CBN Advert

All Posts in "Online Poster"

President Tinubu To Meet GenCos Over N4tn Power Sector Debt

President Bola Tinubu will meet with the leadership of electricity-generating companies over the N4 trillion power sector debt.

A statement by the Special Adviser, Strategic Communications and Media Relations to the Minister of Power, Adebayo Adelabu, Bolaji Tunji, on Sunday, said the Federal Government vowed to urgently address the debt following high-stakes talks between Adelabu and chairmen of Generating GenCos in Abuja on Tuesday.

He said FG’s intervention is aimed at averting an imminent collapse of the power infrastructure in the country.

According to the statement, the minister assured GenCos executives that the government would prioritise immediate payment of a significant amount out of the N4tn debt, while the balance would be defrayed through other debt instruments.

He said this would be proposed in a meeting being planned between President Tinubu and GenCos’ leadership.

“There is need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for a debt instrument in promissory notes to pay the rest”.

He assured the payment of the outstanding balance within six months through financial instruments such as promissory notes.

“We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the sector and prevent further crisis,” Adelabu stated, adding that the president would meet with GenCos leadership to fast-track the process.

The GenCoS were led by the Chairman of Mainstream Energy Solutions, who is also the Chairman of the Association of Power Generating Companies (APGA), Col. Sani Bello, who had earlier sounded the alarm over the sector’s dire state, citing the N4tn debt as a critical threat to operations.

He also warned that liquidity challenges had left GenCos unable to secure loans or maintain infrastructure. “Without urgent intervention, the entire power ecosystem could collapse,” he stressed.

Kola Adesina, Chairman of Egbin Power and First Independent Power Limited, echoed the urgency: “This is a national emergency. Everything hinges on power—industries, homes, hospitals. We cannot afford to let the sector fail.”

Adelabu acknowledged the government’s role in the sector’s struggles, pledging to not only clear the debt but also implement reforms to ease operational bottlenecks. He emphasised the need for full liberalisation of the power sector, urging Nigerians to embrace cost-reflective tariffs.

“Citizens must pay the appropriate price for the energy consumed. The Federal Government will continue to provide targeted subsidies for economically disadvantaged Nigerians. We have to understand that our economy cannot sustain subsidies indefinitely,” he asserted, calling for public sensitisation campaigns to drive compliance.

Dr. Joy Ogaji, CEO of APGC Power, detailed systemic challenges undermining GenCos, including chronic payment defaults, erratic gas supply, and foreign exchange volatility.

She noted that the naira’s plunge from ₦157/$1 in 2013 to ₦1,600/$1 had devastated maintenance budgets and loan repayments.

“GenCos have borne unsustainable risks—from grid failures to unproductive taxes—while remaining patriotic,” she said.

The minister outlined plans to transition the sector toward sustainability, including regulatory reviews to reduce levies and enhance market stability.

He also urged GenCos to collaborate on advocacy efforts to educate Nigerians on efficient electricity use and tariff realities.

Source: Channels TV

Online Poster by — May 5, 2025 in News 0
Dangote Set To Launch Sugar Refinery In Ghana To Cut $162m Import Bill

Nigerian businessman Aliko Dangote, has unveiled plans for a massive sugar refinery project in Ghana, aimed at curbing the country’s reliance on sugar imports and boosting local agro-industrial capacity.

Announcing the development in a LinkedIn post, Dangote revealed that the new facility, Dangote Sugar Refinery, will be located in Kwame-Danso, Bono Region, and is set to become a cornerstone of Ghana’s industrial transformation.

“We’re thrilled to announce the launch of a major agro-industrial project in Kwame-Danso, Bono Region: Dangote Sugar Refinery,” Dangote wrote, describing the venture as “a new chapter” in Ghana’s economic journey.

The project, which falls under Ghana’s ambitious One District, One Factory (1D1F) initiative, is expected to significantly reduce the country’s annual sugar import bill, currently estimated at US$162 million.

