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The Nigerian Stock Exchange witnessed a market reversal on Tuesday as equity investors gained N364bn following an improvement in the All-Share Index, which surged by 0.57 per cent to close at 104,549.74 points.

The market capitalisation now stands at N64.5tn.

This marked a 1.67 per cent gain for the week, along with a 1.58 per cent year-to-date gain.

Among the top gainers, Aradel Holdings led the pack, appreciating by 10 per cent to end at N594.00 per share, followed by Chellarams (+9.98 per cent), Stanbic IBTC Holdings (+9.92 per cent), and University Press (+9.64 per cent).

Unilever Nigeria Plc has announced a decline in its quarterly profit for the fourth quarter of 2024, reporting a profit of N4.9bn, a 29 per cent drop from N6.87bn recorded in the same period in 2023.

In its financial statement filed on the Nigeria Exchange Limited on Wednesday, the company’s revenue for the quarter ended 31 December 2024 surged by 50 per cent to N45.9bn, compared to N30.5bn in Q4 2023.

However, this growth was overshadowed by an increase in the cost of sales, which rose by 38 per cent to N33bn from N23.96bn in the corresponding quarter of 2023.

Despite the increase in revenue, Unilever’s gross profit stood at N12.9bn, reflecting a 96 per cent increase from N6.59bn in Q4 2023.

The company’s operating profit for the quarter amounted to N7.48bn, which represents a 42 per cent decrease from N12.85bn in Q4 2023.

Unilever’s selling and distribution expenses rose by 22 per cent, from N1.36bn in Q4 2023 to N1.66bn in the fourth quarter of 2024, as it ramped up marketing activities to strengthen its market position.

Meanwhile, marketing and administrative expenses surged by over 278 per cent, from N1.22bn in Q4 2023 to N4.61bn in Q4 2024.

Despite the increase in costs, Unilever reported an impairment write-back on trade and other receivables amounting to N717.25m, up from N5.51bn in Q4 2023.

Unilever’s net finance income showed a remarkable turnaround, with the company recording N302.5m in Q4 2024, compared to a net finance loss of N2.62bn in the previous year.

Finance income stood at N390.7m in Q4 2024, down from N1.33bn in Q4 2023, while finance costs dropped by 98 per cent from N3.96bn to N88.2m.

Profit before tax for the quarter amounted to N7.78bn, a 24 per cent decline from N10.23bn in Q4 2023.

The company’s taxation expense stood at N2.88bn, up from N1.9bn in Q4 2023, reflecting the higher tax burden resulting from increased revenue despite the drop in profits.

Unilever reported a loss of N1.46bn from discontinued operations in the fourth quarter of 2023. However, there were no such losses recorded in Q4 2024, contributing to the overall profitability of the company for the period.

Unilever’s earnings per share for continuing operations stood at N0.85 for the quarter, down from N1.20 in the same quarter in 2023. This represents a decrease of 29 per cent, in line with the company’s profit performance for the quarter.

NGX Regulation Limited, the independent regulation subsidiary of the Nigerian Exchange Group, has partnered with the Economic and Financial Crimes Commission to strengthen market surveillance and combat financial crimes in Nigeria’s evolving capital market.

This was disclosed in a meeting between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC’s Executive Chairman, Ola Olukoyede, at the Commission’s Abuja headquarters on Tuesday.

Speaking at the meeting, Shobanjo underscored the need to adapt regulatory frameworks to address sophisticated financial crimes emerging in the digital era.

“The digitalisation of our markets has brought new challenges, necessitating a more robust collaborative approach,” he said.

“While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework. As a frontline regulator, we recognise the EFCC’s crucial role in providing enforcement support and specialised expertise to combat market abuse and protect investor interests.”

He added that NGX RegCo remained committed to maintaining market integrity and investor confidence, emphasising that “reinforced collaboration with the EFCC will strengthen investor protection mechanisms.”

In response, Olukoyede assured that the EFCC was ready to work closely with NGX RegCo to curb market infractions. “I know you are also concerned with regulatory compliance because the issue of compliance is a key issue. It is part of our mandate to enforce compliance,” he stated.

He further noted that his administration had strengthened relationships with various regulatory bodies and expressed interest in setting up a dedicated unit to handle capital market-related issues.

Olukoyede also confirmed that the EFCC would review the existing memorandum of understanding with NGX RegCo and provide recommendations in line with relevant laws and regulations.

“We will try to review the MoU, make our observations in line with the relevant laws and regulations, and communicate our views to you. We pledge our commitment to this,” he assured.

The PUNCH reported that the Chief Executive Officer of NGX Regulation Limited, Olufemi Shobanjo, has commended the Financial Reporting Council of Nigeria for spearheading sustainability reporting standards across Africa.

-By Temitope Aina

Sustainable Capital Ltd, a Mauritius-based investment firm, has acquired a significant 9.96 per cent stake in Seplat Energy Plc, crossing a key threshold for the acquisition of voting rights in the Nigerian oil and gas company.

In a notice filed on the Nigeria Exchange Limited on Wednesday, the acquisition, which was confirmed on January 28, was officially reported to the NGX on January 29, marking a shift in Seplat Energy’s shareholder structure.

The acquisition of 58,580,800 voting rights positions Sustainable Capital as one of Seplat’s key stakeholders, with the firm now holding an influence in the company’s decision-making processes.

According to the notification, Sustainable Capital did not acquire any voting rights through financial instruments, as its entire 9.96 per cent stake was obtained through direct holdings in Seplat shares.

Before this acquisition, Sustainable Capital held an 8.93 per cent stake in Seplat Energy, as indicated in the previous notification. The firm’s latest purchase increased its holding by 1.03 per cent.

The PUNCH reported that Seplat Energy Plc has finalised the $1.28bn acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, marking a milestone in the company’s growth strategy.

Access Bank Plc has announced plans to host its first-ever Africa Trade Conference to bridge the $81bn annual trade finance gap on the continent.

This was indicated in a statement made available to The PUNCH on Wednesday.

The conference to be hosted under the theme ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’ is scheduled for March in Cape Town, South Africa.

With Africa’s trade finance gap estimated at $81bn annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Group Managing Director/Chief Executive Officer, Access Bank Plc, Roosevelt Ogbonna, emphasised the importance of the Africa Trade Conference in addressing these pressing issues.

He said, “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”

Access Bank’s presence across 24 countries globally, including 15 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Executive Director, African Subsidiaries, Access Bank, Seyi Kumapayi, in his comments, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges but to champion the continent’s opportunities. Through strategic partnerships and tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

This flagship event will convene a distinguished lineup of seasoned speakers and top executives from leading international banks, development finance institutions, and captains of industry in Africa.

The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area, which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.

Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, and sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce.