Haldane McCall Plc said its profit before tax grew by 168 per cent to N1.01 billion, when compared to N378 million reported in 2023 financial year.

The Real Estate and Hospitality company released its audited results on the Nigerian Exchange Limited (NGX).

The board of the Company proposed the sum of N220.588 million, which is 32.5 per cent of the profit after tax as dividend to be paid to shareholders at seven kobo per share for the year.

The company’s net profit stood at N679.6 million, representing a significant increase of 164 per cent from N256.96 million declared in 2023. The growth in profits were driven by increase in revenue and the management divestment in non-core business which generated N20.82 million in the year under review.

Haldane McCall in 2024 declared N3.64 billion revenue, a 109 per cent increase over N1.74 billion in 2023, primarily driven by N2.68 billion sale of land and building in 2024, up by 156 per cent from N1.05 billion in 2023.

Sale of land and building contributed about 73.6 per cent of the company’s overall revenue in 2024 as against 60.27 per cent in 2023.

From the balance sheet position, total assets of Haldane McCall closed 2024 at N21.99 billion, about 22.8 per cent increase from N17.91 billion declared in 2023.

Group managing director of Haldane McCall, Dr. Edward Akinlade said, “we are thrilled with our 2024 financial results, which demonstrate the effectiveness of our business strategy and the strength of our brand. We remain committed to delivering exceptional value to our customers, investors, and stakeholders, while driving growth and innovation in Nigeria’s real estate and hospitality sectors.”

Haldane McCall stated that 2024 unfolded against a backdrop of significant global economic challenges, a scenario that tested its resilience and adaptability in business.

It added that, “the global supply chain and consumer behaviour in the industry, we operate in terms of operational cost, and the associated factors is well evidenced in the critical gap we currently experienced in our National Housing Needs which has been experiencing a huge deficit.”

On the 2024 financial year performance, the company stated that it was a year of solid and significant performance, underpinned by strong commercial momentum and strategic operational efficiencies.

“Our financial results reflect not only our resilience in the face of a challenging economic environment, but also our commitment to continuous growth and value creation. We experienced a remarkable growth in our financial metrics which is a good testament to our robust business model and effectiveness of our strategic initiatives.” the company explained.

Northern ministers in President Bola Tinubu’s cabinet have started throwing their weight behind the administration in the face of growing criticism from opposition figures.

Sunday TheNigerian noted that some of the ministers and senior officeholders recently became vocal following criticisms of the administration by notable elites and politicians.

As the dissenting voices became strident, credible sources said the Presidency gave marching orders to political leaders, ministers, and holders of other top political appointments to move and counter nay-sayers.

Fighting back

The Tinubu administration recently came under intense attack from political groups and party bigwigs, including former governors.

The Minister of State for Defence, Bello Matawalle, had responded to recent criticisms from some political figures.

He condemned a former Minister of Transportation, Rotimi Amaechi, for making what he described as “reckless and inflammatory” comments against Tinubu, stressing that they were dangerous, especially when the government was working to strengthen national unity and security.

Similarly, Matawalle reacted to the Northern Elders Forum’s expression of regret over its support for Tinubu in the 2023 general election.

He criticised the NEF, describing it as a “political burden to northerners” and accusing the group of attempting to erode the rights of others for personal gain.

A former governor of Kaduna State, Mallam Nasir El-Rufai, and the National Security Adviser, Nuhu Ribadu, also had a public spat over the President.

El-Rufai accused the NSA of having “serious amnesia” for denying past statements in which he allegedly described President Tinubu as the “most corrupt” politician.

He also referenced records from a 2006 Federal Executive Council meeting, where Ribadu, as the then Chairman of the Economic and Financial Crimes Commission, allegedly made similar allegations against Tinubu.

In response, Ribadu, through his lawyer, demanded a public apology and retraction from El-Rufai.

In a similar vein, the Minister of Foreign Affairs, Yusuf Tuggar, recently responded to criticisms of President Tinubu’s administration by Bauchi State Governor, Bala Mohammed.

Mohammed had accused the Tinubu government of failing to deliver on its promises, triggering a sharp rebuttal from Tuggar.

The minister described the governor’s remarks as “mischievous” and urged him to avoid misleading the public on national matters.

Tuggar highlighted that Bauchi State had seen a significant increase in federal allocation due to fiscal reforms but lamented the absence of tangible development.

He further accused the governor of trying to dominate the state and deploying tactics that had previously led to unrest during his time as Minister of the Federal Capital Territory.

Ministers acting on instructions

A strong ally of one of the two defence ministers in the Tinubu cabinet said the northern leaders had orders to confront mounting opposition against the President.

