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12 listed firms lose N1.4tn to naira depreciation – Report
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By Kayode Sanni-Arewa
Twelve businesses suffered a cumulative foreign exchange loss of N1.40tn in 2024, as revealed in their unaudited financial statements, The PUNCH reports.
The losses, driven by the naira’s depreciation, highlight the deepening impact of forex volatility on corporate earnings across multiple sectors, including telecommunications, manufacturing, and food production.
Foreign exchange loss refers to the financial loss a company incurs due to fluctuations in currency exchange rates.
A review of financial reports from firms such as MTN Nigeria, Nigerian Breweries, Guinness Nigeria, BUA Cement, Oando Plc, and others showed a surge in foreign exchange-related losses compared to the previous year.
MTN Nigeria Communications Plc recorded the highest among the listed companies, reporting a staggering N925.36bn loss in 2024, a 25 per cent increase from the N740.43bn recorded in 2023.
Nigerian Breweries Plc reported a N157.59bn loss in 2024, a slight increase from the N153.33bn recorded in 2023.
BUA Cement Plc reported a N92.10bn loss in 2024, up from N69.96bn in 2023. The cement giant saw its bottom line weaken due to rising costs associated with forex fluctuations.
Oando Plc, an indigenous oil and gas company, reported an N64.17bn loss in 2024, a sharp contrast to the N132.69bn loss posted in 2023.
Guinness Nigeria Plc, a subsidiary of Diageo, suffered an N42.49bn loss in 2024, compared to a much smaller N3.89bn recorded in 2023.
BUA Foods Plc, a major player in the food processing sector, recorded N100.40bn in losses in 2024, significantly higher than N26.33bn in 2023.
Nestlé Nigeria Plc posted an N7.06bn loss in 2024, a significant turnaround from the N9.36bn forex gain recorded in 2023.
Honeywell Flour Mills Plc recorded an N8.56m loss in 2024, a sharp decline from the N20.19m reported in 2023.
Lafarge Africa Plc reported an N600.17m loss in 2024, significantly lower than the N14.91bn loss recorded in 2023.
The Nigerian Aviation Handling Company reported a N1.85bn loss in 2024, compared to a N509.33m gain in 2023.
Beta Glass Plc suffered a N2.00bn loss in 2024, compared to a N1.79bn gain recorded in 2023.
Nascon Allied Industries Plc recorded an N2.06bn loss in 2024, wiping out the N228.37m forex gain achieved in 2023. The company, a subsidiary of Dangote Group, struggled with increases.
Commenting, the Chief Executive Officer of Cowry Treasurers Limited, Charles Sanni, explained that the losses sustained by many manufacturing firms were largely due to their dependence on imported raw materials and the structure of their parent companies
Those manufacturing companies that have sustained these forex losses, for the fact they are listed, have parent companies and are multinationals. Some of the goods they received were probably sent on credit, and because exchange rates have changed, they are now forced to pay at the current rate,” he said.
He noted that the impact would extend beyond the companies themselves, affecting consumer demand and the overall economy.
There is a negative correlation between consumer demand and these forex losses. Consumers already have lower disposable income, and when companies increase prices due to forex fluctuations, demand drops further. This constrains company income, weakens investor confidence, and drives up finance costs,” he said.
Sanni warned that many firms may soon struggle to declare dividends due to the erosion of their profits.
“You can only pay dividends from profits. If they pay despite these losses, they risk running into negative shareholder funds. This might not be immediate, but eventually, banks will hesitate to lend more money to them,” he said.
He stressed that government policies must be structured to create a more favourable business environment, while companies must explore alternative raw materials to reduce dependency on imports.
“Since the naira is still unstable, companies need to rethink their financial strategies, reduce their exposure to dollar liabilities, and focus on cost-cutting measures that directly impact their bottom line,” he concluded.
Also, the Chief Executive Officer at Cowry Asset Management Limited, Johnson Chukwu, emphasised that the forex losses were a reflection of Nigeria’s weak external position rather than just a problem within the economy.
“It is not just about the economy; it is about our weak foreign exchange reserves. Manufacturing firms often have credit facilities, so when you see such wide exchange rate losses, it happens because of fluctuations in forex. It is a product of our weak foreign exchange reserves,” he explained.
He added that the prolonged forex instability had driven some companies out of Nigeria, further weakening investor confidence.
“Some companies have left Nigeria because of these forex losses. This has slowed capital flow and affected the willingness of foreign investors to commit to the country.”
The economist further stated that Nigerian companies must reassess their financial strategies to cushion the impact of forex fluctuations.
