News Agency of Nigeria
Expo to boost tech-driven manufacturing growth
Economy/Business

Expo to boost tech-driven manufacturing growth

 

 

 

 

 

 

 

By Rukayat Moisemhe

 

The Manufacturers Association of Nigeria (MAN) has said the 2025 Nigeria Manufacturing and Equipment (NME) and Nigerian Raw Materials (NIRAM) Expo will promote technology for sustainable industrial development.

 

 

 

President of MAN, Mr Francis Meshioye, said this on Wednesday during a news conference held in Lagos.

 

 

 

Meshioye said the NME/NIRAM Expo will act as a key platform for adopting home-grown technology to boost local production and reduce reliance on foreign goods.

 

 

 

He said the event will bring together players across the manufacturing value chain to showcase technologies and solutions that support the government’s “Nigeria First” policy.

 

 

 

The joint expo, organised with the Raw Materials Research and Development Council (RMRDC), is with the theme: ‘Accelerating Sustainable Manufacturing through Cutting-edge Technology Solutions’.

 

 

 

“By adopting advanced technologies, we move toward innovation, resilience, and long-term value for all stakeholders,” Meshioye said.

 

 

 

He added that discussions would focus on energy-efficient production, smart factory technologies, and automation using Internet of Things (IoT) and Artificial Intelligence (AI).

 

 

 

According to him, the expo will promote resource optimisation, waste reduction via closed-loop systems, and advanced recycling techniques.

 

 

 

“It will also encourage partnerships with green tech innovators to co-create sustainable, scalable solutions,” he stated.

 

 

 

Meshioye revealed the event, set for Aug. 5 to Aug. 7, will gather equipment manufacturers, processors, fabricators, and stakeholders under one roof.

 

 

 

The event will also allow them to display innovations, machinery, and new technology developed for the local market.

 

 

 

He emphasised the importance of using locally sourced raw materials and support services like domestic funding and logistics.

 

 

 

This, he said, will drive Nigeria’s manufacturing efforts and support a prosperous, sustainable industrial future.

 

 

 

Speaking also, RMRDC Director General, Prof. Martin Muonso, called for better use of Nigeria’s abundant raw materials.

 

 

 

Muonso, represented by Dr Edith Obi, said the partnership with MAN and other stakeholders promotes raw material use and national self-sufficiency.

 

 

 

“We are building a future where Nigerian-made products are celebrated globally,” he said.

 

 

 

He added the expo would unite fabricators, manufacturers, and users to appreciate local innovation and production efforts.

 

 

 

Mrs Kofo Akinkugbe, CEO of Secure ID, said strong investment in research and development is key to building a full production value chain.

 

 

 

She stated that greater investment in research would help produce more local raw materials and ease dependence on imports.

 

 

 

“We imagine a future where essential materials are made locally,” Akinkugbe said.

 

 

 

She noted that this would increase exports, inspire innovation, and open new opportunities for Nigerian manufacturers. (NAN) (www.nannews.ng)

 

Edited by Modupe Adeloye / Kamal Tayo Oropo

Lagos Deputy Gov. inaugurates projects in Mosan-Okunola LCDA  
Community

Lagos Deputy Gov. inaugurates projects in Mosan-Okunola LCDA  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By Oluwatope Lawanson

 

The Lagos State Deputy Governor, Dr Obafemi Hamzat, on Wednesday inaugurated two major projects in Mosan-Okunola Local Council Development Area (LCDA), Lagos.

 

 

 

The projects are the rehabilitation of 600 metres of Abeokuta Street and the new Asiwaju Bola Ahmed Tinubu Administrative Building.

 

 

 

While addressing leaders, staff and residents, Hamzat described the projects as transformative and impactful for the community.

 

 

 

He expressed pride in the projects, noting they would accelerate the area’s development and improve service delivery.

 

 

 

Hamzat said the road would improve mobility, while the administrative building would enhance governance and ease of business operations.

