News Agency of Nigeria
UTME: NGO blames dismal performance on poor digital literacy   

UTME: NGO blames dismal performance on poor digital literacy  

 

 

 

 

By Millicent Ifeanyichukwu

The Regalo Hope Foundation (RHF), a non-profit organisation, had blamed poor performance of candidates in the 2025 Unified Tertiary Matriculation Examination (UTME) on poor digital literacy.

 

The Founder of RHF, Dr Chinenye Onuorah, made the blame in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday.

 

Recall that more than 1.5 million out of 1.9 million candidates for the UTME organised by the Joint Admissions and Matriculation Board (JAMB) scored below 200.

 

A breakdown of the results released by JAMB showed that 983,187 candidates (50.29 per cent) scored between 160 and 199, while 488,197 candidates (24.97 per cent) scored between 120 and 139.

 

Onuorah, who expressed displeasure at the performance, said that there was an urgent need to exposure students adequately to tools for digital literacy.

 

“What this report reveals is not just a failure of preparation, it is also a failure of responsibility.

 

“It is what happens when young people are left to figure out digital literacy without the tools, exposure or training they need to succeed,” she said.

 

She called for public/private collaborations to empower students with digital literacy to improve their performances.

 

The RHF founder said it was important to create an enabling environment to get students prepared for such an examination to increase their success chances.

 

“We need to stop talking about the youth and start building with them,” she added.(NAN)(www.nannews.ng)

 

Edited by Ijeoma Popoola

‘Seven Doors’ sweeps 11th AMVCA’s top honours

‘Seven Doors’ sweeps 11th AMVCA’s top honours

 

 

 

By Babajide Awoyinfa

 

“Seven Doors”, an historical drama series by Femi Adebayo, has triumphed at the 11th Africa Magic Viewers’ Choice Awards (AMVCA), winning three major awards, solidifying its standout status in Nollywood.

 

Femi Adebayo won Best Lead Actor for his portrayal of Adedunjoye, the king in the series.

 

Chioma Chukwuka also claimed the Best Lead Actress award for her role as Amaka, Adedunjoye’s wife.

 

The series also won Best Music/Score.

 

The News Agency of Nigeria (NAN) reports that the 11th AMVCA took place on Saturday at the Eko Hotels, Lagos.

 

This prestigious event celebrates excellence in African film and television, bringing together the continent’s brightest stars and industry professionals.

 

The awards ceremony also celebrated veterans Sani Mu’azu and Nkem Owoh with the Lifetime Achievement Awards.

 

Director Kayode Kasum took home the Trailblazer Award for his fresh, genre-defying impact on the industry.

 

Speaking at the event, Busola Tejumola, Executive Head of Content and Channels, West Africa, at MultiChoice, emphasised the AMVCA long-term commitment to the Nollywood industry.

 

Tejumola noted that the event was a sustainable project that has been evolving over the years to promote the industry’s growth.

 

“We are committed to capacity building, evolving the industry, producing and distributing the best local content available on the continent.

 

“The AMVCA continues to evolve every single year, and this edition is special as it spotlights younger artistes who will take the industry forward in the next 10 years,” Tejumola said.

 

According to Tejumola, the key to keeping viewers engaged is to create content that is relatable and resonates with them.

 

“The AMVCA has also had a significant impact on the careers of young artistes, with over nine billion Naira invested in the awards over the past 11 years.

 

“Additionally, the MultiChoice Talent Factory provides young filmmakers with a one-year development programme to hone their skills,” she said.

 

Other winners are: *Best Supporting Actor*: Gabriel Afolayan (Inside Life).

 

– *Best Supporting Actress*: Mercy Aigbe, for “Farmer’s Bride”.

 

– *Best Unscripted M-Net Original*: Nigerian Idol (Kassim SSulaimana and Anneke De Ridder).

 

– *Best Scripted M-Net Original*: My Fairytale Wedding (Chinenye Nworah & Taiwo Adebayo).

 

– *Best Digital Content Creator*: Iyo Prosper Adokiye, for “We Listen, We Don’t Judge – Bible Edition.

 

– *Best Documentary*: Dundun (Ifeoluwa Fatogun & Ebi Atawodi).

 

– *Best Short Film*: Jide Jblaze Oyegbile.

 

– *Best Cinematography*: Leo Purman, for “The Legend of the Vagabond Queen of Lagos”.

 

– *Best Editing*: Tongai Furusa, for “Inkabi”.

 

– *Best Sound Design*: Michael Botha, Olaosebikan Okonrende & Dil Chike Ajufo, for “Suspicion”.

 

– *Best Art Direction*: Soliu Badu Noutical & Ayanmo Yakub, for “Lisabi: The Uprising”.

 

– *Best Makeup*: Hakeem Onilogbo, for “Lisabi: The Uprising”.

 

– *Best Costume Design*: Adedamola Adeyemi, for “Christmas in Lagos”.

 

– *Best Writing in a TV Series*: Abel Mutua Musyoka.

 

– *Best Writing (Movie)*: Blessing Uzzi for “Freedom Way”.

 

– *Best Indigenous Language (West Africa)*: Adedimeji Lateef & Adebimpe Oyebade Adedimeji.

 

– *Best Indigenous Language (East Africa)*: Abel Mutua Musyoka.

 

– *Best Indigenous Language (Southern Africa)*: Cosmas Ng’andwe. (NAN)

 

Edited by Folasade Adeniran

Ex-govs Aliero, Mu’azu donate N40m to revamp dilapidated ABU infrastructure

Ex-govs Aliero, Mu’azu donate N40m to revamp dilapidated ABU infrastructure

 

 

By Angela Atabo

 

Former Kebbi State Governor, Sen. Adamu Aliero (Kebbi Central) and former Bauchi State Governor, Alh. Ahmadu Mu’azu, have donated 40 million naira to rehabilitate some facilities in their old school.

 

The duo announced the donation at the maiden reunion of their Alma Mater, the School of Basic Studies, Ahmadu Bello University, Zaria (SBS ABU Zaria 1976/1977 set in Abuja.

 

Aliero, who made the donation, acknowledged that times had changed, noting that government was now facing numerous challenges, including educational funding constraints.

 

“The contribution I made is towards the rehabilitation of some of the educational structures we have at ABU, our alma mater.

 

“This is because the chairman said he went round and saw a lot of dilapidated buildings.

 

“For that reason, I suggest that, before we leave here, we should contribute something, no matter how small, towards the rehabilitation of such structures, he said.”

 

The former governor explained that his own personal donation was N20 million, while Mu’azu would match it up with N20 million.

 

He called on other classmates to also generously contribute toward the project.

 

Aliero recalled that in the old good days when they were students, government support for their education, was quite extensive, and covered free tuition, transportation allowances, and even laundry services.

 

He, however, said there was hope for reviving education with President Bola Tinubu’s current student loan scheme.

 

According to him, indigent students will be able to access loans from it to fund their education.

 

“Over 500 billion Naira has been set aside for that purpose.

 

“Even the Tax Reforms Bill that the National Assembly passed, have incorporated that request and it’s going to continue.

 

“So, I am very optimistic that government will be able to continue funding education, though not like it was before,” the senator said.

 

Aliero further said that the SBS ABU Zaria 76/77 set had contributed a lot to national development by bequeathing indelible legacies, which they were very proud of.

 

Also speaking, Mu’azu said the set had produced governors, ministers and senators, among others, and challenged youths to take up leadership positions.

 

“This is your ball. This is your generation. A lot of you refuse to offer yourselves for public service.

 

“At the end of the day, we end up getting half-cooked, uneducated people to lead us.

 

“That is not good. “I want to still pass the ball to all of you. You must take up the banner,” he said.

 

The traditional ruler of Karshi, the Sarkin Karshi, Abuja, Alh. Mohammed Ismaila, also an alumnus, called for a more structured alumni network and to leverage them to support schools.

 

“These public institutions will continue to decay unless and until they do two things, one of which is to engage the alumni.

 

“If you see all the great universities in the world, they engage the alumni. But here, most of the time, the university authorities don’t reach out to us.

 

“They should also have a large alumni office and have a database, especially at this age of internet to reach for support for projects,” he said.

 

The President of the association, Rabiu Dagari, while delivering a keynote address, expressed gratitude to God for the opportunity to reconnect.

 

“It is with immense joy and profound gratitude that I stand before you today as the President of our Alumni Association, on this truly historic occasion, our very first reunion party after 48 remarkable years,” he said.

