April 2025 Archives

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Umo Eno, Rabiu, Ufot, Ogra, Others Win 2024 Industry Awards

The Industry Newspaper, organisers of The Industry Summit/Awards has named the Governor of Akwa Ibom State, Pastor Umo Eno as the Industry Governor of the Year for his policies and programmes designed to promote and improve startups and entrepreneurship in the state.

In the year under review, Pastor Eno has demonstrated exceptional leadership in the State, driving development and progress through innovative policies and initiatives.

His commitment to improving the lives of Akwa Ibom citizens is truly commendable.

The 6th edition of the awards which precedes the industry summit 2025 is scheduled to be held in Lagos on Saturday, May 3rd.

In a statement made available to the media, the organisers also listed the Chairman/CEO of BUA Group, Alhaji Abdulsamad Rabiu as the Business Personality of the Year, GMD/CEO, SO&U, Udeme Ufot as Doyen of Advertising, Senior Special Assistant to President of Nigeria, O’tega Ogra as the Spokesperson of the Year, CEO of Simba Group, Chief Vinay Grover as Green Energy champion and Chief Commercial Officer of TGI Group, Probal Bhattacharya as CMO of the year.

Other notable personalities who also the 2024 Industry Awards include Founder & CEO, AAJ Express, Ambassador Adekunle Adeyemo- Logistics Champion, CEO, NigerBev Limited, Dr. Obinna Ike- CEO of the Year, GMD/CEO, Verdant Zeal Advertising, Dr. Tunji Olugbodi- Industry Pathfinder, CEO, Chain Reactions Africa, Israel Opayemi Industry Pathfinder, COO, Leo Burnett Lagos, Mrs. Seyi Layade- Industry Pathfinder, CEO, Integrated Indigo, Bolaji Abimbola- PR Man of the Year, CEO, Abelinis, Abiodun Oshinibosi- Industry Pathfinder and CEO, FPL Media, Lanre Ashaolu as OOH player of the year.

According to the convener of the project, Goddie Ofose, “Pastor Umo Eno, the Governor of Akwa Ibom State, has significantly impacted entrepreneurship development through his ARISE Agenda, a comprehensive initiative that includes providing financial and material support, training, and partnerships with institutions like the Bank of Industry.

“He has also focused on empowering women and youth through specific programs like the Ibom-LED Entrepreneurship Accelerator Programme. Providing equipment to small businesses, covering a wide range of trades like tailoring, barbing, shoemaking, and more.

Through these programmes, Eno’s government has offered grants and partnerships with financial institutions like the Bank of Industry to provide low-interest loans to SMEs,” he added.
Speaking on the importance of Industry Awards, Ofose said, “Industry Awards is a validation of excellence. The awards recognize and validate outstanding achievements, innovations, and contributions to the integrated marketing communications, banking, energy, pension funds, insurance, governance and other allied industries.
He said, “Winning an award can boost an organization’s reputation and credibility within the industry and this can translate to increased visibility and exposure for organizations, helping to attract new customers, investors, and talent.

“Industry Awards can differentiate winners from competitors and provide a competitive edge and these have been proven in our previous winners.”
Previous winners of this coveted trophies include, Lagos State Governor, H.E. Babajide Sanwo-Olu, Borno State Governor, Prof Babagana Zulum, former Akwa Ibom State Governor, Mr. Emmanuel Udom, Sir Biodun Shobanjo, Sir Steve Omojafor, Mr. Funmi Onabolu, Mr. Steve Babaeko and others.

by Winifred Bosa — April 30, 2025 in brands and Marketing 0

Fidelity Bank’s FY 2024 Performance Praised By Shareholders

Shareholders of tier one lender, Fidelity Bank, have applauded the board and management of the bank for delivering an outstanding performance in FY 2024.

Speaking at the bank’s 37th Annual General Meeting (AGM) held virtually on Tuesday, April 29, 2025, the National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, praised the bank, saying, “This is a superlative performance and we the shareholders are grateful to management and staff for giving us a bank to be proud of. It is also important to note that the bank has earned its spot as one of the top 3 dividend-paying financial institutions in Nigeria.”

