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Tag: hospitality

  • Seplat Energy Announces Board Changes- Elumelu to succeed Udo Udoma as Chairman; Okon to succeed Brown

    Seplat Energy Announces Board Changes- Elumelu to succeed Udo Udoma as Chairman; Okon to succeed Brown

    The Board of Seplat Energy PLC has announced Board and executive management changes that will further support the Company’s growth, whilst emphasising continuity in strategy and governance.

    In the announcement, the Chairman, Senator Udoma Udo Udoma, CON, has given notice of his intention to retire at the end of the year on 31 December 2026. Senator Udoma joined the Board in December 2023 and became Independent Chairman in April 2024. Since assuming the role, he has also worked closely with the Board and Management to oversee the successful integration of MPNU and setting out the 2030 strategic plan for the Company. Through his leadership and guidance, the Company has continued to thrive and play an increasingly important role in Nigeria’s energy sector.

    The Board has accordingly elected Mr. Tony O. Elumelu, CFR, as the next Chairman of Seplat Energy, effective 1 January 2027. Mr. Elumelu, who joined the Board in January 2026, is the Founder and Chairman of Heirs Holdings, which has a 20.07% shareholding in Seplat Energy. Heirs Holdings is a diversified investment company, with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality, and healthcare. Mr. Elumelu has a multi-decade track record of value creation in listed and non-listed entities. Mr. Elumelu is also a distinguished philanthropist, globally recognised as one of the leading voices on Africa’s
    transformation and governance agenda. The Board believes this succession plan will support the Company’s strategic vision as it executes delivery of its 2030 plan and strives to accelerate the growth projects in its portfolio.

    After successfully leading the Company during a period of significant strategic expansion and transformation, including the acquisition of Mobil Producing Nigeria Unlimited (‘MPNU’), Mr. Roger Brown will retire as Chief Executive Officer and as a Board Director on 31 July 2026. During Mr. Brown’s 13-year tenure, initially as the Company’s CFO through its landmark dual listing in 2014 and for the past 6 years as CEO, Seplat Energy has grown significantly through a combination of financial discipline, asset development and successful acquisitions, including Eland Oil and Gas in 2019 and the transformational acquisition of MPNU in 2024. Under Mr. Brown’s leadership, Seplat Energy has established itself as one of Africa’s leading independent energy companies, with a strong pipeline of organic growth projects.

    The Board is pleased to announce the appointment of Engr. Effiong Okon as Chief Executive Officer and Executive Director commencing 1 August 2026. An accomplished leader with over 35 years of global industry expertise, he brings a formidable track record of operational excellence and strategic execution. He is deeply familiar with the organization having been with the Company since 2018, initially serving on Seplat Energy’s Board as Operations Director for four years, then as our New Energy Director and most recently as Managing Director of ANOH Gas Processing Company (AGPC), where he successfully drove the project’s execution to achieve first gas in January 2026. Prior to joining Seplat Energy, Engr. Effiong cultivated a globally diverse operations portfolio during a distinguished career at Royal Dutch Shell spanning Africa, the USA, Europe, and the Middle East.

    Mr. Roger Brown, Chief Executive Officer, said: “It has been the greatest pleasure to be part of Seplat Energy’s growth since joining in 2013 as CFO and having led the Company as CEO since August 2020. I am immensely proud that we have built a Company that has now become synonymous with financial resilience, balanced capital allocation strong corporate governance and shareholder reward. The Company is a strong and reliable partner to the Government and is well placed to support Nigeria in its ambitious growth targets. I want to personally thank the Board, Management and the entire workforce for all the support they have given me over the years, and I look forward to watching the Company grow from strength to strength.”

    Senator Udoma Udo Udoma, Chairman of Seplat Energy, commented: “On behalf of the entire Company, I wish to express our sincerest thanks to Roger for his exceptional contribution to the development of Seplat Energy into a leading African independent energy company. His legacy was cemented in the transformational acquisition of MPNU in 2024 and in the Roadmap 2030 strategy that we set out in 2025. Roger has been ever present in Seplat Energy’s journey and under his leadership, Seplat Energy has materially outperformed the sector and delivering exceptional returns to shareholders; he leaves us well-placed to continue to deliver for all our stakeholders. I would also like to
    welcome Mr. Okon as our incoming CEO. He has extensive operational experience that will support our ambitious growth aspirations.”

    Mr. Effiong Okon, Incoming Chief Executive Officer, said: “I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the Company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”

    Mr. Tony O. Elumelu, Incoming Chairman of Seplat Energy, commented: “I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through Seplat Energy’s next phase of growth. I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values. I thank Senator Udoma and Roger for their stewardship and look forward to delivering further value for shareholders. I also congratulate Mr. Okon on his appointment as Chief Executive Officer. His deep industry experience gives me great confidence that Seplat Energy is well positioned for its next chapter of growth.”

  • Afolabi, SIFAX Group Win Triple Honours at Maritime Industry Merit Awards

    Afolabi, SIFAX Group Win Triple Honours at Maritime Industry Merit Awards

    SIFAX Group and its Chairman, Dr. Taiwo Afolabi, recorded a remarkable outing at the Maritime Industry Merit Awards (MIMA) 2025, clinching three prestigious honours in recognition of their outstanding contributions to Nigeria’s maritime and corporate landscape.

    At the awards ceremony held in Lagos, SIFAX Group received the award for Most Corporate Social Responsibility Friendly Company, while Dr. Afolabi bagged two major individual honours, Lifetime Maritime Award and Maritime Man of the Year.

    According to Elder Asu Beks, Maritime Media Limited’s CEO, Dr Afolabi emerged as Maritime Man of the Year after being “overwhelmingly voted” by stakeholders during a 60-day rigorous voting exercise.

