Economy
PZ Cussons Lowers Expectations for Nigerian Subsidiary
By Modupe Gbadeyanka
Leading soap and cosmetic manufacturer, PZ Cussons Plc, has said it is not expecting much from its businesses in Nigeria.
A subsidiary of the British firm in the Africa’s largest economy, PZ Cussons Nigeria Plc, is listed on the local stock exchange based in Lagos.
In its trading update for the third quarter ended February 29, 2020, PZ Cussons said revenue from its African operations declined overall in the period under review.
It further said continued growth in Electricals and in selected premium brands from the continent was impacted by continued decline in its value brands in Home and Personal Care.
PZ Cussons said though the COVID-19 pandemic caused an “exceptionally high demand for our Carex hand wash and sanitiser gel products and Imperial Leather soap” in the United Kingdom, “The situation in Nigeria is uncertain.”
According to the firm, “The recent fall in the global oil price has led to further economic pressure, and the Covid-19 situation continues to develop.
“All our Nigerian businesses are likely to be impacted by the significant disruption to both manufacturing and route to market.”
The company stated that in the third quarter of its present financial year, the sale of local Polish brand Luksja for £9.2 million was completed.
In addition, the disposal of Nutricima, its milk business in Nigeria, was also finalised in the quarter for $20.3 million.
“Our target debt level for the year-end remains at £110 million in line with guidance at the half year,” PZ Cussons said.
Commenting further on its liquidity position, PZ Cussons said it entered the current crisis with a strong balance sheet as a result of its historical prudent financial position.
“PZ Cussons’ external funding is through a syndicated borrowing facility which is provided by a syndicate of six lenders in the form of a £325 million committed multi-currency revolving credit facility committed until November 28, 2023.
“As at 29th February 2020, we had headroom of £147 million under our committed facilities.
“We continue to focus on management actions to manage liquidity carefully across the group.
“Recent actions taken have included the cancellation of capital expenditure projects, the review of the cost base, particularly in those areas of the business most impacted by Covid-19 and working capital initiatives across our business,” it said.
On its outlook for the year, the firm said, “Whilst there is a high level of uncertainty regarding the full impact of Covid-19 across all of our different businesses and markets continues, at this point our guidance on profit remains within consensus, albeit at the lower end.”
PZ Cussons said it will continue to support in the fight against the Coronavirus disease and continue to “support those most at risk in our communities.”
It said programmes have been designed for the distribution of free soap, sanitiser and hand wash to those most vulnerable and in need.
“For example, in the UK, our That’s why we Carex programme is working with the homeless, elderly and other vulnerable groups.
“In Nigeria, the PZ Cussons Foundation is distributing soap in the north of the country, while in Asia, we support those communities close to our manufacturing sites,” the company stated.
Business Post reports that as at the time of filing this report on Friday afternoon of April 17, 2020, share price of PZ Cussons on the Nigerian Stock Exchange (NSE) was up by 40 kobo at N4.40 per unit.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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