 

 

 

He praised President Bola Tinubu for creating additional LCDAs in 2003, describing the move as visionary.

 

 

 

According to him, the creation of LCDAs brought governance and development closer to the people.

 

 

 

He highlighted the importance of LCDAs in grassroots development and expressed hope they would soon receive national recognition.

 

 

 

“Imagine Alimosho as one council. It’s tough considering its population.

 

 

 

“We are lobbying to ensure the LCDAs are fully recognised and listed nationally,” he said.

 

 

 

The deputy governor praised outgoing Mosan-Okunola LCDA Chairman, Princess Olabisi Adebajo, for her commendable performance.

 

 

 

He urged the incoming chairman to build on the existing achievements and raise the standard further.

 

 

 

Hamzat advised all newly-elected chairmen to continue the development agenda in their respective LCDAs.

 

 

 

“They must meet citizens’ expectations and exceed the achievements of their predecessors,” he said.

 

 

 

He added that local government remained Nigeria’s development bedrock, being closest to the people.

 

 

 

He stressed their key role in national growth and grassroots transformation.

 

 

 

Hamzat urged the new chairmen not to betray the trust voters had placed in them.

 

 

 

He said, “The bar is high. They have no excuse not to perform excellently.

 

 

 

“The party and citizens will hold them accountable. They must outshine their predecessors.”

 

 

 

He also praised local government chairmen in Lagos, calling them the best nationwide.

 

 

 

“They’ve built schools, roads, health centres and supported administrative staff,” Hamzat noted.

 

 

 

Earlier, Adebajo said the new building symbolised a major investment in Okunola’s future.

 

 

 

She reaffirmed her administration’s dedication to innovation, growth and effective service delivery.

 

 

 

“This complex will help us serve the public better, both internally and externally,” she said.

 

 

 

According to her, the state-of-the-art structure has over 60 modern offices with the latest technologies.

 

 

 

Princess Adejoke Orelope-Adefulire described the building’s inauguration as a landmark accomplishment.

 

 

 

She said it reflected strong commitment to grassroots leadership and inclusive governance.

 

 

 

Represented by Mrs Ayo Olugbenro, she said the event celebrated vision, leadership and service.

 

 

 

She praised Adebajo for naming the building after President Tinubu in recognition of his legacy.

 

 

 

Commissioner for Local Government, Mr Bolaji Robert, commended Adebajo’s performance in infrastructure, health and welfare.

 

 

 

He urged residents to support the incoming chairman to ensure continued progress.

 

 

 

Robert reminded all that governance is a continuous process, requiring collaboration and commitment.

 

 

 

The News Agency of Nigeria (NAN) reports that the building is a two-storey smart office with over 60 offices, a council chamber and digital registry. (NAN) (www.nannews.ng)

 

Edited by Esenvosa Izah / Kamal Tayo Oropo

Heirs Insurance Group grows revenue to N31.4bn  
Business

Heirs Insurance Group grows revenue to N31.4bn  

 

 

 

 

 

By Taiye Olayemi

 

 

 

Heirs Insurance Group (HIG) says its revenue increased from N20.5 billion in 2023 to N31.4 billion in 2024.

 

 

 

The group, in its audited financial results for the year ended Dec. 31, 2024, said the figure represented a 53 per cent increase.

 

 

 

It reported a combined Gross Written Premium (GWP) of N61 billion in 2024, reflecting a 70 per cent increase from the N35.8 billion recorded in 2023.

 

 

 

The group’s Profit Before Tax(PBT) rose from N4.8 billion in 2023 to N11.2 billion, representing a 133 per cent year-on-year growth.

 

 

 

It recorded a total of N10.4 billion was paid in claims during the year, compared to N4.18 billion in 2023, marking a 149 per cent growth.

 

 

 

Its total assets also grew by 66 per cent, rising from N55.8 billion in 2023 to N92.9 billion in 2024.

 

 

 

Meanwhile, Heirs life Assurance reported N44.22 billion in gross written premium in 2024 from N23.87 billion in 2023, representing 85 per cent increase.

