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12 listed firms lose N1.4tn to naira depreciation – Report

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.
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Just in: I ‘ll Not Tolerate Any Act Of Violence , Vandalism– Administrator Warns Rivers Citizens

The Administrator of Rivers State, Vice Admiral Ibok-Ekwe Ibas (Rtd) says his mandate is to restore law and order, stabilise the polity and create the necessary conditions for the full restoration of democratic institutions and representation.
He assures that he is not coming as a partisan actor nor as a competitor in the struggles that have brought the state to the point it has found itself.
In his maiden statewide broadcast to the people on Thursday, the Administrator says he is coming as a servant of the state who has been entrusted with the solemn duty of restoring peace and order so that Rivers State can move forward once again and reclaim its rightful place as the oil and gas capital of Nigeria.
A few hours after assuming office, Vice Admiral Ibas (Rtd) while addressing the people of the state called for unity and cooperation, saying that the challenges before the state depend on unity and not divisions.
While promising to abide by the rule of law and respect the rights of the people, the Rivers State Administrator warns that he would not tolerate any act of lawlessness.
Vice Admiral Ibas (Rtd) also addressed his plans for Rivers State in the next six months of the emergency rule.
News
Oko Orisan Community Stands In Solidarity With Mosadoluwa Of Harmony Gardens

Condemns Misleading And Defamatory Attacks On Him
By Kayode Sanni-Arewa
Residents of Oko Orisan Community in Epe area of Lagos State have frowned at the malicious publication against the Chairman/CEO of Harmony Gardens and Estate Development Limited, Honourable (Alhaji) Saheed Audullahi Mosadoluwa aka Ibile.
They also demanded a retraction of what they described as a libelous statement against their benefactor, (Alhaji Mosadoluwa) which was published in Sahara Reporters on Wednesday March 19, 2025.
Reacting in a statement on Thursday, March 20, 2025, on behalf of Oko Orisan Community, Rev. (Mrs) Kemisola Oduntan denied the content of the report, titled: “Notorious Land Grabber Saheed ‘Ibile’ Mosadoluwa’s Injury Cover-Up Exposed As Medical Report Confirms Gunshot Wounds” and the innuendoes contained in it, published on Wednesday.
She said every allegation against Alhaji Mosadoluwa in the said publication was false and defamatory of his person and character.
The cleric described the misleading and malicious publication as a direct attack on the fundamental human rights of Alhaji Mosadoluwa which could cause him reputational damage, adding that it was callous for Sahara Reporters not to conduct its investigation properly before going to press, rather it chose to malign the integrity of a high profile Nigerian known for philanthropic and humanitarian gestures, who stands tall in taking the credit of keeping the record of impacting numerous lives positively in and outside the Epe community.
Investigations vividly revealed that the Naval Base in Oko Orisan and Majestic Bay Estate owned by Alhaji Audullahi Saheed Mosadoluwa had no land dispute whatsoever, despite the fact that they share boundaries. Checks further have it that the previous Naval officers deployed to that neighborhood for routine security have been living in peace and harmony with the entire Oju-Ota and Oko Orisan communities until the recent assassination attempt on Honourable Mosadoluwa and his son, a ugly incident which took place a few weeks back.
The statement reads in parts, “The malicious and misleading publication in Sahara Reporters on Wednesday March 19, 2025 against Honourable Saheed Audullahi Mosadoluwa was the height of junk journalism. The beauty of that noble profession is investigation and proper and unbiased balancing of stories with strict adherence to ethical considerations and guidelines. This is not the case in this instance, however Sahara Reporters chose to drag the name of a responsible and law abiding citizen known to our community in the mud with the intent to satisfy the bidding of its pay masters without recourse to what excellent journalism stands for. Worse still it came up with misleading medical records which in any way did not uphold the merit of the vicious, callous, and misleading reports captured in the news portal.
“We also task the DSS officials to query the purported medical document which Sahara Reporters published and also engage the officials of Ogba Magistrate Court on how sensitive and classified documents kept in trust and in their custody got leaked. Such actions are not only unjustifiable but also reflect the increasing hostility against such an affable and amiable employer of labour, a taxpayer, a man of high moral rectitude, highly decorous, disciplined and of flawless dignity, this is reprehensible and totally unacceptable. We also state unequivocally that there was no case of land-grabbing activities at all, in Oko Orisan Community as falsely published. What previously happened in the community was a clear case of assasination attempt which was foiled and the erring Naval officers and the assailants are already answering questions by the relevant authorities in accordance with the law of Nigeria.
“The foregoing publications, which are in fact untrue, baseless and misleading that said some bad eggs in Navy Uniform attempted to assassinate the owner of Majestic Bay, Oju-Ota in Oko Orisan but narrowly escaped with his son must be thoroughly investigated and not swept under the carpet. Enough of malicious, and defamatory publication by Sahara Reporters to impugn the reputation of Alhaji Mosadoluwa and Oko Orisan as a community, is a crass misadventure and will surely attract legal implications in due course. This is because the media is expected to uphold its hallmark which is truth and good conscience.
“Sahara Reporters ought to be aware that as a news and media platform, it is duty bound to disseminate only credible and factual information. Your publication, which is laced with falsehoods, specifically injures the reputation of our benefactor and as well lowered his reputation before right thinking members of the public. In the light of the foregoing, we demand the immediate retraction of the said publication of 19th March, 2025, an apology to be published on your media platform.
“Be advised that in the absence or failure to comply with the forgoing demands within 7 days of this statement, the community shall commence appropriate legal actions in court against your organization. Nigeria is governed by law, therefore no one should be seen to be above the law, peddling falsehoods or misrepresenting facts under any guise, including the media, especially Sahara Reporters.”
The community also called on all relevant stakeholders including the media to join them in condemning persistent media attacks on Alhaji Mosadoluwa, by Sahara Reporters and its ilk, while also emphasizing that such actions undermine the tenets of constitutional democracy and the principles of excellent journalism and propriety.
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Nigeria Congratulates Tunisia on Independence Anniversary

By Gloria Ikibah
The Federal Government of Nigeria has congratulated the Republic of Tunisia on the occasion of its Independence Anniversary.
In a statement issued by Kimiebi Ebienfa, Spokesperson of the Ministry of Foreign Affairs, the Minister, Ambassador Yusuf Tuggar, conveyed his felicitations to his Tunisian counterpart, His Excellency Mohamed Ali Nafti, Minister of Foreign Affairs, Migration, and Tunisians Abroad.
The statement highlighted Tunisia’s resilience, unity, and determination in achieving and sustaining its sovereignty. Nigeria commended Tunisia’s strides in democratic governance, socio-economic development, and nation-building.
“As fellow members of the African Union and the broader international community, Nigeria and Tunisia share a commitment to fostering peace, stability, and sustainable development on the continent,” the statement read.
Tuggar expressed Nigeria’s desire to strengthen bilateral ties with Tunisia, particularly in trade, education, culture, and security.
He also reaffirmed Nigeria’s solidarity with Tunisia, and wished the North African country continued progress and prosperity, emphasizing the enduring friendship between both nations.
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