Business
FX Turmoil: May & Baker Achieves ₦28.9bn Revenue, ₦1.6bn Gain
Despite Nigeria’s difficult macroeconomic environment in 2024, pharmaceutical company, May & Baker Nigeria Plc, has posted a 47 per cent growth in its group revenue, increasing from ₦19.7 billion in 2023 to ₦28.9 billion in 2024, according to its annual report and financial statements for the year ended 31st December 2024.
Chairman of board of directors, May & Baker Nigeria Plc, Senator Daisy Danjuma, at the company’s 74th Annual General Meeting (AGM) held in Lagos on Thursday, acknowledged the turbulent business climate in the country, marked by surging inflation, exchange rate volatility, and higher operating costs.
While the Nigerian economy grew marginally from 2.45 per cent in 2023 to 3.1 per cent in 2024, Danjuma disclosed that companies continued to face stiff headwinds, especially due to exchange rate depreciation, as the naira closed the year at ₦1,615 to the dollar, leading to widespread exchange losses across industries. She explained that although the federal government had removed the exchange rate subsidy, which allowed the naira to float freely, many corporates recorded losses that impacted overall tax contributions to government revenue.
Despite these challenges, May & Baker reported a 29 percent growth in gross profit, from ₦6.6 billion in 2023 to ₦8.5 billion in 2024. Other operating income rose by 135 percent, climbing from ₦62.2 million to ₦146.1 million, primarily from exchange gains. Operating expenses, however, increased in tandem with market realities. Distribution, selling, and marketing expenses went up by 26 percent, from ₦2.6 billion to ₦3.3 billion, while administrative expenses rose modestly by 5 percent, from ₦2.7 billion to ₦2.8 billion. Finance costs also increased by 27 percent to ₦370 million.
The company achieved a Profit Before Tax (PBT) of ₦2.6 billion, representing a 69 percent growth over the ₦1.5 billion recorded the previous year. Tax expenses more than doubled, rising by 115 percent, from ₦437 million in 2023 to ₦952 million in 2024, due to back duty assessments and deferred tax implications. After tax, May & Baker posted a Profit After Tax (PAT) of ₦1.6 billion, up by 50 percent from ₦1.1 billion in 2023. Earnings per share also increased by 50 per cent, rising from 63 kobo to 94 kobo.
In recognition of the performance, the Board recommended a dividend of 40 kobo per 50 kobo share, translating to a total payout of ₦690.1 million, subject to applicable tax. The dividend will apply to shareholders on the register as of May 20, 2025.
On subsidiaries and joint ventures, May & Baker’s joint venture with the federal government, Biovaccines Nigeria Limited, completed its first supply order to the National Primary Healthcare Development Agency during the year. “Although the company made a marginal profit on the transaction, deferred tax obligations led to a net loss of ₦27 million for May & Baker’s share of the venture,” Danjuma averred.
Looking ahead, Danjuma expressed optimism about the company’s future. “The future indeed looks very promising for our company as we continue to invest and position ourselves more strategically as a leading healthcare brand in Sub-Saharan Africa,” she said. According to her, the company is strengthening its production capabilities at its world-class pharmaceutical plant in Ota by acquiring additional machinery and equipment.
In 2024 alone, May & Baker launched seven new products, all of which have entered the market. “In every challenging environment also lies opportunities for the bold,” she said, urging shareholders to continue supporting management in steering the company toward sustained growth and regional leadership.
The company stated that the construction of a local vaccine production facility is still in progress but is moving slowly due to regulatory bottlenecks and compliance issues. In contrast, Ajah said the company’s subsidiary, Osworth Nigeria Limited, posted a strong performance, recording ₦2.4 billion in revenue in 2024, an 82 percent increase from ₦1.3 billion in 2023. Osworth’s Profit After Tax also grew by 82 percent from ₦159 million to ₦289 million.
The managing director, May & Baker Nigeria Plc, Patrick Ajah, disclosed that the company is formulating 21 new products, five of which are currently under regulatory review by National Agency for Food and Drug Administration and Control (NAFDAC).
Reinforcing its commitment to Sustainable Development Goals (SDGs), the managing director said May & Baker expanded its CSR and community investment portfolio, focusing on health and the environment. “The company’s social investment spending grew by 57 percent, rising from ₦9.4 million in 2023 to ₦14.8 million in 2024. The company is also in partnership with National Institute for Pharmaceutical Research and Development (NIPRD), aimed at commercialising locally developed pharmaceutical innovations,” he added
Leadership.ng
The Central Bank of Nigeria (CBN) has announced a new exchange rate for the dollar, with the naira closing at N1,357 per dollar despite high demand for the greenback.
According to data from the CBN, the naira closed flat at N1,357 to a dollar, indicating no change from the previous trading session.
The current rate comes as Nigeria’s external reserves hit $52 billion, a 17-year high. Experts have said the current naira stability has trickled down to other sectors, with imports now getting cheaper.
The CBN sharply ramped up its foreign exchange interventions in March 2026, selling $953.41m to the market in what the data shows is the strongest central bank FX activity since April 2025.