On his own part, the Chairman, Zonal Shareholders Committee, Sir Tunji Okelana, recognized the bank’s exceptional leadership, which has seen the bank grow to unprecedented heights.

“The achievements of the current MD have surpassed that of everyone who held that office before her. In addition, staff working with her are assets. They are truly ‘Fidelity, they keep their word’. Without any doubt, I am very happy with the bank”, he declared.

In his remarks at the meeting, the Chairman, Board of Directors, Fidelity Bank Plc, Mr. Mustafa Chike-Obi, said, “Despite the global economic headwinds, we demonstrated exceptional resilience, achieving record breaking growth across all performance indicators, most notably our Profit Before Tax (PBT)”.

He further added that the bank’s stakeholders were all pleased with the success of the first stage of the capital-raise exercise. “The oversubscription of 237.9% in the Public Offer and 137.7% in the Rights Issue is a testament to the strength of our brand and the confidence the investing public has in us. Equipped with this vote of trust, we will proceed swiftly and conclude the second tier of our capital-raise exercise”.

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe in her statement to shareholders, shared the strategic outlook to build on the bank’s FY 2024 success stating that, “Our priorities in 2025 financial year are to complete the next phase of our capital raise and further strengthen our asset base, enhance operational efficiency and digital innovation and explore strategic regional expansion into select African markets.”

According to the bank’s 2024 annual report available on its website and distributed to shareholders, the bank recorded an impressive 210% growth in Profit Before Tax to N385.2 billion. Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The bank also witnessed an impressive 47.9% growth in deposits from N4.0trn in 2023FY to N5.9trn while Advances grew from N3.1tn in 2023FY to N4.4tn in 2024FY.

Several resolutions were considered and passed at the AGM, including the declaration of a final dividend of N1.25 kobo, the election of non-executive directors -Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam; the election of Mr Sufiyanu Ibrahim Garba as executive director; and the re-election of non-executive directors -Mr Mustapha Chike-Obi and Engr Henry Obih, among others.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

by Online Poster — April 29, 2025 in Capital Market 0

Enugu Reps Caucus Backs Concessioning Of Enugu Airport

LarryBravo Nwaiwu

The Enugu State Caucus in the House of Representatives has thrown its weight behind the federal government’s plan to concession the Akanu Ibiam International Airport, Enugu, describing it as a potential catalyst for the South East economy.

The caucus commended the federal government for the initiative and urged it to hasten the concession process to enable the people of the South East and the nation to benefit from it in earnest.

It equally called on the people of the region to support the concessioning as the only way to guarantee sustainable investment to fully develop the airport into a truly international facility.

The caucus made its position known in a statement signed and issued on Monday by the caucus leader, Hon. Nnolim Nnaji, as well as Hon. Martins Oke, Hon. Dennis Agbo, Hon. Anayo Onwuegbu, Hon. Chimaobi Atu, Hon. Sunday Umeha, Hon. Paul Nnamchi, and Hon. Mark Obetta. These are the representatives of all the eight federal constituencies in Enugu State.

“Due to poor capital investment, the Akanu Ibiam International Airport, AIIA, Enugu, remains partially completed and indeed an international airport only in name over two decades since it was designated as such by the federal government. Critical components such as cargo terminal, runway, international terminal, among others, are either non-existent or requiring completion or upgrade.

“Businesses and the people of the South East especially have borne the brunt of these inadequacies, which manifest in the paucity of international flights and intermittent closure of the airport for repair of the runway, as recently witnessed.

“Therefore, we believe that the concessioning of the airport, as currently being processed by the federal government, is the only realistic approach to attracting adequate resources to build the requisite infrastructure and expand existing ones to place AIIA in the league of other international airports around the world,” the caucus said.

The statement explained that concessioning was not the same thing as privatisation or sale of the airport as being peddled by some persons, but a well-known and tenured to Public-Private Partnership (PPP) framework, which pulls private capital investment into public infrastructure while government retains ownership and regulatory or supervisory authority.

“We call on the federal government to hasten this process, for the people of the South East region in particular and Nigeria in general to start benefiting from the huge possibilities and blessings it holds.