    In the citation read during the award presentation, the organisers said the recognition reflected his unwavering commitment to advancing the maritime industry and his long-standing vision to position Nigeria as one of the leading maritime nations in sub-Saharan Africa.

    Receiving the awards on behalf of Dr. Taiwo Afolabi and SIFAX Group, Captain Ibraheem Olugbade, Executive Director, Ports & Cargo Handling Services Limited, expressed appreciation to the organisers for the recognition and conveyed the goodwill message of the SIFAX Group Chairman.

    Olugbade said the triple recognition was a testament to Dr. Afolabi’s decades of transformational leadership and the company’s sustained impact across the maritime and logistics value chain.

    “These awards are deeply appreciated, and they serve as a strong validation of Dr. Taiwo Afolabi’s decades-long contributions to the growth and development of the maritime and logistics industry in Nigeria.

    “For us as a Group, this honour also reflects our unwavering commitment to initiatives that positively impact our communities, stakeholders and the wider society. We remain committed to excellence, innovation and sustainable growth across all our business operations,” Olugbade stated.

    The triple honours further reinforce SIFAX Group’s position as one of Nigeria’s leading indigenous conglomerates, with a strong footprint in maritime, aviation, logistics, oil and gas, hospitality, and financial services.

  • Karcher Announces Joe Lahoud as President for Newly Formed Middle East & Africa (MEA) Region

    Karcher Announces Joe Lahoud as President for Newly Formed Middle East & Africa (MEA) Region

     Karcher, the global leader in cleaning technology, has announced the promotion of Joe Lahoud to Regional President of the newly unified Middle East and Africa (MEA) region. This strategic consolidation brings 68 countries under a single leadership framework, streamlining Karcher’s extensive professional and consumer portfolios to better serve the evolving needs of the two continents.

    By integrating Middle Eastern and African operations, Karcher aims to provide seamless access to its world-class cleaning solutions. The move places everything in the 1000+ product portfolio of Karcher, ranging from high-pressure cleaners and industrial scrubber driers to autonomous robots and municipal sweepers under Lahoud’s guidance. This leadership structure ensures that critical industries receive specialized, local and adapted support within multiple target groups such as Agriculture, Automotive, Building Service Contractor, Construction, Healthcare, Hospitality, Industry, Public Service, Retail, Transport and Mining.

    Since 2020, Joe Lahoud has led Karcher’s Middle East operations, transforming the Dubai headquarters into a regional center of excellence. His tenure has been defined by high-volume growth and deepened partnerships with government entities, professionals and industrial leaders. In this expanded capacity, he will now oversee the strategic integration of the African continent, scaling distribution and technical support to meet rising demand in emerging markets.

    Additionally, this move reinforces Karcher’s current official presence in key economic hubs such as Egypt, Morocco, Tunisia, Ivory Coast, South Africa, and Kenya, while simultaneously strengthening an extensive dealer network that spans the entire continent.

    “The unification of the MEA region allows us to tell a complete brand story. We are a resilient, innovation-driven ecosystem that supports national development and individual household cleaning needs simultaneously. From high-pressure cleaners for the weekend car wash to heavy-duty mining equipment, we are delivering a unified vision of efficiency and sustainability to every corner of these two continents.”

    The strategic consolidation of the Middle East and Africa represents a bold step forward in Karcher’s global growth strategy. Under Lahoud’s leadership, this move harmonizes regional expertise with untapped market potential, creating a powerhouse of technical support and distribution. By streamlining operations, Karcher solidifies its role as an architect of modern infrastructure and sustainable living. Looking ahead, this new chapter promises a wealth of possibilities, empowering the entire region with the tools to build a brighter, more sustainable tomorrow.

  • Afolabi Hails Customs CG on His Birthday

    Afolabi Hails Customs CG on His Birthday

    Chairman of SIFAX Group, Dr. Taiwo Afolabi, CON, has extended warm birthday felicitations to the Comptroller-General of the Nigeria Customs Service (NCS), Alhaji Bashir Adewale Adeniyi, MFR, commending his exemplary leadership and far-reaching contributions to Nigeria’s economic growth and global trade standing.

    In a goodwill message issued on behalf of the Board, Management and Staff of SIFAX Group,  Afolabi described Adeniyi as a transformational leader whose tenure has brought renewed professionalism, efficiency and credibility to the Nigeria Customs Service.

    According to him, Adeniyi’s leadership has been instrumental in driving significant reforms across customs operations, leading to sustained revenue growth, improved trade facilitation, enhanced border security and accelerated digital transformation within the Service.

    “Your tenure as Comptroller-General has been defined by strategic foresight, institutional discipline and an unwavering commitment to national service,” Dr. Afolabi stated. “These achievements have not only strengthened Nigeria’s trade ecosystem but have also positively impacted the ease of doing business for stakeholders across the maritime, aviation and logistics sectors.”

    He noted that the milestone reflects Adeniyi’s competence, integrity and global outlook, adding that it is a source of pride for Nigeria and inspiration for public service leadership across Africa.

    As the Chairman of a leading pan-African conglomerate with interests in maritime, aviation, logistics, oil and gas and hospitality,  Afolabi affirmed that SIFAX Group deeply appreciates the Comptroller-General’s stakeholder-focused approach and his commitment to collaboration in building a more efficient, transparent and globally competitive customs system.

    Dr. Afolabi concluded by praying for continued good health, wisdom and strength for Adeniyi as he consolidates ongoing reforms and attains greater milestones in service to Nigeria and the international community.

