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NGX Group Releases Stellar Q1 ’24 Numbers

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NGX: Transactions maintain bearish trend with 0.0% loss

The Nigerian Exchange Group Plc (NGX Group) has unveiled stellar Q1 2024 results, signaling a promising trajectory for the company.

Biztellers reports that this is coming shortly after the company’s 63rd Annual General Meeting (AGM).

From the results made available on Thursday, the Group reported an impressive N2 billion in Profit before Tax (PBT), bolstered by robust growth in operating margins and operational efficiencies.

From the results, Profit After Tax (PAT) rose to N1.3 billion, marking a remarkable 332% increase from the N310 million recorded in Q1 2023.

The NGX claims that “This exceptional performance underscores the group’s unwavering commitment to excellence and strategic growth initiatives”.

Recall that at the AGM, the NGX Group announced plans to capitalize on digital distribution for the upcoming recapitalization exercises mandated by the Central Bank of Nigeria (CBN).

Additionally, the group disclosed a strategic acquisition of a stake in the Ethiopian Stock Exchange, securing a seat on the bourse’s board.

These decisive moves align with the group’s overarching strategy to expand its business operations and solidify its position in the regional market.

In a bid to secure long-term sustainability and drive growth, the NGX Group implemented a strategic optimization initiative. This comprehensive plan encompasses a strategic reduction in workforce size, accompanied by significant salary increases for retained staff.

The initiative aims to streamline operations, enhance efficiency, and optimize resources, fostering a more competitive and agile organization.

The exercise follows a thorough review of the group’s operations, which revealed opportunities for optimization and improved competitiveness. The NGX Group remains steadfast in its commitment to innovation, customer satisfaction, and building a resilient organization poised for sustainable growth.

The recent approval by shareholders of a N10 billion capital raise underscores investor confidence in the NGX Group’s strategic direction and its unwavering commitment to driving sustainable growth and value creation.

The NGX Group remains dedicated to serving its customers, partners, and stakeholders, confident that these strategic measures will pave the way for future success. The company’s focus remains on innovation, customer satisfaction, and building a resilient organization poised for growth.

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Ibadan Chief Knocks Fayose Over Attacks on Makinde, Issues Strong Warning

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The Mogaji of Akinsola Family Compound in Ibadan, Oyo State, Olawale Oladoja, has berated former Ekiti State Governor, Ayodele Fayose, over his recent attacks on Oyo State Governor, Seyi Makinde, describing his comments as a reflection of an “irredeemable delusional disposition.”

Oladoja, in a statement issued in Ibadan on Tuesday, expressed concern over Fayose’s continued criticism of Makinde despite what he described as the Oyo governor’s goodwill and support towards the former Ekiti governor in the past.

SEE ALSO: Oyo APC Rejects LG Election, Says Makinde Wants to Rule by Proxy After Exit

The Ibadan chief said it was unfortunate that Fayose, who often claims to have been born in Ibadan and professes love for the ancient city, had chosen to attack one of its most prominent sons.

His remarks followed Fayose’s recent declaration of a political battle against Makinde, with the former governor reportedly vowing to mobilise forces against the Oyo State governor in future elections.

Oladoja defended Makinde’s leadership, stating that the governor had continued to transform Ibadan through infrastructure development and policies aimed at modernising the city.

“Governor Makinde has continued to transform Ibadan through infrastructure development and policies aimed at modernising the city, making Fayose’s criticisms difficult to understand,” he said.

He added, “Fayose claims he was born in Ibadan and that he loves Ibadan, but, sadly, he appears to hate his place of birth so much that he is attacking the pride of Ibadan, which is transforming the city into a modern metropolis.”

Oladoja also warned Fayose against dragging the Olubadan of Ibadanland into political controversies, stressing that the revered monarch remains a father figure to all regardless of political affiliations.

“I want to caution Governor Fayose from dragging our highly revered Olubadan into his dirty politics. Kabiyesi is a father to all, and we will not allow anyone to disparage our royal father for political reasons,” he said.

The Mogaji further stated, “It is unacceptable for anyone who has shown little regard for traditional institutions in his own state to attempt to bring our respected monarch into needless political controversy.”

He urged political actors to conduct their engagements with decorum and respect for traditional institutions, emphasising that the people of Ibadan would continue to defend the dignity and integrity of the Olubadan stool.

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Minister Orders Security Operatives to Wade into Souring LPG Prices

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Prompted by the sharp hike in the price of cooking gas also called Liquefied Petroleum Gas (LPG), the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has directed operatives of the Department of State Services (DSS), Police, Nigeria Security and Civil Defence Corps (NSCDC) and other paramilitary to decisively deal with those undermining the sector.

Ekpo, yesterday at a meeting with stakeholders on the rising prices of LPG, specifically directed the phalanx of the security team to apprehend hoarders and stop illegal storage diversion across Nigeria.

According to him, the government would not sit back and allow market forces to thwart its efforts in ensuring availability and affordability of LPG.

“I have directed the NMDPRA to intensify monitoring, engage operators, and work with security agencies to discourage hoarding, eliminate artificial scarcity, and strengthen distribution and pricing transparency.

“Improved supply must be matched by efficient distribution and responsible conduct. Bottlenecks, hoarding, speculative storage, allocation inefficiencies, logistics constraints, and pricing distortions must not undermine public confidence,” he said.