“Indeed, we also have faith in federal government through the Federal Airports Authority of Nigeria and the Ministry of Aviation and Aerospace Development to entrust AIIA to a concessionaire with the financial and technical prowess, strong international pedigree and reputation as well as antecedent of verifiable successes to actualise the target. Nothing less than this is acceptable and capable of catalysing the much-needed South East regional economic prosperity and transformation,” the statement added.

by Online Poster — April 29, 2025 in Aviation 0

C-One To Acquire Bankly Microfinance Bank

…To Restore Stability And Accelerate Growth

C-One Ventures Platform (C-One) today announced it has entered into an agreement to invest and acquire the licences, technology and select assets of the Nigerian operations of Bankly -a licensed
microfinance bank and fintech leader known for bridging financial access gaps across Nigeria’s informal economy.

The deal which is subject to regulatory approvals including from the Central Bank of Nigeria, reflects C‑One’s
commitment to ensuring stability, protecting customers, and building a more resilient financial services platform. Upon completion, it will see Bankly’s services and talent integrated with complementary offerings
from other companies within the C-One ventures portfolio.
“We believe financial services should be simple, affordable and accessible to everyone,” said a representative
of C-One. “Bringing Bankly into our ecosystem allows for a combination of community networks with our
powerful digital infrastructure to expand access to finance for underserved communities and drive real
economic participation.”

The investment from C-One when finalised, will prioritise the immediate resolution of customer obligations, stabilisation of operations, and strategic integration of Bankly’s technology into its broader financial services ecosystem. The transaction structure involves a modest cash consideration, ensuring a focus on sustainable growth and customer protection.
“Restoring customer confidence and ensuring operational resilience are our immediate priorities. We are
committed to scaling Bankly’s vision while delivering lasting value to our community” added the rep.

Founded in 2018, Bankly has been instrumental in advancing financial inclusion, serving Nigerians through innovative savings, payments, and credit solutions. However, in recent times, it has faced significant liquidity
constraints and operational disruptions, including delays in customer withdrawals and reduced service availability.

As part of the acquisition, C-One will build on Bankly’s foundation, ensuring continuity while investing in long-term growth. Bankly’s Co-founder, Tomilola Majekodunmi, will serve in an advisory capacity ensuring continuity and long-term success.

Speaking on the development, Majekodunmi said, “We are immensely proud of the impact we have made over the years. Bankly was built to serve people who were left out of the formal financial system and with C-One’s
backing, we have an opportunity to build on this foundation, address recent challenges, and expand our reach to even more communities.”

With Bankly being part of its platform, C-One is further expanding its reach in grassroots financial services, scaling impact and building resilient solutions for real people in real communities.

About C‑One Ventures Platform
C‑One is a venture studio focused on building, acquiring, and scaling technology-enabled businesses that address Africa’s most critical needs. Its portfolio spans education, healthcare, commerce, and financial
services, combining operational excellence with strategic investment to promote inclusive economic growth.

by Online Poster — April 29, 2025 in brands and Marketing 0

Seplat Energy’s Cash Generation Soars To N464.9 Billion In Q1 2025

… Achieves 7.3 Million Hours Without Lost Time Injury

Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited results for the three months ended 31 March 2025, recording a revenue of N1.228 trillion for the period from N268.6 billion reported same quarter last year. Its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year.

Cash generated from its operations for the period grew to N464.9 billion from N25.2 billion Year-on-Year whilst profit before tax rose to N314.6 billion from N103.5 billion Year-on-Year.

The energy company delivered robust production and cost performance during 1Q 2025, at a new scale, and firmly on track to deliver FY 2025 guidance. Strong cash position supports early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in our quarterly dividend to US$ 4.6 cents per share.

For the period, production averaged 131,561 barrels of oil equivalent per day (boepd) up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

Seplat Energy achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).

Operational highlights

• Production averaged 131,561 boepd up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

• Onshore production contribution of 56,196 boepd, was 14% higher than 1Q 2024, and above 2025 guidance. Within this, liquids +10% and gas +21% vs 1Q 2024, following strong performance at Oben Gas Plant and first contribution from Sapele Gas Plant.

• SEPNU production contribution of 75,365 boepd, within guidance, of which 88% crude and condensate, 4% NGL and 8% gas.

• SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.