Key features of the Dangote Sugar refinery project include, daily sugarcane crushing capacity of 12,000 tons, Irrigation infrastructure spanning 25,000 hectares of farmland and Production lines for sugar, molasses, and ethanol.

 

Dangote confirmed that all required permits have been secured and land acquisition processes finalized, clearing the path for full-scale implementation.

“With land secured and necessary permits obtained, we’re moving forward with the support of Ghana’s ‘One District, One Factory’ initiative,” he stated. “This project tackles Ghana’s US$162 million sugar import bill while fostering a sustainable, homegrown solution.”

Beyond the refinery’s economic potential, Dangote emphasized the broader impact of the initiative on the African continent.

“At Dangote, we envision more than just a factory. We see a catalyst for economic independence, job creation, and transformative impact across Africa. Join us in shaping the continent’s future,” he added.

The launch marks Dangote Group’s growing footprint in West Africa and aligns with broader regional efforts to enhance food security, industrial output, and employment. The project is expected to generate thousands of jobs across farming, logistics, and manufacturing sectors in Ghana.

Source: Arise News

Online Poster by — May 5, 2025 in Industry 0
Cycling Lagos: Organisers Open Online Registration Portal For 4th Edition

Organisers of Cycling Lagos, Nigeria’s biggest cycling event, have announced the commencement of online registration for the 4th  edition, scheduled for Saturday, May 31, 2025.

This year’s event, themed “Sustainable Energy”, is expected to attract thousands of cyclists from across the country.

Speaking in Lagos, Bamidele Adeleye, Managing Director of BrandEscort Communications and Convener of the event, urged interested participants to visit www.cyclinglagos.com to register.

“As we gear up for the 4th edition of Cycling Lagos, we are committed to delivering a bigger, better, and more exciting experience. Registration is free, but participants must have a bicycle and a helmet. Organisers will provide event jerseys for all registered cyclists.”Adeleye said.

He also encouraged early registration, noting that slots are limited.

The 2025 edition will feature five categories: professionals, celebrities, children, corporate teams, and amateurs. The children’s race will be held alongside the main event at Teslim Balogun Stadium, Surulere.

The Cycling Lagos event which further promotes cycling as a major sporting activity in the country, was designed to encourage Nigerians to embrace a culture of health and fitness by riding bicycles in their various communities. The event also serves as a platform to showcase the vibrant city of Lagos as Africa’s premier destination for investment and tourism.

The annual event is supported by the Lagos State Sports Commission and the Lagos State Cycling Association.

Registration for the 2025 edition closes on Monday May 26, 2025.

Online Poster by — May 5, 2025 in News 0
BUA Foods Records N125bn Profit As Revenue Grows By 24% In Q1 2025 Unaudited Financial Results

  • Revenue: Grew by 24% to ₦442.1 billion
  • Gross Profit: Increased by 39% to ₦160.91 billion
  • Profit After Tax: Rose by 124% to ₦125.28 billion
  • Total Equities: Improved by 29.2% to ₦554.34 billion

BUA Foods Plc (NGX: BUAFOODS) has announced its unaudited financial results for the first quarter of 2025, demonstrating robust growth across key financial indicators.

The company recorded a significant revenue growth of 24 per cent to ₦442.1 billion in Q1 2025, up from ₦356.9 billion in the corresponding period of 2024. This impressive performance was driven by substantial increases in revenue from Flour, which soared 145 per cent to ₦176.2 billion, Pasta rose 12 per cent to ₦41.5 billion, and Rice recorded a remarkable increase of 1617 per cent to ₦13.02 billion. Sugar revenue, however, saw a slight 11 per cent quarter-on-quarter decrease to ₦211.3 billion (Q1 2024: ₦238.2 billion).

BUA Foods also reported a healthy gross profit of ₦160.91 billion in Q1 2025, a 39 per cent increase compared to ₦115.42 billion in Q1 2024. This growth led to an improved gross profit margin of 36.4 per cent, a 406 basis point increase from 32.3 per cent in the prior quarter.

