Nigeria News (Standard)
Lagos FMCG Giants Record ₦18.9bn Rise in Production Costs, Earnings Hit by Inflation in Q1
Nestlé Nigeria and Unilever report double-digit increase in cost of sales as naira devaluation and rising energy prices squeeze margins
Nestlé Nigeria and Unilever report double-digit increase in cost of sales as naira devaluation and rising energy prices squeeze margins
Major fast-moving consumer goods (FMCG) companies based in Lagos reported a significant jump in production expenses for the first quarter of 2026, with rising inflation and higher energy costs eroding their earnings despite improved sales. The development was confirmed on Tuesday following the release of financial statements by Nestlé Nigeria, Unilever Nigeria, Cadbury Nigeria, and Champion Breweries to the Nigerian Exchange Limited (NGX).
A review of the results showed that Nestlé Nigeria faced one of the steepest surges in production costs, as cost of sales climbed by ₦18.91 billion—an increase of nearly 11 percent—to reach ₦194.07 billion in Q1 2026 compared to ₦175.16 billion during the same period last year. The company attributed the higher expenses to persistent inflationary pressures, increased spending on raw materials, and high energy tariffs affecting manufacturers nationwide.
Despite these headwinds, Nestlé Nigeria managed to cushion the impact through stronger revenue generation and operational efficiency, posting a pre-tax profit of ₦73.8 billion—a 44 percent rise from ₦51.2 billion recorded a year earlier. Unilever Nigeria also saw its cost of sales rise sharply by 15.77 percent to ₦32.56 billion from ₦28.12 billion in Q1 2025, but maintained profitability for the period.
Economic analysts say the trend underscores ongoing challenges for Nigerian manufacturers operating under volatile macroeconomic conditions. With headline inflation at record highs according to National Bureau of Statistics (NBS) data and naira depreciation raising import costs, industry players are under pressure to balance input costs with consumer price sensitivity.
Industry stakeholders warn that unless government introduces targeted interventions such as subsidised power tariffs or improved access to forex for importing critical inputs, many FMCG firms may struggle to sustain margins in subsequent quarters. The sector’s performance is seen as crucial for employment and household consumption levels across urban centres like Lagos and Port Harcourt.
Source: https://guardian.ng/business-services/rising-production-costs-shrink-fmcg-firms-q1-earnings/
Nigeria News (Standard)
Senate Orders Arrest of Ex-NNPC Boss Mele Kyari Over ₦210trn Audit Query
Lawmakers reject plea for delay as Kyari fails to appear over allegations of unaccounted funds between 2017 and 2023
Lawmakers reject plea for delay as Kyari fails to appear over allegations of unaccounted funds between 2017 and 2023
The Senate Committee on Public Accounts, sitting in Abuja, has ordered the arrest of former Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, after he failed to honour multiple invitations regarding alleged unaccounted funds totalling ₦210 trillion from 2017 to 2023. The decision was reached on Wednesday after Kyari’s repeated absence from committee hearings investigating queries raised by the Office of the Auditor-General of the Federation on NNPCL’s financial records.
Proceedings at the National Assembly saw senators debating how to proceed, with Saliu Mustapha (Kwara Central) and Tony Nwoye (Anambra North) urging colleagues to grant Kyari another opportunity, citing reports that he was receiving medical treatment in Germany. However, other committee members insisted that the investigation could not be stalled further, noting that no formal medical documentation had been provided to justify his absence.
The probe follows concerns over discrepancies flagged by federal auditors, which have drawn public attention given Nigeria’s reliance on oil sector revenue amid economic challenges. Former Chief Financial Officer of NNPCL, Umar Ajiya Isa, appeared before the committee and dismissed claims that funds were missing, describing the ₦210 trillion figure as misleading relative to actual company earnings for the period under review.
Deputy Chairman Peter Nwaebonyi (Ebonyi North) said it was “the ninth time this committee is meeting” on queries against NNPCL. He warned that further delay would undermine the credibility of Senate oversight functions. Senator Abdul Ningi (Bauchi Central) argued that only documented excuses should be accepted, while Senator Victor Umeh (Anambra Central) formally moved for Kyari’s arrest. Senator Adams Oshiomhole (Edo North) backed enforcement action, stating that “the law must be effective when it catches the lion, not only when it catches the rabbit.”
Following a voice vote, Committee Chairman Ibrahim Dankwambo (Gombe North) ruled that a warrant be issued for Kyari’s arrest and production before the panel. The Senate is expected to continue its probe into NNPCL’s finances as lawmakers seek answers on audit concerns highlighted by federal authorities.