 

 

 

Its insurance revenue stood at N15.1 billion from N7.3 billion in 2023, indicating 109 per cent growth.

 

 

 

The company’s PBT grew to N5.5 billion, up from N1.88 billion, indicating a remarkable 193 per cent increase.

 

 

 

Total claims paid rose significantly to N5.67 billion, a 120 per cent increase from N2.5 billion paid to customers in 2023.

 

 

 

Investment income rose from N2.8 billion in 2023 to N4.6 billion, marking a 65 per cent increase.

 

 

 

Also, total assets of N66.2 billion when compared to 37.8 billion in the previous year, showing 75 per cent growth.

 

 

 

It gross written premium rose by 42 per cent from N11.9 billion in 2023 to N16.9 billion in 2024.

 

 

 

Insurance revenue stood at N14.3 billion as against N12 billion recorded in 2023, showing 19 per cent growth.

 

 

 

Also, PBT grew by 104 per cent, rising from N2.4 billion in 2023 to N4.9 billion in 2024 while a total of 4.7 billion was paid as claims to policyholders from N3.7 billion the previous year, showing 25 per cent increase.

 

 

 

Heirs Insurance Brokers’ revenue grew by 54 per cent from N1.28 billion in 2023 financial year to N1.97 billion in 2024.

 

 

 

Its PBT appreciated by 53 per cent from N528.59 million in the prior year to N805.91 million in 2024. (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

Africa needs futuristic, resilient health system-Expert
Health

Africa needs futuristic, resilient health system-Expert

 

 

 

 

By Kemi Akintokun

 

 

 

A visiting Professor at the Global Public Health University (GPHU), Claire Nelson, has emphasised the urgency for Africa to build a resilient health system for the future.

 

Nelson, a Jamaican, made this known at the inauguration of the GPHU “Faculty for the Future” to Advance Africa’s Health Agenda 2063 in Lagos.

 

 

 

The News Agency of Nigeria (NAN) reports that GPHU, an offshoot of LiveWell Initiative (LWI), is designed to align health education and innovation with the African Union’s Agenda 2063.

 

 

 

She said Africa must rethink its healthcare and centre its development in the sector on people, culture, community rather than modelling it on foreign framework.

 

 

 

Nelson also emphasised on the untapped potential of traditional African medicine, urging universities and research institutions to validate and integrate indigenous knowledge systems into mainstream healthcare.

 

 

 

“Africa has a youthful population with 70 per cent under the age of 30 , it is urgent to prepare for a health future that is inclusive, digital, and designed for resilience.

 

 

 

“We have to stop thinking that the future is something happening to us. It’s something we must co-create.

 

 

 

“Nations in Africa should work towards a strategic foresight and future literacy in shaping the public health systems.

 

 

 

“An integrated approach that sees healthcare not merely as a clinical issue but as part of a broader ecological, economic and cultural ecosystem should be initiated,” the expert said.

 

 

 

She, however, cautioned that technological advances such as artificial intelligence, synthetic biology, personalised medicine, and blockchain which offered enormous potential also posed ethical, social, and regulatory risks.

 

 

 

Nelson, who is the Founder of the Institute of Caribbean Studies, charged African nations to develop strong legal and institutional safeguards to avoid future exploitation and dependency.

 

She urged Nigerians and Africa at large to take advantage of the GPHU as a space where students and faculty could explore decentralised care models, tech-enabled diagnostics, and forward-thinking curricula.

 

Speaking earlier, Dr Bisi Bright, the Chief Executive Officer of LiveWell Initiative and Provost of GPHU, described the unveiling of the Faculty for the Future as a defining moment in the university’s journey.

 

 

 

Bright traced GPHU’s foundation to the Global Health Mini-University, formerly hosted by George Washington University and USAID, inspiring LWI to develop a homegrown alternative after the project ended.

