Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria brought to you every Monday Morning.
In this week’s episode…
MTN Nigeria posted a jaw-dropping ₦400.4 billion net loss for 2024, but MTN is hoping tariff hikes and a steadier currency will help turn things around. BUA, Dangote, and Lafarge all reported solid growth, with Dangote Cement posting over ₦503 billion in profit and BUA proposing a ₦2.05 dividend per share. In energy, it’s a tale of two sectors — NLNG’s gas supply plunged 80% due to pipeline vandalism, but the Transmission Company of Nigeria (TCN) made history with a power generation record of 5,713.60MW. Meanwhile, Dangote Refinery is shaking up the downstream oil market, matching NNPC’s petrol price and sparking a fierce price war. FirstBank is building big—literally—with plans for Nigeria’s tallest eco-friendly headquarters in Eko Atlantic City. And finally, NMDPRA just approved licences for three new refineries that’ll add 140,000 barrels per day to Nigeria’s domestic capacity.
Let’s get into it!
MTN Nigeria’s Stock Takes a Hit as Naira Devaluation Drives Record ₦400.4 billion loss
The Rundown
MTN Nigeria has posted a staggering net loss of ₦400.4 billion for 2024, more than double its 2023 losses, primarily due to naira devaluation. Investors reacted sharply, causing the company’s stock to drop 9.1% before rebounding. Despite these setbacks, MTN is banking on newly approved tariff increases and a more stable currency to return to profitability.
The Details
- MTN Nigeria’s losses surged due to forex revaluation, with operating expenses up 76.6%.
- The naira lost 40% of its value in 2024, impacting telecoms’ profitability.
- MTN’s earnings before tax margins shrank, but the company aims for a mid-40% margin in 2025.
- Analysts believe tariff increases and naira stability could drive recovery
Is Cement the New Oil? BUA vs. Dangote vs. Lafarge
The Rundown
Nigeria’s top cement manufacturers—BUA, Dangote, and Lafarge—reported impressive financial results for 2024, showing significant revenue and profit growth despite economic challenges. BUA Cement proposed a final dividend of ₦2.05 per share, while Dangote Cement posted a net profit of ₦503.2 billion, and Lafarge Africa recorded a 96% increase in profits.
The Details
- BUA Cement: Revenue surged to ₦876.5 billion, with a net profit of ₦73.9 billion. Shareholders to receive dividends on August 28, 2025.
- Dangote Cement: Revenue hit ₦3.58 trillion, with a net profit of ₦503.2 billion. Foreign exchange losses totaled ₦249 billion.
- Lafarge Africa: Profit after tax jumped 96% to $67 million, driven by higher sales volume and improved pricing strategies.
Want to explore top investment opportunities in the cement sector? Read the latest Stock Watch blog to discover the best cement stocks to invest in.
NMDPRA Licenses Three Oil Companies to Build Refineries, Adding 140,000bpd Capacity
The Rundown
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted new refinery construction licences to three oil companies, a move set to expand Nigeria’s domestic refining capacity by 140,000 barrels per day (bpd). Eghudu, MB, and HIS Refining secure permits to boost Nigeria’s domestic refining with projects in Edo, Delta, and Abia States.
These approvals are part of efforts to reduce Nigeria’s dependence on fuel imports and enhance energy security. The new refineries are expected to boost local supply, support industrial growth, and create employment opportunities.
The Details
- Eghudu Refinery Limited receives a License to Construct a 100,000bpd refinery in Edo State.
- MB Refinery and Petrochemicals Company Limited secures a License to Establish a 30,000bpd refinery in Delta State.
- HIS Refining and Petrochemical Company Limited gets a License to Establish a 10,000bpd refinery in Abia State.
Dangote vs. NNPC: Price War Looms as Dangote Secures 1M Barrels of Algerian Crude to compensate for domestic shortfall
The Rundown
Nigeria’s downstream oil sector is witnessing an intense price war as the Nigerian National Petroleum Company (NNPC) adjusts its petrol price to N860 per litre—directly matching the rate set by Dangote Petroleum Refinery. This move signals a fierce battle for market dominance in the post-subsidy era.
The Details
- Dangote Refinery recently reduced its ex-depot petrol price from N890 to N825 per litre.
- NNPC responded by adjusting pump prices to N860 per litre in some Lagos stations.
- Private marketers are now in a race to offer competitive pricing.
- Dangote announced partnerships with major filling stations: MRS (N860), AP (N865), and Heyden (N865).
- Industry experts see NNPC’s price match as a calculated effort to maintain its dominance.
- Global crude price volatility could further impact local fuel prices.
With both industry giants locked in this pricing showdown, consumers are benefiting — for now. However, experts warn that the market remains unpredictable, and price stability is far from guaranteed.
FirstBank Breaks Ground on Nigeria’s Tallest Eco-Friendly Headquarters
The Rundown
FirstBank has officially commenced construction on its state-of-the-art headquarters in Eko Atlantic City, Lagos. The groundbreaking ceremony marks the beginning of an ambitious project that will redefine Nigeria’s skyline and set a new standard for sustainability in the banking sector.
The Details
- Nigeria’s Tallest Building: The 40-story headquarters will be the country’s tallest structure, integrating advanced engineering and eco-friendly technology.
- Designed as a green-certified building, it will enhance energy efficiency, reduce operational costs, and position FirstBank as a leader in sustainable banking.
- CEO Olusegun Alebiosu emphasized the project’s role in driving economic growth and reinforcing FirstBank’s dedication to innovation and customer satisfaction.
- Chairman Femi Otedola acknowledged the collaborative effort behind the project, thanking customers and industry partners for their continued support.
- The ceremony was attended by President Bola Ahmed Tinubu, top government officials, and industry leaders, and marks a bold step in FirstBank’s 130-year legacy.
NLNG Gas Supply Plummets 80%, but TCN Hits Power Generation Record
The Rundown
Nigeria’s energy sector is facing a mixed outlook—while gas supplies to NLNG Limited have plunged 80% due to pipeline vandalism, the Transmission Company of Nigeria (TCN) has set a new power generation record of 5,713.60MW.
The Details
- NLNG Crisis:Gas supply to NLNG’s Bonny Island facility has dropped to just 20% of its required capacity.
- Vandalized pipelines threaten Nigeria’s export commitments, with potential global price surges.
- NLNG’s production has been cut to two out of six trains, impacting projected government dividends of ₦727 billion by 2025.
Power Generation Milestone
- TCN recorded its highest peak generation at 5,713.60MW on March 2, 2025.
- Nigeria also set a daily energy delivery record of 125,542.06MWh.
- Despite past challenges, this milestone marks progress in stabilizing the country’s electricity grid.
See you on the next episode of Monday Moneying!
