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All Posts in "Day: June 27, 2025"

4th Cycling Lagos Grand Finale Holds Tomorrow

By Winifred Bosa
Organisers of the highly anticipated 4th edition of Cycling Lagos have confirmed that the grand finale of the event will take place tomorrow, Saturday, June 28, 2025.
In a statement released on Friday, the organisers announced that the event will feature celebrity, children, and professional races, promising an exciting day of competition and entertainment.
Speaking in Lagos, Bamidele Adeleye, Managing Director of BrandEscort Communications and Convener of the event, assured the public of an even bigger and better experience this year.
“The 2025 Cycling Lagos event will hold tomorrow, Saturday, June 28, at the Teslim Balogun Stadium, Surulere, with activities kicking off by 7:00 a.m.,” he said.
This year’s edition, themed Sustainability Energy, is proudly sponsored by Samsung, with support from Nestlé Nigeria Plc, Mountains Energy Solution, Cway, Peak Yoghurt, Leadway Assurance, DStv, the Lagos State Sports Commission, and the Lagos State Cycling Association.
Cycling Lagos is an annual event that attracts participants from across the country, aimed at promoting a healthy lifestyle and fostering unity through sport.
Online Poster by — June 27, 2025 in News 0
Stakeholders Anticipate 7th Africa Procurement And Supply Chain Summit & Awards 2025 In Lagos

By Winifred Bosa

There is a fever pitch of anticipation in preparation for the 7th edition of the Africa Procurement and Supply Chain Summit & Awards in Lagos scheduled to take place from July 3–4, 2025.

The industry event organised by InstinctWave will take place at the prestigious Oriental Hotel, Victoria Island, Lagos, Nigeria.

The event themed “Driving Impact through Innovation: The Future of Procurement & Supply in Africa,” will bring together senior executives, policymakers, and thought leaders from across the continent to Lagos.

The summit will delve into transformative trends including sustainable procurement, digital transformation, and the integration of Artificial Intelligence (AI) and Machine Learning (ML) in supply chain operations.

The event is aimed to provide a platform for participants to benchmark strategies, exchange ideas, and explore ways to thrive amid today’s uncertain and evolving market landscape. Key topics will include local content development, e-procurement, sustainability, and the advancement of procurement excellence across Africa.

A stellar lineup of distinguished speakers that will enrich the summit’s dialogue, including: Dr. Adebowale Adedokun, DG, Bureau of Public Procurement (BPP), Dr. Clever Ruswa – CEO, Procurement Regulatory Authority, Zimbabwe, Godwin Kudzo Tameklo Esq – CEO, National Petroleum Authority (NPA), Ghana, Barr.Joshua Sunday Ehimoni Esq, DG, Bureau of Public Procurement, Niger State, Akin Naphtal, Group CEO, InstinctWave Group, Dr. John Ngeno – General Manager, Supply Chain & Logistics, Kenya Power, Mr. Simon Annan – President, Ghana Institute of Procurement and Supply (GIPS), Fatai Idowu Onafowote – Director General, Lagos State Public Procurement Agency, Akparawa Emem Kanico KCPP. National President, Association of Public Procurement Practitioners of Nigeria, Adeola Oduntan – GM, Global Sourcing & Supply Chain Management, MTN and Cephas Afebuameh – Group Director, Supply Chain, Flour Mills of Nigeria Plc.

Other speakers are Amb. Prof Robert Tay, Procurement Director, Driver and Vehicle Licensing Authority, DVLA, Mr. QS Raheem Abdulbaki – CEO, Kwara State Public Procurement Agency, Edwin Muhumuza – Head of Africa, Open Contracting Partnership, Adejoke Atte, Head of Procurement, Nigerian Communications Commission, Gloria Nyanteh – Procurement Head, National Petroleum Authority (NPA), Ghana, Jacob Forst – AFRI Associate, International GOPA, Misan Ilesanmi, Head Supply Chain Capability Development, Coca-Cola HBC, Rauf Badejo, Group Chief Supply Chain Officer, GZ Industries, Nkechi Esechie , Business Procurement Mgr – Sub-Sahara, Pladis Foods Nigeria, Beauty Emeneu (CSCP), Head of Procurement, Guinness Nigeria, Obinna Nwodo, Founder, YSCP Nigeria, Rodney Boatey, Managing Director, Excelsior Global Limited and Nii Obodai Doku, Managing Director, Procura Global Sourcing.

Now in its 7th year, the summit will conclude with a Gala Awards Night, recognizing outstanding achievements in procurement and supply chain management. The awards will honor exemplary leadership, innovation, ethical standards, and organizational growth driven by procurement excellence.

In a press statement made available to the media, Mr. Akin Naphtal, Group CEO of InstinctWave, organizers of the summit, emphasized the evolving importance of the procurement function:

“Procurement and supply chain functions are not just support roles—they are strategic assets that drive organizational success. We aim to shift the perception of the profession by recognizing and rewarding exceptional talent, innovation, and best practices.”

Mr Naphtal further noted that the summit will showcase how African enterprises can harness these innovations to overcome obstacles such as infrastructure limitations and regulatory challenges.

“The 7th Africa Procurement and Supply Chain Summit will explore how innovation is transforming procurement and supply chain management throughout Africa,” he said

He added, “This summit will demonstrate how African businesses can leverage these innovative approaches to address critical challenges, such as infrastructure gaps and regulatory complexities. We are committed to fostering collaboration between public and private sectors to deliver impactful solutions tailored to Africa’s unique needs, driving significant progress across the region.”

The summit, supported by industry leaders including Ghana’s National Petroleum Authority, Volta River Authority, and, will bring together professionals to exchange strategies and address the evolving demands of Africa’s procurement and supply chain landscape.