Given that these losses have happened, I believe companies should have wisely reduced their dollar positions since there is no assurance that the naira will remain stable,” he said.
The PUNCH reported that six companies listed on the Nigerian Exchange Limited recorded a combined foreign exchange loss of N255.72bn in their financial results for the year ended December 31, 2024.
News
How I delivered ten pregnant women while in captivity, nurse reveals
A nurse who recently regained her freedom after nearly six months in captivity has narratted the severe conditions endured by the abducted women and children, saying she helped 10 pregnant women give birth without gloves or proper medical equipment.
Amirah Salihu was among the victims abducted during the February 3 attack on Woro and Nuku communities in Kaiama Local Government Area of Kwara State.
Salihu, who is the daughter of the chief of Woro community, disclosed her experience during an interview on Channels Television’s Politics Today.
She said the captives faced acute food shortages and were forced to sleep in exposed locations, including near a river, where they were frequently drenched by rainfall.
According to her, the abductors often gave them little food, with guinea corn, salt and seasoning sometimes serving as their only meal.
The nurse said her professional training became crucial when some of the women went into labour during their captivity.
She explained that she assisted about 10 pregnant women to deliver their babies despite the absence of gloves and other essential medical supplies.
She said, “When the pregnant women started going into labour, I had to assist them. I helped about 10 women deliver their babies, even though I had no gloves or proper equipment.
“It was difficult, but I had to do what I could to help them survive and deliver safely.”
Salihu added that the abductors eventually discovered she was a nurse and attempted to persuade her to remain with them because of her medical knowledge.
She said she rejected the proposal because her priority was to regain her freedom and return to her family.
The rescued victim also recalled the killing of two of her brothers during the attack, alleging that the assailants targeted her family because of her father’s opposition to their activities in the community.
She said her father had previously resisted attempts by the attackers to gain access to Woro and had sought military intervention to protect the residents.
According to her, the attackers struck when the soldiers were no longer present in the community.
She said her father had previously resisted attempts by the attackers to gain access to Woro and had sought military intervention to protect the residents.
According to her, the attackers struck when the soldiers were no longer present in the community.
Salihu further said the abductors justified their actions by claiming they wanted residents to abandon Nigeria’s democratic system and follow their interpretation of religious laws.
However, when asked about sexual violence during the period, she said she was not aware of any rape or sexual assault among the captives.
The victims were part of the 176 women and children abducted during the February 3 attack on Woro and neighbouring Nuku.
They were released on Wednesday after spending almost six months with their abductors. The Kwara State Government later disclosed that 13 children had died in captivity, while 12 others were yet to return.
Kwara State Governor, AbdulRahman AbdulRazaq, received the freed victims in Ilorin and commiserated with families who lost loved ones.
He subsequently visited a hospital where 14 rescued victims were undergoing treatment, including three women who delivered babies while in captivity.
Foreign
STRATEGIC AUTONOMY: NIGERIA’S DOCTRINE FOR SELF-DETERMINATION IN A MULTIPOLAR WORLD
In an era defined by geopolitical competition, trade wars, sanctions regimes, and shifting alliances, one phrase has migrated from European policy papers to the heart of African diplomacy: “Strategic Autonomy”.
For Nigeria, this is not a new experiment in isolation, nor is it a nostalgic return to Cold War non-alignment. As I outlined in a recent address from the Ministry of Foreign Affairs in Abuja, it is something far more direct and more urgent.
Strategic autonomy is alignment to Nigerian national interest. Once you are clear in what constitutes your national interest, you align with those interests regardless of which party is at the receiving end. That is the foundation. I am aware of scholarly publications that was recently put together by the Nigerian Institute of International Affairs on the subject.
While the Ministry prepares the full concept note charting new fronts in a multi polar world, let me share the preliminary framework guiding Nigeria’s foreign policy under President Bola Ahmed Tinubu.
Our goal is simple: to ensure that Nigeria, and by extension Africa, is not an object of geopolitics, but a subject that defines its own future.
What Strategic Autonomy means for Nigeria and Africa
Strategic autonomy is often misunderstood as withdrawal. It is the opposite. It is engagement on our terms. Today, Nigerian Foreign Policy has shifted. Gone is the era of reactive alignment. The Tinubu 4Ds agenda is anchored on strategies that are clearly designed to bring succor to Nigerians. The deliberate pursuit of Nigeria’s national interest across economic, security, technological, and diplomatic domains, without being locked into any single bloc. Nigeria’s strategic autonomy rests on 5 pillars in a world of continuous alignment. Together, they form the blueprint for how Nigeria engages a world that is no longer unipolar, but contested, transactional, and opportunity-rich.
