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Tag: Board of Directors

  • FrieslandCampina WAMCO declares 566% Growth in PBT at 53rd AGM

    FrieslandCampina WAMCO declares 566% Growth in PBT at 53rd AGM

    FrieslandCampina WAMCO Nigeria PLC, the leading dairy company in Nigeria and maker of Peak, Three Crowns, Coast, Olympic, and Nunu milk brands, successfully held its 53rd Annual General Meeting (AGM), reporting strong financial recovery and significant growth across key performance indicators in its financial year ended 31 December 2025.

    The AGM, which took place in Ikeja, Lagos, on Tuesday, May 19, 2026, brought together shareholders, board members, and key stakeholders to deliberate on the Company’s 2025 performance and strategic outlook for the future.

    The Company delivered a strong rebound in 2025, returning to profitability and strengthening its balance sheet and liquidity position despite continued macroeconomic pressures within the operating environment.

    Revenue increased by 25% from ₦493.6 billion in 2024 to ₦615.9 billion in 2025, driven by strong volume growth, targeted pricing initiatives, and sustained market expansion across key product categories.

    Gross Profit rose significantly to ₦119 billion in 2025, driven by improved product mix, operational efficiency, cost-saving initiatives, and the relative strengthening of the Naira during the second half of the year.

    Profit Before Tax (PBT) increased remarkably by 566% from ₦4.9 billion in 2024 to ₦32.7 billion in 2025, supported by improved operating profit, reduced finance costs, and lower borrowings.

    The Company recorded a Profit After Tax of ₦18.4 billion in 2025, representing a major recovery from the ₦749 million loss recorded in 2024. Consequently, total equity improved significantly from ₦3.8 million in 2024 to ₦18.8 billion in 2025.

    The Board of Directors proposed and the shareholders approved a dividend payout of ₦1.00 per 50k ordinary share for the 2025 financial year, reflecting the Company’s commitment to balancing shareholder returns with the need to strengthen equity and maintain business resilience.

    In the words of Roger Adou, Managing Director, FrieslandCampina WAMCO, “2025 was a defining year for FrieslandCampina WAMCO Nigeria PLC as we successfully returned the business to profitability despite persistent macroeconomic and operational challenges. The operating environment remained complex with high interest rates, supply chain disruptions, inflationary pressures, and foreign exchange volatility continuing to impact businesses across Nigeria.

    “Despite these headwinds, our teams demonstrated exceptional resilience, agility, and commitment. We significantly improved operational efficiency across our factories, strengthened our route-to-market capabilities, enhanced our commercial execution, and optimized our supply chain operations.

    “We also continued to invest in our brands, our people, and our sustainability agenda. Our dairy development initiatives recorded strong progress in improving local milk sourcing, farmer capability development, and dairy ecosystem sustainability. In 2025 alone, over 13,000 farmers were trained, while raw milk volumes increased by 19% compared to the previous year.

    “As a company committed to nourishing Nigerians with quality dairy nutrition, we expanded several consumer engagement initiatives and reinforced our presence across strategic categories and channels. We remain focused on operational excellence, innovation, sustainability, and long-term value creation for all stakeholders.”

    In his address, the Chairman, Board of Directors, Mr. Olayinka Sanni said: “2025 marked a year of recovery, resilience, and strategic progress for FrieslandCampina WAMCO Nigeria PLC. Although the macroeconomic environment remained challenging, we witnessed gradual improvements in economic stability, moderation in inflation, and relative stability in the foreign exchange market, which positively impacted business confidence.

    “The Company’s strong recovery in profitability and equity position demonstrates the effectiveness of our strategic actions, disciplined financial management, and operational transformation initiatives. Our focus remains on building a more resilient business capable of delivering sustainable long-term value despite ongoing economic uncertainties.

    “On behalf of the Board, I would like to sincerely appreciate our shareholders for their unwavering confidence and support, our employees for their dedication and resilience, our customers and consumers for their loyalty, and our partners for their continued collaboration.

    “As we look ahead to 2026, we remain optimistic about the future of our Company. We will continue to focus on sustainable growth, operational efficiency, responsible business practices, dairy development, and investments that strengthen our long-term competitiveness in Nigeria’s dairy industry” Sanni concluded.

  • Dangote Splashes N15bn in Gifts, Cash to appreciate Cement Distributors at Awards Nite

    Dangote Splashes N15bn in Gifts, Cash to appreciate Cement Distributors at Awards Nite

    …Announces expansion of Cement Production capacity to 90 Million Tonnes

    Dangote Cement Plc has celebrated its top distributors and customers with ₦15 billion worth of rewards for their continued loyalty, resilience, and outstanding performance.

    The 2026 Distributors’ Awards Night, held at Eko Convention Centre, Victoria Island, Lagos, celebrated the company’s highest-performing partners under the theme “Partner for Growth.” Recipients received an impressive array of gifts, including cash prizes, containers of cement, high-end SUVs, and CNG-powered trucks, all valued at ₦15 billion

    President/CE of Dangote Industries Limited, Aliko Dangote, speaking at the 2026 Distributors’ Awards Night, hailed the distributors as the heartbeat of the organisation and praised their dedication in ensuring the Dangote products reach communities nationwide.

    “Your tireless work in the field, your alluring commitment to our products and your direct engagement with our customers are what turn our vision and strategies into tangible results. Today’s celebration, themed ‘Partner for Growth,’ is a testament that our growth journey for 2026 has already begun,” He expressed.