Online Poster by — June 27, 2025 in News 0
Over 40 Partners Align With UN And Sterling One Foundation For Africa’s Policy Reset

By Winifred Bosa
Ahead of the Africa Social Impact Summit (ASIS) 2025, scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.
The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.
Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.
The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.
Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.
“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily. As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”
In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:
“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts. That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”
In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank, emphasized the private sector’s enduring role in the ASIS journey:b“Sterling Bank has been a strategic partner to ASIS from the very beginning. As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions. Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”
Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure. ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank, and other theme and technical partners, with Lagos State as the host city.
Interested participants are encouraged to register at theimpactsummit.org.
About the Co-Conveners
Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security. Gender Equality and women empowerment are integrated as a cross cutting priority across all our programming areas. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement
Online Poster by — June 27, 2025 in News 0
Dangote Is The Pride Of Nigeria’s Financial Market, Says NGX Group Chairman

 

  

The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has praised the President/Chief Executive, Dangote Group,  Aliko Dangote for his substantial contributions to the Nigerian capital market and private sector development.

 

He noted this during a courtesy visit to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited by capital market stakeholders.

 

Kwairanga, who called for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, stated that it would represent a natural progression in the Dangote Group’s journey towards transparency, market leadership, and inclusive wealth creation.

 

Noting that the Nigerian capital market takes great pride in Dangote and his contributions to the economy, he commended the impact of the Dangote Petroleum Refinery on the Nigerian economy, stressing that the various initiatives introduced have provided much-needed relief to Nigerians.

 

Kwairanga recalled Dangote’s tenure as President of the Council of the Nigerian Stock Exchange, describing him as a visionary whose leadership shaped the capital market landscape.

 

“Through the listing of companies such as Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc, the Group has significantly deepened market liquidity, boosted investor confidence, and driven long-term value creation for shareholders,” he stated.

 

The Chairman emphasised that the visit was more than a tour; it was a reaffirmation of the NGX’s commitment to aligning investment capital with national development goals.

 

The President/ Chief Executive of the Dangote Group, Aliko Dangote, reaffirmed that the Group will soon list the Dangote Fertiliser Limited on the Nigerian Exchange (NGX), with the aim of revolutionising the capital market.

 

He assured shareholders that those investing in Dangote Fertiliser Limited would not need to worry about the value of the local currency, as the company operates within a dollarised business framework.

 

“So, what are we aiming to do to bring about a major revolution in the capital market? The main challenge is that many investors are hesitant, thinking, ‘If I invest my naira now, by the time I receive dividends in ten years, the naira will have lost value.’ However, we are entering the market with a dollarised business model,” he explained.

 

Dangote further disclosed that the company is working on expanding its fertiliser plants to boost revenue, with a target dividend payment to shareholders exceeding $3 billion.

 

“In the next 40 months, our fertiliser business should generate $20 million in revenue per day. We are pushing hard. We expect to reach over $70 billion in revenue and possibly pay dividends of $3–4 billion. Our philosophy is to always think big,” he said.

 

He added that the Group is also strengthening its cement business by investing in new plants and targeting clinker exports to West African countries, which will boost revenue and provide better dividends for shareholders.

 

Praising the recent progress of the NGX, Dangote stressed that Nigeria needs companies like Reliance Industries Limited, which once held its Annual General Meetings in a stadium. Such companies, he noted, would stimulate the economy and encourage wealth distribution.

 

Emphasising that Nigeria cannot attain its $1 trillion economy target without a vibrant stock exchange, Dangote affirmed his continued engagement and support for the NGX, acknowledging its crucial role.

 

The Vice President of Oil & Gas at Dangote Group, Edwin Devakumar, who led the delegation on a tour of the facilities, described the construction of the 650,000-barrel-per-day refinery as a monumental achievement that demanded immense courage, vision, and determination. He noted that the Group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the refinery—a feat never before attempted at this scale.

 

He also stressed that the refinery has ensured Nigeria is no longer reliant on imports to meet its petroleum needs and is now exporting refined products to various continents worldwide.

 

Also present were the CEO of NGX, Temi Popoola; Managing Director/CEO of Central Securities Clearing System Plc (CSCS), Haruna Jalo-Waziri; CIS President, Oluropo Dada; ASHON Chairman, Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; CEO of Lagos Commodity Exchange, Akeredolu Ali; and other major stakeholders.

Online Poster by — June 27, 2025 in Industry 0
Fidelity Bank Hits N1trn Market Cap After Share Price Increase

 

By Amaka Obiefuna

The Cable NG reports that the market capitalisation of Fidelity Bank has crossed the N1 trillion mark as the share value of the company appreciated by 1.27 percent at the close of trading.

 

According data from the Nigerian Exchange Group (NGX), the bank’s market capitalisation hit N1 trillion after its share price rose from N19.75 on Tuesday to N20 on Wednesday.

 

The increase moved the company’s valuation from N991.6 billion to N1 trillion.

 

With the development, Fidelity Bank joins the list of financial institutions with a market capitalisation of over N1 trillion.

 

The companies are Zenith Bank, Access Bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTB), and First Bank.

 

On May 21, Nneka Onyeali-Ikpe, the managing director (MD) and chief executive officer (CEO) of Fidelity Bank, acquired an additional 18 million shares in the bank.

 

Two days later, Onyeali-Ikpe bought additional 2 million units of shares in the bank.

 

According to a regulatory filing on the NGX, the shares were acquired on May 22, at N18.6 each — amounting to a total value of N37.2 million.

 

The acquisitions increased her shareholding in the bank to 114.64 million shares — from 94.64 million held as at December 31, 2024.

 

In its latest financial performance report, Fidelity Bank said it reported a 167.8 percent year-on-year increase in profit before tax (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025.

Online Poster by — June 27, 2025 in Capital Market 0