 

Dagari said the reunion was more than a nostalgic gathering, and was a celebration of unity, which was forged at their old school.

 

“Tonight is not just a celebration of nostalgia but a testament to the enduring spirit and unity which the School of Basic Studies, ABU, Zaria has made possible,” he noted.

 

According to the alumni president, the set has accomplished great feats, having produced governors, ministers, professors, military generals, and a reigning Emir among them.

 

He particularly referenced the renowned Prof. Iya Abubakar as a source of inspiration for younger generations.

 

Dagari urged the President Tinubu to tap into the wealth of experience and expertise within the class of 76/77 by appointing some of their distinguished alumni to key government positions.

 

He said the EXCO was working on a proposal to identify areas that the members of the class of SBS 76/77 would address as their contribution to their alma mater.

 

The president also called on members to contribute both financially and intellectually to ongoing restoration efforts.

 

He also called for a minute of silence to honour the 114 deceased members of the set, and extended condolences to their families.

 

The alumni association president further urged his classmates to reconnect while time still permitted.(NAN)(www.nannews.ng)

Edited by Mark Longyen

CSCS shareholders laud N1.76 dividend payment, 2024 financial report 

CSCS shareholders laud N1.76 dividend payment, 2024 financial report 

CSCS shareholders laud N1.76 dividend payment, 2024 financial report

 

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

Shareholders of the Central Securities Clearing System (CSCS) have expressed satisfaction with the company’s impressive financial performance and the declaration of a N1.76 dividend payment for the 2024 financial year.

 

The shareholders expressed their satisfaction during the company’s 31st Annual General Meeting in Lagos, where the 2024 financial report was presented.

 

The shareholders commended the company’s management team for their dedication to driving growth and increasing returns on investment.

 

Mr Boniface Okezie, Chairman of the Independent Shareholders Association of Nigeria, described the company’s financial result as excellent despite the economic headwinds.

 

Okezie tasked the CSCS on extending its operations to other African countries, considering its status as the biggest security depository registrar in West Africa.

 

He also commended the CSCS for being able to improve on curtailing fraud and forgery within the Nigerian Exchange Ltd.

 

He advised on reducing costs, particularly those related to expenses incurred by the board.

 

Also, Mrs Adetutu Shiyanbola, President of the Highly Favoured Shareholders Association of Nigeria, lauded the company’s 2024 financial performance.

 

She noted that CSCS’s impressive performance, marked by a 44 per cent growth in the company’s operating income, a 24 per cent rise in its profit before tax, a 37 per cent increase in gross earnings, and a 22 per cent growth in total assets, showcased the company’s significant responsibility and stewardship.

 

She encouraged the company to further enhance its gender balance policy, promoting greater diversity and inclusion within the organisation.

 

A member of the Independent Shareholders Association of Nigeria, Mrs Juliet Mbaka, commended the CSCS for the dividend paid and urged the company to look toward improving it in the current year.

 

Mbaka also urged the management of the company to consider giving some bonus to its shareholders.

 

Responding, Mr Temi Popoola, Chairman of the Board of Directors for CSCS, said the board would look critically into increasing dividends in the coming years.

 

He said one of the biggest projects the board was working on had to do with expanding the reach of the CSCS.

 

He explained that the CSCS is also working on embracing the African Exchange Linkage Programme as a way to extend its operations.

 

He said, “We are also taking intentional steps toward gender balance, embracing women with the right character and expertise on the board.”

 

Also, Alhaji Haruna Jalo-Waziri, Managing Director of CSCS, attributed the high cost of operation of the company to inflation, adding that the company continues to work on optimising costs.

 

He said the CSCS had achieved remarkable growth in combating cybercrime as it continues to invest hugely in cybersecurity infrastructure.

 

“We are scaling up our cybersecurity infrastructure, and this is one of the reasons we are incurring more costs. We are building KPIs and engaging Artificial Intelligence.

 

“Also, for our Corporate Social Responsibility, we are being strategic to embrace initiatives that, in turn, build our business,” he said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Tea industry processes 28 products, creates 8,000 jobs in 2 years

Tea industry processes 28 products, creates 8,000 jobs in 2 years

 

 

 

 

 

By Busayo Onijala

 

With a tea plantation history spanning over 400 years, Malipo County in Yunnan Province is showcasing the success of China’s poverty alleviation and rural revitalisation efforts.