 

 

 

“We have evolved from an academy into a full university,” she said. “This faculty will drive forward our vision of future-proof education and public health leadership in Africa,” she said.

 

According to her, GPHU has trained postgraduate diploma candidates and international students and continues to expand its influence through specialised programmes such as the Extraordinary Women Advancing Healthcare Awards.

 

 

 

She reiterated GPHU’s commitment to digital transformation, artificial intelligence, and value-based care while urging Nigerians to upskill in emerging technologies to stay competitive in a rapidly evolving healthcare landscape.

 

 

 

Also, Ituah Ighodalo, Pastor and the Founder of Trinity House Church, in Lagos, in his goodwill message, urged Africa leaders to adopt intentional thinking and long-term planning.

 

 

 

Ighodalo noted that the worst thing a person could do was to be unprepared for the future. (NAN) (www.nannews.ng)

 

Edited by Vivian Ihechu

Holiveah Artistry set to shatter records with 7-day PAINT-A-THON
Culture & Tourism

Holiveah Artistry set to shatter records with 7-day PAINT-A-THON

 

 

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By Babajide Awoyinfa

 

In a bid to put Bonny Island and Nigerian artistry on the global stage, Holiveah Artistry, led by Olivia Lawson, is gearing up for a groundbreaking seven-day Paint-a-thon.

 

The News Agency of Nigeria (NAN) reports that the event will take place from July 21 to July 27, at the Bonny Consulate Building, Bonny Island, Rivers.

 

This incredible feat is aimed at breaking the Guinness World Record for the longest painting marathon, currently held by Nigerian artist Chancellor Ahaghotu.

 

Ahaghotu painted for 100 hours in Atlanta, Georgia, USA, from Oct. 26 to Oct. 30, 2023.

 

According to Lawson, the Paint-a-thon, titled, “Beyond Oil”, is not just a personal challenge for her, but a celebration of art, culture, and community.

 

“It’s a bold attempt to showcase the resilience, artistic brilliance, and power of creativity of the Ibani people and Ijaws in general.

 

“The event has garnered support from BonnyFM, NLNG RA Club, Cindy Beauty Arts, Square Dot Apartments, TB Graphic, Bonny Info TV, Kristina Reports, and Mr Nengi Wilcox, among others.

 

“As the countdown begins, I am calling on the good people of Bonny and Rivers State to come out in support of this historic event.

 

“This is a win-win for all, it’s a time to tell the world that there is more to Bonny beyond oil,” she said. (NAN)

Edited by Folasade Adeniran

LCCI canvasses policy consistency to double market capitalisation
Economy/Business

LCCI canvasses policy consistency to double market capitalisation

 

 

 

 

 

 

By Taiye Olayemi

 

 

Lagos Chamber of Commerce and Industry (LCCI) has called for consistent policies and robust reforms to unlock the full potential of the capital market and double its capitalisation to N150 trillion.

 

The President of LCCI, Mr Gabriel Idahosa, made the call on Thursday while delivering his remarks at a stakeholder forum organised by the Securities and Exchange Commission (SEC), in collaboration with LCCI.

 

The theme of the forum is “Unlocking Capital Market Opportunities for Business Growth and Development”.

 

Idahosa said with the capital market closing the first half of 2024 with N74 trillion market capitalisation, consistent policies and reforms were capable of pushing the figures higher.

 

He said that the right reforms could help double the market capitalisation to N150 trillion and halve the SME financing gap by 2030.

 

He added that to achieve this, stronger collaboration among stakeholders was needed, which would also ensure sustainable business growth and economic development.

 

“The statistics speak louder than rhetoric: N74 trillion in market capitalisation in the first half of 2024, N8.6 trillion raised in just 14 months, N1.09 trillion in sovereign sukuk to date, N13.2 trillion in new wealth created in six months, and US$35 trillion in global ESG funds looking for credible destinations.

 

“Nigeria’s capital market is no longer a sideshow but a strategic battlefield for our economic destiny.