Total operating expenses for the period increased by 56 per cent to ₦22.39 billion (Q1 2024: ₦14.37 billion), due to increases in selling and distribution expenses which rose 13 per cent to ₦11.08 billion driven by logistics costs, and administrative expenses up 147% to ₦11.32 billion.

Despite the increase in operating expenses, BUA Foods achieved a substantial growth of 124% in profit after tax (PAT) to ₦125.28 billion in Q1 2025, compared to ₦55.82 billion in Q1 2024. Consequently, Earnings per Share (EPS) also saw a significant increase of 125% to ₦6.96 from ₦3.10 in the corresponding period.

The company’s total equities stood strong at ₦554.34 billion as of Q1 2025, representing a 29.2% increase from ₦429.06 billion in FY 2024. This growth was mainly driven by a significant 30 per cent increase in retained earnings.

Commenting on the results, Engr. (Dr.) Ayodele Abioye, the Managing Director, said:

“We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape. Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.”

 

“Revenue increased by 24%, while Net Profit leaped by 124% to N125Billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited. Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.”

 

“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs. With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”

 

Online Poster by — May 5, 2025 in Industry 0
Airtel Helps Rescued Women Reconnect With Family

Leading telecommunications service provider, Airtel Nigeria, has stepped in to support 31 Nigerian women recently rescued from Ghana, helping them reconnect with their loved ones and begin the journey to rebuilding their lives.
The women, who returned to Nigeria through the intervention of the Nigerians in Diaspora Commission (NiDCOM), were officially received on Friday, 25th of April at the NiDCOM office in Agidingbi, Lagos.
As part of efforts to support the returnees in reconnecting with their families, Airtel Nigeria donated SIM cards, each preloaded with airtime and data.
 This initiative is to enable the beneficiaries to re-establish contact with their families and loved ones while accessing vital information and support services.
Speaking on the intervention, Director, Corporate Communications & CSR, Airtel Nigeria, Femi Adeniran, reaffirmed Airtel`s commitment to giving back to the community.
“We are humbled to contribute to this safe reintegration effort by providing SIMs, airtime, and data to help them reconnect with their loved ones and rebuild. We commend NiDCOM for its commitment to the welfare of Nigerians everywhere, and we are proud to play a small part in this noble effort.” He said.
Receiving the returnees, Hon. Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), commended Airtel Nigeria and other key stakeholders for supporting the rescued victims.
“You are being received on behalf of President Bola Tinubu. The President cares about you and every Nigerian, regardless of where you reside. Hold your heads high. For those who want to return to school or learn a trade, support will be provided through your state governments,” Dabiri-Erewa said.
She further thanked Airtel Nigeria for providing starter packs to the returnees, emphasizing that collaborative efforts like these are crucial in giving rescued victims a fresh start and a chance to rebuild their lives.
The returnees, many of whom faced traumatic experiences while in Ghana, were welcomed with preliminary orientation and offered crucial assistance to begin their reintegration into Nigerian society.
Recall that NIDCOM had earlier in the month stated that the number of girls rescued from Ghana was about 200
Online Poster by — May 5, 2025 in brands and Marketing 0
AXA Mansard Investments Renews Commitment At Webinar Series To Empower Women financially

In celebration of Women’s Month, AXA Mansard Investments Limited, a leading asset management firm has expressed its commitment to continue empower women financially in the country.

 

 

 

The company said this at its third edition of its flagship webinar series, ‘Achieve Much More, held virtually.

 

 

 

This special Women’s Day edition, themed “Women’s Wealth: How to Start from Where You Are”, was designed to equip Nigerian women with practical knowledge and tools for achieving financial security regardless of their life stage or income level.

 

 

 

The virtual session featured seasoned financial advisor and Chief Executive Officer of MoneyStart, Mrs. Ibi Ibru, as the guest speaker. A respected content creator and influencer in the personal finance space, shared actionable strategies for saving, diversifying income, and getting started with investing—even with minimal capital.