  • Lagos, FirstBank, Guinness, The Address Homes, Swedish Government, Gobet247, Utilita, others Lead 9th AFRIMA Sponsorship Line-Up

    Lagos, FirstBank, Guinness, The Address Homes, Swedish Government, Gobet247, Utilita, others Lead 9th AFRIMA Sponsorship Line-Up

    The Lagos State Government, First Bank of Nigeria, Guinness Nigeria, The Address Homes, the Government of Sweden, Gobet247 and several other major organisations have thrown their weight as sponsors behind the 9th edition of the All Africa Music Awards (AFRIMA), scheduled to hold from January 7 to 11, 2026, in Lagos.

    AFRIMA, in partnership with the African Union Commission (AUC), unveiled its strong list of sponsors and partners, showing growing confidence in African music as a major cultural and economic force.

    The 9th edition, themed “Unstoppable Africa,” has attracted support from key sectors including finance, real estate, beverages, digital platforms, media, hospitality and international cultural institutions.

    Following the acceptance of Lagos State Government of the offer from the African Union, Lagos will once again serve as the Official Host City, reinforcing the state’s position as Africa’s leading creative and entertainment hub. With the strong backing of the awards from the Federal Government of Nigeria, the 9th AFRIMA promises to be hugely successful. The African Union Commission remains AFRIMA’s legacy Institutional Partner, supporting its mission to promote African music and culture across the continent and beyond.

    At the top level of sponsorship, fast-growing digital payments and lifestyle platform Utilita and leading gaming and entertainment brand Gobet247 are headlining the event as National Gold Sponsors.

    At the Silver level, First Bank of Nigeria, Lagos State Internal Revenue Service (LIRS) and The Address Homes have been confirmed as National Silver Partners. Guinness Nigeria joins as the Official Beer Sponsor, bringing added energy to this year’s festivities. AFRIMA also welcomes international cultural support from the British High Commission in Nigeria and the Embassy of Sweden, both serving as Cultural Exchange Partners.

    In travel and hospitality, Wakanow, Pan Atlantic Travels and Dorf Travels & Tours Ltd have been named the Official Travel Partners. Vaniti Lagos and Knowhere Restaurant will host nominees and special guests as Hospitality Partners. Popular youth culture platform Mainland Block Party Lagos is also supporting the celebration, adding street culture and community energy to the awards week at the AFRIMA Music Village holding at Ikeja City Mall on Friday, January 9,2026.

    AFRIMA has also confirmed a strong coalition of leading media organisations across radio, television, digital platforms, print, and Out-of-Home (OOH) channels as its Official Media Partners for the 9th Edition. These include DSTV/Multichoice, HIPTV, Afro Music Pop, Base FM, Beat FM, Classic FM, Hot FM, Kennis FM, Lagos Talks, Inspiration FM, Traffic Radio, Radio Lagos, Eko FM, and Lasgidi FM.

    Others on the partnership roster are The Culture Newspapers (TCN),Legit.ng, Max FM, Nigeria Info, Nigezie, Television Continental (TVC), and Yanga FM, along with top OOH companies led by MotoMedia, Yartview Ltd, Optimus Exposure, Plural Media, Folham Nigeria Limited and Nimbus Media.

    Speaking on FirstBank’s support, Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications at FirstBank, said the partnership aligns with the bank’s long-standing commitment to Africa’s creative industry.

    “At FirstBank, we are dedicated to promoting Africa’s vibrant creative industry, and our partnership with AFRIMA reflects this commitment. Through our First@Arts initiative, we have consistently supported projects across the creative value chain, nurturing talent and enabling production. In doing this, we preserve Africa’s rich cultural heritage while promoting unity, education and entertainment.”

    From the international community, H.E. Anna Westerholm, Ambassador of the Kingdom of Sweden to Nigeria, said, “Sweden is proud to join AFRIMA in celebrating the richness and global impact of African music. In 2026, we will mark 65 years of diplomatic relations with Nigeria, highlighting our strong ties. As the world’s third-largest music exporter, we believe in the power of collaboration and idea exchange. This partnership enhances our cultural and business connections, and we look forward to a meaningful week supporting the creative industries.”

    Also speaking, Yinka Bakare, Marketing and Innovations Director at Guinness Nigeria Plc, said the brand’s involvement reflects its deep roots in African culture.

    “Guinness has been woven into Africa’s most iconic cultural moments for decades, and our sponsorship of AFRIMA’s 9th edition reinforces that heritage. AFRIMA celebrates the extraordinary artistry that defines Africa, and we are proud to support a platform that showcases the continent’s greatness to the world.”

    Founder and Chairman of The Address Homes, Dr. Bisi Onasanya, described AFRIMA as an important platform for African creativity, collaboration and cultural identity expressions.

    “AFRIMA represents the spirit of African excellence and innovation. At The Address Homes, we believe that culture, creativity and enterprise must work together to drive sustainable growth. Supporting AFRIMA is our way of building and investing in Africa’s talents, strengthening cultural pride and opening new opportunities for creative young people and business partnerships across the continent.”

    Speaking during the sponsorship announcement in Abidjan, Cote d’Ivoire, Ms. Edwidge Goli, Director of Partnerships at AFRIMA, described the sponsorship line-up as a strong vote of confidence in African music.

    “This is more than sponsorship. It is a historic show of belief in the power of African music, the brilliance of our talents and the future of our creative industries,” she said.

    She thanked the Lagos State Government for hosting the event again and praised the commitment of the Gold and Silver sponsors, as well as international partners and media organisations.

    The 9th AFRIMA will commence with the Nominees and Guests Welcome Soirees scheduled on January 7. This will be followed by the Africa Music Business Summit (AMBS) on January 8 at the Eko Convention Centre, Eko Hotels and Suites, Lagos, Nigeria.

