I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.
The Corporate Affairs Commission (CAC) has announced a change in the implementation date of its revised service fees, from September to October 1, 2025.
This was the second shift in the implementation of the Commission's price hike, which was announced in June of this year and was originally scheduled to take effect on August 15.
According to a public notice issued by the Commission on Saturday, the decision was made to provide more time for the full stabilisation of its new Company Registration Portal (CRP).
Several Nigerians attempting to register new companies or file statutory documents have reported issues with the CAC portal.
Dangote, Ethiopia Sign Agreement to Build $2.5 billion Fertiliser Plant
Dangote Group and Ethiopian Investment Holdings (EIH) have signed a shareholders' agreement to develop, build, and operate a urea fertiliser complex in Gode, Ethiopia.
In a Thursday press release, Anthony Chiejina, the company's Group Chief Branding and Communications Officer, explained that EIH will hold a 40% equity stake, while the Dangote Group will retain 60% ownership in this transformative project.
According to Mr Chiejina, both companies will collaborate to develop, own, construct, operate, maintain, insure, and finance the cutting-edge urea fertiliser plants and associated infrastructure.
Holcim Finalises Divestment from Lafarge Africa
Holcim, a multinational manufacturing company, has completed the sale of Lafarge Africa Plc, selling its entire 83.81% stake to China's Huaxin Cement. The transaction, worth $1 billion on a 100% equity basis before dividend adjustments, marks Holcim's exit from Nigeria.
In a press release, Martin Kriegner, Regional Head for Asia, the Middle East, and Africa, stated that the transaction provides Holcim with new capacity for growth-oriented investments. In the statement, he also expressed confidence in Huaxin's determination to expand Lafarge Africa's presence in Nigeria.
Nigerian Government Introduces New Medium-Term Strategy Towards Achieving $1 Trillion Economy
The Nigerian government has announced a new game plan aimed at achieving a $1 trillion economy by the end of the decade.
The Renewed Hope Development Plan (2026–2030) is part of the larger Nigeria Agenda 2050, the country's long-term economic development strategy approved in 2020.
It is proposed as the second stage of that expansive economic strategy. The first phase, the National Development Plan, which runs from 2021 to 2025, will conclude this December. There are six phases planned before the overall programme concludes in 2050.
Nigeria, Africa's fourth-largest economy, has faced currency depreciation, high inflation, and two recessions in four years. It lost the continent's top spot two years ago and now aims for a $1 trillion GDP by 2030.
GTCO Injects N365.9bn into GTBank to meet CBN’s Capital Requirement
Guarantee Trust Holding Company Plc (NGX: GTCO, LSE: GTCO) has increased the capital base of its banking subsidiary, Guarantee Trust Bank Limited (GTBank), through a rights issue worth N365.85 billion.
According to a statement issued on Friday by the Nigerian Exchange Group (NGX), the additional funding was raised as part of the firm's two-phased equity capital programme, which was approved by shareholders at its 2024 Annual General Meeting and implemented in accordance with regulatory approvals.
As part of the transaction, GTBank issued and distributed 6,994,050,290 ordinary shares of 50 kobo each to the company. "The company continues to hold 100% of the bank's issued and paid-up share capital. According to the statement, none of the company's directors has any direct or indirect interests in the bank.
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