May & Baker Nigeria Plc led the pharmaceutical sector in profitability for the first half of 2026, achieving a net profit margin of 16.59 percent. While the combined profit margin for five major listed pharma firms rose to 10.24 percent, May & Baker’s performance was distinct because it stemmed from improved cost efficiency rather than top-line revenue growth. Fidson Healthcare followed with a 10.37 percent margin, while MeCure Industries and Neimeth International Pharmaceuticals recorded 7.76 percent and 5.65 percent respectively. Morison Industries trailed the group, posting a net loss for the period.

Nigeria’s top audit firms reported over N175 billion in combined revenue for the 2025 financial year, according to Financial Reporting Council of Nigeria transparency reports. KPMG Nigeria led the revenue rankings with N67 billion, despite having fewer clients than PricewaterhouseCoopers (PwC). PwC, which topped the market by client count with 295 entities, recorded N55.36 billion in revenue, followed by Ernst & Young (EY) at N42.27 billion. The data highlights a significant shift in the professional services sector, where advisory, tax, and consulting services increasingly drive revenue growth over traditional statutory audit engagements. Deloitte, BDO, Grant Thornton, and Forvis Mazars also maintained substantial market influence, though Deloitte did not disclose specific revenue figures.

May & Baker Nigeria reported a 51 percent increase in its profit before tax for the first half of 2026, reaching N4.85 billion compared to N3.21 billion in the same period last year. The pharmaceutical firm’s growth was primarily driven by effective cost management, notably a 16 percent reduction in sales and distribution expenses, and a 101 percent surge in interest income. The company also significantly strengthened its balance sheet by reducing total liabilities by 22 percent and improving its cash position to N8.19 billion.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.