• Sapele Integrated Gas Plant (‘SIGP’) was commissioned and achieved first commercial gas sales in February 2025. Plant is delivering high quality processed gas, and condensate yields of c.2 kbopd.

• Carbon emissions intensity for Seplat onshore assets: 30.6 kg CO2/boe (revised 1Q 2024: 31.1 kg CO2/boe), reduction driven by lower emissions at Sapele post start-up of SIGP. End of routine flaring for onshore assets on track for H2 2025.

• Achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for SEPNU.

Financial highlights

• Revenue $809 million up c.350% on prior year (1Q 2024: $180 million).

• Unit production operating cost of $12.6/boe (1Q 2024: $9.5/boe), better than guidance of $14-$15/boe, due to timing of planned maintenance activities.

• Adjusted EBITDA of $401 million, up 226% on prior year (1Q 2024: $123 million).

• Cash generated from operations of $306.5 million, up materially from $16.8 million in 1Q 2024.

• Cash capital expenditure of $40.2 million (1Q 2024: $47 million). Onshore drilling activity to ramp up from 2Q 2025.

• Completed refinancing of $650 million senior notes, with newly issued notes having a 2030 maturity and priced with a coupon of 9.125%. Seplat notes were priced inside the Nigerian sovereign for the first time, reflective of established reputation in credit markets.

• Reduced gross debt by ~21% following early repayment of $250 million of RCF and $19.3 million repayment of Eland RBL.

• Balance sheet remains robust, end-March cash at bank $334.6 million (YE 2024: $469.9 million), excluding $128.9 million restricted cash.

• Net Debt at end-March of $747 million down 17% on prior quarter (YE 2024: $898 million). Pro-forma ND/EBITDA improves to 0.56x.

Dividend & Board

• 1Q 2025 declared dividend of US$ 4.6c/share, an increase on the prior quarter dividend (US$ 3.6c/share), reflecting the strength of our financial position and confidence in our outlook. The company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for September 2025.

• Mr. Bello Rabiu, Senior Independent Non-Executive Director and Mr. Babs Omotowa, Independent Non-Executive Director resigned from the Board following their appointment to the NNPC Ltd board. The Board has unanimously appointed Mrs. Bashirat Odunewu as Senior Independent Non-Executive Director.

2025 Outlook

• 2025 guidance unchanged.

• Production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, SEPNU 72-84 kboepd).

• Capex guidance $260-320 million. (Seplat Onshore $180-220 million, SEPNU $80-100 million).

• Unit operating costs for the group are expected to be $14.0-15.0/boe.

• Capital Markets Day in September 2025 to detail our medium to long term growth ambitions.

Roger Brown, Chief Executive Officer, said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making goodprogress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.

Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, an 28% increase in our quarterly dividend versus 4Q 2024. Our assets are high quality, and while we will remain agile to the prevailing oil price environment, our business plan is designed to be robust at lower oil prices and our gas revenues, which are largely delinked to oil prices, provide long-term stability for the business. We are committed to our plan of growth and maximising value for our stakeholders.”

by Online Poster — April 28, 2025 in Energy 0

Supreme Court Sets Aside N22trn Judgement Against Union Bank

The Supreme Court has set aside a Federal High Court judgement in which over N22 trillion was awarded against Union Bank and other parties since 2014.
The judgement arose from a suit instituted by a company known as Visana Nigeria Limited which claimed that Union Bank was indebted to it in the sum of approximately $8 million at an interest rate of 2.5 per cent per month compounded from January 2000 until judgement and thereafter at 10 per cent per annum from the date of judgement until the sum was fully paid.

Delivering the lead judgement of the Supreme Court, with which four other Justices agreed, Justice Stephen Jonah Adah regretted how non-adherence to a settled judicial precedent by the two lower courts had caused a simple matter to be in court for over 25 years.
The final determination of the case is expected to lay to rest the discomfort of the CBN and other regulators of Union Bank, its auditors and rating agencies on the possible impact of the judgement on the going concern status of the bank.

