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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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Bwala Accuses Arise TV Presenters of Hypocrisy Over Peter Obi Discussion

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Daniel Bwala, Special Adviser to President Bola Tinubu on Policy Communication, has accused some Arise Television presenters of hypocrisy over their alleged silence during a discussion concerning former Labour Party presidential candidate, Peter Obi.

Bwala made the allegation in a social media post on Monday, October 12, 2026, following the television station’s morning programme, where issues concerning Obi’s alleged inconsistencies and character were reportedly discussed.

SEE ALSO: BREAKING: Daniel Bwala Melts Under Political Heat

According to Bwala, only Dr Reuben Abati, an Arise TV presenter and former presidential spokesman, offered his opinion on the matter, while two other presenters allegedly remained silent.

He claimed that the presenters participated in discussions on subjects before and after the segment involving Obi but declined to express their views when the former Anambra State governor became the subject of discussion.

Bwala suggested that their alleged silence reflected political bias, arguing that the presenters had previously criticised politicians for defecting from their political parties.

“The reason they kept quiet is because they have used their loud mouth in calling out people for changing parties and they cannot afford to call out their master and candidate in the face of raw evidence,” he wrote.

The presidential aide also criticised some individuals he accused of presenting themselves as journalists without formal training, alleging that they contributed to the spread of hate speech, inflammatory rhetoric and misinformation.

“These people parading themselves as journalists with no formal training are the major cause of hate speech, vitriol and fake news,” Bwala stated.

He, however, commended Arise TV presenter Ojy Okpe for what he described as her willingness to scrutinise Obi during the programme.

“Thank you @OjyOkpe at-least today you tried to give Peter his bitter pill of inconsistencies,” he wrote.

Bwala further predicted that Okpe could face criticism from the other presenters for covering the issues involving Obi.

“I know you will have a long day managing backlash from the boy and girl for covering Peter Obi matter,” he added.

He concluded his post by reiterating his criticism of the presenters, declaring that “hypocrisy is real.”

 

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NNPC’s 30-Day Petrol Discount Is Not a Policy – Sowunmi

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NNPCL Raises Official Fuel Pump Price To N537 Per Litre

Oil and gas expert, Olabode Sowunmi, has described the Nigerian National Petroleum Company Limited (NNPC) Retail’s 30-day petrol discount as a business decision rather than a government policy.

Sowunmi argued that the initiative was a commercial move by a single market player designed to achieve specific business objectives, rather than a government policy intended to affect all participants in the petroleum industry.

ALSO READ: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits

The energy expert made the remarks during an appearance on The Morning Show on Monday, where he questioned whether the petrol discount should be classified as a policy.

“I’m not sure it’s a policy. I think it was a business decision,” Sowunmi said.

He explained that government policy typically involves a deliberate process designed to influence or regulate the activities of multiple players within a sector.

According to him, the petrol discount differs from such policies because it represents a decision by one company to achieve its own objectives.

“A policy, by definition and by what it is, is a government thought-out process that affects all players. But this is a decision by one single player, calculated to achieve something within their own goals,” he stated.

Sowunmi Cites Telecoms Promotional Offers
To illustrate his argument, Sowunmi compared the petrol discount to promotional offers previously introduced by telecommunications companies to attract customers and strengthen their market positions.

He cited Econet and Vmobile, which operated in Nigeria’s telecommunications market before the emergence of the current industry landscape, as examples of companies that offered promotions such as “buy one, get one free.”

According to him, such offers were commercial decisions made by individual companies and were not intended to change the business strategies of their competitors.

He noted that the promotions were not designed to alter the plans of rival operator MTN but were calculated efforts by the companies to advance their own business interests.

“Businesses do those kind of things as calculated efforts to grow their businesses,” he said.

 

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2027: No New Taxes Under My Gov’t If Elected – Sowore Clarifies

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Omoyele Sowore, presidential candidate of the African Action Congress (AAC) for the 2027 presidential election, has declared that his proposed administration would not introduce new taxes if he becomes Nigeria’s president.

Sowore made the clarification following reactions to his interview on African Independent Television (AIT) on Saturday, October 10, 2026, during which he discussed expanding Nigeria’s tax base and bringing more economic activities into the tax system.

In a statement shared on his X account on Monday, the activist said the headline of the interview had created a misleading impression about his position on taxation.

READ ALSO: Nigeria@66: ‘You Wrecked Livelihoods’ — Sowore Fires Back at Tinubu

“Contrary to the misleading impression created by the headline of my recent @AIT_Online interview, let me state categorically that a #Sowore2027 administration has NO plans to introduce new taxes!” he said.

He added, “Nigerians are already overburdened by economic hardship. Our agenda is to create prosperity, not impose additional tax burdens on struggling citizens.”

Sowore also urged Nigerians to watch the video clip of his interview to understand his position directly.

During the interview, the AAC presidential candidate explained that his proposed approach would involve expanding the tax base rather than introducing new taxes.

“We are not going to introduce new taxes, but we would expand the tax base relative to GDP ratio,” he said.

He argued that Nigeria’s tax collection remained relatively low compared with some other African countries.

“Nigeria is probably a poor tax country,” Sowore said, citing Ghana and South Africa as examples in his discussion of tax-to-GDP ratios.

Clarifying his position on taxation, he said, “No. But you see, no, no, no. I’m not taxing Nigerians. We’re expanding the tax base. Are you getting it?”

He explained that the proposed expansion would cover economic activities that were not adequately captured by the existing tax system, including informal businesses and traders operating in markets and on the streets.

“Yeah, as long as they’re making money, all right? And you are supposed to pay tax and ensure that government can do what it say it would deliver to you,” he said.

The AAC presidential candidate also argued that Nigeria could generate additional revenue by recovering money allegedly owed to the government rather than placing additional tax burdens on citizens.

He questioned the recurring concern over how the government would raise funds to provide public services.

“How do you get money? Because that’s always been the, that’s always been, you know, the question thrown at Nigerians. ‘Ah, where are we going to get the money?’” he said.

Sowore claimed that more than $62 billion in royalties was owed to the Nigerian state by oil operators.

“There are, as I speak to you today, over $62 billion in unpaid royalties to the Nigerian state from people that we gave free oil blocks and are making billions from it. They don’t pay royalties,” he said.

He further argued that royalties should be considered part of the broader system of government revenue collection.

“All these revenues we are talking about, they fall under the category of tax. Are you getting my point? Royalties are taxes too,” he said.

He maintained that the government should ensure that those owing the money are assessed and held accountable.

Sowore maintained that recovering the alleged outstanding royalties could provide resources for public infrastructure and social services.

He proposed using the revenue to fund development projects, including roads and schools, while reducing government expenditure.

“We use it to do what we know, the roads we need to construct, the schools we need to build. And we cut down the cost of governance,” he said.

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