Business
Court dismisses NNPCL’s objection to Dangote Refinery’s suit on import licence
A Federal High Court in Abuja has dismissed the objection raised by the Nigerian National Petroleum Company Limited (NNPCL) against the competence of a suit filed by Dangote Petroleum Refinery and Petrochemicals FZE (Dangote Refinery).
Dangote is seeking to void the licences issued by the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to some oil marketing companies to import refined petroleum products.
In its objection, the NNPCL challenged the jurisdiction of the court to hear the suit and urged the court to strike out its name from the suit on the grounds that it was not properly identified by the plaintiff.
It argued that the name, “Nigerian National Petroleum Company Limited,” being its registered name with the Corporate Affairs Commission (CAC), is not the one and the same entity the second defendant sued but the “Nigerian National Petroleum Corporation”.
Ruling yesterday, Justice Inyang Ekwo held that NNPCL’s objection was incompetent as it was filed in violation of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019.
Justice Ekwo also held that the NNPCL ought to have filed a defence in the form of a counter-affidavit to the plaintiff’s suit before raising an objection.
The judge averred that under the procedure in lieu of demurrer, any party is entitled to raise, by his pleading, any point of law, and that any point so raised may be disposed of by the trial court at trial or after the trial.
He explained that where a defendant seeks to challenge the jurisdiction of the court, it is the provision of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019, that would be applicable.Justice Ekwo added that the NNPCL failed to comply with the provision.
The judge held that the NNPCL, having not complied with the provisions of the FHCCPR 2019 could not be said to have filed a competent preliminary objection.
Business
Emzor Pharma raises N26.7bn bond to boost local drug manufacturing
The bond, issued through Emzor’s special purpose vehicle, Emzor Pharma Funding SPV Plc, carries a 19 percent coupon over a five-year tenor.
Image: Drugs manufacturing
Emzor Pharmaceutical Industries has raised a $19.8 million (N26.7 billion) Series 1 Fixed Rate Bond on the FMDQ Group Exchange.
The company is aiming to strengthen local pharmaceutical manufacturing and complete West Africa’s first full-scale anti-malarial Active Pharmaceutical Ingredient (API) manufacturing facility.
The bond, issued through Emzor’s special purpose vehicle, Emzor Pharma Funding SPV Plc, carries a 19 percent coupon over a five-year tenor.
It forms part of the company’s broader N40 billion ($29.6 million) bond issuance programme and represents Emzor’s second domestic bond, following strong investor demand that resulted in the issue being oversubscribed.
The funds are expected to support working capital, expand manufacturing capacity and accelerate the completion of the API facility.
Business
Naira Exchange Rates Today, Monday August 31
Today, the Naira Black Market exchange rate for 1 Euro (EUR) is 1590 Naira.
BLACK MARKET
US Dollar: 1 US Dollar is 1390 Naira
Great British Pound: 1 Great British Pound (GBP) is 1895 Naira
EURO:1 Euro (EUR) is 1590 Naira.
Canadian Dollar: 1 Canadian Dollar (CAD) is 1020 Naira.
Chinese Yuan: 1 Chinese Yuan is 190 Naira.
Ghana Cedi: 1 Ghanaian Cedi is 95 Naira.
South African Rand (ZAR): 1 South African Currency, Rand (ZAR) is 75 Naira.
UAE Dirham (AED): 1 UAE Dirham is 350 Naira.
West African CFA franc: 1 CFA Franc (XOF) is 2300 Naira.
Central African CFA franc (XAF) : 1 CFA Franc (XAF) is 2150 Naira.
Australian Dollar (AUD) : 1 Australian Dollar (AUD) is 800 Naira.
CBN EXCHANGE RATES
DOLLAR (USD) ₦1337.29
POUND (GBP) ₦1816.04
EURO (EUR) ₦1556.87
SWISS FRANC (CHF) ₦1662.05
JAPANESE YEN (JPN) ₦8.38
CFA FRANC (XOF) ₦2.38
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1834.42
CHINESE YUAN (CNY) ₦198.97
SAUDI RIYAL (SAR) ₦356.17
SOUTH AFRICAN RAND (ZAR) ₦83.43
Business
PZ Cussons Reports N45.2bn PAT, Proposes N2.50 Dividend
CEO Oghale Elueni attributed the performance to strong brands, disciplined execution, volume growth, pricing initiatives and efficient working capital management
PZ Cussons Nigeria Plc reported a profit after tax of N45.17 billion for the year ended May 31, 2026, up 348.7 per cent from N10.07 billion in 2025.
Profit before tax rose 364.08 per cent to N77.32 billion from N16.66 billion.
The company proposed a dividend of N2.50 per share, compared with none in the previous year.
CEO Oghale Elueni attributed the performance to strong brands, disciplined execution, volume growth, pricing initiatives and efficient working capital management.
Revenue grew 22 per cent, while net assets improved from N17.3 billion negative to N70.6 billion.
The company also recorded volume growth across its electrical and consumer businesses, supporting market share gains and higher household penetration
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