Source: https://punchng.com/senate-orders-arrest-of-ex-nnpc-boss-kyari-over-n210tn-query/
Nigeria News (Standard)
EFCC Chair Olukoyede Reveals Governorship Aspirants Spent ₦30bn on Primaries in Kwara
Anti-graft agency plans drone deployment for 2027 polls as high campaign spending sparks corruption concerns
Anti-graft agency plans drone deployment for 2027 polls as high campaign spending sparks corruption concerns
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that some governorship aspirants in Nigeria spent between ₦20 billion and ₦30 billion during party primaries ahead of the 2027 elections. Olukoyede made this revelation on Wednesday while delivering a lecture at the University of Ilorin, Kwara State.
Speaking at the inaugural guest speakers’ series organised by the Centre for Peace and Strategic Studies, Olukoyede warned that such high expenditure poses a direct threat to Nigeria’s democracy and encourages corruption among public officials. He noted that many politicians who invest vast sums in their campaigns are likely to divert public funds once in office, as they try to recoup their financial outlay.
Olukoyede stressed that the commercialisation of votes undermines good governance by compromising the political recruitment process. “Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest,” he said. The EFCC chairman also highlighted that his agency has already made several arrests and secured convictions related to vote-buying and electoral offences, including politicians, electoral officials, and other individuals involved.
He further cautioned that impunity in electoral processes could destabilise Nigeria’s democratic system. According to Olukoyede, there must be no sacred cows in enforcing electoral laws if credible elections are to be achieved. He announced that the EFCC is set to deploy drones and other technological tools during the 2027 general elections to improve monitoring of polling units and curb financial inducements.
Olukoyede called on political parties and all stakeholders to commit themselves to transparent election practices. As Nigeria prepares for the next election cycle, his remarks have reignited debate about campaign finance regulation and its impact on governance.
Source: https://punchng.com/2027-gov-aspirants-spent-n30bn-on-primaries-efcc-chair/
Nigeria News (Standard)
RMAFC Chairman Urges Abuja Stakeholders to Safeguard Taxpayers in Revenue Reforms
Dr Mohammed Shehu says transparency and fairness must guide ongoing tax changes as Joint Revenue Board visits FCT commission
Dr Mohammed Shehu says transparency and fairness must guide ongoing tax changes as Joint Revenue Board visits FCT commission
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr Mohammed Shehu, has called for ongoing tax and revenue reforms to prioritise the protection of taxpayers while ensuring fair revenue allocation across Nigeria’s tiers of government. Shehu made this statement in Abuja on Wednesday during a courtesy visit by the Executive Secretary of the Joint Revenue Board, Mr Olusegun Adesokan, and his delegation.
According to a release from RMAFC’s Head of Information and Public Relations, Maryam Yusuf, Shehu reaffirmed the commission’s commitment to promoting transparency, fairness, accountability and collaboration within Nigeria’s revenue administration system. He stressed that robust cooperation among agencies responsible for revenue generation was vital to achieving the objectives of current fiscal reforms.
The visit comes as federal and state governments push for policy harmonisation in Nigeria’s complex tax regime. Many Nigerians have expressed concerns about aspects of new tax measures, including electronic transfer levies and procedures for tax refunds. Shehu noted that continuous dialogue and technical engagement would be necessary to ensure public trust in the evolving system. “We must work together to ensure that ongoing revenue reforms protect the interests of taxpayers while guaranteeing equitable revenue allocation across all levels of government,” he said.
Shehu added that RMAFC would keep supporting government initiatives aimed at strengthening revenue generation provided there is strict compliance with existing laws. He highlighted that stakeholder engagement and institutional collaboration remain essential for successful reform implementation. On electronic transfer taxes and other controversial measures, he emphasised that “continuous dialogue” is needed for fairness and efficiency.
Adesokan, representing state-level revenue authorities under the Joint Revenue Board, stated that their visit was meant to deepen collaboration with RMAFC towards effective rollout of new policies. He stressed that improved coordination among all institutions was crucial if Nigeria is to achieve significant gains in revenue collection and fiscal efficiency within the next five to six years. The opposition could not be immediately reached for comment regarding concerns about potential taxpayer burden under new reforms.
Source: https://punchng.com/tax-reforms-must-protect-taxpayers-rmafc/
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RMAFC Chairman Urges Abuja Stakeholders to Safeguard Taxpayers in Revenue Reforms
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Ụlọ akụ Nigeria Welie Ogo Ego Naira Maka Ịkwụ Ụgwọ Mba Ọzọ N’ihi Ndokwa N’ahịa Ego Mpụga