 

“If we mobilise the reforms outlined today, we can double market capitalisation to N150 trillion and cut the SME financing gap by half before the end of this decade,” he said.

 

Idahosa noted that Nigeria’s capital market had shown remarkable resilience and depth over the past 18 months.

 

He said that as of June 20, 2024, total market capitalisation on the Nigerian Exchange Ltd. (NGX) stood at N74 trillion, its highest in history at that time, with the All Share Index gaining 16.57 per cent in the first half of 2024 alone.

 

He explained that this translated to N13.2 trillion in additional investor wealth, marking the sixth consecutive positive first-half performance since 2020.

 

Citing the World Bank, Idahosa said Nigeria’s economy was rebounding strongly, with real GDP expanding by 4.6 per cent in the fourth quarter of 2024, the fastest quarterly growth in a decade.

 

He said that growth was projected to reach 3.6 per cent in 2025 in spite of inflationary challenges.

 

He, however, emphasised that the nation’s constrained fiscal space and limited bank credit meant the capital market must play a bigger role in bridging the financing gap for businesses and infrastructure.

 

He disclosed that between January 2024 and March, governments and corporates had raised N8.6 trillion through equity and fixed-income instruments, while listed companies paid out over N1.1 trillion in dividends in 2024, boosting investor confidence.

 

Highlighting emerging opportunities, Idahosa identified six high-growth areas for deepening capital market activities.

 

He said this included infrastructure sukuk and green bonds, ESG-oriented capital, corporate bonds, the Technology and SME Growth Boards, crowdfunding, and regional and diaspora listings.

 

He revealed that the Federal Government had so far raised N1.09 trillion through sovereign sukuk, funding 44 highway and bridge projects nationwide.

 

He said that the growing appetite for ESG assets globally, estimated to reach $35.48 trillion in the year, which presented significant prospects for local issuers.

 

Idahosa urged issuers to explore innovative funding options beyond traditional bank loans, such as sukuk, commercial paper, and real estate investment trusts.

 

He called on institutional investors to reallocate more assets toward long-term growth equities.

 

Idahosa noted that even a one percentage point shift in pension assets under management, now worth N18.4 trillion, could unlock N184 billion in fresh risk capital.

 

He further appealed to policymakers to ensure policy consistency to lower borrowing costs and to regulators to fast-track the introduction of carbon credit trading and commodity derivatives to support critical sectors like agribusiness.

 

Idahosa assured that the LCCI would continue to work closely with the SEC and other stakeholders to translate available opportunities into real economic growth and shared prosperity for Nigerians. (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

SEC advises stakeholders to harness ISA 2025 for capital market expansion 
Economy/Business

SEC advises stakeholders to harness ISA 2025 for capital market expansion 

 

 

By Taiye Olayemi

The Securities and Exchange Commission (SEC) has advised stakeholders to fully harness the potential of the newly enacted Investments and Securities Act, 2025 (ISA 2025).

Dr Emomotimi Agama, the Director-General of SEC, said this was to drive business growth and expand Nigeria’s capital market.

Agama, who was represented by Mr Habib Abubakar, Head of Department, Market Development Department, SEC, gave the advice at a stakeholder forum on Thursday in Lagos.

The theme of the forum is, “Unlocking Capital Market Opportunities for Business Growth and Development”.

The forum was organised by SEC in collaboration with the Lagos State Chamber of Commerce and Industry (LCCI).

Agama said the gathering provided an opportunity to tackle existing challenges and ensure that businesses, investors and the wider economy benefit from the reforms introduced by the new law.

He outlined three key pillars for maximising the impact of ISA 2025, beginning with enhancing market accessibility and inclusivity.

He explained that the Act’s simplified registration and listing processes would make it easier for small and medium enterprises (SMEs) to raise affordable, long-term capital.

He noted that leveraging technology, especially with ISA 2025’s recognition of digital assets, would democratise investment opportunities and reach underserved groups, while strengthened investor protection would help build trust and boost participation.