    Dangote used the occasion to reiterate the company’s Vision 2030 strategy, aimed at transforming Dangote Group into a $100 billion enterprise by 2030. The plan, he explained, focuses on industrial expansion, cross-border investments, and building Africa’s self-sufficiency in sectors such as energy, manufacturing, and infrastructure.

    The African industrial titan disclosed that the Dangote Cement Group is targeting a cement production capacity expansion to approximately 90 million tonnes by 2030. He emphasised that the company’s ambition goes far beyond building factories. He explained that the focus is on building Africa’s capacity to feed itself, power its economy, develop its people, and drive sustainable industrialisation.

    “Under this vision, we have announced the expansion of our petroleum refinery from 650,000 bpd to 1.4 million bpd, the fertiliser plant to 12 million metric tonnes per annum, and an increase in production at the polypropylene plant. Our cement company is also targeting a production capacity of approximately 90 million tonnes by 2030. And 90 million tons by 2030 means that we are 50 per cent more than the entire production of Saudi Arabia,” he said.

    “Vision 2030, an integral aspect of our Africa First project, was borne out of my firm belief that Africa’s future will be built by Africans who refuse to accept limits – people who dream big, work hard, and never stop believing in what is possible.”

    “Our ambition goes beyond building factories. It is about building Africa’s capacity to feed itself, power its economy, develop its people, and drive sustainable industrialisation. We are empowering the next generation through the launch of a one trillion-naira ($600 million) education fund in December 2025”.

    As part of this vision, the Aliko Dangote Foundation launched a ₦1 trillion ($600 million) education fund in December 2025, pledging support for over 1.3 million vulnerable Nigerian students, with emphasis on scholarships, STEM, TVET, and girls’ education.

    Chairman of the Board of Directors, Dangote Cement Plc, Emmanuel Ikazoboh, in his first official attendance as Board Chairman, highlighted the critical role of distributor partnerships in ensuring the company’s products reach every corner of the country.

    Speaking to the assembled distributors, Ikazoboh announced that, “Tonight, we are giving out about ₦9 billion in cash to our distributors. For some of you, it will be a double celebration, as you may receive two alerts in recognition of both your volume and growth results.”

    He added that the rewards go beyond cash. “In addition to the cash prizes, we have prepared other exciting gifts, including CNG-powered trucks, high-end cars, and more, to show our appreciation for your commitment and outstanding performance,” he said.

    He further outlined the company’s plans to start the year strong by supporting its distributor partners. He stressed the importance of supply chain efficiency and profitability as key pillars for growth, saying:

    Ikazoboh also noted that the company has invested in new CNG-powered trucks, as the company’s target at the end of 2027 is to have all its trucks CNG-powered, supporting both logistics efficiency and empowering customers.

    “We have made significant investments in new Compressed Natural Gas (CNG)-powered trucks. This initiative not only empowers our customers but also emphasises our dedication to corporate responsibility and global sustainability guidelines. These rewards reflect our promise to support customers and champion sustainable business practices.”

    He revealed plans for a greenfield two-line, 6 million metric tonnes per annum cement plant in Itori, Ogun State, dedicated to exports, alongside expansions at the grinding plant in Côte d’Ivoire, signalling Dangote Cement’s commitment to pan-African growth.

    He strengthened his commendation for the distributors, recognising their dedication and commitment and emphasising their central role in the company’s overall success.“Your perseverance, trust, and loyalty help us maintain visibility and availability for our products nationwide. We are genuinely interested in seeing your businesses grow bigger, stronger, and more profitable.”

  • FrieslandCampina WAMCO renames Academy after Olu Akinkugbe

    FrieslandCampina WAMCO renames Academy after Olu Akinkugbe

    FrieslandCampina WAMCO Nigeria PLC has commissioned its newly upgraded, state-of-the-art learning and development centre and named it ‘Chief Olu Akinkugbe Academy’ in honour of its founding Chairman, now late. This was done at the company’s headquarters in Lagos, a few days ago, before Christmas.

    The academy was renamed to immortalise Chief Akinkugbe’s exceptional contributions to FrieslandCampina WAMCO and his broader impact on Nigeria’s socioeconomic and dairy development. Widely regarded as one of the nation’s most respected industrialists, Chief Akinkugbe played a foundational role in establishing the company’s legacy of excellence, professionalism, and responsible business leadership.

    Speaking at the commissioning, the Chairman, Board of Directors, FrieslandCampina WAMCO, Mr. Yinka Sanni, described the moment as a significant milestone for the organisation. He said, “Chief Olu Akinkugbe laid the cornerstone on which FrieslandCampina WAMCO stands today.

    “Naming this academy after him is our way of honouring a visionary whose leadership and values continue to guide us. This facility will serve as a centre of learning and inspiration for generations to come” Sanni said.

    The academy features modern facilities designed to support a wide range of activities, including lectures, conferences, training programmes, seminars, and workshops. Equipped with advanced technology and flexible, multi-purpose spaces, the centre will enhance capability-building initiatives within the organisation and contribute to broader human capital development across Nigeria.

    The commissioning reinforces FrieslandCampina WAMCO’s longstanding commitment to strengthening leadership capacity, fostering continuous learning, and recognising individuals who have shaped the company’s history and growth.

  • Acclaimed Filmmaker and TV Veteran, Tade Ogidan, appointed to the Board of Directors of Tantalizers Plc

    Acclaimed Filmmaker and TV Veteran, Tade Ogidan, appointed to the Board of Directors of Tantalizers Plc

    Tantalizers Plc, Nigeria’s emerging foodtainment powerhouse, is proud to announce the appointment of renowned filmmaker, television producer/director and creative entrepreneur, Tade Ogidan, to its Board of Directors effective 29th July 2025.