The source said, “Yes, we need to silence these nay-sayers,” alluding to the campaigns of the 2027 anti-Tinubu forces from the North.

“I’m sure that of recent, you have seen many of the ministers in Tinubu’s cabinet coming out to counter these oligarchs as you call them.

“They are in the minority and the President or the Presidency is not afraid of them, but we too, and by this, I mean our political leaders, ministers, and holders of other top political appointments have been given the mandate and marching orders by the Presidency to move to the campaign fields and counter the naysayers from the elites in the north.”

Another reliable source in the presidential villa and principal officer to Tinubu told Sunday TheNigerian that aside from the marching orders to political office holders of northern extraction to resell the President to the North, there was strong contention between the two subzones in the region over where the pendulum would swing to after 2027.

He said, “The issue goes beyond the 2027 presidential ambition of the President. Many of these politicians from the north who are in our government know the implications of not supporting Tinubu’s ambition for 2027.

“They know that two notable zones in the North — the North West and North East — are now sharply divided over where the presidential candidate of the ruling APC after 2027 should come from and who will succeed President Tinubu in 2031.

“While notable politicians from the North-West including ex-Senator Wammako and former Kaduna State governor, Nasir El-Rufai, are fighting tooth and nail to discredit President Tinubu from running for second term in 2027, those from the North-East, including the incumbent Vice President, Kassim Shettima, and some ministers in the cabinet such as the Minister of Health, Professor Ali Pate; and his Foreign Affairs counterpart are working on the formula that the Presidency should go to the North East.”

Continuing, the source maintained that “the recent onslaught by El-Rufai to paint President Tinubu in a bad light in the North has been countered by the people working for him (Tinubu)while the President has also strengthened his supporters with appointments and projects.”

He stressed that some of the President’s supporters in the North West states, including El-Rufai’s successor, who is the sitting governor of Kaduna State, Senator Uba Sani, and a former Katsina State governor, Aminu Masari, as well as Matawalle, were countering the moves.

“Besides, President Tinubu has allocated some projects to Kaduna South by giving them a university, while he also appointed Masari as the Chairman of TETfund. He was also the only presidential candidate who visited Birni Gwari during the campaign for the 2023 elections in spite of the insecurity in the area and made some promises to them.

“The Presidency is also working to weaken the Bauchi State Governor, Bala Muhammed, who has disappointed some people who sponsored his election.

“You know that the sitting Bauchi governor is the chairman of the PDP Governors Forum and Wike is the sponsor of the Peoples Democratic Party, but he has fallen out with Wike.

“That is where Wike and all other supporters have a very good job to play, weakening Bala Muhammed and all his plans.

“The APC has pencilled down two serving ministers, Ali Pate and the Foreign Affairs Minister to contest the governorship seat in Bauchi, which is in the North East,” the source stated.

Speaking in a similar vein, the Minister of Environment, Balarabe Lawal, said those speaking against President Tinubu were blackmailers.

The minister, in an interview with Sunday TheNigerian through his personal assistant, Yusuf Garba, said political appointees of the president were using persuasive means to gather support and influence his re-election in 2027.

He said, “Most of the so-called northern elites campaigning against the President are not mandated or appointed to talk on behalf of the northern region and its elders or leaders.

“President Bola Tinubu has given the North a sense of belonging in his administration by appointing individuals into key offices. The North has no alternative but to support his reelection bid.”

Tinubu’s ministers not under influence – APC secretary

Meanwhile, the APC Publicity Secretary for North-West, Musa Mada, argued that the recent replies to El-Rufai, Governor Mohammed, and other critics from northern ministers were not influenced by the Presidency.

In an interview with Sunday TheNigerian, Mada said the appointees were acting on their own because they deemed it necessary to put things in proper perspectives.

He said, “It’s something that comes with time. It’s a spontaneous and momentous event. When something happens, ordinarily one would be obliged to set the record straight. Before, there were no issues like this that made them speak. Now that there are issues, there is a need for some of us to clarify the entire scenario and set the record straight.

“In case of those people making noise about Asiwaju’s administration, especially with regard to sectionalism, trying to make Tinubu’s government look like an administration that is for a section of the country. They are highly insincere people.

“Take someone like Bala Mohammed for example. Go to his state and see the maladministration there, especially when it comes to the resources of Bauchi. We have records of the unprintable things he is doing with their resources. You will agree with me that from independence to today, there was no time when governors had it so good as now.