NATIONAL INTEREST, NIGERIA FIRST
Alignment to Nigerian national interest is the guiding rule. For Nigeria, Foreign Policy begins at home. Every treaty, partnership, and diplomatic gesture is measured against one question: does it deliver jobs, infrastructure, security, defence and dignity for Nigerians?
This principle was tested in the enforcement of the One China Policy. When diplomatic lines were blurred, the Ministry acted decisively: relocating trade missions from Abuja to Lagos, Nigeria’s commercial hub, and reaffirming that Nigeria speaks with one voice. There is no room for diplomatic blunder in Nigeria. The message is clear: Nigeria will be a partner, not a pawn. Strategic autonomy means clarity of position first, and flexibility in tactics second.
ECONOMIC DIVERSIFICATION
AfCFTA + global partnerships like China’s zero-tariff access. Nigeria is done with aid-for-diplomacy. The new model is trade-for-growth. Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Nigeria is leveraging two levers simultaneously:
1. Continental integration through the African Continental Free Trade Area, to build regional value chains.
2. Global partnerships that open markets. China’s zero-tariff policy for eligible Nigerian exports is a case in point, creating new pathways for agriculture, manufacturing, and solid minerals to reach 1.4 billion consumers.
From the Lagos-Calabar coastal transport system to industrial parks in Ogun and Lekki, Chinese, European, and Gulf investments are being steered toward productive sectors. The goal is not dependency, but diversification: more partners, more markets, more Nigerian-made exports.
SECURITY SOVEREIGNTY
African-led, but open to any partner that delivers results. Nigeria’s security doctrine is rooted in the principle that Africans must lead African solutions. ECOWAS, the AU, and regional counter-terrorism frameworks remain central.
But strategic autonomy also means pragmatism. On terrorism, maritime security in the Gulf of Guinea, and cyber threats, Nigeria is open to cooperation with any partner, East or West that brings intelligence, technology, and capacity without conditions that undermine sovereignty. The benchmark is simple: results for Nigerian communities. Partnerships are judged not by ideology, but by impact on the ground.
TECHNOLOGICAL AGENCY
Build, don’t just buy. Lead in AI and digital infrastructure. The 21st century will be won on data, chips, and talent. Nigeria refuses to be only a consumer. This is the essence of Minister Bosun Tijjani’s reforms in our digital ecosystem. Through partnerships in 5G, fiber optics, and smart cities, Nigeria is negotiating technology transfer, not just procurement. Engagement with the World Artificial Intelligence Organization and related partnerships signal intent: to move from adoption to authorship.
The aim is to build domestic capacity in AI, fintech, and digital governance, so that Nigerian developers, not just foreign vendors, shape the platforms used daily by 200 million Nigerians. Technological agency is sovereignty in the digital age.
DIPLOMATIC FLEXIBILITY
Engage all major powers without being locked into one camp. In a multipolar world, alignment is a choice made per issue, not per decade. Nigeria maintains a Comprehensive Strategic Partnership with China on infrastructure and more. It deepens trade and security ties with the US and EU. It expands South-South cooperation with India, Brazil, and the Gulf. It leads on the continent through AfCFTA and AU reform.
This is not non-alignment. It is multi-alignment: engaging all, belonging to none, and extracting maximum value for Nigeria from each relationship. Strategic autonomy is alignment to Nigerian national interests. Nigeria’s 5 Pillars offer more than a foreign policy. They offer a template for mid-sized and emerging powers navigating great power competition. It is a policy of conviction without rigidity. Of partnership without dependence. Of ambition without illusion.
Nigeria will continue to deepen partnerships that deliver infrastructure, jobs, and technology, but always on Nigerian terms. In 2026, the measure of sovereignty is not who you oppose. It is what you are able to build.
We can no longer afford an economy built only on exporting raw materials to one market and importing finished goods from another. The African Continental Free Trade Area gives us the platform to build regional value chains. At the same time, we must diversify globally. This is why we welcome China’s decision to grant zero-tariff treatment to 53 African countries, while we simultaneously deepen trade with the EU, the US, the Gulf, and our neighbors in ECOWAS. No single partner can meet all our development needs, and we will not be dependent on any one.
The primary duty of any government is the protection of its citizens. That principle must guide our security partnerships. African-led solutions through the AU and ECOWAS remain our first choice. But we will not outsource our judgment. We greatly appreciate the US but if any country says he can help me to wipe out terrorism in Nigeria in the next two weeks, will I say because I’m friend to the US I will not agree? No,”. The safety of Nigerians comes first. Strategic autonomy means we evaluate every security offer by one metric: does it deliver peace, security and stability for our people?
