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Forex Woes: Eight Manufacturers, Including Dangote And BUA, Report N627bn Losses
Forex Woes: Eight Manufacturers, Including Dangote And BUA, Report N627bn Losses
The first quarter of 2024 has seen eight prominent manufacturers, including industry giants like Dangote, BUA, and Lafarge, grappling with substantial forex-related losses amounting to N627.7 billion, according to a recent analysis of financial statements by The PUNCH…….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
The depreciation of the Nigerian naira, particularly evident since the beginning of the year, has significantly impacted organized businesses across various sectors. The naira’s decline reached a peak in February, reaching as high as N1,900 against the dollar in the parallel market.
For companies with forex-denominated obligations, the devaluation of the naira necessitated the revaluation of these obligations, leading to substantial losses. Lafarge Africa Plc, for instance, reported a forex loss of N21.8 billion, contributing to a decline in both pre-tax and post-tax profits.
Similarly, Dangote Cement and BUA Cement recorded forex losses of N63.77 billion and N10.06 billion, respectively, despite their revenue growth in the first quarter of 2024.
In the food and beverage sector, Nestle Nigeria reported a staggering forex loss of N166.9 billion, resulting in a net loss of N142.7 billion for the quarter. Dangote Sugar also faced forex challenges, reporting a loss of N102.9 billion in the same period.
The brewing industry was not spared, with International Breweries and Nigerian Breweries reporting forex losses of N162.2 billion and N72.8 billion, respectively. These losses have added to the financial woes of the companies, exacerbating their already challenging operating environment.
Despite efforts to mitigate the impact of forex volatility, such as increasing prices and managing costs, manufacturers continue to grapple with the unpredictability of currency fluctuations. Ayodele Abioye, Managing Director of BUA Foods, highlighted the significant challenge posed by FX dependency, emphasizing the need for proactive strategies to navigate the current economic landscape.
While forex-related losses present significant challenges for manufacturers, experts note that these losses may not always translate into actual cash flow losses and are often unrealized until forex obligations are fully paid. Nonetheless, the mounting forex woes underscore the urgent need for effective risk management strategies and policy interventions to support businesses in weathering economic uncertainties.
The African Democratic Congress (ADC) has affirmed that it will proceed with its participation in the 2027 general elections despite ongoing court cases involving its leadership structure.....KINDLY READ THE FULL STORY HERE▶
News reports that the party’s National Chairman, David Mark, gave the assurance after receiving a briefing from the party’s legal team on a recent Federal High Court ruling in Abuja. He told party members that the legal disputes would not prevent the party from appearing on the ballot in all scheduled elections. The former Senate President stated that the ADC is fully prepared to handle the court proceedings and remains confident of a favourable outcome. He added that the party would strictly adhere to legal procedures in addressing the matter and would not withdraw from the judicial process. Mark also expressed confidence in the party’s position, noting that he would remain actively involved in steering the process despite not being a legal practitioner. “You do not have anything to be afraid of regarding all the litigations before the party. I want to assure you that we shall triumph in all the cases, and we shall be on the ballot for every election. We are more than prepared and ready for these cases, and we shall do everything within the ambits of the law to surmount every situation,” he said. “In this legal battle, though I am not a lawyer, I will lead from the front, and we shall surely triumph,” he added. The court had earlier restrained the Independent National Electoral Commission (INEC) from recognising or engaging with the party’s caretaker leadership in relation to state congresses. It also barred Mark and others associated with the caretaker structure from interfering with the party’s elected state executives. In response, the party’s legal team has commenced moves to appeal the judgment and has also filed for a stay of execution to suspend its effect pending the outcome of the appeal.
Former Labour Party (LP) vice presidential candidate Datti Baba-Ahmed has expressed skepticism over the prospect of former Kano State Governor Rabiu Musa Kwankwaso emerging as Peter Obi’s running mate in the 2027 presidential race.....KINDLY READ THE FULL STORY HERE▶
Speaking during an interview on Channels Television, Baba-Ahmed questioned whether Kwankwaso’s extensive political pedigree and influence would make him willing to accept a vice-presidential slot.