 

Located in the southeastern part of Wenshan Prefecture, Malipo is home to eight indigenous ethnic groups – Han, Zhuang, Miao, Yao, Yi, Dai, Gelao, and Mongolian.

 

It is also home to over 133 hectares of tea plantation that have provided sustainable livelihoods for locals, while enhancing regional infrastructure and international trade.

 

On Friday, the China Public Diplomacy Association (CPDA) and Malipo County’s Communist Party Committee hosted the opening of the Third Laoshan International Tea Festival.

 

The festival is a testament to how tea cultivation helped to turn a once impoverished region into a vibrant, globally-recognised centre of tea culture.

 

The News Agency of Nigeria (NAN ) reports that Malipo’s tea will make a historic appearance at the United Nations in May, underscoring its role in the global story of China’s poverty alleviation.

 

 

In her keynote address, China’s Vice Minister of Foreign Affairs, Ms Hua Chunying, highlighted how Malipo’s tea industry reflected China’s broader poverty reduction strategies.

 

“This tea is more than just a source of income. It tells the story of China’s efforts to transform rural areas through targeted aid and diplomacy.”

 

The tea, once a humble local crop, has become a symbol of China’s international engagement, often presented as a ‘national gift’ at global events.

 

It has been featured in 16 countries, showcasing China’s commitment to cultural exchange and mutual learning.

 

Malipo’s transformation is also a result of strong diplomatic support facilitated by the Ministry of Foreign Affairs, China.

 

Earlier, during a news conference, Xiao Changju, Mayor of Malipo County People’s Government, said that the tea festival was an opportunity for Malipo to expand its international cooperation and elevate its global presence.

 

“To achieve the goals of enriching border residents, beautifying border areas, stabilising border communities, and fortifying border defences, Malipo must open its doors wider and reach new heights through external collaboration.”

 

Under the guidance of the Ministry of Foreign Affairs, Malipo’s tea industry has played a central role in its economic and social revitalisation, helping to lift the region out of poverty.

 

In 2020, Malipo shed its label as an “impoverished town” through efforts that included the revitalisation of its ancient tea trees.

 

Also, upon the invitation of the foreign affairs ministry, Sunwah Group, in 2023 signed a cooperation agreement with Malipo County, and its investment of 10 million yuan has helped to develop the tea industry.

 

Since 2023, the industry has developed 28 tea products, processed over 60 tonnes of tea leaves and created over 8,000 job opportunities.

 

Jason Choi, Director, Jason KS Choi Foundation and Sunwah Group, said it was the group’s mission and social responsibility to help local citizens to earn better.

 

“Tea factories were previously without standardisation and modernisation but it is a different situation at the moment.

 

“Malipo boasts of a unique natural environment and abundant resources with over 6,000 tea trees; therefore, sustainability for the environment is a driving force for us,” he said.

 

Ambassador Wang Donghua of the CPDA praised the global impact of Malipo’s tea.

 

He said the essence of Chinese tea culture, harmony, equality and mutual respect, was embodied in Malipo’s success, and it reflected China’s vision of a shared future for humanity.

 

“Malipo’s rise from poverty to prosperity is a testament to the power of strategic diplomacy and the potential of agricultural industries such as tea to drive economic transformation.”

 

In the future, Malipo plans to expand its tea industry further, with goals to enrich border communities, beautify local areas, and stabilise border defences through increased global collaboration. (NAN)

Edited by Ijeoma Popoola

Nigerian DJs take center stage with ‘DJAN Mix Master Championship’

Nigerian DJs take center stage with ‘DJAN Mix Master Championship’

 

 

 

By Babajide Awoyinfa

 

Lagos, May 8, 2025 (NAN) The DeeJay’s Association of Nigeria (DJAN) has launched its groundbreaking mix master championship, a nationwide competition designed to discover, celebrate, and elevate the country’s most talented disc jockeys.

 

Speaking at a news conference on Thursday in Lagos, DJAN President, Christian Edeh, popularly known as DJ perfect intl, emphasised the significance of the initiative.

 

According to Edeh, the competition is open to all DJs who are fully registered and compliant members of the association.

