In a significant step towards improving educational access in underserved communities, Hershey, in collaboration with local partners, has inaugurated three new primary schools. The initiative aims to provide quality education to children and contribute to the overall development of the region. Commitment to Education Hershey, a leading global confectionery company, has long recognized the importance of education as a cornerstone for community development. This initiative is part of Hershey’s broader commitment to corporate social responsibility, focusing on enhancing educational opportunities and supporting sustainable development in the communities where it operates. The inauguration of the three primary schools is a clear…
Author: Temitope N.
Noor Takaful Insurance has reported an impressive 123% increase in profits for the latest fiscal year, reflecting strong operational performance and a growing customer base. This remarkable growth underscores the company’s commitment to delivering value to its policyholders and enhancing its market position in the competitive insurance landscape. Strong Financial Results The financial results, released in the company’s annual report, indicate that Noor Takaful’s total profit reached a substantial figure, driven by increased premiums and effective cost management strategies. The firm’s focus on innovation and customer-centric services has played a pivotal role in attracting new clients while retaining existing ones,…
Odu’a Investment Company Limited has announced the successful renovation of Cocoa House, one of Nigeria’s most significant historical and architectural landmarks. Located in Ibadan, Oyo State, Cocoa House is recognized as the first skyscraper in Nigeria, representing the wealth generated from cocoa production during the country’s agricultural boom in the mid-20th century. A Historic Revitalization The renovation project, which was undertaken to restore the building to its former glory, includes extensive structural repairs, modernization of facilities, and aesthetic enhancements. The initiative is part of Odu’a Investment’s broader strategy to preserve the rich cultural heritage of the South-Western region while promoting…
Nigeria’s stock market surged to new highs recently, with the market capitalization exceeding the N60 trillion mark for the first time, driven by strong performances from leading stocks like AccessCorp and Academy Press. This milestone highlights the increasing investor confidence and the impact of economic policy reforms that have energized the Nigerian financial markets. AccessCorp and Academy Press Drive Market Rally Leading the charge, AccessCorp and Academy Press saw substantial increases in share prices. AccessCorp, one of Nigeria’s largest financial institutions, posted gains due to strong financial results and strategic expansions across Africa. The company’s performance reflects its resilience and…
Aiming to expand financial inclusion and risk protection for Micro, Small, and Medium Enterprises (MSMEs), an upcoming summit will focus on improving MSMEs’ access to microinsurance. Organized by industry stakeholders and policymakers, the event will address barriers that prevent small businesses from accessing affordable insurance solutions and discuss innovative models tailored to meet their specific needs. Importance of Microinsurance for MSMEs For MSMEs, access to microinsurance is vital to managing risks such as property damage, theft, or unexpected health crises that could disrupt operations and revenue. However, traditional insurance products often fall short of addressing the financial constraints and unique…
The Airline Operators of Nigeria (AON) has expressed appreciation for President Bola Tinubu’s decision to retain Festus Keyamo as the Minister of Aviation, highlighting the strides made in Nigeria’s aviation sector since his initial appointment. The group noted that Keyamo’s approach has brought renewed focus to the challenges within the sector, aligning with industry stakeholders to address pressing issues like safety regulations, infrastructure improvements, and aviation policy reform. Positive Impact in a Short Period According to AON, Keyamo’s tenure, though relatively brief so far, has introduced substantial changes aimed at stabilizing and enhancing the sector’s performance. The minister’s proactive efforts…
The Sterling One Foundation, in collaboration with PwC and several other prominent organizations, has announced the launch of an upcoming sustainability conference aimed at fostering sustainable development and impactful corporate responsibility in Nigeria. The conference, set to gather leaders from the public, private, and non-profit sectors, is intended to build awareness, discuss innovative solutions, and drive collective action on critical issues impacting environmental, social, and economic sustainability in Nigeria. An Industry-Wide Push for Sustainable Development The event will serve as a platform for cross-sector collaboration, with the goal of equipping participants with the knowledge and strategies needed to adopt sustainability…
CardinalStone Securities, one of Nigeria’s leading investment services providers, has been awarded the distinguished Euromoney Award for Excellence. The award, which highlights best practices in investment and financial services, recognizes CardinalStone’s contributions to the growth and evolution of Nigeria’s financial sector, setting standards for customer engagement, technological innovation, and investment performance. Acknowledging Excellence in Investment Services The Euromoney Award for Excellence is a globally recognized accolade that honors financial institutions demonstrating outstanding performance, strategic adaptability, and a commitment to client success. For CardinalStone, this award reinforces its position as a trusted investment services provider in the Nigerian market, underscoring its…
Nigeria’s oil industry faces another setback as vandals have interrupted crude supply to the Forcados terminal, a key export hub in the Niger Delta region. This act of sabotage has led to a temporary halt in crude flow, sparking renewed concerns over the security of oil infrastructure in Nigeria. Forcados Terminal: A Strategic Export Hub The Forcados terminal, operated by Shell Petroleum Development Company (SPDC), is one of Nigeria’s largest crude oil export terminals. Located in the Western Niger Delta, it has a capacity to export around 200,000 barrels of crude per day and plays a crucial role in Nigeria’s…
The government of Kogi State is seeking inclusion in Nigeria’s 13% derivation fund, granted to oil-producing states. With recent declarations of its oil-producing status, Kogi leaders argue that the state deserves an equitable share of the revenue derived from its natural resources. Governor Yahaya Bello and other state officials have formally appealed to the Federal Government, urging that Kogi receive fair access to these funds, which are currently distributed among Nigeria’s long-established oil-producing states. The Push for Revenue Sharing Inclusion Kogi’s demand for a share in the derivation fund reflects its view that the state should benefit financially from its…
