Economy
Owners of Chicken Republic Declare N3.3bn Net Profit
By Adedapo Adesanya
Food Concepts Plc, owners of the popular Chicken Republic, has declared a 135.7 per cent growth in its profit after tax (PAT) for the financial year ended December 31, 2019.
The company revealed this in its financial statements and a look at the books showed that the net profit increased to N3.3 billion from N1.4 billion in the 2018 fiscal year.
The firm recorded a 73.3 per cent rise in profit before tax to N2.6 billion from N1.5 billion in 2018 and in the period under review, it received a tax credit of N723 million, which boosted the net profit for the year.
Food Concepts trades its shares on the floor of the NASD OTC Securities Exchange and in the year under review, the revenue generated, which was made from contracts with customers, rose 51.6 per cent to N13.8 billion from N9.1 billion in the preceding year.
A breakdown showed that operations within Nigeria accounted for the chunk of the revenue (N13.6 billion versus N8.9 billion in 2018). Meanwhile, operations outside the shores of the country recorded a drop in revenue by 6.7 per cent as N208 million was made in the year as against N223 million.
Also recording a drop during the period was the operating income, which went down by 2.9 per cent to N135 million from N139 million recorded in 2018.
There was a rise in the number of raw materials and consumables used during the period as N6.4 billion was expended against N4.1 billion on record the year before.
Equally, employee benefits expense rose by 40 per cent during the year with N2.1 billion spent compared to N1.5 billion in the previous full year.
Operating profit rose during the period by 109.1 per cent to N2.3 billion from N1.1 billion during the preceding year.
Speaking on the result, the Chairman, Mr Odunayo Olagundoye, noted, “We have, once again, grown our revenues and our bottom line and despite various Macro and Micro economic challenges, we are pleased to share with you your company’s key achievements for the financial year ended December 31, 2019.
“We have achieved many milestones over the past few years; we continued to open our flagship brand Chicken Republic stores, whilst adding a new and exciting brand Pie Express to our portfolio of brands.
“We concluded our rights issue in 2019 and secured the requisite funds to continue investing in new stores, IT infrastructure and Central Kitchens; we also built a strongly integrated manufacturing and supply chain division, that will enable our future growth strategy.”
“Our company has overcome many challenges over the years and is now well-positioned to exceed the many milestones achieved in 2019. We have generated strong cash flows and as a result, have achieved robust profitability.
“We have a solid new store pipeline in place for 2020 and will fund our growth and ambitious plans with a combination of cash generated from operations and cash raised from the rights issue.
“Our staff are motivated, happy and responding well to the direction set by the board, executive and senior management teams,” the Managing Director, Mr David Butler, noted.
“Our growth continues to be driven both by same-store sales growth and the expansion of our Chicken Republic and Pie Express brands; we have seen a 56 per cent year-on-year increase in customer traffic to our stores – representing a significant gain in market share. We have opened 25 new shops taking our total to 94 company-owned and franchised locations,” he added.
He noted that due to the COVID-19 pandemic, Food Concepts Plc was declared an Essential Service and continued to trade noting that despite the related challenges, the company has continued to see its sales, customer count and profitability continuously increasing.
He assured that “It is still early days with many predicting a rocky, protracted rollercoaster-type recovery to the COVID-19 pandemic… but I can assure you that our business is improving daily and reacting well under the current circumstances.”
By Adedapo Adesanya
NASD Plc, which operates Nigeria’s Over-the-Counter (OTC) securities exchange, has reaffirmed its commitment to reinforcing its long-term strategic direction and governance framework.
The exchange recently convened its major shareholders, board members, and executive management at a high-level stakeholder retreat in Lagos.
NASD said, “The retreat held in Lagos brought together key institutional stakeholders for in-depth discussions on NASD’s evolving role within Nigeria’s capital market ecosystem.
“The engagement provided a structured platform for shareholders and management to align on strategic priorities necessary to deepen institutional strength, enhance market relevance, and support sustainable growth.”
The company noted that deliberations focused on the importance of strong shareholder collaboration, disciplined strategy execution, and equitable governance practices to further strengthen investor confidence and long-term value creation.
The statement added that participants exchanged views on navigating market complexity, adapting to regulatory and economic changes, and ensuring that the Exchange continues to operate in line with global best practices while addressing the specific needs of Nigeria’s over-the-counter market.
NASD emphasised that the retreat highlighted the critical role of close alignment among shareholders, the Board, and executive leadership in shaping the Exchange’s next phase of development. By encouraging open dialogue and shared strategic intent, the engagement reaffirmed NASD’s commitment to transparency, institutional resilience, and leadership within the capital market.
The session concluded with a group engagement reflecting the depth of experience, governance oversight, and collective responsibility guiding NASD’s strategic outlook as it continues to enhance its contribution to Nigeria’s financial market architecture.
NASD posted a standout performance in 2025, with its market diversification strategy delivering a surge in listings, deeper market activity, and a sharp expansion in market value across its alternative trading platforms.