The second pillar, he said, was promoting innovation and diversification by expanding product offerings such as sustainability-linked bonds, Real Estate Investment Trusts (REITs) and private equity funds, all enabled by the Act’s provisions.

He added that the new law would facilitate responsible fintech and digital asset innovation, and encourage targeted financing for key sectors like agriculture, infrastructure and renewable energy.

Agama identified strengthening collaboration and advocacy as the third pillar, while calling for stronger public-private partnerships to raise awareness about ISA 2025.

He said this would ensure harmonisation of regulatory policies to build a cohesive market, and ongoing stakeholder engagements to align the Act’s provisions with market realities.

“Unlocking these opportunities requires the active participation of everyone,” he said.

He urged businesses to adopt capital market instruments for expansion.

He advised investors to explore the diverse options available, urging stakeholders to promote financial literacy so more Nigerians can participate.

He emphasised that the capital market is not just a funding platform but a strategic driver for national development.

Agama commended LCCI for its valuable partnership and appreciated sponsors, Trovotech and HXAfrica, for supporting efforts to strengthen Nigeria’s capital market.

He urged participants to leave the forum inspired, informed and ready to translate ideas into concrete action for the growth of businesses and the wider economy.

In another session, Lagos Zonal Office Head, Mr John Briggs, discussed “Navigating the Capital Market: Understanding the Regulatory Framework and Opportunities for Business”.

Briggs explained the business opportunities available within the Capital Market, the regulatory framework of ISA 2025 as well as the regulatory initiatives and innovations for businesses.

He hinted that the National Pension Commission (PenCom) had been introduced to the board of SEC, which would translate to improved investment by Pension Fund Administrators at the Capital Market.

He highlighted the need to repeal outdated provisions in the Trustee Investment Act, specifically within the ISA 2025, and urged the government to take action. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Sanwo-Olu seeks investors’ collaboration for economic growth
Economy/Business

Sanwo-Olu seeks investors’ collaboration for economic growth

 

 

 

By Rukayat Moisemhe and Oluwatope Lawanson

Gov. Babajide Sanwo-Olu of Lagos State has pledged to collaborate with investors, multinationals, agencies, foundations, and innovation hubs to build a globally respected 21st-century economy.

 

Sanwo-Olu, represented by his deputy, Dr Obafemi Hamzat, made this known on Wednesday at the second edition of the Lagos Investment Summit.

 

The News Agency of Nigeria (NAN) reports that the three-day summit is with the theme: ‘Scaling Action: Bold Solutions Towards Making Lagos a 21st Century Economy’.

 

The governor unveiled the state’s 30-year growth agenda and a deal book containing de-risked, investment-ready projects in key economic sectors.

 

He outlined a strategic blueprint based on infrastructure growth, energy independence, human capital, economic diversification, and governance reforms.

 

“The Lagos of today is dynamic and determined. But Lagos of 2052 must be strategically governed, deliberately shaped, and courageously built,” the governor said.

 

With over 25 million people, he said Lagos remains Nigeria’s economic heartbeat and a vital launchpad for West Africa’s innovation and ambition.

 

Sanwo-Olu said the state’s reforms aim to make Lagos Africa’s most investor-friendly destination through unified and consistent policy initiatives.

 

He noted that the Lagos State Investment Promotion Agency (LIPA) has been strengthened to serve as a one-stop investment and post-investment support hub.

 

Through digital tools, land reforms, tax simplification, and PPP frameworks, Lagos is removing red tape to ease investor engagement.

 

These efforts, he added, are creating a smooth interface between the government and potential investors.

 

“In this spirit, we present the Lagos Investment Deal Book, featuring vetted, de-risked projects ready for investment across diverse sectors,” he said.

 

Each project listed is commercially viable, aligned with policy priorities, and ready for implementation.

 

NAN reports that the summit will also host deal rooms to connect project owners, financiers, development institutions, and government agencies.