Visana instituted the suit against the defendants, alleging that Metalloplastica Nigeria Limited, a Borrower from Union Bank was indebted to it in the sum of $7,616,188.94 as at December 1993 and that the purported Deed of Debenture made on 24th February 1989, pursuant to which Continental Merchant Bank appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica was invalid, same having been procured “without the prior written consent of Universal Trust Bank and its successors-in title or assigns (being Union Bank) as provided in paragraph 13(f) of the original Debenture issued by Metalloplastica in favour of Universal Trust Bank.

Judgment was delivered against Union Bank on 16 December 2014 for the sum of USD7,616,188.94 or its equivalent in Naira with pre judgement compound interest at the rate of 4.25 per cent per month from 26th January 2000 till the date of judgement and thereafter at the rate of 10 per cent on the judgement sum per annum from the date of the judgement till final liquidation of the debt.

The Court of Appeal later heard the application filed by the 1st respondent (Visana Nigeria Limited) to rely on fresh evidence. The Appeal was heard, and judgement was delivered on the 16th of April 2021. Judgement was reduced to the sum of USD 365, 605.32 or its equivalent in Naira with pre-judgement with interest at 4.25 per cent per month simple interest from 31st December 1993 to 16th December 2014 and thereafter at the rate of 10 per cent per annum from the date of the judgement at the court below until final liquidation of the Judgment debt.

Still dissatisfied by the judgement of the Court of Appeal, Union Bank further appealed to the Supreme Court in 2021. Union Bank’s persistence paid off in the judgement delivered on Friday, 25 April 2025.

by Online Poster — April 28, 2025 in Capital Market 0

Sterling Bank Introduces Free Bus Rides For Nigerians…

.…Doubles Down On Its Push For Free Bank Transfers

After sparking a national movement with its Zero Transfer Fees campaign, Sterling Bank has once again pushed the boundaries of what corporate citizenship can mean to everyday Nigerians.

Last week, regular Lagosians stepping out after long workdays were met with an unexpected gift: Sterling OneBank-branded buses waiting to take them home, free of charge.

Starting as a push against bank transfer fees, the initiative has now taken to the streets, as the bank began offering free bus rides to customers across major Lagos corridors, a gesture that will continue through May 2025 to ease the return of workers after the May Day holidays.

For a city where a single bus fare can be the difference between feeding a family or not,

Sterling’s free ride initiative struck a deep chord. What began with free transfers through its OneBank platform has now evolved into a movement on wheels, connecting digital convenience with real-world survival. In a time of skyrocketing costs, the bank is reaffirming a simple belief: financial freedom should not end at the removal of bank charges, it should

move you, carry you, and lift you.

Across Lagos, from Obalende to Ikorodu and TBS to Oshodi, the sight of Sterling buses pulling up to offer free rides sparked moments of disbelief, gratitude, and quiet celebration. For thousands of commuters, it was a tangible reminder that sometimes, the biggest changes come not from slogans, but from small, deliberate acts of care.

“For customers who have to choose between transport fare and groceries, this is more than a ride, it’s hope,” said Chidimma Okoli, Masterbrand Marketing Lead at Sterling. “When we said we were tearing down the barriers to moving your money, we meant it. But we also meant the barriers to moving yourself, to moving your dreams, to moving your life forward.

This isn’t just about banking apps. It’s about freedom, in every sense of the word.”

Mary E., a market trader from Oshodi, stepped off a Sterling bus last Friday and captured the mood perfectly. “This is the first time a bank is not just advertising but acting,” she said, beaming. “I have saved on transfers all month because of OneBank. And today, I saved on my transport. Sterling ehn, dem sharp. Dem dey move.”

Across town, a young professional shared his own experience on LinkedIn: “Every naira

matters o. I already saved money on bank transfers using OneBank. Today, Sterling saved me time, money, and stress after a brutal day at work. They just get it.

Another rider, Amaka I., a single mother and hairdresser from Ajah, described the free ride

as “a blessing nobody told me was coming.” She added, “We Lagos people work so hard

just to move. Today, I didn’t have to count Naira for my bus fare. That is dignity. That is

respect.”

Chidimma Okoli emphasized that this initiative was never about fanfare, but about putting

philosophy into action. “Financial systems have for too long extracted from Nigerians,” she said. “At Sterling, we are making a different choice. We are giving back, not just in naira and kobo, but in opportunities, in relief and in real dignity.” This initiative builds on Sterling’s history of standing with Nigerians during critical moments.

