NSE representatives, who also visited the Governors of Imo and Abia States, Mr Hope Uzodinma and Mr Okezie Ikpeazu, respectively, applauded them for their leadership efforts at promoting socio-economic development and improving the lives of citizens in the states.
Mr Ogunbanjo specifically commended the Abia State government on its key contributions to the significant progress of Golden Guinea Breweries.
He said the exchange continues to provide a platform for issuers and investors to meet their investment objectives even in these unprecedented times.
“There are opportunities for the listing of infrastructure bonds and privatisation of state-owned enterprises to improve performance and transparency, enhance visibility and improve direct and indirect revenues for the state governments,” he said, noting that the capital market ecosystem will, therefore, be eager to see responses from Abia and Imo State governments in this regard in the near future.
Business Post reports that Golden Guinea Breweries, which started production in 1963, got into the trouble waters as a result of a fire incident in 2003 at its factory.
Though efforts were made to get the company back into production after the burnt boilers were replaced and an entirely new line of production was installed, due to the financial crisis of 2015 and the skyrocketing cost of the dollar, the company ran into another problem actuated by the cost at which needed equipment was invoiced and the prevailing cost of FOREX at the time of payment and delivery.
Three years later, a grant of N3.6 billion was given to the management of Golden Guinea Breweries Plc to revive the company and last year, a slight production reportedly commenced and in March 2020, a businessman, Mr Okey Nzenwa, through his company, Pan Marine Investment Limited, pumped a fresh capital worth about N1.2 billion into the brewery firm.
Golden Guinea Breweries Plc, a company based in Umuahia in Abia State, holds franchise rights to produce and market Golden Guinea Beer, Holsten Brewery’s Bergedorf premium lager beer and Bergedorf Malta in Nigeria.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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