“When it comes to defending their interests, they will unite themselves. No matter how the masses cry, they will not even consider them. One  such instance is subsidy removal. Did you hear a complaint from any governor? Even before this administration, it was governors that were pushing the federal government to remove the subsidy and share the money with them.”

The APC spokesman also dragged El-Rufai, whom he labelled a hypocrite for attempting to disparage the President because he was neither appointed his vice president nor minister.

Ministers just doing their jobs — Presidency

On its part, the Presidency said it did not force any of the northern ministers to speak for Tinubu as those doing so were only doing their work.

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, stated, “Those ministers are doing their jobs. Nobody asked them to respond. They are simply doing their jobs. When you find a lot of people just talking as they like, somebody needs to react to them and tell them that what they are saying is not the truth.

“Being in government, they need to speak for the government. It is not just for the Minister of Information. Whether a minister is from the North, South or the East, they need to speak.”

• Additional reports: Chima Azubuike, Ahmad Gakana, Israel Bulus, Hussaini Ibrahim, Tyopuusu Justin and John Charles.

Vitafoam Nigeria Plc, said its profit before tax grew to N4.469 billion in its first quarter (Q1) financial period ended December 31, 2024.

The company’s three-month released on the Nigerian Exchange (NGX) showcased significant growth despite the challenging operating environment.

The profit before taxation increased by 100 per cent from N2.237 billion in Q1, 2023 to N4.469 billion. The Group’s net profit rose by 91 percent to N2.981 billion from N1.563 billion, evidence of operational efficiency. In the review period, earnings per share increased by 94 per cent from 114 kobo in December 31, 2023 to 221 kobo in December 2024.

Revenue rose by 51.15 per cent to N28.799 billion as against N19.053 billion posted in the corresponding year. Cost of sales for the period under review stood at N20.068 billion higher than N12.425 billion in 2023, an increase of 61.52 per cent.

The Group’s total assets rose by 13.29 per cent to N58.173 billion from N51.348 billion, while total equity up by 15.42 per cent to N30.378 billion compared to N26.318 billion achieved in 2023.

Speaking on the company performance in Q1, Group managing director and chief executive officer of Vitafoam Nigeria, Taiwo Adeniyi stated that, “we are pleased to report these impressive results, which demonstrate our commitment to delivering value to our stakeholders despite the economic headwinds.”

He noted that, “our strategic focus on operational efficiency, innovative product offerings, and customer satisfaction has enabled us to navigate the challenging environment and achieve significant growth. We remain optimistic about the future and are confident that our strategies will continue to yield positive results.”

 

The federal government has increased its Compressed Natural Gas (CNG) refuelling capacity by 180 per cent, as part of its ongoing initiative to expand CNG infrastructure within the country.

Chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, disclosed this, saying the country’s refuelling capacity has increased from 20 stations to 56.

Speaking during the Petroleum Industry Stakeholders’ Forum in Abuja on Thursday, Ahmed stated that the country’s Compressed Natural Gas (CNG) conversion capacity witnessed a remarkable 2,500% growth in 2024.

According to him, the increase stemmed from the establishment of 186 new CNG conversion centres, which have significantly boosted Nigeria’s capacity to convert vehicles from petrol to CNG.

The NMDPRA boss also said that the Nigerian Gas Vehicle (NGV) population now stands at between 30,000 and 50,000 vehicles, with the number growing daily.

He added that to support this growth, over $400 million has been invested in the construction of 86 new “daughter” stations and 65 “mother” stations, increasing the country’s refuelling capacity from 20 stations to 56.

As part of the authority’s strategy for 2025, Ahmed disclosed plans to further expand CNG infrastructure in major cities like Lagos and Abuja.

He noted that the aim is to achieve up to 100,000 vehicle conversions while collaborating with state governments to develop natural gas vehicle programmes across the country.

“The collaborative efforts of PCNGI, NMDPRA, and SON led to the development of standards and the Nigeria Gas Vehicle Monitoring System to ensure safety, which is already in pilot phase, expected to be launched in 2025,” he added.

To address the observed deficit in critical energy project financing, the CEO said NMDPRA is supporting the establishment of the Africa Energy Bank, which is expected to be a game changer in enabling investment in critical infrastructure across the continent.

“Indeed, Nigeria is poised to be the energy centre for Africa, with competitive financing and a favourable regulatory environment.

“We wish to reiterate the commitment of the NMDPRA to facilitate business growth in the industry, ensure consumer protection, promote gas development, and evolve a competitive market environment.

“We will also continue to engage in constructive stakeholder engagements and support the initiatives of the Ministry of Petroleum Resources towards the realisation of the aspirations of Mr. President for the industry,” he declared.