During the pandemic, Sterling was one of the first banks to support remote work transitions

and provide digital lifelines to struggling SMEs. Through programs like AltSchool Africa and entrepreneur bootcamps, Sterling has opened new doors to skills development and

affordable financing. After fuel subsidies were removed, the bank financed transport

cooperatives to keep mobility alive for thousands who would otherwise have been

stranded.

But according to Okoli, what matters now is not history, it’s momentum. “We’re not trying to relive past glories,” she said. “We’re building new victories, alongside the people who trust us every day with their journeys.”

Beneath the buses and smiling faces lies a deeper story of infrastructure strength. Sterling’s robust digital banking backbone, capable of handling over 180 million transactions and scaling rapidly, allows it to absorb costs that many banks would have pushed onto customers. It is this invisible engine that has further helped make visible change possible.

As the month of May approaches, the momentum will continue. Workers returning from the holidays can expect to find the free rides still running across locations, a daily reminder that real banking doesn’t just live in apps but also on the streets, in the choices that make hard lives a little easier.

Sterling is encouraging all riders to share their experiences online, turning thousands of quiet journeys into a loud statement that Nigeria deserves a financial system that carries its people forward, not holds them back. Because true banking is not about hoarding profit; it is about moving lives and moving freely.

by Online Poster — April 28, 2025 in News 0

CSCS Successfully Hosts The AMEDA 2025 Conference In Nigeria For The First Time

The two-day African and Middle East Depositories Association (AMEDA) Conference 2025, hosted for the first time in Nigeria by Central Securities Clearing System (CSCS) Plc, has officially come to a close. The conference brought together key financial market infrastructure operators, regulators, policymakers, and private sector leaders from across Africa and the Middle East to deliberate on the future of capital markets and the role of financial market infrastructure in shaping economic transformation.

The event, themed “Shaping the Future: Financial Market Infrastructures as Catalysts for Transforming Economies,” provided a robust platform for thought leadership, strategic dialogue, and knowledge exchange.

Sen. Kashim Shettima, the Vice President of Nigeria in a recorded keynote address stated, “In His Excellency, President Bola Tinubu, you have not only found an ally in market reform, but also a steward of economic stability. Our administration is committed to strengthening Nigeria’s financial market infrastructures through a deliberate blend of regulation, reform, capital market development strategies, and robust public-private collaboration, frombroadening participation in our capital markets to increasing access to finance for MSMEs and start-ups, and financing infrastructure through green bonds, social bonds and sukuk.”

Abdulla Abdin, the Chairman of AMEDA in his welcome address reinforced the importance of financial market infrastructures in supporting inclusive and innovation-driven economies, “The theme of the conference reflects our deepest awareness of the rapid transformation taking place in the global economy and the role played by the financial market infrastructures in enabling economies to adopt innovation and achieve inclusive growth. AMEDA holds the view that financial infrastructure is not solely a technical tool, it constitutes an essential mechanism for development and a sound basis for incentivising investment, improving transparency, optimising market efficiency, and realising economic integration within the region.”

Haruna Jalo-Waziri, the Vice Chairman of AMEDA and MD/CEO of CSCS, emphasized Nigeria’s bold ambitions and the role of infrastructure in achieving them, “Our country is on a bold journey to grow its economy to a $1tn economy. This ambition is underpinned by a capital market that must evolve in scale, sophistication and inclusiveness. At CSCS, we are proud to support this journey by investing in future-ready infrastructure, enabling investor confidence, building systemic resilience, and partnering with innovators across the financial services value chain.”

Babajide Sanwo-Olu, the Governor of Lagos State, who was represented by the Commissioner for Economic Planning and Budget, Opeyemi George, reiterated the state’s commitment to enabling investment and economic growth. “I am fully committed to creating a welcoming atmosphere for investment, innovation, and sustainable growth. Our goal is to turn Lagos into a shining example of progress, unity, and endless opportunities for everyone who lives and works here.”

Dr Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), in his goodwill message, highlighted the pivotal role of capital markets. “We live in an era of accelerated transformation. Financial markets today are active agents of national development, regional integration, and global competitiveness.”

