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Cadbury Nigeria Posts Strong Return to Profit in 2025

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Cadbury

Cadbury Nigeria posts N12.09bn profit in 2025, reversing losses with higher sales, cost control, and foreign-exchange gains

Cadbury Nigeria Plc has returned to profitability in 2025, posting a profit after tax of N12.09 billion, reversing losses of N22.22 billion in 2024 and N19.08 billion in 2023, according to its unaudited financial statements.

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Also read: Nigeria Earns Strong N55.5tn from Crude Oil Sales in 2025

The chocolate and beverage maker attributed the turnaround to stronger sales, improved cost management, and a significant easing of foreign-exchange pressures that had weighed on earnings in prior years.

Revenue surged 31% to N169.84 billion, driven by price increases, better product availability, and a gradual recovery in consumer demand despite persistent inflation.

Gross profit more than doubled to N36.60 billion, lifting the gross margin to roughly 21.5% from 14.1% in 2024.

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Operating performance also improved, with operating income rising to N20.55 billion from N5.96 billion the previous year.

While selling and distribution costs increased to N12.22 billion, administrative expenses fell to N3.34 billion, reflecting tighter overhead control.

The company benefited from lower finance costs and positive foreign-exchange movements.

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Net finance costs narrowed to N3.28 billion from N34.29 billion in 2024, when heavy FX losses had wiped out gains.

Profit before tax reached N17.27 billion, compared with a loss of N28.33 billion the previous year.

Basic earnings per share rose to 530 kobo from a loss of 975 kobo.

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Cadbury Nigeria’s balance sheet strengthened, with total equity nearly quadrupling to N16.47 billion.

Borrowings fell to N22.81 billion, while cash and cash equivalents remained stable at N15.02 billion.

Operating cash flow was solid at N20.48 billion, funding capital expenditure of N5.30 billion and debt repayments.

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By product category, refreshment beverages, led by Bournvita, drove revenue at N104.59 billion, while confectionery contributed N53.53 billion.

Export sales fell slightly to N11.71 billion, indicating growth remains concentrated in the domestic market.

The recovery coincides with a more predictable macroeconomic environment, including a strengthening naira and easing inflation, which fell to 15.15% in December 2025.

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Also read: Dutch Coach Simon Kalika Criticises Nigeria’s 2026 World Cup Exit

Cadbury Nigeria shares closed at N65.30 on the Nigerian Exchange on Monday, January 26, 2026, up 9.02% year-to-date and appreciating 10% over the past four weeks, signalling investor confidence in the company’s turnaround.

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Probe Into Fake Federal Agencies Not Over, ICPC Insists

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has said its investigation into the alleged operation of fake federal agencies within the Federal Government is still ongoing, despite the reinstatement of two permanent secretaries suspended over the matter.

The commission maintained that it stood by its earlier findings that other purported fake agencies had been discovered during its investigations, adding that further action would be announced when the process was concluded.

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ICPC spokesperson, John Odey, disclosed this while responding to an enquiry on the status of the investigation in Abuja.

He said the commission was still examining the allegations and had yet to decide whether the findings would result in further court action.

“The ICPC stands by what it said about finding out in the course of our investigations that there were some other fake agencies. Investigations are ongoing.

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“As usual, when the ICPC is ready to either go to court or not to go to court, we would let you know. But for now, investigations are ongoing. Let it be on record that the ICPC stands by what it said before,” Odey said.

The commission had on August 21, 2026, announced the discovery of a purported fake federal agency operating under the name National Brands Development and Made in Nigeria Special Project Office.

The ICPC alleged that the organisation was promoted by George Buchi Nwabueze, with the suspected involvement of senior public servants in the Office of the Secretary to the Government of the Federation (OSGF).

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Following the disclosure, President Bola Tinubu ordered Nwabueze’s arrest and the suspension of three permanent secretaries: Mohammed Danjuma, Nandungu Gagare and Richard Pheelangwa.

The discovery emerged during the commission’s wider investigation into the activities of the purported Presidential Foreign Intervention Promotion Council (PFIPC), which was allegedly operated by Adeniyi Adeyemi Matthew.

The ICPC had earlier reported that its investigation into the PFIPC uncovered two other purported organisations allegedly linked to Adeyemi: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public-Private Partnership.

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According to the commission, the investigation found that the PFIPC was not established by any law, executive order or other valid government instrument. It also alleged that documents presented to support the organisation’s existence, including an appointment letter, were forged.

The commission further said there was no evidence that Federal Government funds had been approved or disbursed to the purported council.

However, Nwabueze denied the allegation that the National Brands Development and Made in Nigeria Special Project Office was fake, insisting that the project office had existed within the OSGF since July 16, 2010.

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He questioned why an initiative that had allegedly been operating for 16 years was suddenly being described as fictitious.

Meanwhile, two of the three permanent secretaries suspended following the discovery have since been reinstated.

Mohammed Danjuma, Permanent Secretary, Finance (Special Duties), was reinstated following presidential approval conveyed in a letter dated October 22, 2026, by the Head of the Civil Service of the Federation, Olumuyiwa Abel. His reinstatement took effect on October 21.

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Similarly, Richard Pheelangwa, Permanent Secretary in the Ministry of Defence, resumed duty on November 3 after the Federal Government lifted his suspension.

The Minister of Defence, Christopher Musa, formally welcomed Pheelangwa back to the ministry, according to a statement by the minister’s media adviser, Leah Katung-Babatunde.

The reinstatements have, however, not brought the ICPC investigation to an end, as the commission says it is continuing efforts to establish the full circumstances surrounding the alleged operations of the purported agencies and identify anyone who may have facilitated them.

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