    With this strategic addition to its board, Tantalizers Plc. consolidates its ongoing transformation into a foodtainment conglomerate (a pioneering fusion of food service and entertainment), by leveraging Ogidan’s decades of experience and renowned expertise in film, television, and creative media production.

    Tade Ogidan, an award-winning director and visionary creative, has worked on some of Nigeria’s celebrated movies, television productions and TV shows, such as Gold Statue, Madam Dearest, Family On Fire, Diamond Ring, Dangerous Twins, Hostages, Owo-Blow, Raging Storm, Out Of Bounds, Saving Alero, Playing Games, Crime Fighters (The Police Tv Show), The Intern Entrepreneurial Tv Reality Show, The Next Titan Tv Reality Show, The Teju Babyface Show and the Village Headmaster Tv Series, among many others.

    Ogidan’s projects are featured prominently on television networks in Nigeria and Africa, and across TV stations in other parts of the world. His works also feature on major streaming services, such as Netflix and Amazon Prime.

    Tade Ogidan brings to the board an unmatched depth of insight into storytelling, content creation, and audience engagement -assets that are pivotal to Tantalizers’ next growth phase, especially in its expanding entertainment subsidiary, Grand Media projects Limited.

    Speaking on the appointment, the Chairman of the Board of Directors, Tantalizers Plc., Adam Nuhu, stated: “Mr. Ogidan’s appointment underscores our commitment to redefining how food and entertainment converge in Africa. His creative genius will be
    instrumental in helping us scale our experiential and digital entertainment platforms, while reinforcing our customer-centric and culturally- resonant brand.”

    Mr. Ogidan’s appointment comes as Tantalizers is actively developing original TV content, live experiences, and digital assets under its foodtainment vision, which combines culinary delight with immersive and culturally rooted entertainment.

    The board and management of Tantalizers Plc. warmly welcome Mr. Tade Ogidan and look forward to his contributions in unlocking new value across its brand ecosystem.

  • Fidelity Bank to Convene Strategic Panel on Export Financing at FNITCC Atlanta 2025

    Fidelity Bank to Convene Strategic Panel on Export Financing at FNITCC Atlanta 2025

    As part of its ongoing commitment to expanding Nigeria’s footprint in global trade, leading financial institution, Fidelity Bank Plc, has announced it will host a high-level panel session at the upcoming Fidelity Nigeria International Trade and Creative Connect (FNITCC) in Atlanta, Georgia, USA.

    Themed “Financing For Scale – Unlocking Capital For Global Export Competitiveness,” the session will take place on Friday, 19 September 2025, and will feature top executives and thought leaders from across Nigeria’s financial and entrepreneurial landscape including: Mustafa Chike-Obi, Chairman, Board of Directors – Fidelity Bank Plc and a veteran investment banker; Olasunkanmi Owoyemi, Group MD/CEO – Sunbeth Global Concept Nigeria Limited, a leading voice in agribusiness exports; Efe Ukala, Founder – ImpactHer and a champion for women-led enterprises who has empowered thousands of African female entrepreneurs through access to capital and global market linkages; and Abba Bello, Managing Director – Nigeria Export-Import Bank (NEXIM), Nigeria’s foremost export credit agency, providing critical financing and risk mitigation tools for exporters.

    “Unlocking the right kind of funding is like planting seeds for growth—without access to finance, even the most outstanding businesses and creative brands will struggle to scale, compete, and sustain themselves in global markets,” said Isaiah Ndukwe, Divisional Head, Agric. and Exports, Fidelity Bank Plc, in a media chat.

    FNITCC serves as a bridge to close this gap. The inaugural edition in London in 2022 hosted over 100 Nigerian exhibitors and 90+ speakers, attracting more than 1,000 daily visitors and culminating in deals worth approximately US$200 million. The 2023 edition in Houston raised the bar with over 160 participating businesses and closed deals including a US$40 million pre-export finance agreement for cocoa, in partnership with AFREXIM Bank and local exporter JohnVents Industries.

    The panel will address the urgent need for accessible and scalable financing solutions to boost Nigeria’s global trade competitiveness; and will explore topics such as: Financing models for SMEs and exporters, Role of DFIs and commercial banks, De-risking strategies for export ventures; and Diaspora investment opportunities.

    “These events underscore that targeted market access, paired with financing support, can launch Nigerian brands onto the global stage—delivering jobs, income, and international recognition,” Ndukwe added.

    Hosted in partnership with AFRICON—the premier gathering for global African changemakers, tastemakers, and innovators—FNITCC Atlanta will take place from 18 to 20 September 2025 at the Omni Atlanta Hotel, Centennial Park, Georgia, USA. The event is projected to attract over 3,000 participants and facilitate more than US$400 million in trade, investment, and partnership deals.

    Interested businesses and participants are encouraged to register for the conference at www.fidelitybank.ng/fnitcc.

    Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

    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.

  • Dangote Packaging increases Output, Eyes African Export Boom

    Dangote Packaging increases Output, Eyes African Export Boom

    Dangote Packaging Limited (DPL) has announced plans to expand into the African export market, following a production capacity boost facilitated by new machinery being commissioned in the two manufacturing plants.

    Chairman of DPL’s Board of Directors, Mr Robert Ade-Odiachi, disclosed the development during a strategic board meeting held on Tuesday. The company, he said, is increasing it”s production from 36million to 52 million polypropylene bags per month and is on course to increase that figure in the coming years.