In a multipolar world, we must talk to everyone and be forced to choose no one. This is not duplicity. It is maturity. We have demonstrated this in recent weeks. We condemned Afrophobic attacks in South Africa because the dignity of Nigerians abroad is non-negotiable. We pushed the agenda at the recent ECOWAS Summit in Freetown Sierra Leone where President Tinubu’s voice was clear and unambiguous. At the same time, we are preserving and strengthening the Nigeria-South Africa strategic partnership because both countries benefit from trade, investment, and regional leadership. That is strategic autonomy in practice.
The 4D Agenda meets a fragmenting World
The global shifts make this doctrine necessary today. Today, we have multipolarity. The unipolar moment has passed. Power is diffused across Washington, Beijing, Brussels, New Delhi, Riyadh, and other capitals. Under President Tinubu’s 4D Foreign Policy Agenda: Demography, Development, Diaspora and Democracy — Nigeria’s diplomacy is calibrated to one question: what does this mean for Nigerian citizens? Ideological blocs are secondary to results.
Africa has 60% of the world’s youngest population. By 2050, one in four people on earth will be African. Nigeria will be the third most populated country in the world by 2050. We cannot allow our future to be scripted by others. We must define our own development model, centered on jobs, skills, and innovation. In this context, some analysts have described our approach as “pragmatism devoid of doctrine.” I disagree.
“I don’t agree with that kind of characterization. Everything foreign policy is about national interest,”. What we are doing is giving that age-old principle a modern name and structure. We are drawing from our own history. As one of my lecturers at the University used to say, “ non-alignment is alignment to your national interest.” That remains true. Doctrine without delivery is rhetoric. For strategic autonomy to produce tangible benefits, Africa must take deliberate steps.
We must fully implement AfCFTA to unlock a $3.4 trillion single market. That means reducing tariffs, harmonizing standards, and building cross-border infrastructure. We must invest heavily in energy and infrastructure. No factory runs without power. No trade happens without roads, rail, and ports. Strategic autonomy requires industrial power.
Africa must speak with one voice in global forums — at the UN, G20, and WTO. Africa’s 54 countries carry more weight together than separately. It is time to protect and deepen democratic institutions. Autonomy should never be confused with authoritarianism. The legitimacy of our choices comes from the consent of our people.
Let me be clear. Strategic autonomy is not about turning our backs on partners. It is about choosing partners freely. It is the right to trade with anyone, learn from everyone, and be dominated by no one. The world is fragmenting into blocs. Africa’s best option is not to join a bloc, but to become a bloc ourselves — economically integrated, politically coherent, and diplomatically confident.
Written by Ambassador Sola Enikanolaiye,
Minister of State for Foreign Affairs, Federal Republic of Nigeria
News
Bode George Still Angry Over His Failed PDP National Chairmanship Bid, No Regret Stopping Him – Wike
The Federal Capital Territory (FCT) Minister, Nyesom Wike, has said that he had no regret Stopping Peoples Democratic Party (PDP) former Deputy National Chairman, Chief Bode George, from becoming the party National Chairman, saying; “his anger is because we didn’t allow him to be PDP National Chairman and no regret doing so.”
In a statement on Saturday, by his Senior Special Assistant on Public Communications and Social Media, Lere Olayinka, the FCT Minister said the political frustration of Bode George has further been compounded by the emergence of Deji Doherty, a personality he does not want to see as the one in charge of the party in Lagos State.
“He wanted to be PDP National Chairman, and was carrying on like the position was his birthright. We stopped him because it was the turn of the South-South. Since then, he has not stopped being angry.
“As a sitting governor, I visited his house in Maitama, Abuja, to appease him after the national convention, his wife attempted to walk me out, but for the intervention of former governor of Ondo state, Olusegun Mimiko,” the minister said.
He described Bode George as a failed politician, who despite all the privileges and power has not won anything for the PDP in Lagos State since 1999, adding that “We have managed him even though we know that he has no value. But as it is, since he wants to keep dancing naked in the market place of politics, we can’t but allow him.”
The Minister reiterated that leadership of a political party is not by name, title or being a founding father. Rather, it is about what you are able to bring to the table in terms of winning elections, and in this regard, Bode George is a complete disaster.
“Even his Unit 001 in Ward E2, Evans Street, Lagos Island, he has never won for the PDP. In 2019 Presidential election, APC had 84 votes while PDP had 40. In the 2023 elections, he transferred his voter’s card to Eti Osa, PDP had four votes in his polling unit,” Wike said.
Wike said since it appeared that he (Bode George) is not busy, he will continue to make his likes busy by creating reason for them to jump from one television station to the other.
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