He reassured Nigerians that there is no cause for panic, as the government remains committed to adequate domestic gas supply and to the Decade of Gas Initiative as a pathway for cleaner cooking, industrial growth, and energy security,” stated.

Deputy President of Nigerian Association of LPG Marketers (NALPGAM), Ude Godwin, in his presentation, recalled how the body approached the Minister, the NMDPRA over the escalating price of gas in Nigeria and today’s meeting presented opportunities to enable the stakeholders to address the crisis.

Godwin explained that Since late 2025 into mid-2026: Nigerians have faced repeated LPG scarcity and consequential sharp price hikes despite rising domestic production.

According to him, prices jumped from N1,000/kg in January 2026 to N1,500-1,700/kg by May 2026.

“Prices went in some locations from N2,000-2,500/kg by June 2026. A 20MT truck now costs marketers N28m-N30m as against N14m/20MT when Dangote first supplied LPG in 2025.

“Erratic supply, terminal congestion in Lagos, logistics bottlenecks, and reduced volumes from Dangote Refinery and NLNG. Low buffer stock made any 2-week disruption to trigger panic buying.

“The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), led by National President Barr. Edu Inyang has been the main industry voice pushing for intervention to save the situation,” he added.

ALSO READ: Sahara Group Fires-up Energy Journalism with $5,000 Fellowship

Beyond threats and sanctions, the marketer suggested to the government that there should be all domestic LPG producers to demonstrate compliance with domestic supply commitments and ensure adequate volumes are made available to the Nigerian market before exports, saying it will increase product availability and reduce supply disruptions.

He said there should be a joint government-industry monitoring team to track production volumes, depot prices, inventory levels, and distribution patterns across the country, to identify early signals of supply shortages, speculative activities, and market distortions.

He tasked the government to Initiate an urgent review of multiple fees, levies, and charges imposed across the LPG value chain with a view to eliminating duplications and reducing cost burdens on operators. This will bring about lower operating costs and moderation of retail prices.

“Where domestic supply is insufficient, provide a fast-track framework for marketers and investors to import additional LPG volumes, including support for foreign exchange access and streamlined regulatory approvals. This will bridge supply gaps and improve market competition.

“Announce targeted incentives for investment in LPG storage facilities and distribution hubs in underserved regions, particularly Northern Nigeria and major inland consumption centres. This will reduce transportation costs and improve nationwide product availability.

“Set up a standing working group comprising representatives of the Ministry, NMDPRA, producers, terminal operators, NALPGAM and other critical stakeholders to meet periodically and monitor implementation of agreed interventions.

“This will bring about sustained stakeholder engagement, policy coordination, and measurable progress toward supply, availability and stability,” he added.

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Sahara Group Fires-up Energy Journalism with $5,000 Fellowship

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To bolster energy journalism in Africa, Sahara Group has unveiled the Asharami Square Energy Reporting Fellowship, offering up to $5,000 in grants, mentorship opportunities, and access to industry experts for selected journalists across the continent.

The Fellowship is an extension of Asharami Square, Sahara Group’s flagship thought leadership platform, now in its third edition, focused on sustainability and energy transition.

Themed “Energising Africa’s Energy Future: Legacy, Impact, and Transformation,” this year’s event will bring together industry leaders, policymakers, academia, and the media on July 22, 2026, in Lagos, Nigeria.

The Asharami Energy Reporting Fellowship reflects Sahara Group’s evolution from convening conversations to strengthening the narratives defining Africa’s energy future. Guided by the theme, “Telling Africa’s Energy Story. Shaping Solutions,” it advances solutions-driven reporting on infrastructure gaps, financing, policy trade-offs, and community impact.

Ejiro Gray, Director, Governance and Sustainability at Sahara Group, said the initiative is focused on strengthening the quality of discourse around energy on the continent. “As the energy landscape becomes more complex, the need for accurate, contextual, and impactful reporting becomes even more critical. This Fellowship is designed to support journalists in telling stories that go beyond headlines and uncover the real dynamics shaping Africa’s energy future,” she said.

Bethel Obioma, Head, Corporate Communications, Sahara Group, said the Fellowship extends Asharami Square’s long-standing focus on shaping narratives.

“At Sahara Group, we believe storytelling is a powerful driver of progress. With the Fellowship, we are going a step further to support the storytellers themselves, enabling a new wave of galvanising journalists across Africa to unearth untold energy stories, spotlight practical solutions, and contribute meaningfully to the continent’s energy future,” he said.

“To participate, journalists from across Africa, spanning print, electronic, and digital media, are invited to submit well-well-researched stories via the Fellowships’ portal, www.asharamisquarefellowship.com,” Obioma added.

Entries must be stories published or broadcast between January and October 30, 2026, and should be original, insightful, and accurate. Submissions must align with the Fellowship’s focus on uncovering underreported energy issues and advancing practical, forward-looking solutions for Africa’s energy future.

ALSO READ: Renaissance Acquisition Pushes Aradel’s Assets Up 466% to N10trn

An independent jury comprising experts in energy journalism and sustainable development will assess entries.

The Fellowship offers up to $5,000 in funding, combining financial support, immersive learning, mentorship, and high-level exposure to build capacity for shaping Africa’s energy narrative.

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