    “With the current increase in production capacity, DPL is ready to explore markets across West, Central, and Southern Africa,” Mr Ade-Odiachi said. “Once domestic demand is met, it is only logical to channel our surplus to new territories. To this end, we have engaged an export team to lead the charge.”

    He stressed that the company’s entry into export markets would be backed by world-class standards. “We are equipped with state-of-the-art machinery, skilled manpower, and robust systems. Our product quality is unmatched, and our pricing remains competitive,” he added.

    Mr Ade-Odiachi also hinted at the possibility of offering trade concessions to fast-track market penetration in target export regions.

    DPL’s expansion is part of a wider strategic alignment with the growing demands of the Dangote Group’s industrial portfolio. The increase in production is expected to support the Group’s internal supply chain while also positioning DPL as a regional packaging powerhouse.

    “With our refinery and petrochemical plants now supplying key raw materials, we have achieved self-sufficiency, further reinforcing our long-term growth prospects,” Mr Ade-Odiachi said.

    Also speaking at the meeting, Dangote Group Treasurer and DPL Board Member, Alhaji Mustapha Matawalle, stressed the economic benefits of the expansion.

    “This is not just about market dominance and revenue generation,” he said. “It’s also about creating jobs and boosting Nigeria’s foreign exchange earnings through export activity.”

    He further commended DPL’s commitment to Health, Safety, Security, and Environmental (HSSE) standards, noting that operations remain fully compliant with regulatory expectations.

    The company’s new push follows the commissioning of advanced machinery in April, an event where DPL Managing Director, Mr Sai Prakash, described the equipment as cutting-edge and pivotal to enhanced productivity and product quality.

    “With our rapidly expanding capabilities, stepping into the African market is a natural and timely progression,” Mr Sai Prakash said.

  • Fidelity Bank’s FY 2024 Performance Praised by Shareholders

    Fidelity Bank’s FY 2024 Performance Praised by Shareholders

    Shareholders of tier one lender Fidelity Bank have applauded the bank’s board and management 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, 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 of the Board of Directors of 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.

  • Credit Direct’s CD’LYMPICS: A Celebration of Team Spirit, Customer Connection, and Product Innovation through Sport

    Credit Direct’s CD’LYMPICS: A Celebration of Team Spirit, Customer Connection, and Product Innovation through Sport

    Credit Direct Finance Company Limited (Credit Direct), the consumer finance arm of FCMB Group Plc and one of Nigeria’s leading digital-first non-bank financial services providers, recently concluded CD’Lympics—an exhilarating event designed to foster team spirit, celebrate valued customers, and showcase innovative products through the power of sport. The event proved to be more than just a sports event; it was a high-energy celebration that combined athletic competition, team bonding, and product showcases while honoring valued customers.

    “CD’Lympics is all about teamwork, fostering a strong culture of energetic people who work hard and play hard. I am grateful for everything Credit Direct contributes to FCMB Group and Nigeria,” said Ladi Balogun, Chairman, Board of Directors for Credit Direct. Reflecting on the event, Chukwuma Nwanze, CEO of Credit Direct, added, “CD’LYMPICS is a testament to our commitment to building a vibrant and inclusive culture. It’s about bringing our people and customers together to celebrate what makes Credit Direct unique—our energy, our innovation, and our dedication to nurturing strong customer relationships.”

    Building on its tradition of exceptional people engagement, CD’LYMPICS continued Credit Direct’s commitment to fostering a strong, unified workforce. Following last year’s successful Innov8Fest—an event that championed innovation and collaboration to drive business excellence, CD’LYMPICS brought together a diverse team from across 28 states. Participants engaged in various activities, from traditional to board games such and creative challenges, all hosted at the University of Lagos Sport Center.

    CD’LYMPICS is not just about sports; it’s about promoting work-life balance, building stronger teams and happier employees,” said Edwina Olanipekun, Head of People Management. “ CD’Lympics  not only showcased the extraordinary talent and spirit of our team but also reinforced our commitment to fostering a vibrant, inclusive, and engaging workplace. By investing in our people and creating opportunities for them to connect and excel, we continue to build a company culture that values unity, well-being, and shared success leaving our employees feeling energized, valued, and inspired to contribute their best.

    Several customers were invited, providing them a unique opportunity to connect with the Credit Direct team, and enjoy a day filled with fun.  “Our customers are a vital part of our success story,” said Kemi Juba-Martins, Head of Brands, Marketing, and Communication. “CD’LYMPICS was a wonderful way to show our appreciation and engage with them in a meaningful and enjoyable way. Events like these allow us to build deeper connections with our customers and strengthen the trust they place in us.”

    Credit Direct spotlighted the innovative products that have helped earn customer trust and satisfaction; Sharp Sharp by Credit Direct (A quick-access personal loan product designed for salaried employees in the Public Sector), Credit Direct Check Out (A Buy Now, Pay Later solution that offers instant, flexible payment plans for a wide range of products) &  Yield by Credit Direct (A fund management platform designed to help customers grow their money).

  • NESG announces Tayo Aduloju as the next Chief Executive Officer

    NESG announces Tayo Aduloju as the next Chief Executive Officer

    The Nigerian Economic Summit Group (NESG) proudly announces the appointment of Dr. Tayo Aduloju as its new Chief Executive Officer (CEO), effective January 1, 2024. Dr. Aduloju, who currently serves as the Chief Operating Officer (COO) and Senior Fellow for Economic Policy, Strategy, and Competitiveness, will succeed the esteemed CEO, Mr. ‘Laoye Jaiyeola, upon the completion of his two-term tenure.