The Federal Government of Nigeria and the World Bank are jointly calling for urgent efforts to intensify women empowerment programs across the country, underscoring the crucial role of women in driving economic development and societal progress. This call was made during a recent gathering that highlighted the significant disparities in access to resources and opportunities between men and women in Nigeria, and the critical need for comprehensive measures to address these gaps. According to representatives from the World Bank, empowering women is a key component of economic and social development strategies. Research consistently shows that when women have access to…
Nigeria’s housing deficit, estimated at over 20 million units, remains one of the country’s most pressing challenges. In a recent statement, the CEO of Loft & Keys, a Nigerian real estate firm, highlighted the pivotal role that micro-mortgages could play in bridging this gap and making home ownership accessible to millions of Nigerians. According to the CEO, the current mortgage market in Nigeria is not accessible to the majority of citizens due to high costs, limited financial products, and strict eligibility criteria that make it difficult for low- and middle-income earners to qualify. With only a fraction of Nigerians able…
The Lagos State Government has recently disbursed N740 million in pensions to 348 retirees, reaffirming its commitment to ensuring the welfare of public servants after their years of service. The beneficiaries, who are retired employees from various state agencies, received the funds as part of the government’s ongoing efforts to support retired workers and ease their transition into post-service life. Consistent Payouts to Retirees During the disbursement event, Babajide Sanwo-Olu, Governor of Lagos State, reiterated the administration’s dedication to clearing pension arrears and providing retired workers with the financial security they deserve. According to the state’s Pension Commission (LASPEC), these…
The United Kingdom has pledged N1 billion in non-lethal military equipment to the Nigerian military as part of its ongoing commitment to support Nigeria in its fight against security threats, including insurgency, terrorism, and other regional security challenges. This donation, facilitated by the UK Ministry of Defence and the British High Commission in Nigeria, aims to enhance the operational capacity of Nigerian forces while underscoring the UK’s commitment to regional security in West Africa. Details of the Donation The N1 billion donation comprises a range of non-lethal equipment, including protective gear, communication tools, surveillance technology, and medical supplies. The focus…
The Nigerian film *Three Working Days*, directed by Jerry Ossai, has made a remarkable debut in Nigerian cinemas, grossing N14.8 million within its opening week. This achievement highlights the growing momentum of Nollywood in the global entertainment industry and the strong local interest in Nigerian-made content. A Strong Start for a Local Production *Three Working Days* captivated audiences with its unique storyline, quality production, and relatable themes, appealing to a broad range of moviegoers across Nigeria. The movie’s performance signals a positive trend for the Nollywood industry, showcasing that Nigerian audiences are increasingly willing to support homegrown productions in theaters,…
In a recent session, the House of Representatives has called on the Central Bank of Nigeria (CBN) to expedite the withdrawal of old naira notes from circulation. This move aims to streamline the currency transition process and reinforce public confidence in the nation’s monetary system. The CBN had previously initiated a currency redesign policy that involved the introduction of new naira notes to replace the old ones. This decision was aimed at combating inflation, curbing counterfeit currency, and enhancing the overall integrity of the financial system. However, the transition has faced various challenges, including public reluctance to embrace the new…
As global economic challenges and local agricultural disruptions persist, stakeholders are voicing concerns over a projected increase in food inflation in 2025. Various industry experts, economists, and agricultural organizations are closely monitoring the situation, predicting that a combination of factors will contribute to rising food prices in the coming years. Factors Contributing to Food Inflation 1. Climate Change Impacts: Erratic weather patterns and climate-related events are increasingly affecting agricultural productivity. Droughts, floods, and changing seasons disrupt planting and harvesting schedules, leading to lower yields. As a result, reduced supply can drive up prices, affecting consumers globally. 2. Supply Chain Disruptions:…
The Standards Organization of Nigeria (SON) has announced plans to simplify the certification process for small and medium-sized enterprises (SMEs) in a bid to enhance their competitiveness and market access. This initiative aims to reduce bureaucratic hurdles and foster a more conducive environment for SMEs to thrive in Nigeria’s dynamic economic landscape. Addressing the Challenges Faced by SMEs SMEs play a crucial role in Nigeria’s economy, contributing significantly to job creation and economic growth. However, many SMEs struggle to navigate the complex certification requirements necessary to market their products and services. The existing certification process has often been criticized for…
Sabistation, a prominent organization dedicated to celebrating excellence and achievement in various sectors, has honored renowned personalities, including Aliko Dangote and Dr. Ugochukwu Agbogu, for their outstanding contributions to industry and society. The event highlighted the significant impact these individuals have made in their respective fields and their commitment to driving positive change within Nigeria. Celebrating Leadership and Impact The recognition ceremony, held recently, served as a platform to celebrate leaders who have demonstrated remarkable dedication and vision in their pursuits. Aliko Dangote, Africa’s richest man and the founder of Dangote Group, was honored for his transformative influence on the…
The Bureau of Public Procurement (BPP) is advocating for a significant increase in local content requirements, proposing that at least 70% of materials and services used in public procurement be sourced locally. This initiative aims to bolster the Nigerian economy by enhancing local manufacturing capabilities, creating jobs, and promoting sustainable economic growth. Rationale Behind the 70% Local Content Policy The push for 70% local content stems from the need to reduce Nigeria’s dependence on imported goods and services. By fostering a robust local industry, the BPP aims to stimulate economic activity and promote self-sufficiency in various sectors. According to BPP…