He noted that Kwankwaso has built a formidable career in public service spanning several decades, beginning as Deputy Speaker in 1990 before becoming Governor of Kano State in 1999, where he served two terms.
Baba-Ahmed also highlighted Kwankwaso’s subsequent roles as Minister of Defence, Senator, and his academic accomplishments, including earning a PhD.
According to him, Kwankwaso’s deep-rooted political stature, particularly in Kano State, adds another layer of complexity to any arrangement that places him in a subordinate role.
He stressed that Kano’s massive population and Kwankwaso’s enduring political relevance in the state make it challenging to imagine him settling for a deputy position.
Baba-Ahmed suggested that Kwankwaso’s level of experience, influence, and personal political structure may not align with serving under another presidential candidate.
He said Kwankwaso remains a significant political force whose stature could make a vice-presidential ambition difficult to reconcile, even though he personally hopes any workable alliance aimed at national progress succeeds.
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Alleged Coup Bombshell: Witness Uncovers Multi-Million Naira Transfers, Secret Abuja Meetings.
The Federal Government’s prosecution on Wednesday formally opened its case in the accelerated trial of six men accused of plotting to topple President Bola Tinubu’s administration, presenting four witnesses before the court.....KINDLY READ THE FULL STORY HERE▶
One of the central witnesses, a soldier from the Nigerian Army Corps of Military Police identified only as “AAA,” detailed how security operatives uncovered and investigated the alleged coup plot.
While being led in evidence by the Director of Public Prosecution of the Federation, Rotimi Oyedepo (SAN), the witness said all six defendants were arrested over their alleged involvement in a conspiracy linked to Colonel M. A. Ma’aji, other military officers, and civilians.
According to the witness, the investigation began after the then Chief of Army Staff, General O. O. Oluyede, received intelligence suggesting that Col. Ma’aji and others were planning to overthrow the government.
He said the intelligence was thoroughly reviewed, considered credible, and subsequently triggered a full-scale military investigation.
Following Ma’aji’s arrest, investigators reportedly recovered a Samsung Galaxy phone and a jotter from his residence.
The witness told the court that the jotter allegedly contained operational strategies, names of senior government figures, and military officers reportedly marked for assassination, alongside proposed political and structural changes to be implemented after the alleged coup.
Forensic examination of the phone, he added, uncovered extensive plans and communication links between Ma’aji, the other accused persons, and several associates.
The court also heard that investigators traced financial transactions connecting the suspects to notable figures, including former Bayelsa State Governor Timipre Sylva.
According to the witness, security agents also uncovered coded communications and payment trails allegedly used to finance the plot.
He further alleged that a company identified as Purple Wave served as a financial channel for the operation, with EFCC records showing multiple large withdrawals between September and October 2025, totaling several hundreds of millions of naira.
The witness claimed that although some transactions were disguised as legitimate business payments, investigations indicated the funds were allegedly redirected to support the coup plot.
The court was told that several secret meetings allegedly took place at locations in Abuja, including Green Land Apartment and BrookVille Hotel, where participants reportedly discussed dissatisfaction with the government and plans for regime change.
According to the testimony, the alleged conspirators also mapped out strategic targets, including key officials, military formations, and major roads, while assigning roles for a proposed post-coup government structure.
The witness further claimed the suspects engaged in consultations, spiritual divination, and vehicle procurement as part of preparations.
During proceedings, Justice Joyce Abdulmalik admitted several documentary exhibits, including hotel receipts and phone extracts, despite objections from defence lawyers.
However, video evidence stored on a flash drive was temporarily delayed after defence counsel argued it had not been properly served in advance.
Earlier in the trial, three bank officials from Jaiz Bank, SunTrust Bank, and Providus Bank testified, submitting account statements linked to some of the defendants and associated firms.
Justice Abdulmalik has adjourned the matter until May 4 and 5 for continuation of hearing, with the fourth prosecution witness expected to resume testimony.
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