    AFRIMA Music Village Concert and Diamond Showcase will take place on January 9 at the Ikeja City Mall, leading up to the grand Awards Ceremony on January 11 at the Eko Convention Centre at Eko Hotel, Lagos, Nigeria. Red carpet starts at 3:30 pm (WAT).

    The awards ceremony, along with major live performances, will be broadcast to audiences in over 84 countries worldwide.

  • Moniepoint MFB redefines MSMEs operations with Moniebook, Nigeria’s first solution to unify payments and bookkeeping

    Moniepoint MFB redefines MSMEs operations with Moniebook, Nigeria’s first solution to unify payments and bookkeeping

    Nigeria’s definitive bank for small and medium-sized businesses, as well as their customers and employees, Moniepoint Microfinance Bank has launched Moniebook, a comprehensive all-in-one Point-of-Sale (POS) solution designed to transform how businesses in retail, hospitality, health, and beyond manage their operations. As the first solution in the country to seamlessly unify payments and bookkeeping in one tool, it is tailored for small to medium-sized businesses as well as multi-location enterprises, Moniebook combines robust software with reliable hardware, helping business owners streamline operations, boost efficiency, and empower business owners with data-driven insights for growth.

    Moniebook provides business owners with a powerful suite of tools to manage inventory, track sales, process payments, foster customer relationships, and generate detailed reports from a single platform. The core value proposition is to simplify complex business operations, reduce inefficiencies, and increase profitability for establishments. From supermarkets and restaurants to pharmacies and boutiques, the system empowers businesses to handle day-to-day tasks effortlessly—whether it’s preventing stockouts, managing staff roles, or tracking product expiry dates.

    Speaking on the new product launch, Babatunde Olofin, Managing Director, Moniepoint MFB, said, “Our mission has always been to help businesses grow by giving them the tools they need to succeed. This is in strong consonance with our mantra of creating financial happiness even as we consistently power the dreams of the millions of Nigerians who have come to love and trust the brand as an enabler of progress, as businesses or as individuals. Moniebook is engineered to be a growth partner for businesses – a holistic source of truth in the hands of every entrepreneur. By providing full visibility over sales, staff, customers, and inventory in real-time, we are giving business owners the control they need to scale efficiently and securely.”

    With over 4,000 businesses onboarded and N19b processed in transaction value during the beta phase of Moniebook, business owners already using the product are singing its praises. BBQ Chef, a retail entrepreneur, shared: “I discovered through Moniebook that I had made over ₦2 million in my first month! It tracks my sales, manages inventory, and is so easy for my team to use. Honestly, any business not using Moniebook is missing out.”

    Oluwole Adebiyi, Head of Product, Moniebook, added, “We built Moniebook with the realities of Nigerian business owners in mind which begins with a deep understanding of their everyday challenges. For too long, small and medium-sized business owners have had to juggle multiple, disconnected tools to manage critical operations, from tracking inventory to processing payments and understanding their sales data. This complexity is a direct barrier to growth. 

    He continues, “For us, whether you’re running a supermarket, a restaurant, or multiple retail outlets, you shouldn’t have to juggle five different systems. Moniebook gives you everything in one place – fast, secure, and scalable. By simplifying the complexities of running a business, we are freeing up entrepreneurs to do what they do best: serve their customers and grow their enterprises. This is another step in our commitment to fostering a thriving business ecosystem in Nigeria.”

    Key features and benefits of the Moniebook platform include:

    Inventory Management: Real-time stock monitoring with automated reordering and specialized expiry tracking to minimize waste and prevent stockouts.

    Sales Tracking & Reporting: Comprehensive visibility into daily sales performance, customer behavior, and staff metrics through detailed analytics and reports.

    Integrated Payment Processing: Seamless transaction processing through Moniepoint terminals with support for credit sales, split payments, and discounts.

    Multi-Location Management: Centralized control and monitoring of inventory, sales, and staff across multiple store locations from a single platform.

    Staff & Role Management: Customizable user permissions and role assignments to control system access and streamline operations based on employee responsibilities.

    Moniebook is available in two pricing tiers: Core (₦6,000/month) for small business operations and Pro (₦8,500/month) for advanced, multi-location enterprises. Optional add-ons, including extra registers, branches, and implementation support, make it scalable for growing businesses.

  • Adejo Olusegun appointed Chief Financial Officer of SAHCO PLC

    Adejo Olusegun appointed Chief Financial Officer of SAHCO PLC

    The Board of Directors of Skyway Aviation Handling Company PLC has announced the appointment of Mr. Olusegun Adejo as the Chief Financial Officer (CFO) of the Company effective November 1st 2025.

    Mr. Adejo brings to SAHCO PLC over 20 years of extensive experience spanning the aviation, maritime, and hospitality sectors. He has served in various leadership and financial roles across multiple subsidiaries within SIFAX Group, demonstrating a consistent track record of excellence, strategic insight, and financial stewardship.

    His appointment reflects the Company’s commitment to strengthening its financial operations and driving sustainable growth. Mr. Adejo’s deep industry knowledge and financial expertise are expected to significantly contribute to SAHCO PLC’s strategic objectives and operational efficiency.

    The Board warmly welcomes Mr. Adejo to his new role and looks forward to his contributions in advancing the Company’s growth and enhancing shareholder value.

  • AMCON Transfers 34% Stake in Unity Bank to Providus, Strengthening Merger Deal

    AMCON Transfers 34% Stake in Unity Bank to Providus, Strengthening Merger Deal

    The Asset Management Corporation of Nigeria (AMCON) on Thursday offloaded 34 per cent of its stake in Unity Bank Plc to Providus Bank.