 

 

 

Throughout the session, participants learned how to plan and adjust their finances across different life phases – singlehood, relationships, marriage, and parenting. The session demystified a range of investment vehicles, from traditional savings to beginner-friendly options in the Nigerian financial landscape, helping women identify how to take control of their journeys towards financial freedom.

 

 

 

Speaking about the initiative, Mrs. Adebola Surakat, Chief Marketing Officer of AXA Mansard Investments, emphasized the company’s dedication to fostering a financially literate population. She stated that “At AXA Mansard Investments, we strongly believe that financial education is not a luxury, it’s a necessity. Empowering women with financial knowledge not only transforms individual lives, but strengthens families, communities, and the broader economy. This webinar reflects our ongoing commitment to ensuring all Nigerians—regardless of gender, income, or background, have access to the tools they need to make informed financial decisions.”

 

 

 

The ‘Achieve Much More’ webinar series is part of AXA Mansard Investments’ broader efforts to provide accessible financial education through interactive sessions, expert-led discussions, and simplified investment tools tailored to everyday Nigerians.

 

 

 

‘As 2025 progresses, AXA Mansard Investments remains dedicated to its mission of advancing financial literacy and supporting Nigerians on their journey to financial independence. By placing even greater emphasis on educating the public about smart money habits, we aim to empower more Nigerians to take charge of their financial future.’ Concluded Mrs. Surakat.

 

 

 

 

For more information on financial literacy resources or to sign up for an upcoming webinar, please visit www.axamansard.com/investments or contact us via email clientservices@axamansard.com or call 0700AXAMANSARD (07002926267273).

Yah

oo Mail: Search, organise, conquer

Online Poster by — May 3, 2025 in Industry 0

Leading life insurer, Sanlam Life Insurance Nigeria Limited, celebrated her outstanding field force at a colourful gala held recently at the ancient city of Benin. The event, christened The Retail Awards Competition (TRAC) and MD/CEO Ember Awards, has held annually for twelve unbroken years, a firm demonstration of the company’s unstinting commitment to rewarding excellence amongst the sales champions.

 

 

 

At the event, Stanley Obuh from the Benin Area was named the overall best Financial Advisor for the second year in a row while Benin/Edo Area also won the Best Area for the second time, back-to-back. Temitope Ajiboye was named the overall best Annuity Manager.

 

 

 

Speaking at the Awards, Tunde Mimiko, MD/CEO, Sanlam Life Insurance Nigeria Limited, commended the outstanding work of its retail force. He charged them to do more while promising the company will do much more to aid their sales drive at every point in time. “Many are called, few are chosen; you, the few, have been outstanding and your efforts are being rewarded today. Thank you for all you do, not just for our dear company, but also for driving financial inclusion and deepening insurance penetration in Nigeria.” he concluded.

 

 

 

Sanlam Nigeria’s The Retail Awards Competition (TRAC) and Annuity Awards has been held annually for more than a decade. The Awards reward outstanding sales champions within the Sanlam Nigeria

ecosystem.

 

Online Poster by — May 2, 2025 in Insurance and Pension 0
Sterling Bank To Give Nigerians ₦1Million Extra Every Month

