Category: Napkin Notes


  • A few days ago, Cornerstone Insurance released its audited FY 2024 results. There was a huge bounce in both topline and bottomline.  The breakdown  Insurance service result returned to profitability. Insurance service revenue result for FY 2024 was N2.1 billion, as against a N337 million loss recorded in FY 2023. Profit after tax rose by…

  • Northern Nigeria Flour Mills (commonly known as NNFM() is one of the duo of players in that space listed on the NGX. Few episodes ago, i covered Honeywell Flour Mills its sister company. Both are ultimately controlled by FMN Flour Mills of Nigeria now known as Golden Penny Foods. Audited FY 2025 2025 was a…

  • Custodian Investment has in the last few days piqued my curiosity as it traded larger than normal volumes.  Following the transactions, the company filed insider dealing notices with the NGX. There were 3 insider related transactions. Two by Olakunle Ade-Ojo and one by Adeniyi Falade an Executive Director  Between May 19, 2025- May 26, 2025,…

  • Honeywell Flour Mills yesterday released its audited FY 2025 results after trading hours.  While there was topline growth and the company returned to profit, it has opted not to pay a dividend in other to conserve capital. In the short term, this could lead to investors selling off. The numbers below are for the company,…

  • FY 2024 was an outstanding year for NAHCO, despite a turbulent economy.  Revenue rose by 88.5% from N28.3 billion in 2023 to N53.5 billion in 2024. Profit after tax increased by 132% from N5.5 billion in 2023 to N12.8 billion in 2024. The company has proposed a final dividend of N5.94 to be paid on…

  • Access Holdings is parent company of Access Bank. A holdco structure was adopted to enable the bank venture into other parts of financial space. The bank is still the biggest entity, so id use Access Bank interchangeably all through this post.  Access is also Nigeria’s largest bank by assets. As at Q1 25, it had…

  • Zenith Bank last week released its first quarter 2025 results. The bank made N949 billion in revenue (up 2.68% from the same period last year). Its about a N100 billion shy from joining a select group of firms that generate N1 trillion in revenue every quarter. The bulk of revenue came from interest income (more…

  • Fidelity bank, last week released its results for the first quarter ended March 2025. There was a huge bounce in revenue and profit after tax Gross earnings increased by 64.2% from N192 billion in 2024 to N315.4 billion in 2025.  Profit after tax rose by 189.7% from N31.4 billion in 2024 to N91.1 billion in…

  • Zenith Bank held an earnings call last week, to discuss its audited FY 2024 results. Management touched on a bunch of topics including pausing Holdco plans, returning to its usual dividend payout ratio and stage 2 loans. Suspending Holdco Pursuing holdco would have delayed recapitalization. Suspended Holdco to raise capital. After capital raise, focus is…

  • GTCO last week held an earnings call following the release of its audited FY 2024 results. Group CEO Segun Agbaje discussed a bunch of topics including the usual suspect. Why isnt the bank growing its loan book in line with peers.  All quotes are from him  On the quality of earnings of 2024 (Can we…