    This has strengthened the business combination deal between Providus and Unity Bank.

    The 34 per cent total equity stake in Unity Bank was transacted through a crossed deal on the floor of the Nigerian Exchange Limited (NGX) to the preferred bidder, 24 hours ahead of their Court-Ordered Meeting to approve the scheme of merger.

    The transaction was completed involving four billion Unity Bank shares at N1.66 per share, amounting to over N6.5 billion in value.
    A total of three deals was carried out on Unity Bank shares on the Exchange on September 25, 2025.

    The ongoing business combination arrangement is a milestone for Providus Bank as it puts it in a comfortable position to beat the March 31, 2026, recapitalisation deadline that was placed by the Central Bank of Nigeria.

    Providus Bank began operations in June 2017. It is licensed by the Central Bank of Nigeria to provide banking services to individuals and businesses. The bank has a strong IT infrastructure and digital channels which it deploys to provide exceptional service to our customers so they can achieve their objectives.

    Providus Bank is an innovative financial institution that provides personal, private, corporate, commercial and digital banking products and solutions.

    Its tailored financial services delivery includes: Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and Self-service solutions. Providus Bank competitive advantage in Private, Institutional, Business and Personal Banking is driven by the philosophy to create support and value for Institutions, Agencies, SMEs and HNIs.

    Its business development strategy also focuses on developing expertise and collaborating to improve the non-oil (emerging) sector of the Nigerian Economy, which includes but not limited to Agriculture, Mining, Hospitality, E-commerce, and Art & Entertainment.

    Providus Bank believes that the New World of Fast, Smart, Personal, and Borderless banking relationship is here. We are therefore inspired by our Future Forward Banking ethos to make life (at work and leisure) more exciting for our partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.

    In less than 10 years, Providus Bank has emerged as one of the fastest growing financial institutions in the country.

    Through this merger, Providus aims to transform from a niche player into a national bank, leveraging Unity Bank’s over 211-branch network spread across all 36 states and the FCT.

    The move aligns with Providus’ broader strategy to deepen its retail presence and diversify its customer base.
    Additionally, Providus Bank would significantly benefit from scale in retail banking as it would expand its footprint from a largely digital operation to a full-fledged national player.

    It also brings in a strong SME lending pipeline, especially in agriculture, mining, ecommerce, hospitality, and entertainment sectors, which both banks already support.

    Providus plans to integrate its technology stack into Unity Bank’s branch network, enhancing service delivery and cost efficiency.
    The bank believes the combined entity will unlock new value across its retail, SME, and digital channels.

    At the court order meeting, Unity Bank shareholders will decide whether to approve a cash consideration of N3.18 per share or opt for a share swap under which every 17 Unity Bank shares convert into 18 shares in the enlarged Providus Bank.

    If approved, Unity Bank’s assets, liabilities, intellectual property, and ongoing legal matters will be transferred to Providus. Unity Bank will be dissolved, with Providus continuing as the surviving entity.

    The meeting is expected to pave the way for regulatory sign-offs from the CBN and the Securities and Exchange Commission (SEC), both of which had already approved the merger in August 2024.

  • KnowBe4 releases 2024 Security Culture Report highlighting African organisations’ cyber readiness

    KnowBe4 releases 2024 Security Culture Report highlighting African organisations’ cyber readiness

    …The report reveals that organisations evaluated across 20 African countries exhibit an average security culture score of 72, consistent with the previous year

    KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, has just released its highly anticipated 2024 Security Culture Report for Africa, providing a detailed analysis of the intricate relationship between security practices and employee behaviours within organisations. Drawing insights from surveys conducted across thousands of organisations worldwide, the full report offers a comprehensive five-year comparative view, highlighting significant trends shaping the cybersecurity landscape.

    “In its section on Africa, the report reveals that organisations evaluated across 20 African countries exhibit an average security culture score of 72, consistent with the previous year,” says Anna Collard, SVP of Content Strategy & Evangelist for KnowBe4 Africa. “This shows a moderate level of readiness in security culture.”

    There are noteworthy variations among sectors and countries, emphasising the necessity for targeted interventions to enhance cybersecurity resilience. “The banking sector in Kenya is a standout performer, boasting an impressive average score of 83, attributed to its steadfast commitment to maintaining mature security cultures supported by robust security operations,” explains Collard. “However, industries such as public services, construction, education, and hospitality show lower security culture scores. This shows the importance of developing specific approaches to enhance cybersecurity awareness and practices in these sectors.”

    Africa, with its diverse cultural fabric and youthful population projected to dominate the global workforce by 2100, faces escalating cyber risks amidst rapid technological advancements. Challenges, including limited resources, inadequate cyber awareness, and economic constraints, marked the continent’s cybersecurity landscape in 2023. “This shows the need to strengthen cybersecurity readiness given the critical development requirements.”

    Kenya (76), Nigeria (75), and Ghana (74) lead the charge in cybersecurity readiness, showcasing robust strategies backed by local governments. Ghana’s significant progress in cybersecurity, evidenced by its climb in the Global Cybersecurity Index, reflects the region’s commitment to cybersecurity excellence.

    “With a security culture score of 72, it’s important to address the findings from a separate survey on generative AI (GenAI) adoption by organisations in South Africa,” adds Collard. “That survey identified regulatory gaps and a lack of training in countering AI-generated misinformation, highlighting the need for regulations, training programmes, and partnerships to tackle cyber threats such as deepfakes, especially during the upcoming crucial governmental elections.”