Last year, the market capitalisation on the exchange more than doubled to N2.12 trillion, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.
The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.
Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.
The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.
The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading.
By Bon Peters
The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers State, surpassed its 2025 revenue target by generating about N288.8 billion.
In the preceding financial year, the command generated N200.8 billion as revenue, indicating a year-on-year growth of 43.83 per cent.
Addressing journalists in Port Harcourt, the Customs Area 1 Controller, Comptroller Salamatu Atuluku, disclosed that the target for the command last year was N216.9 billion, indicating that this was surpassed by N71.8 billion or 33.1 per cent.
She attributed this achievement to the effectiveness of improved compliance monitoring, enhanced cargo examination processes, automation-driven controls, and sustained stakeholder sensitization.
According to her, the monthly revenue performance remained consistently strong throughout the year, with the highest collection recorded in October 2025 at N33.7 billion.
On export trade facilitation, she hinted that in line with the federal government’s economic diversification agenda, the command intensified efforts toward facilitating legitimate export trade, adding that within the year under review, it processed a total export volume of over a million metric tons, comprising both oil and non-oil commodities with a Free on Board (FOB) value of $463.6 million, which she said contributed meaningfully to Nigeria’s foreign exchange earnings.
In addition, Ms Atuluku stated that N838.02 million was paid as Nigeria Export Supervision Scheme (NESS) charges for both oil and non-oil exports during the year, noting that this reflected an increased exporter participation, improved documentation compliance, and the command’s deliberate efforts to streamline export procedures while ensuring adherence to extant regulations.
On anti-smuggling and enforcement activities, it was disclosed that the command sustained vigorous enforcement operations throughout 2025, deploying intelligence-led interventions, risk profiling, and routine cargo examinations to curb smuggling and protect national interests, resulting in the interception of undeclared pharmaceutical products at the NACHO shed.
The items intercepted included Progesterone 100mg/2ml, and Isifrane IP 250ml among others, discovered in three packages without the mandatory NAFDAC regulatory certification, contrary to import guidelines governing pharmaceutical products, the Controller stated.
In the year under review, the personnel of the command benefitted from periodic training programs, sensitization sessions, operational briefings, and system-focused engagements, particularly in areas of customs automation, risk management, enforcement procedures, and trade facilitation.
On infrastructural development, the command renovated the Quarter Guard, thereby enhancing access control, security coordination, and command presence at the main entry point, including the Command Staff Clinic which was renovated and upgraded to improve healthcare delivery and working conditions for medical personnel, and beneficiaries.
Also, the command executed a Corporate Social Responsibility (CSR) intervention on December 11, 2025, at the Model Primary School I and II, Orominike, D-Line, Port Harcourt, with the donation of customs-branded notebooks, school bags, and school uniforms, aimed at supporting basic education and easing the burden on pupils and parents within the host community.
By Adedapo Adesanya
Five securities caused the NASD Over-the-Counter (OTC) Securities Exchange to experience a setback of 0.64 per cent on Monday, February 2.
During the first trading session of February 2026, FrieslandCampinaWamco Nigeria Plc shrank by N4.46 to end at N63.54 per unit versus the previous session’s N68.00 per unit, as Okitipupa Plc depreciated by N3.83 to close at N230.77 per share versus last Friday’s N234.60 per share.
Further, Central Securities Clearing System (CSCS) dropped 50 Kobo to sell at N40.00 per unit compared with the previous closing price of N40.50 per unit, UBN Property Plc dipped by 21 Kobo to N1.99 per share from N2.20 per share, and Acorn Petroleum Plc lost 3 Kobo to end at N1.35 per unit versus N1.38 per unit.
As a result, the market capitalisation went down by N13.98 billion to settle at N2.158 trillion, in contrast to the previous value of N2.171 trillion, and the NASD Unlisted Security Index (NSI) contracted by 23.35 points to settle at 3,606.76 points compared with last Friday’s closing value of 3,630.11 points.
Amid the loss, Geo-Fluids Plc managed to finish green after it chalked up 9 Kobo to sell at N6.84 per share versus the N5.75 per share it ended in the last trading day.
Yesterday, the volume of securities traded by investors surged by 1,238.5 per cent to 3.9 million units from 287,618 units, the value of securities increased by 1,075.2 per cent to N36.0 million from N3.1 million, and the number of deals soared by 90.5 per cent to 40 deals from 21 deals.
At the close of trades, CSCS Plc remained the most traded stock by value (year-to-date) with 15.4 million units valued at N623.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.2 million, and Geo-Fluids Plc with 10.6 million units sold for N69.9 million.
CSCS Plc was also the most active stock by volume (year-to-date) with 15.4 million units traded for N623.9 million, trailed by Geo-Fluids Plc with 10.6 million units worth N69.9 million, and Mass Telecom Innovation Plc with 10.1 million units transacted for N4.1 million.
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