Figures published in the CBN’s latest Quarterly Statistical Bulletin showed that spot market transactions made up the bulk of the March sales, with $950.10m channelled through that route and a further $3.31m directed to Ministries, Departments and Agencies.
The March figure represents a dramatic swing from the opening months of 2026. The CBN sold just $58.93m in January and $244.13m in February, meaning March’s intervention was more than 16 times the January level and roughly 291 per cent above February’s sales.
The last time interventions reached a comparable scale was April 2025, when the CBN supplied $1.65bn to the market. Sales cooled significantly after that peak, falling to $838.93m in May, $676.31m in June, and then sliding further to $399.80m in September and $150.10m in October before picking up again towards the close of 2025.
The chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has explained why cement prices remain high across Nigeria, attributing the persistent increases to rising energy costs and the impact of foreign exchange on production expenses.
His comments come amid growing concerns from Nigerians over the soaring cost of building materials, with many calling on the government to intervene as cement prices continue to put pressure on construction projects and housing development.
Speaking during the 17th Annual General Meeting (AGM) of Dangote Cement Plc in Lagos, Ikazoboh said energy remains the biggest cost component in cement manufacturing, accounting for about 60 per cent of total production expenses.
Energy, dollar exchange rate driving costs According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations. He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices.
According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations.
He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices. “To produce a bag of cement, we need energy, which constitutes about 60 per cent of the production cost. To generate that energy, we use gas, coal or diesel,” he said.
“Gas is sold to us in US dollars, and its price continues to increase. We all know the impact of the exchange rate between the dollar and the naira. As a result, the cost of generating energy keeps rising.”
His remarks offer one of the clearest explanations yet from the country’s largest cement producer on the factors behind recent price increases.
Business
Dr. Deji Adeleke: How Davido’s Billionaire Father Built His Business Empire; Major Companies Linked to Him
Dr. Deji Adeleke, the father of the globally recognized musician Davido, is not just known for his familial ties to the entertainment industry but also his immense wealth and substantial impact on Nigeria’s economic landscape. Born on March 6, 1957, in Enugu, Nigeria, Adedeji Adeleke has built a formidable empire through his business acumen and educational investments.
Adeleke’s Business Ventures
Dr. Adeleke founded Pacific Holdings Limited in 1983, which has grown into a major conglomerate in Nigeria, encompassing various sectors such as agriculture, energy, and real estate.
This company is a cornerstone of his financial success, with divisions like Pacific Farm Limited, Pacific Freightliners Limited, and Pacific Gas Company Limited contributing significantly to his wealth.
Adeleke’s Real Estate Investments
Adeleke’s real estate portfolio is vast and diversified. He owns properties across Nigeria, including high-value areas like Ikoyi, Lekki, Banana Island, and Victoria Island in Lagos. Additionally, he has invested in international properties, including a mansion in Atlanta, USA, which he acquired to celebrate his 60th birthday.
Adeleke’s University and Philanthropy
In line with his passion for education, Adeleke founded Adeleke University in Ede, Osun State, under the auspices of the Springtime Development Foundation, which he established in 1996. The university operates on the Seventh-day Adventist philosophy of education and offers various undergraduate and postgraduate programs.
His philanthropic efforts extend beyond education, impacting healthcare and community development. These initiatives not only enhance his public image but also contribute to long-term societal benefits, reinforcing his legacy as a socially responsible entrepreneur.
Adeleke’s Luxurious Lifestyle
Dr. Adeleke’s lifestyle reflects his financial success. He owns luxury cars such as a Rolls Royce Phantom and a 2017 Bentley Mulsanne, and he flies in style with his Bombardier Global Express 6000 private jet, valued at $62 million.
Adeleke’s Net Worth
Estimations of Adeleke’s net worth vary, with some sources placing it around $700 million, while others suggest it could be as high as $2 billion. His wealth is attributed to his diversified investments in real estate, stocks, and bonds, alongside the thriving operations of Pacific Holdings Limited.
Adeleke’s Family and Personal Life
Adeleke is a father to four children: Adewale, David (Davido), Sharon, and Coco Adeleke. Despite initial resistance to Davido’s music career, he eventually supported his son’s passion, even funding the establishment of a music department at Babcock University for him. Today, Davido is not only a successful musician but also a director in the family business.
Conclusion
Dr. Deji Adeleke’s story is one of remarkable success through strategic education, entrepreneurship, and philanthropy. His wealth and business acumen have positioned him as one of Nigeria’s most influential figures, contributing significantly to the nation’s economic and social development. As he continues to invest and expand his empire, his legacy is set to influence future generations both within and outside Nigeria.
Adeleke’s Early Life and Education
Adeleke’s journey began in an affluent family in Lagos. He attended Ansar-ud-Deen Primary School and Seventh-Day Adventist Grammar School before moving to the United States, where he earned a degree in Finance from Western Kentucky University in 1979, followed by an MBA. Furthering his education, he obtained a Ph.D. in International Business from Pacific Columbia University, and another Ph.D. in Business Administration from the University of Phoenix in 2010.
– kashgain
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