 

“Lagos is open for business. We will not wait for the future—we are building it with resolve, clarity, and courage,” Sanwo-Olu stated.

 

Mrs Folashade Ambrose, Commissioner for Commerce, Cooperatives, Trade and Investment, urged global investors to participate in Lagos’ transformation.

 

She said the summit marks a shift from concepts to action and from isolated deals to systemic investment alignment.

 

Ambrose described Lagos as Africa’s commercial heartbeat and a top destination for industrial and economic innovation.

 

Every reform in the state, she said, is aligned with pillars promoting scale, quality, inclusion, and sustainability.

 

“This summit is a crucial step towards achieving the ambitious Lagos 2052 vision,” she said.

 

Ambrose added that tax harmonisation, land digitisation, and business-friendly reforms show Lagos’ pro-investor, agile governance approach.

 

She reaffirmed her ministry’s readiness to support investors through every stage of their journey in Lagos.

 

The commissioner said LIPA will ensure aftercare services, regulatory support, and streamlined navigation of the state’s investment landscape. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Lagos Govt. inaugurates oxygen plant at Alimosho General Hospital  
Health

Lagos Govt. inaugurates oxygen plant at Alimosho General Hospital  

 

 

 

 

 

 

By Kemi Akintokun

 

 

 

The Lagos State Government on Wednesday inaugurated a new Pressure Swing Adsorption (PSA) Oxygen Plant at the Alimosho General Hospital, Igando, to ensure constant availability of oxygen for patients.

 

 

 

The state’s Commissioner for Health, Prof. Akin Abayomi, said the oxygen plant donated by Global Fund, would help to reduce mortalities caused by oxygen shortages.

 

 

 

Abayomi, who was represented by Dr Olajumoke Oyenuga, Director, Planning and Statistics in the ministry, said the donation aligned with effort of the state government to ensure a healthier and more robust health system.

 

 

 

The News Agency of Nigeria (NAN) reports that the PSA oxygen plant donated by the Global Trust Fund was provided in collaboration with the Federal Ministry of Health.

 

 

 

He said the plant had the capacity to produce 60 cylinders in 24 hours.

 

 

 

 

 

“We witness circumstances that were not pleasant due to lack of access to oxygen during COVID-19, lives were lost because or shortage of oxygen.

 

 

 

“This new plant strategically located at Alimosho General Hospital will help the hospital to meet its oxygen requirement through steady supply and impact positively on the treatment outcomes for patients requiring oxygen therapy.”

 

 

 

The commissioner commended Global Fund and the Federal Ministry of Health for complementing the state government through the donation.

 

 

 

He urged the hospital to make good use of the plant to reduce preventable deaths.

 

 

 

Also, Mrs Eno Edem-Igabo, Secretary to the National Oxygen Desk, Federal Ministry of Health, said laudable initiative supported by Global Fund was part of measures by the Federal Government to ensure no one died due to lack of oxygen.

 

 

 

Edem-Igabo said 63 plants were donated to two senatorial zones in each states to increase access to oxygen.

 

 

 

The Medical Director of the hospital, Dr Ayodapo Soyinka, who commended the donor, said the plant would help to meet the enormous oxygen needs of the hospital and by extension to other part of the state.

 

 

 

Soyinka also lauded the state and federal ministries for citing the oxygen plant in Alimosho, which is the largest local government in Lagos State.

 

 

 

He emphasised that the importance of oxygen cannot be quantified, noting that all clinical departments need oxygen to save lives of patients in critical conditions.

 

 

 

“We appreciate the Lagos State health ministry and the Federal Ministry of Health for taking the decision to cite this plant in this health facility.

 

 

 

“Strategically, Alimosho happens to be the biggest local government in the state and this will no doubt have significant impact in the state.

 

 

 

“The oxygen consumption here is quite high, we use close to 30-40 bottles of cylinders daily for patients.

 

 

 

“Alimosho hospital is the only general hospital that has a functional ICU in the state and patients in the ICU basically live on oxygen and patients on ventilators are also on oxygen.