Leading commercial bank and Africa’s most agile company, Sterling Bank
has announced the introduction of AlwaysOn by Sterling, a bold new feature on its OneBank platform that will give eligible customers up to ₦1 million extra every month -even when their account balances are running low.
Launched on Workers’ Day 2025, the initiative is part of an ongoing movement to remove structural barriers to financial freedom and empower everyday Nigerians to move boldly, even in uncertain times.
AlwaysOn is a specialised, invitation-only feature for customers who maintain an active
OneBank account for a while. It provides an advance to settle bills or make payments without delays, or any of the friction associated with traditional credit systems.
“This is not just about funds,” said Abubakar Suleiman, Chief Executive Officer of Sterling Bank. “It’s about freedom and dignity. It’s about backing our customers with the trust and tools to act boldly when life demands it.”
Suleiman emphasised that the new feature is not a product, it’s a logical shift in how the bank supports its customers.
“We’re building a financial ecosystem designed for momentum -for people with grit,
urgency, and dreams too big to wait. If you’ve banked with us, you’ve earned our
confidence. Now you’ll have our backing to match,” added Suleiman.
The introduction of AlwaysOn marks the next chapter in Sterling’s growing movement to
create a fairer and more responsive financial system. It follows the Zero Transfer Fees initiative in April, which returned an estimated ₦13 billion to Nigerians by eliminating transfer charges across the OneBank platform. It also builds on Sterling’s Free Bus Ride initiative, which helped commuters get home from work for free during a time of intense economic pressure.
Together, these efforts reflect the bank’s bold, people-first approach to customer impact, now made possible by its adoption of SeaBaas, Nigeria’s first indigenous core banking platform.
“We’re not the kind of bank that stands on the sidelines while Nigerians hustle,” said Obinna Ukachukwu, Growth Executive for Retail and Consumer Banking. “We removed the fees that slowed them down. Now we’re giving Nigerians the financial freedom to seize opportunity when it shows up. We’re on the pitch with them.”
Sterling’s actions have sparked widespread public support and national recognition as they have continued to push the boundaries of what corporate citizenship can mean to everyday Nigerians.  Notable icons from various firlds have canvassed their support and praised the
bank’s stance in redefining financial services, inspiring other institutions to follow suit. Nigerians are encouraged to apply to join the waitlist for the scheme when it goes live in later this month and ultimately, eligibility for up to N1M extra in relief advances.
About Sterling Bank
Sterling Bank is a leading Nigerian commercial bank and one of Africa’s most progressive financial institutions, widely recognized for its bold approach to customer advocacy and commitment to transforming lives through innovative solutions.. From eliminating local transfer fees through its OneBank platform to championing inclusive access to capital, the bank has consistently led with impact.
Renowned for its HEART of Sterling strategy, which focuses major investments into the Healthcare, Education, Agriculture, Renewable Energy, and Transportation sectors of the Nigerian economy,
Sterling continues to build financial solutions that go beyond banking to enable dignity, mobility, and opportunity for millions of Nigerians. Explore Sterling Bank offerings at sterling.ng.
Online Poster by — May 2, 2025 in Capital Market 0
BUA Foods Records N125bn Profit As Revenue Grows By 24% In Q1 2025 Unaudited Financial Results

 

 

Revenue: Grew by 24% To ₦442.1 billion

BUA Foods Plc (NGX: BUAFOODS) has anounced its unaudited financial results for the first quarter of 2025, demonstrating robust growth across key financial indicators.

The company recorded a significant revenue growth of 24 per cent to ₦442.1 billion in Q1 2025, up from ₦356.9 billion in the corresponding period of 2024. This impressive performance was driven by substantial increases in revenue from Flour, which soared 145 per cent to ₦176.2 billion, Pasta rose 12 per cent to ₦41.5 billion, and Rice recorded a remarkable increase of 1617 per cent to ₦13.02 billion. Sugar revenue, however, saw a slight 11 per cent quarter-on-quarter decrease to ₦211.3 billion (Q1 2024: ₦238.2 billion).

BUA Foods also reported a healthy gross profit of ₦160.91 billion in Q1 2025, a 39 per cent increase compared to ₦115.42 billion in Q1 2024. This growth led to an improved gross profit margin of 36.4 per cent, a 406 basis point increase from 32.3 per cent in the prior quarter.

Total operating expenses for the period increased by 56 per cent to ₦22.39 billion (Q1 2024: ₦14.37 billion), due to increases in selling and distribution expenses which rose 13 per cent to ₦11.08 billion driven by logistics costs, and administrative expenses up 147% to ₦11.32 billion.

Despite the increase in operating expenses, BUA Foods achieved a substantial growth of 124% in profit after tax (PAT) to ₦125.28 billion in Q1 2025, compared to ₦55.82 billion in Q1 2024. Consequently, Earnings per Share (EPS) also saw a significant increase of 125% to ₦6.96 from ₦3.10 in the corresponding period.