    The South African Council for Scientific and Industrial Research (CSIR) expects an increase in cyber attacks targeting important infrastructure and government bodies in the coming weeks until South Africans go to the polls. “This highlights the urgent need for stronger cybersecurity measures to protect both public and private sectors, communities, and national economies,” says Collard. “As organisations adapt to the changing cybersecurity environment, promoting a culture of awareness, education, and proactive risk management will be vital in enhancing cyber resilience throughout Africa.”

    The security culture score is a global measure used to evaluate organisations based on their approach to security, explains Javvad Malik, Lead Security Awareness Advocate at KnowBe4. “This score reflects how much importance different entities worldwide place on cybersecurity within their organisational culture. In today’s interconnected world, where a mobile device in a remote area can access sensitive accounts, working in isolation on security is no longer effective,” adds Malik. “Collaboration between governments and regulators is essential not just for creating laws but also for demonstrating practical ways to strengthen security culture. Organisations need to prioritise the human element of cybersecurity by focusing on continuous awareness and training efforts rather than relying solely on technological solutions,” Malik concludes.

    For the full security culture report covering Africa, click here (https://apo-opa.co/3Wr5p7a). For the comprehensive report covering Africa and five other global regions (North America, South America, Europe, Asia, and Oceania), click here (https://apo-opa.co/3Wx9hng).

  • Cyber concerns top risk for hospitality, leisure and tourism sector in 2024- Allianz Risk Barometer reveals

    Cyber concerns top risk for hospitality, leisure and tourism sector in 2024- Allianz Risk Barometer reveals

     Cyber incidents have emerged as the top risk faced by the hospitality, leisure, and tourism sector in 2024, according to the Allianz Risk Barometer. The report, based on insights from over 3,000 risk management professionals and business leaders, emphasizes the critical need to address these risks to ensure business continuity and protect against potential disruptions.

    With 36% of respondents expressing concern, cyber incidents have taken the lead as the most significant and new risk in the hospitality, leisure, and tourism sector. The recent surge in ransomware attacks has resulted in a staggering 50% increase in insurance claims activity compared to 2022. Hackers are now targeting both IT and physical supply chains, launching mass cyber-attacks, and devising new methods to extort money from businesses. Consequently, early detection and response capabilities and tools have become increasingly crucial.

    “Cyber criminals are exploring ways to use new technologies such as generative artificial intelligence (AI) to automate and accelerate attacks, creating more effective malware and phishing. The growing number of incidents caused by poor cyber security, in mobile devices in particular, a shortage of millions of cyber security professionals, and the threat facing smaller companies because of their reliance on IT outsourcing are also expected to drive cyber activity in 2024,“ explains Santho Mohapeloa, Cyber Insurance Expert, Allianz Commercial.

    Investment in detection, supported by artificial intelligence, is expected to enhance incident identification. Without effective early detection tools, companies may face prolonged unplanned downtime, increased costs, and a greater impact on customers, revenue, and reputation.

    While cyber incidents take the top spot, business interruption, changes in legislation and regulation, macroeconomic developments, and natural catastrophes jointly rank as the second most concerning risks, each receiving 22% of responses. Business interruption has moved down to the number two threat for the hospitality, leisure, and tourism industry.

    The top two causes of business interruption, following cyber incidents, are natural catastrophes and fire, with machinery/equipment breakdown or failure following closely behind. These findings highlight the interconnectedness and volatility of the global business environment, as well as the industry’s reliance on supply chains for critical products or services. Consequently, improving business continuity management, identifying supply chain bottlenecks, and developing alternative suppliers remain key risk management priorities for companies in 2024.

    Changes in legislation and regulation risks[1] include increased compliance costs, uncertainty, competitive disadvantages, impacts on tourism demand, damage to reputation and image, operational disruptions, and broader economic repercussions. To ensure long-term success and sustainability, it is crucial for businesses in the sector to understand and effectively manage regulatory risks.

    Macroeconomic developments can also significantly impact the hospitality, tourism, and leisure industry, introducing risks[2] such as fluctuations in consumer spending, changes in exchange rates affecting international travel demand, inflationary pressures impacting operating costs, and economic downturns leading to reduced travel budgets and discretionary spending. These risks directly affect businesses’ revenue streams, profitability, and overall competitiveness within the industry.

    Furthermore, natural catastrophes risks[3] to the hospitality, tourism, and leisure industry include physical damage to infrastructure, disruption of transportation networks, safety concerns for travelers, and loss of revenue due to canceled bookings and reduced visitor numbers. The recovery efforts following such events may require significant time and resources. The occurrence of natural disasters, such as floods, earthquakes, and wildfires, can result in billions of dollars in economic losses for tourism-dependent regions. This highlights the urgent need for effective crisis preparedness measures and risk management strategies within the industry.

    Risk mitigation: how to future-proof your operations

    What these risks reveal is the extent to which risks are interrelated and aggregated in the networked world we live and work in. Faced with loss scenarios that can fall like dominoes, businesses need robust, resilient operational processes to safeguard their supply chains and ensure business continuity. Business continuity planning (BCP) reviews are essential and must be regularly updated. Cyber protection should include regular backups, segmentation of data, the right end-point detection and multi-factor authentication. Data is paramount. Insurers such as Allianz Commercial can leverage your company data to facilitate a tailored risk assessment and help draw up a personalized mitigation strategy.

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    View the Allianz Risk Barometer methodology and full global and country risk rankings

  • IWD: SIFAX Group Shares Food Items to 500 Ijora Residents

    IWD: SIFAX Group Shares Food Items to 500 Ijora Residents

    About 500 residents of the Ijora community in Lagos have benefitted from free food items donated by SIFAX Group, a leading business conglomerate with business interests in maritime, aviation, oil & gas, financial services, and hospitality.