    Under Mr. Jaiyeola’s transformational leadership, NESG has taken a quantum leap, utilising technology and data to promote the inclusive and sustainable growth of Nigeria’s economy while upholding its core principles of a free-market economy, the rule of law, and governance in the national interest. The Chairman, Board of Directors, NESG Mr. Niyi Yusuf, expresses heartfelt gratitude to Mr. Jaiyeola for his dedicated service and impact.

    As the incoming CEO, Dr. Tayo Aduloju brings exceptional vision and expertise to NESG. A distinguished scholar-practitioner, economist, policy entrepreneur, and strategist, he has contributed significantly to various reform initiatives, spanning sectors such as aviation, agriculture, finance, governance, maritime and public service. Dr. Aduloju’s experience includes advising former Presidents Yar’Adua and Obasanjo, as well as spearheading the NESG’s national public-private leadership forums and promoting sustainable development.

    Dr. Tayo Aduloju, with an illustrous academic background as an alumnus of the Federal University of Technology, Akure, University of Oxford, Massachusetts Institute of Technology, possesses the ideal qualifications to lead NESG through its upcoming phase. Notably, Dr. Aduloju holds several distinguished accolades, including the Walden University 2022 Citizens Award for the College of Social and Behavioral Sciences. He has earned a Doctor of Philosophy Degree in Economic Policy and Public Administration. Dr. Aduloju is also a graduate and alumnus of the John F. Kennedy School of Government at Harvard University, in addition to holding an Executive Certificate in Economic Development from Harvard Kennedy School. He is a fellow of esteemed professional institutions, including The Chief of Staff Association, the Institute of Strategic Management in Nigeria, and the Institute of Management Consultants in the United States.

    Established in 1996, NESG is a non-profit, non-partisan organisation dedicated to advancing economic reform in Nigeria. Through its research, programs, and engagement, NESG has become the leading platform for public-private dialogue, fostering collaboration among the government, private sector, and stakeholders. NESG’s commitment to creating a modern, globally competitive, sustainable, inclusive, and open economy remains unwavering.

    NESG looks forward to Dr. Aduloju’s visionary leadership as its 6th CEO and the continued pursuit of its mission to transform the Nigerian economy. The organisation remains committed to driving positive change, facilitating crucial reforms, and collaboration to shape a prosperous future for Nigeria.

  • NLNG completes new infectious disease unit in RSUTH

    Nigeria LNG Limited (NLNG) on Thursday handed over a newly equipped multi-million naira one-storey building Infectious Disease Unit (IDU) at the Rivers State University Teaching Hospital (RSUTH) in Port Harcourt as part of efforts to support healthcare delivery in the state.

    At a ceremony for the handover with the hospital’s management, NLNG’s Managing Director/Chief Executive Officer, Dr Philip Mshelbila, represented by the General Manager, External Relations and Sustainable Development, Mr. Andy Odeh, said this was a project initiated to improve medical service delivery in Rivers State to deal with pandemics like COVID-19.

    He stated that NLNG had a long-standing commitment to healthcare delivery, which is one of the four pillars of the Company’s Corporate Social Responsibility interventions.

    “You may all be aware that our upgrade of 6 of the 12 selected University Teaching Hospitals across the country under the Hospital Support Programme has been completed while work is ongoing on the Programme’s second phase. In embarking on the Hospital Support Programme, NLNG aimed to improve the general well-being of Nigerians across the six geo-political zones where these interventions are going on. We also, by this, plan to minimise or reduce medical tourism and save a chunk of revenue and foreign exchange that Nigerians usually spend in other countries.

    “Particularly for us in Rivers state, we have every reason to intervene in healthcare facilities and other infrastructure. Nigeria LNG Limited sees itself as a corporate citizen of Rivers State, not just based on our location here, but following the acceptance, love and understanding shown to us by the various governments and people of Rivers State. We do not take this support and friendly environment to do our business without let or hindrance for granted. This explains why we see ourselves as part and parcel of Rivers State and want to contribute in the best possible way to make the state glow,” he said.

    He stated further that NLNG was fully committed to its Corporate Social Responsibility programmes anchored on Health, Education, Infrastructure Development and Empowerment and will continue contributing to building a better Nigeria in line with its Vision.

    He also called on the RSUTH management to ensure that the new unit and facilities are effectively and judiciously utilised for effective healthcare delivery to benefit the citizenry and urged them to ensure sustainable management of the centre so that it can remain a legacy for future generations.

    The Rivers State, Commissioner for Health, Professor Princewill Chike, commended the Company for the contribution, while acknowledging that there were still opportunities for improvement to bring healthcare delivery at the hospital to top-class. The Chief Medical Director of RSUTH, Dr. Friday Aaron, stated that NLNG made history as the first private organisation to build and equip a facility at the hospital.

    The unit was commissioned by the Health Commissioner and Chairman of NLNG’s Board of Directors, Dr. Edmund Daukoru, represented by Chief (Dr.) Franklin Igbado, Technical and Business Advisor to the Chairman.

    The Infectious Disease Unit (IDU) is a modern healthcare infrastructure with associated facilities that include isolation wards, a triage station, cohort rooms, operation theatres, emergency operation centres, intensive care units, laboratories, first-floor walkways, and other administrative offices/rooms.

    NLNG is owned by four Shareholders, namely, the Nigerian National Petroleum Company Limited (49%), Shell Gas B.V.  (25.6%), TotalEnergies Gaz & Electricite Holdings (15%), and Eni International N.A. N. V. S.àr.l (10.4%).