He further noted the importance of the newly enacted Investments and Securities Act (ISA) 2025, which repealed the 2007 Act, “The new law expands SEC’s regulatory powers, enhances investor protection, and introduces frameworks for digital assets and derivatives, aligning Nigeria with global standards.”

Temi Popoola, the Chairman of the Board of CSCS, commended the significance of AMEDA’s presence in Nigeria, “Hosting AMEDA in Nigeria reflects the rising influence of our capital market within the region. This is not just a moment of pride for CSCS but a call to deepen our collaborative efforts in strengthening market infrastructure across borders.”

The AMEDA Conference 2025 was not only a resounding success but also a catalyst for ongoing conversations around cross-border investment, market infrastructure innovation, and regulatory cooperation.

CSCS Plc extends its heartfelt appreciation to esteemed sponsors whose support made this event possible; Bamboo, CMA, Zenith Bank, Montran, NGX Group, Central Bank of Nigeria (CBN), Afrexim Bank, Chapel Hill Denham, Bank of Industry, Meristem, Tangerine, TCS Bancs, Allianz, FMDQ, Aluko & Oyebode, and Stanbic IBTC Group.

As we look to the future, CSCS encourages continued collaboration among financial market stakeholders across Africa and the Middle East. Together, we can build resilient infrastructures, foster inclusive growth, and unlock new frontiers of innovation and investment. We invite all stakeholders to stay engaged, share insights, and explore new opportunities for partnership as we collectively shape the future of our financial markets.

by Online Poster — April 28, 2025 in News 0

66th AGM Lafarge Africa: Celebrates Remarkable 2024 Financial Performance, Reiterates Commitment To Sustainable Growth

Lafarge Africa Plc, a leading innovative and sustainable building solutions company and manufacturer of a range of cement brands successfully held its 66th Annual General Meeting (AGM) in Lagos on Friday.

The AGM, attended by shareholders, board members, and stakeholders, reviewed the company’s exceptional 2024 financial results and set the stage for accelerated growth.

In the 2024 financial result released in February, Lafarge Africa announced a remarkable revenue of N696.76 billion for the 2024 financial year. The growth in revenue represents an increase of 72% from N405.50 billion recorded in 2023. Operating profit grew by 89% from N102 billion in 2023 to N193 billion in 2024 while Profit after tax surged to N100billion from N51billion, representing an increase of 96% over 2023.

During the AGM, shareholders approved a final dividend of N1.20kobo per share, reinforcing the company’s commitment to delivering value. The recent agreement by Holcim Group to sell its 83.81% stake in Lafarge Africa to Huaxin Cement Ltd. was also acknowledged, marking a pivotal step toward future expansion and innovation.

Addressing shareholders at the AGM, Chairman Lafarge Africa Plc, Gbenga Oyebode MFR, said that the success recorded in the 2024 financial year reflects the shared vision and trust of the company’s shareholders. “Today’s AGM reflects the strength of our shared vision and the trust of our shareholders. Our remarkable performance amidst the economic headwinds underscores our commitment to excellence and sustainable growth. We are well positioned to drive sustainable growth, empower communities, and shape Nigeria’s infrastructure for generations to come,” he said.

Also speaking at the AGM, the Group Managing Director/Chief Executive Officer, Lafarge Africa Plc, Lolu Alade-Akinyemi, stated, “Our 66th AGM celebrates a year of remarkable achievements spurred by innovation and sustainability.

Achieving 76% revenue growth in the face of economic challenges attests to our dedication and strategic focus. We remain committed to innovation, sustainability, operational excellence, and delivering superior value to our stakeholders.”

Mr. Eric Akinduro, Chairman of the Ibadan Zone Shareholders’ Association, ratifying the outcome of the AGM, remarked: “This is indeed a remarkable time for the shareholders of Lafarge Africa Plc, owing to the commitment, discipline, dedication, and professionalism demonstrated by the leadership of the organization. The profit declared demonstrates that Nigerians can achieve excellence when given an enabling environment. With the current trajectory, I am confident that the company’s financial performance will continue to improve year after year.”

Lafarge Africa continues to prioritize sustainable practices, with initiatives aimed at reducing carbon emission and accelerating green growth. This is highlighted by the company’s adoption of calcined clay in cement production, eco-friendly products, and the expansion of its green logistics framework.