    The donation is part of the activities to mark this year’s International Women’s Day celebration.

    According to Mrs. Wunmi Eniola-Jegede, Executive Director, Business Development & Strategic Planning, the current economic reality and the need to identify with Christian and Muslim faithful in one of the company’s host communities made the donation imperative and timely.

    She said: “SIFAX Group has a reputation of supporting worthy causes across the country, especially in areas where we have operations. In the spirit of International Women’s Day and to support citizens who are currently fasting – Christians and Muslims – we decided to share these food items to indigent residents of Ijora. In a nutshell, it’s a way of giving back to the society and the community where we operate.”

    She also used the opportunity to show appreciation for the community and the cooperation that has been extended to the company’s various businesses operating in the community.

    While commending the company for the kind gesture, the Ojora of Ijoraland, Oba Fatai Oyeyinka Ojora lauded SIFAX Group for bringing smiles to his indigent subjects, adding that the community will continue to support the company’s operations. He later prayed for the continuous progress of the company.

  • SIFAX Group Appoints Basil Agboarumi as Executive Director

    SIFAX Group Appoints Basil Agboarumi as Executive Director

    SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director, Corporate and Intergovernmental Affairs.

    Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

    Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

    After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange (now Nigerian Exchange Group) while many local and foreign airlines signed business deals with the company due to its excellent and cutting-edge services, including passenger handling, ramp handling, and cargo handling.

    Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

    Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

  • CPPE Expresses Concerns Over Expatriate Employment Levy (EEL) Policy Implementation

    CPPE Expresses Concerns Over Expatriate Employment Levy (EEL) Policy Implementation

    The Centre for the Promotion of Private Enterprise (CPPE) has issued a statement expressing serious concerns regarding the recent introduction of the Expatriate Employment Levy (EEL) by the government. While acknowledging the dual purpose of promoting localization of skills and economic growth, the CPPE highlights potential unintended consequences of the policy.

    Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), noted that there are existing legislations and regulations with similar objectives, such as the expatriate quota administered by the Nigeria Immigration Service and the National Content Act for the oil industry. However, implementation of these measures has been weak, primarily due to institutional shortcomings rather than a lack of policies.

    Implications of the New Policy for Investment:

    1. Short Timeline for Compliance: The CPPE criticizes the short four-week timeline given for companies to comply with the new policy, arguing that such a major shift requires a minimum of six months for adequate adjustment.
    2. Impact on Major Investors: Some affected companies are major investors with significant investments in Nigeria. The CPPE urges the government, known for its investment-friendly stance, to provide more time for compliance, considering the scale of these investments.
    3. Effect on Direct Investors: Both foreign and domestic direct investors are likely to be negatively impacted, affecting critical sectors such as oil and gas, manufacturing, infrastructure, mining, ICT, and healthcare.
    4. Vulnerable Sectors: Sectors such as construction, distributive trade, hospitality, and logistics are particularly vulnerable to the policy’s implications and should be targeted accordingly.
    5. Concerns for Diaspora Nigerians: The CPPE warns that the policy may trigger reciprocal actions from other countries, jeopardizing the interests of Nigerian diaspora communities and the significant remittances they contribute to the economy.
    6. Diplomatic Implications: Nigeria’s leadership position in Africa and its role in continental economic integration could be undermined by the policy, especially considering the potential for reciprocal actions by other African countries.

    Appeal for Review:

    The CPPE appeals to the government to review the policy and undertake broader consultations to fine-tune its implementation. The organization emphasizes the importance of safeguarding genuine investors and considering the diplomatic implications, particularly for the diaspora community.

    He urged stakeholders to prioritize dialogue and collaboration in addressing the challenges of the Expatriate Employment Levy policy.

  • Africa Magic Invests Over $85 Million to Bolster Local Content

    Africa Magic Invests Over $85 Million to Bolster Local Content

    MultiChoice, one of Africa’s major economic multipliers in the television sector has announced that through Africa Magic, it has successfully commissioned, produced, and acquired more than $85 million worth of local content over the last few years to create opportunities for young creators to earn a living from their work and for Africa to tell its authentic stories.

    However, this substantial investment is under threat from piracy. As content distribution has evolved to encompass various devices and platforms, content piracy has evolved in tandem. Producers, studios, and rights-holders now find themselves in a technology arms race against pirates, striving to develop content-security strategies to protect their brand reputation, revenue, and the livelihoods of thousands who depend on the industry.

    Speaking about the detrimental impact of content theft, Dr. Busola Tejumola, Executive Head of Content and West Africa Channels at MultiChoice West Africa, described piracy as unchecked theft that endangers the existence of jobs and the well-being of communities across Africa.

    “We recently launched a continent-wide television campaign to emphasise how piracy erases African stories and jeopardises jobs in the production and creative industries. If piracy remains unchecked, it will result in fewer African stories being told, fewer local productions commissioned, and fewer opportunities for content producers.

    “I appeal to our nation and our continent to unite against piracy and empower Africa’s creatives to earn a living from their talent, “she said.

    In addition to its impact on the entertainment industry, Africa Magic’s contributions have also injected significant financial support into adjacent industries, such as travel, hospitality, construction, and manufacturing sectors, all of which are jeopardised by the scourge of piracy.

  • Industry Stakeholders Advocate for the Creative Industries Development Bill (CIDB)

    Industry Stakeholders Advocate for the Creative Industries Development Bill (CIDB)

    The Nigerian creative industry has captured the attention of industry stakeholders who have come together to discuss the proposed Creative Industries Development Bill (CIDB) and its potential to transform the Nigerian creative economy. This collaborative effort between Nigeria’s creative industries and the Presidency seeks to enhance the industry through a well-designed action plan centered on putting the creatives “FIRST”: Funding, Incentives, Research, Skills, and Training.