  • NLNG calls for more investment to ensure reliable LPG supply

    NLNG calls for more investment to ensure reliable LPG supply

    Nigeria LNG Limited (NLNG) has called on stakeholders in the domestic Liquified Petroleum Gas (LPG) value chain to invest in the supply of the product to ensure a reliable and steady stream of supply to the market.

    Marking 15 years of domestic LPG supply in conjunction with the Nigerian LPG Association (NLPGA) at a conference in Lagos, NLNG’s Managing Director and Chief Executive Officer, Dr. Philip Mshelbila, said the investment in supply would intentionally spark commitment along the value chain, including vertical integrations. He stated that NLNG was doing this through its further investment in Train 7, which will add about 35% to its current capacity when completed, subject to gas supply and gas quality. He added that other domestic producers of LPG would need to make investments to enable their product to become available to the domestic market, rather than exporting it.

    He also said the interventions were needed to reduce the switching cost to LPG, encourage more adoption, reduce the cost of funding to support infrastructure expansion and growth as well as deliberate government action to encourage non-export of LPG by producers.

    Other urgent interventions required as outlined by Dr. Mshelbila also include clarity of regulatory guidelines and requirements, alignment of government enforcement agencies and the widespread dissemination of information on safe practices in the handling and use of LPG.

    He noted that supply and gas gathering initiatives face major challenges in recent times, adding that due to floods ravaging operational sites of NLNG’s feedgas suppliers, there has been a state of emergency requiring declarations of force majeure. He, however, assured continued operations at the Company’s production plant. 

    “We continue to load and ship LPG to the domestic market. Therefore, we reassure Nigerians of our ongoing operations in the immediate and look forward to an urgent return to normalcy. Prior to the flooding, we were contending with the unrelenting effects of crude oil theft, which directly and severely impacted the supply of associated gas to our plant by the upstream producers. We recognise the strides being made to address this by the Government and its agencies and hope that this will soon translate into improved gas supply to our plant in Bonny,” he stated.

    Dr. Mshelbila stated that LPG supply was at the heart of the matter when the NLNG’s Board of Directors decided to intervene, exponentially increasing its supply from 50,000 in 2007 tonnes to 150KT to 100 percent of its LPG volumes, accounting for about 40% of the domestic LPG (DLPG) market.

    “Over the 15 years since 2007, NLNG has played a critical role in deepening the DLPG market with a reliable supply of LPG; expanding access to energy that is cleaner, more reliable, and affordable, the number of its offtakers increased from  7  at the onset to 42 today, the LPG ecosystem witnessed exponential growth across the value chain. With this increased DLPG penetration and accessibility, there has been a remarkable reduction in the use of kerosene, firewood, and charcoal, thus reducing the risk of respiratory conditions associated with smoke inhalation and increasing alignment with the global drive for a cleaner environment and lower GHG emissions.

    “Today, the Nigeria Liquefied Petroleum Gas Association (NLPGA) in collaboration with Nigeria LNG Limited (NLNG) is celebrating the 15th anniversary of uninterrupted supply of domestic LPG in the country. The intervention has seen the supply of LPG grow from 60,000MT in 2007 to over a 1.3million MT in 2021 (a growth of over 1,000%). Today, the Nigerian LPG market is adjudged the fastest-growing globally.

    “This scheme has encouraged massive investments in LPG infrastructure and has created over 150,000 jobs in the sector and resultant increased tax revenue for the government. The Federal Government’s Decade of Gas program has further helped in driving interest in propane, evidenced by NLNG’s startup of domestic propane which witnessed its first delivery in September 2021.

    “NLNG has invested in a 13,000MT dedicated LPG carrier and security escort vessels facilitating efficient deliveries to Lagos and Port Harcourt terminals, invested in the refurbishment of the Lagos receiving terminal improving coastal delivery of LPG. It has also invested in throughput capacity at the Port-Harcourt Stockgap receiving terminal,” he said.

    He congratulated NLPGA for supporting and sustaining the value chain for 15 years.

    NLNG is owned by four Shareholders, namely, the Nigerian National Petroleum Company Limited (49%), Shell Gas B.V.  (25.6%), TotalEnergies Gaz & Electricite Holdings (15%), and Eni International N.A. N. V. S.àr.l (10.4%).

  • Noor Takaful Insurance Records N3.66b contribution, declares N422.7m Profit for Financial Year 2021

    Noor Takaful Insurance Records N3.66b contribution, declares N422.7m Profit for Financial Year 2021

    The Board of Directors, Noor Takaful Limited-pioneer composite Takaful  Insurance firm in Nigeria, has announced a total sum of N3.66billion as a contribution for the 2021 financial year at its 5th Annual General Meeting held in Lagos. The Company also recorded a profit of N422.72m for the period.

    Based on the audited report provided by the Company, which the regulator recently approved – The National Insurance Commission (NAICOM), the Company experienced huge growth in contribution (premium), amounting to 183% compared to N1.29 Billion in the corresponding period in 2020, its Profit After Tax rose to an all-time high from N147 million in 2020 to N422.72million in 2021.

    The result also revealed that gross claims incurred by the Company increased from N619.3 million in 2020 to N1.97 billion in 2021, with Family takaful claims payout of N1.74 billion accounting for the most significant proportion of gross claims expenses.

    Further analysis of the results showed Investment Income rose by 94% from N77.8 million in 2020 to N 151 million in 2021, while underwriting expenses grew by over 366% from N93.2 million in 2020 to N434.5 million in 2021 as an impact of the growth in gross contribution.

