Economy
Total Nigeria Records N537m Loss Despite Earning N2bn Subsidy Fund
By Dipo Olowookere
The first half of this year was not good for Total Nigeria Plc as the energy company recorded a loss of N537.2 million in the period ended June 30, 2020.
Business Post reports that in the corresponding period of last year, the organisation declared a profit after tax of N130.0 million.
The major reason for this loss was because of the poor performance of the company in the second quarter of this year, which was largely impacted by the COVID-19 pandemic.
A quick review of the financial statements of the firm indicated that the revenue generated in the first six months of the year went down to N106.7 billion from N150.8 billion.
Further analysis showed that the turnover from the sale of petroleum products decreased to N83.7 billion from N123.9 billion, while revenue from lubricants and others reduced to N23.0 billion from N26.9 billion.
For the cost of sales, the company recorded a decline to N94.3 billion from N134.1 billion, while the gross profit plunged to N12.4 billion from N16.7 billion.
A look at the other income showed that in H1 2020, it stood at N779.4 million as against N1.1 billion in H1 2019, while the other expenses were N241.7 billion versus N0 in the same period of last year.
Also, the selling and distribution cost reduced to N1.7 billion from N2.2 billion, while the administrative expenses rose slightly to N11.9 billion from N11.3 billion.
In the first six months of this year, Total Nigeria said it had an operating loss of N716.8 million in contrast to the operating profit of N3.9 billion in the same period of last year.
However, the finance income increased by over 900 per cent to N2.2 billion from N208.4 million as a result of the N2.0 billion received from the petroleum subsidy fund in the period, which was not earned in the corresponding period of 2019.
The finance costs reduced to N2.0 billion from N4.0 billion, while the net finance income stood at N192.9 million versus the negative N3.7 billion of last year.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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