Business
Afriland Properties Grows Revenue to ₦4.07bn, Assets Rise to ₦65bn
L-R: Olubunmi Akinremi, Independent Non-Executive Director; Ayodeji Adigun, Non-Executive Director; Agatha Obiekwugo, Non-Executive Director ; Azubike Emodi, Managing Director/Chief Executive Officer; Emmanuel Nnorom, Chairman, Board of Directors; Omomene Obanor, Company Secretary; Olukayode Odebiyi, Executive Director; Owen Omogiafo, Non-Executive Director; and Obong Idiong, Non-Executive Director, all of Afriland Properties Plc at the company’s 13th Annual General Meeting held today.
Afriland Properties Plc, a leading real estate development and management company, has announced its audited financial results for the year ended December 31, 2025, showcasing strong revenue growth, an expanded asset base, and sustained shareholder returns.
The results were presented to shareholders at the Company’s 13th Annual General Meeting.
For the period under review, the Company recorded revenue of ₦4.07 billion, representing an 8% increase from ₦3.75 billion in 2024.
Gross profit rose to ₦3.51 billion from ₦3.13 billion in the prior year, reflecting improved operational efficiency and disciplined cost management across key business lines. Profit Before Tax stood at ₦2.60 billion, compared to ₦3.70 billion in 2024.
Demonstrating continued balance sheet strength, the Company’s total assets grew by 33% to ₦65 billion, up from ₦48 billion in 2024. Shareholders’ funds also increased to ₦36.09 billion from ₦34.93 billion in the previous year.
In line with its commitment to shareholder value, the Board of Directors proposed a total dividend payout of ₦329.7 million, representin 24 kobo per ordinary share, comprising an interim dividend of 13 kobo per share already paid and a final dividend of 11 kobo per share. The dividend was approved by shareholders at the Annual General Meeting.
Commenting on the results, Chairman of the Board, Mr. Emmanuel Nnorom, pointed out that the Company’s 2025 performance reflects resilience, sound governance, and disciplined stewardship in a demanding operating environment.
He said, “We remained focused on protecting value, strengthening our asset base, and rewarding shareholders responsibly, while positioning the business to capture future opportunities across the real estate sector.”
Also speaking on the results, Managing Director/CEO, Mr Azubike Emodi, stated that the performance underscores the strength of the Company’s operating model and future growth potential.
“Afriland continued to make progress across development, facilities management, asset enhancement, and investment activities, while maintaining a strong focus on efficiency and value creation,” he said.
He added that the Company is entering a new phase of growth, supported by ongoing and upcoming projects across Lagos, Abuja, and other strategic markets, alongside the repositioning of underutilised assets to improve yield and long-term returns.
Looking ahead, the Company remains optimistic about opportunities within Nigeria’s real estate market, particularly across residential housing and mixed-use developments and commercial real estate. Afriland Properties Plc will continue to leverage innovation, strategic partnerships, and disciplined execution to deliver sustainable growth and lasting value for stakeholders.
About Afriland Properties Plc
Afriland Properties Plc is a property management, investment, and development company offering end-to-end services across the real estate value chain.
The Company is committed to improving lives through the development, management, and maintenance of world-class real estate assets across Africa. With one of the largest land banks in Nigeria and a growing portfolio of premium assets, Afriland continues to set the standard for professionalism and excellence within Nigeria’s real estate sector.
The post Afriland Properties Grows Revenue to ₦4.07bn, Assets Rise to ₦65bn appeared first on Business Today NG.
The Office of the Tax Ombud said it is strengthening its capacity to handle disputes arising from digital asset taxation as part of efforts to improve fairness and transparency in Nigeria’s tax system.
The Tax Ombud and Chief Executive of the Office of the Tax Ombud, John Nwabueze, disclosed this on Thursday at a media parley in Lagos, where he outlined the office’s achievements and future priorities.
According to him, the office has expanded the capacity of its accountants and legal experts to handle complex tax matters, including disputes involving digital assets, should such cases arise.
He also said the office plans to establish offices in all six geopolitical zones to improve taxpayers’ access to its services.
Mr Nwabueze said the Office of the Tax Ombud has enhanced access to its services through a digital complaints portal, a case management system, a toll-free call centre and SMS callback services, making it easier for individuals and businesses to lodge complaints and obtain timely resolutions.
According to him, the office received more than 20 ‘genuine’ complaints within its first three months of operation, most of them involving state revenue services.
“Within three months, the Office received over 20 genuine complaints, most of them involving state revenue services.
“Of these, eight have been successfully resolved, all within the statutory 14-day resolution period, with provision for an additional seven days where necessary,” Mr Nwabueze said.
The Tax Ombud said the office is also expanding engagement with professional bodies, the media, revenue authorities and other stakeholders, while preparing a nationwide public awareness campaign to address issues such as multiple taxation.
“The Office has expanded the capacity of its skilled accountants and legal experts to handle complex tax matters, including disputes relating to digital asset taxation, should such cases arise.
“We are also enhancing accessibility at the grassroots through plans to establish offices across all six geopolitical zones,” the tax ombud CEO said.
He further noted that multiple taxation, particularly at the state and local government levels, remains a major concern, adding that the federal government is working with relevant stakeholders, including the Joint Revenue Board, state governments and local government authorities, to develop lasting solutions.
ALSO READ: Oyedele unveils Tax Ombud website, digital portal to strengthen taxpayer protection
Mr Nwabueze said the Office of the Tax Ombud was established to provide impartial mediation between taxpayers and revenue authorities, promote voluntary tax compliance and strengthen public confidence in Nigeria’s tax administration.
“Multiple taxation is an endemic issue that we are determined to address by engaging all relevant stakeholders, including the Joint Revenue Board, state governments, and local government authorities.
“Through collaboration and policy engagement, we are working towards sustainable solutions,” the Tax Ombud stated.
He called for support in terms of public awareness of its services, noting that many taxpayers are still unaware of their rights and the avenues available for resolving tax disputes.
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BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), has revoked the certificate of registration for Royal Exchange Prudential Life Insurance PLC over its failure to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The cancellation, which took effect on Plc August 3, 2026, The regulator also ordered the immediate winding up of the firm’s operations.
The action was executed under the legal powers granted to the regulatory authority by the Nigerian Insurance Industry Reform Act (NIRA) 2025.
According to a notice signed by Deputy Commissioner (Technical) Decent Jankara, titled “Notice Of Cancellation Of Certificate Of Registration Of Royal Exchange Prudential Life Insurance Plc”, the regulator appointed Titilayo Akinlawon (SAN)as Receiver and Provisional Liquidator to oversee the winding up of its affairs.
The notice added that “The appointed Receiver is mandated to take control of the company’s affairs, liquidating its assets and settling its outstanding liabilities in strict accordance with NIRA 2025 regulations and extant insurance guidelines.”
“Relevant stakeholders and financial institutions have been instructed to cooperate fully with the Receiver during the official takeover and winding-up proceedings.”
This development comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.
The post Recapitalisation: NAICOM Revokes Royal Exchange Prudential Life Insurance License appeared first on Business Today NG.
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