 

 

 

“This will go a long way in helping us to meet our own local demands,” he said.

 

 

 

He added that the hospital had already put efforts in place for the smooth running of the plant and its sustainability.

 

Mr Abiodun Omoloja, the Coordinator of Global Fund Grant Unit, Lagos Office, said the essence of the collaboration with the federal ministry was to ensure that people get access to medical oxygen when needed. (NAN) (www.nannews.ng)

Edited by Joe Idika

Experts urge trustees to embrace technology for market integrity
General News

Experts urge trustees to embrace technology for market integrity

 

 

 

 

 

 

 

 

 

 

 

 

By Rukayat Moisemhe

 

Economic experts have called on professional trustees to adopt modern technological innovations, including Artificial Intelligence (AI), to strengthen market integrity within Nigeria’s financial ecosystem.

 

The advice was stated in a communiqué issued on Wednesday following the Annual Business Luncheon (ABL) of the Association of Corporate Trustees (ACT), held in Lagos.

 

The event, which had its theme, “Innovating Trust: The Role of Corporate Trustees in a Digital Financial Ecosystem”, brought together stakeholders to explore how digital transformation can reshape trust and governance in finance.

 

Chief Executive Officer of Zest Payment Ltd., Dr Stanley Jacob, noted that Nigeria’s digital financial ecosystem had shown remarkable resilience and continued growth in spite of global investment headwinds.

 

He, however, identified several challenges impeding payments and investment flows in the country.

 

These include cross-border financial barriers, the stalled development of the Central Bank’s databank currency initiative, and limited adoption of AI-driven technologies.

 

Jacob stressed the importance of embracing AI and its auxiliary solutions to improve customer experience and drive efficiency across financial markets.

 

“We have seen over 47 per cent of transactions from payment across Africa here in Nigeria and we have also seen enhanced regulatory frameworks, most recent being the Investment and Security Act of 2025.

 

“That is one of the prizes that comes with the huge success that we are preparing to get into as fraud has gone over 468 per cent between 2023 and first 9 months of 2024 resulting in losses of over 50 billion Naira.

 

“It is important to build industry capacity in this area and look at how we can adopt AI solution fully in terms of customer experience because that is the only way that we can build trust in the ecosystem.

 

“As we continue the journey of digitisation workstreams, we are super proud and excited that people are now coming onboard, especially trust practitioners, and even board members”, he said.

 

President of ACT, Mrs Omolola Iyinolakan, said the event was designed to explore technological solutions capable of addressing the challenges hindering Nigeria’s economic growth and to help set a forward-looking tone for the country’s financial sector.

 

She noted that a key objective of the luncheon was to broaden the scope of trusteeship by encouraging the adoption of innovative digital tools to tackle persistent issues within the financial ecosystem.

 

Iyinolakan reaffirmed ACT’s commitment to supporting professional trustees in embracing modern technologies, including AI, as a means of enhancing efficiency, transparency, and trust in financial operations.

 

“As trustees in the Nigerian capital market, we operate with the firm understanding that we are gatekeepers in the capital market, assiduously working with regulators to uphold the integrity of the market and boost the economy at large.

 

“The recent amendments to the Investment and Security Act (ISA) 2025 have proven that steps are being taken in the right direction for a digitalised financial ecosystem.

 

“Current digital revolution; presently the emergence of financial technology, has shown that it is no more business as usual for corporate trustees and the Nigerian capital market,” she said.

 

Director General, Security Exchange Commission, Dr Emomotimi Agama, lauded the association’s consistent efforts at convening critical dialogues on fiduciary responsibility, market integrity, and financial innovation.

 

He noted that the focused topic spoke to the shifting paradigm in Nigeria’s financial market.

 

“We encourage the association to prioritise digitisation training, in digital finance, risk management and data governance to ensure its members remain in the forefront of market intelligence,” he said.(NAN)(www.nannews.ng)

 

Edited by Kevin Okunzuwa

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