    According to a statement signed by the Company’s Chairman, Mr. Muhtar Bakare, the Company’s strategies and operations for the year yielded encouraging results despite the challenging operating environment occasioned by the COVID-19 pandemic, worsening insecurity, and sustained inflation, among others.

    Bakare stated that the increase in the gross contribution by the Company was primarily due to the Family Takaful business, the General business’ positive returns on investment, and growth in other income, which helped significantly improve profitability.

    He maintained that the Company remains committed to preserving its operational and thoughtful leadership positions in the takaful sub-sector and the insurance industry.

    “While we remain mindful of the current difficult macro-economic and political environment, we shall continue to ensure steady growth of your business by investing in health Insurance, in technology to leverage the digital space, and in building capacity focused on business development, sales and risk management, geared towards deepening takaful penetration across Nigeria without over-extending ourselves”, he said.

  • President Buhari appoints Dangote as Chairman of National End Malaria Council

    President Buhari appoints Dangote as Chairman of National End Malaria Council

    …Dangote Pledges private sector support

    Chairman of Aliko Dangote Foundation and Africa’s richest man, Aliko Dangote has been named the pioneer Chair of the National End Malaria Council (NMEC), a body established by President Muhammadu Buhari to eliminate the scourge of malaria in the country. The National End Malaria Council (NMEC) was inaugurated by the President at a well-attended event in the Presidential Banquet Hall, Aso-Rock Villa, Abuja yesterday.

    Dangote, who accepted the responsibility of chairing the Council, said the new function was in tandem with his current roles as the Nigerian Ambassador for Malaria, his role on the Global End Malaria Council, and the work that his Foundation, Aliko Dangote Foundation is doing to mobilise the private sector to support malaria control in Nigeria in particular, and Africa at large.

    While inaugurating the 16-member Council, President Buhari projected that the successful implementation of the Council’s agenda and savings from the estimated economic burden of the disease would save Nigeria about N687 billion in 2022 and N2 trillion by 2030.

    The President told the Council that beyond improving the quality of life, health, and well-being of Nigerians, the concerted strategy to tackle malaria had both public health as well as socio-economic benefits for Nigeria.

    “Our inauguration today will therefore ensure that malaria elimination remains a priority on our agenda, with strong political commitment from leaders at all levels. Additionally, the End Malaria Council will provide a platform to advocate for more funding to protect and sustain progress made so far by our country, and put us on a pathway to ending malaria for good,” the President said.

    Expressing concern that the age-long disease had remained a major public health challenge in Nigeria, the President cited the World Health Organisation (WHO) report of 2021, showing that Nigeria alone accounts for 27 percent of all cases of malaria and 32 percent of deaths globally.

    On his choice of Dangote to chair the Council, Buhari explained that it was in recognition of the track record and passion of Africa’s richest man in supporting initiatives on various health issues such as polio and primary health care system strengthening.

    He expressed confidence that Dangote would bring his outstanding achievements to help the country achieve its goal of malaria elimination, adding that a group of eminent personalities, who have also made their mark across all walks of life, have been selected to work in the Council. He added that the membership of the Council reflects Government’s commitment to significantly reducing the malaria burden in Nigeria, to a level where it is no longer a public health issue.

    President Buhari also thanked the Chairman of the African Leaders Malaria Alliance (ALMA), President Uhuru Kenyatta of Kenya, the Executive Secretary of ALMA, RBM Partnership in Nigeria for their continuous support to the Federal Ministry of Health and the malaria programme, in particular. He also acknowledged the contributions of the Global Fund, the United States Agency for International Development (USAID), the President’s Malaria Initiative, Bill and Melinda Gates Foundation, WHO, UNICEF, UK Foreign and Commonwealth Development Office, other implementing partners, and the private sector.

    In his acceptance speech, Dangote thanked the President and all members of the Council for entrusting him with the enormous responsibility, pledging to work hard to achieve the mandate.

    “I must confess that this resonates with my current role as the Nigerian Ambassador for Malaria, my role on the Global End Malaria Council and with the work that my Foundation is doing to mobilise the private sector to support malaria control in Nigeria and Africa at large,” he said.

    “It is with humility that I accept the responsibility to be the Chair of the National Malaria Elimination Council. I am also grateful to the Minister, Federal Ministry of Health for nominating me to serve in this capacity. I would also like to express my gratitude to all the members of the Council for entrusting me with an enormous responsibility which I pledge to fulfil.

    “In 2016, Aliko Dangote Foundation supported the development of a Private Sector Engagement Strategy for Malaria Elimination in Nigeria. The document highlighted private sector support in the fight against malaria as well as a strategy for private sector engagement and steps for implementation. In fulfilling our longstanding commitment/investment to end malaria, my Foundation will continue to support all efforts at mobilising all sectors to end malaria in Nigeria and Africa at large”, Dangote added.

    Speaking on behalf of the Council members, Dangote said, “Together we will work hard to ensure that malaria elimination remains high on Nigeria’s agenda with strong political commitment from leaders at all levels. We will advocate at the National and State levels to ensure sufficient funding for malaria elimination. The Council under my watch will drive progress toward malaria elimination by focusing on two key areas: Ensure that malaria elimination remains high on Nigeria agenda with strong political commitment from leaders at all levels; and advocate at all levels to ensure sufficient funding to protect the progress made so far, sustain the progress, and be on an irreversible pathway to ending malaria for good.”

    In separate remarks, the Minister of Health, Osagie Ehanire, and the Minister of State for Health, Joseph Ekumankama Nkama, said since 2010, Nigeria has been recording a continuous decline in malaria from 42 percent in 2010, 27 per cent in 2015 to 23 per cent in 2018.