About Lafarge Africa Plc

Lafarge Africa Plc, a leading Nigerian building solutions company, is a member of Holcim Limited, a global leader in innovative and sustainable building solutions. Listed on the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Lafarge Africa Plc is renowned for the production of a wide range of cement solutions designed to meet all building and construction needs from small projects like individual home buildings to major construction projects. Additional information is available on the web site at

by Online Poster — April 28, 2025 in Industry 0

Insurance Meets Tech (IMT) Lauds Nigerian Insurers Association (NIA) For Strategic Fintech Collaboration

Insurance Meets Tech (IMT), West Africa’s foremost conference and collaborative platform dedicated to fostering the intersection of insurance and technology, today issued a strong commendation to the Nigerian Insurers Association (NIA) for its announced initiative to collaborate with financial technology (fintech) firms to significantly enhance the speed and transparency of insurance claims payment.

The NIA Chairman, Mr. Kunle Ahmed, recently disclosed plans to invite fintech companies to pitch innovative solutions to revolutionise the claims process. This forward-thinking initiative is a cornerstone of the NIA’s efforts to rebuild public trust and accelerate insurance penetration across Nigeria. Mr. Ahmed highlighted the critical need for improved ease and timeliness in claim settlements, describing it as essential for sector sustainability and public confidence, even after the industry paid out N536.5 billion in claims in 2023.

Insurance Meets Tech has served as a vital multi-sector discourse platform for the past four years, successfully converging leaders and experts from the insurance, insurtech, cybersecurity, tech, fintech, and financial sectors. Our inaugural edition 2022 brought together over 300 C-Suite executives to call for partnerships and technology adoption to expedite Nigeria’s insurance penetration.

IMT 2023 served as a crucial nexus connecting early-stage insurtech startups with funding partners and mentors, empowering them with tools and resources for growth. The third edition in 2024, themed “Insurance and Tech: Beyond Collaborations,” continued to drive conversations and actions, focusing on innovation and creativity to engage tech-savvy young Nigerians, including Millennials and Gen Zs, through initiatives like the Collaborative Showcase and an immersive experience redefining insurance as a lifestyle protection tool.

As a platform established to drive synergetic collaborations and impact positive narratives within these ecosystems, IMT Conferences views the NIA’s move to adopt fintech solutions for claims payment as a direct and powerful alignment with the platform’s core objectives of driving future innovation and deepening insurance penetration within the Nigerian insurance sector.

Commenting on the announcement, Odion Aleobua, CEO of Modion Communications and Convener of Insurance Meets Tech, stated, “The NIA’s commitment to leveraging fintech to fast-track claims payment is precisely the kind of decisive action the industry needs. Claims are the ultimate moment of truth for policyholders. Injecting convenience, speed, technology and transparency into this process is not just an operational upgrade; it’s a fundamental step towards rebuilding trust and making insurance more relevant and accessible to the average Nigerian. This initiative validates the critical conversations and strategic partnerships that IMT has been championing, moving ‘Beyond Collaborations’ to tangible technological integration that benefits insurers and the insured. We are thrilled to see the NIA taking this bold leap.”

As the planning for the 4th edition of the Insurance Meets Tech conference for 2025 takes shape, IMT is specifically looking at delving deeper into understanding the insurance sector through the lens of technology to explore predictive market techniques and further unlock growth opportunities.

IMT is enthusiastic about the potential for collaboration with the NIA on this and future initiatives. IMT remain dedicated to providing the premier platform for dialogue, knowledge exchange, and partnership formation that supports such transformative initiatives within the West African insurance sector, ultimately driving insurance penetration through technology and innovation.

About Insurance Meets Tech (IMT)
Insurance Meets Tech (IMT) is West Africa’s foremost conference and multi-sector discourse platform dedicated to the intersection of insurance and technology. IMT converges leaders and experts from the insurance, insurtech, cybersecurity, tech, fintech, and financial sectors to foster strategic partnerships, drive technological innovations, and deepen insurance penetration in Nigeria and Africa.

by Online Poster — April 28, 2025 in Insurance and Pension 0