    The stakeholder engagement series led by the CIDB team kicked off on 4 March 2023, with an engagement session at the Omenka Gallery in Lagos, hosted by Oliver Enwonwu. The event was attended by prominent stakeholders in the visual arts and arts sector, including leading gallery owners and curators such as the Executive & Artistic Director of the Centre for Contemporary Art, Lagos (CCA, Lagos), Oyindamola Layo Fakeye, and Segun Oni of The Children’s Art Gallery (TCA). Two key takeaways from that engagement were the concepts of Perpetual Royalties for artists on their work and the insertion that all new public buildings in Nigeria (Federal State and Local) should have iconic arts embedded in their budgets leading to a legacy of public monuments across Nigeria and the growth of the art market.

    The following day, on Sunday, 5 March, the CIDB team met with leaders from the creative writing, performing arts, and theater sectors. These included Ifeanyi Avajah,chairman of the Lagos branch of the Association of Nigerian Authors (ANA), Israel Eboh, president of the National Association of Nigerian Theatre Arts Practitioners (NANTAP), as well as cultural advocate, Jahman Anikulapo, chair of the Committee for Relevant Art (CORA) and the filmmaker, Mahmoud Ali-Balogun. Anwuli Ojogwu, of the Society of Books and Magazines Editors of Nigeria (SBMEN), enjoined the CIDB team to consider that not all art, especially creative writing, worked on the for-profit model. She hoped that grants for creatives were one of the items being considered in the bill.

    The team also met with media and culture entrepreneurs, that included conversations with the founder of the Silverbird Group, Ben Murray Bruce; the CEO of EbonyLife Media, Mo Abudu; the theatre producer, cultural entrepreneur and the CEO of Terra Kulture, Bolanle Austen-Peters; founder and the CEO of Africa International Film Festival (AFRIFF), Chioma Ude; the COO of Mavin Records, Tega Oghenejobo;  Prolific comedians, Bovi, Nedu, and Chukwudi ‘Husband Material’ Ezugwu; creative industries leader and Comedian/Entrepreneur, Ali Baba and actor, Eyinna Nwigwe.

    Laoye Jaiyeola, the CEO of the Nigeria Economic Summit Group (NESG) hosted the CIDB team led by the Senior Special Assistant to the President on Country Risk Assessment and Evaluation, Col. Felix Alaita (rtd), Chinenye Mba Uzoukwu, and Obi Asika, at the NESG headquarters, Summit House, on  7 March 2023. The meeting included the National Assembly Business Environment Roundtable (NASSBER) team and thematic leads from relevant NESG sectors. It was aimed at building support and momentum from the organized private sector. Dr Ikenna Nwosu, Facilitator, Tourism, Hospitality, Entertainment, Creatives and Sports Business (THECS) Policy Commission welcomed the idea of the CIDB and agreed that the NESG would collaborate with the team for the success of the project. 

    At the session hosted by Filmhouse Cinemas and TRACE, for players in the Television, Film, Advertising, Arts, Gaming, and Animation sectors, on 8 March, Col. Felix Alaita (rtd), explained that the CIDB as championed by the Presidency, is specifically aimed at transforming the Nigerian creative space through access to funding, provision of incentives, enabling research, and the creation of an environment for skills development and training. Kelechi Nwosu of TBWA Concept spoke to the significance of the CIDB for the Advertising sector, while Anwulika Agina of Pan African University spoke on the need for -research institutes and schools to be inclusive.  Also in attendance were Charles Novia, Tunde Laoye, Efe Omorogbe, Queen Ebigieson, Emeka Ossai, and Brenda Fashugba, amongst others.  

    Obi Asika, one of Nigeria’s renowned creative industries’’ leaders and the CIDB Stakeholders Engagement Sub-Committee Lead, stated that the CIDB is a “whole of government and whole of nation” approach with key stakeholders continuously engaged. Chukuka Chukuma, Investment Banker and the CIDB Finance Sub-Committee Lead, emphasized the importance of leaving no one behind and the need to enable and support the sector. He explained that the bill is not intended to replace existing agencies but to act in the best interests of the creative industries, and drive collaboration. He noted that the private sector, development finance institutions, and global multilaterals all seek a clear line of sight into the sector, and the CIDB will meet their expectations and provide a one-stop-shop that facilitates seamless foreign direct investments.

    Other members of the CIDB Presidential Advisory team–including Davidson Oturu, Ojoma Ochai, Tonye Faloughi-Ekezie, Baba Agba, Enyi Omeruah, Femi Odugbemi, Ijeoma Onah, Moses Babatope, Titilayo Adebola, Eghosa Imasuen, Oswald Osaretin Guobadia, and Chichi Nwoko–were present to give further insights into the details of the CIDB. Sam Onyemelukwe of TRACE espoused the vision of the CIDB as one whose time has come. 

    The CIDB team had a highly successful trip to Lagos. The engagement sessions were robust two-way conversations, and the consultation process is constant and ongoing. The general consensus of attendees was gratitude for the efforts of the minister of information and culture in promoting the kind of collaborative environment that led to the development of this laudable bill. Further engagements have been scheduled and planned for the six geopolitical zones. This approach provides an opportunity for Nigeria to be intentional about projecting Nigerian soft power and Nigerian Storytellers. 

    The continuing stakeholder engagement sessions aim to provide an opportunity for industry professionals to engage with the CIDB team, understand the significance and benefits of the bill, and provide valuable insights to make it fit-for-purpose and shape the future of the creative industries in Nigeria.