    Quoting figures from the 2010 Nigeria Malaria Indicator Survey and the 2018 Nigeria Demographic and Health Survey, they attributed the decline to the thorough implementation of the National Malaria Strategic Plan (NMSP). Both ministers, however, admitted that funding gap has impacted the implementation of the malaria programmes in Nigeria, adding that the country needs N1.89 trillion to reduce malaria prevalence and mortality by 2025.

    The Council members are: Shehu Ibrahim, Permanent Secretary, Office of the Vice President on Political and Economic Affairs; Governor Kayode Fayemi of Ekiti State and Chairman of the Nigeria Governors’ Forum (NGF); Sen. Yahaya Oloriegbe, Chairman, Senate Committee on Health; Hon. Abubakar Dahiru, Chairman, House Committee on AIDS, TB and Malaria; Dr. Ehanire and Hon. Ekumankama, Mahmuda Mamman, Permanent Secretary, Federal Minister of Health.

    Others include Tony Elumelu, Chairman, Board of Directors, UBA; Folorunsho Alakija, CEO, Rose of Sharon Group; Herbert Wigwe, CEO, Access Bank; Femi Otedola, CEO Forte Oil; Hajiya Lami Lau, President, National Council of Women Societies; John Cardinal Onaiyekan, Emeritus Archbishop of Abuja Catholic Archdiocese; Alhaja Rafiyat Sanni, National Amira, Federation of Muslim Women Nigeria (FOWAN) and Dr. Perpetua Uhomoibhi, NEMC Secretariat/National Coordinator, National Malaria Elimination Programme (NMEP). Malaria is a life-threatening disease caused by parasites that are transmitted to people through the bites of infected female Anopheles mosquitoes. It is preventable and curable. In 2020, there were an estimated 241 million cases of malaria worldwide. The estimated number of malaria deaths stood at 627,000 in 2020.

    The WHO African Region continues to carry a disproportionately high share of the global malaria burden. In 2020 the Region was home to 95% of all malaria cases and 96% of deaths. Children under 5 years of age accounted for about 80% of all malaria deaths in the Region.

    Four African countries accounted for just over half of all malaria deaths worldwide: Nigeria (31.9%), the Democratic Republic of the Congo (13.2%), United Republic of Tanzania (4.1%) and Mozambique (3.8%).

  • Dairy Leader FrieslandCampina WAMCO Announces 1-for-1 bonus at 49th AGM

    Dairy Leader FrieslandCampina WAMCO Announces 1-for-1 bonus at 49th AGM

    Dairy leader and maker of Peak, Three Crowns, Coast, Olympic and Nunu brands of milk, FrieslandCampina WAMCO Nigeria PLC has announced 35% revenue growth and 1-for-1 bonus at its 49th Annual General Meeting held recently at the Sheraton Hotel, Ikeja, Lagos.

    Operating Results and Performance:
    The Company achieved strong volume and value growth compared with the previous year despite the difficult operating environment characterised by increased competition and influx of substitute propositions. As a result, Turnover increased by 35% from N199.5 billion in 2020 to N268.4 billion in 2021. Operating Profit increased by 13% from N19.4 Billion in 2020 to N22 Billion in 2021. High Finance costs due to Naira devaluation led to a decline in Profit Before Tax (PBT) by 15% from N14.9 billion in 2020 to N12.7 billion in 2021.

    Ben Langat, Managing Director, FrieslandCampina WAMCO Nigeria PLC and Sub-Sahara Africa Cluster, explained: “In the year under review, we made excellent progress in strengthening our business strategies. We scaled up investments in brands and optimized physical availability. The combination of solid brands, operational excellence and expanded route-to-market (RTM) distribution strategy sustained our leadership position and delivered significant top-line growth. Likewise, our sustainable Dairy Development received a boost through significant initiatives including collaboration on the Value4Dairy Consortium, investment in a new mobile yoghurt factory to scale up fresh milk processing, expansion to new states; all modelled towards delivering and accelerating backward integration of the dairy sector in Nigeria.”

    In accordance with the company’s dividend policy, the Board of Directors proposed a total dividend of N5.83 per N0.50 ordinary share. An interim dividend of N1.10 was paid in 2021, and a final cash dividend of N4.23per N0.50 share was approved by the shareholders at the Annual General Meeting plus a bonus share to be issued to existing shareholders on a one-for-one basis i.e., one ordinary share with a nominal value of N0.50 for each share owned.

    According to Mr. Moyo Ajekigbe, OFR, Chairman, Board of Directors, “Our achievements in 2021 were the result of concerted efforts by various stakeholders, and I would like to express my appreciation to them for their valued contributions. The Board recognises the formidable leadership, resilience and professionalism of the Management Team, which delivered the strong performance recorded in 2021; and our greatly valued employees at all levels for their hard work, dedication and continued commitment. Despite the severe headwinds in our business environment, our Company was able to sustainably grow the business across the board.”

    2022 Company Outlook
    The country’s GDP is expected to grow by 3-4%; however, the outlook remains clouded by uncertainty surrounding oil price trajectory, scarcity of FX, rising inflation, high unemployment, security challenges and social tensions across the country. Both the supply and demand sides of our business would be under immense pressure. The expected volatility and uncertainty in the business environment not withstanding, the Board and Management remain confident about the future of the Company and are committed to its success and sustainability. We are confident that the Company’s brands, which are leaders in the dairy sector, will continue to leverage our optimised route-to-market. We will continue to aggressively pursue our backward integration and product diversification strategies with vigour to ensure the long-term sustainability of our business.