The company’s total equities stood strong at ₦554.34 billion as of Q1 2025, representing a 29.2% increase from ₦429.06 billion in FY 2024. This growth was mainly driven by a significant 30 per cent increase in retained earnings.

Commenting on the results, Engr. (Dr.) Ayodele Abioye, the Managing Director, said:

“We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape. Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.”

 

“Revenue increased by 24%, while Net Profit leaped by 124% to N125Billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited. Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.”

 

“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs. With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”

 

About BUA Foods

BUA Foods Plc (NGX: BUAFOODS) is a leading food business with well-diversified and scalable operations producing sugar, flour, semolina, pasta, rice and edible oils. The Company owns strategically located plants across Nigeria and a cordial alliance with local stakeholders in host communities. Additionally, BUA Foods is a resilient business built on a strong brand proposition and an operator with a well-known reputation for delivering high-quality products.

BUA Foods continues to invest in modern technology for efficient food production, innovatively expanding with strategic partners across the value chain. The Company is also well-positioned to leverage significant export potentials across West Africa and the larger African continent.

Headquartered and listed in Nigeria, BUA Foods is one of the most capitalised companies on the NGX Exchange and a leading consumer goods firm by market value.

Online Poster by — May 1, 2025 in Industry 0
NDIC CLINCHES FIRST, THIRD PLACES AT THE 2024 FEDERAL PUBLIC SERVICE INNOVATION COMPETITION

The Nigeria Deposit Insurance Corporation (NDIC) is proud to announce its exceptional performance at the 2025 Federal Public Service Innovation Competition, emerging as both the overall winner (1st place) and Third runner-up (3rd place) out of 155 competing entries from across Ministries, Departments, and Agencies (MDAs).

This remarkable achievement was announced by the Head of the Civil Service of the Federation(HOSF), Mrs. Didi Walson-Jack, during the award ceremony held in Abuja on Tuesday, April 29. The NDIC’s winning entry, the Carpooling Team, developed an innovative digital carpooling application that acts as a rideshare platform aimed at reducing commuting costs for federal workers — a solution that earned them the coveted top prize of N5 million.

In addition to this, a second NDIC team came in at third place with the prize of N3 million for an innovative digital platform to enhance staff productivity and streamline administrative processes called Perfoma. It acts as a convenient online secretariat that facilitates the creation and tracking of documents, as well as measuring the output and implementation of tasks to monitor performance of staff – a full packaged office-suite.

Speaking at the event, HOSF, Mrs. Walson-Jack, emphasized that “Innovation is one of the six key pillars of the Federal Civil Service Strategy and Implementation Plan 2021–2025 (FCSSIP 25)” commending participating agencies for aligning with the federal government’s vision for a dynamic and efficient public service.

The MD/CE, Mr. Bello Hassan, who was represented at the ceremony by the Director, Strategy Development Department, Mrs Gwa Uduwak Zachary, lauded the Office of the Head of Civil Service of the Federation (OHCSF) for sustaining the innovation tradition while commending the NDIC’s teams for their ground-breaking achievements underlining the Corporation’s commitment to excellence, problem-solving, and a forward-thinking approach to public service delivery. While receiving the teams at his office, the MD/CE, NDIC stated that “This double recognition is a testament to the innovative spirit and professionalism that NDIC nurtures. Our teams have once again demonstrated the Corporation’s leadership in deploying technology and creative thinking to solve real-world challenges”.

The NDIC’s success in the competition, organized by the OHCSF, is a strong endorsement of its ongoing drive to embed innovation into its operational culture. It also reflects the Corporation’s strategic alignment with national priorities on public service reform, digital transformation, and cost-effective governance.

The NDIC remains committed to supporting and scaling solutions that improve service delivery across the civil service and contribute meaningfully to national development.

 

Online Poster by — May 1, 2025 in News 0