 

He stated: “This is not just a competition – it’s a legacy moment for Nigerian DJs.

 

“The competition, will run over a three to four month period, and will feature multiple tiers, including state-level showdowns and zonal/regional finals.

 

“Culminating in a grand national finale scheduled for September 2025 in Lagos.

 

“For years, we’ve celebrated artistes and performers, but the DJs who drive the sound have remained behind the scenes.

 

“The DJAN MIX MASTER CHAMPIONSHIP is about putting the spotlight where it belongs – on the deck,” he said.

 

He said the competition promises life-changing rewards, with the top DJ set to walk away with a ₦5 million cash prize, and a one-year brand contract with sponsors.

 

He added that there would be opportunities to play on global platforms.

 

“Runners-up will also receive endorsement deals, stage opportunities, and other major prizes,” he said.

 

Also, DJ Vickylee, Head of the Organising Committee, said the competition had been carefully designed to ensure fairness, credibility, and wide representation across all 36 states and the FCT.

 

“We’ve spent months carefully building a championship that not only excites but delivers on merit.

 

“DJAN sees the competition as a moment for society to acknowledge the evolving role of DJs in culture, events, and youth development,” he said

 

Similarly, DJ Teazer, National Public Relations Officer of DJAN, expressed this broader vision,stating, “The DJAN mix master championship isn’t just about who’s got the best mix – it’s about raising the bar for Nigeria’s entertainment scene.”

 

In a goodwill message, the Director-General of the Nigerian Copyright Commission, Dr John Asein, congratulated DJAN on this initiative, emphasising the importance of respecting intellectual property rights.

 

“DJs are cultural curators – reviving classics, showcasing new sounds, and bringing music to life in ways that connect deeply with audiences.

 

“Copyright protection is not a barrier – it is the foundation that sustains creativity, rewards originality, and ensures that both DJs and music creators can thrive in a fair and vibrant ecosystem,” he said.

 

Asein assured that the Nigerian Copyright Commission was ready to support creative professionals, including DJs, through education, enforcement, and the promotion of lawful use of copyrighted works.

 

He commended DJAN for this initiative and urged all participants to combine talent with responsibility, creativity with compliance, and entertainment with ethics. (NAN)

 

 

Edited by Folasade Adeniran

Bi-Courtney donates to school for Blind

Bi-Courtney donates to school for Blind

 

 

 

By Itohan Abara-Laserian

 

As part of its corporate social responsibility, Bi-Courtney Aviation Services Ltd. on Thursday visited the Bethesda Home/School for the Blind in Lagos, praising the students’ skill and talent.

 

 

Bi-Courtney Aviation Services Ltd operates the Murtala Muhammed Airport Terminal Two (MMA2) in Lagos.

 

 

 

Mr Kola Bamigboye, Acting Chief Operating Officer and Head of Premises, said the visit marked part of the firm’s 18th anniversary celebrations.

 

 

 

He said Bethesda had visited MMA2 in 2024, leaving a lasting impression on the staff and management of the terminal.

 

 

 

Bamigboye praised the company’s Founder and Chairman, Dr Wale Babalakin, SAN, for recognising talent and sending the team with gifts.

 

 

 

Presenting a cheque for N2 million, he said: “We were touched by the brilliance, confidence and talent shown during your visit to our terminal.

 

 

 

“The children’s performance and conduct deeply impressed us, planting the seed to support your vital work in any way we can.

 

 

 

“Bethesda Home for the Blind offers hope and education to visually impaired children. Your work is making an immeasurable impact,” he added.

 

 

 

Bamigboye commended the staff for nurturing the children’s potential and giving them a future of dignity and opportunity.

 

 

 

“This cheque, though modest, reflects our heartfelt support and desire to walk alongside you in your important mission,” he said.

 

 

 

He described the gesture as a symbol of respect and commitment to a more inclusive, compassionate society.

 

 

 

Mr Remi Jibodu, Acting Chief Operating Officer and Head of Aeronautical and Cargo, also praised the school’s innovation.

 

 

 

Jibodu said: “The children’s use of their skills, despite visual impairment, inspired us to encourage their excellence and spirit.

 

 

 

“We bring greetings from our chairman, who was moved by their visit to MMA2 and urged us to support them.”

 

 

 

Dr Chioma Ohakwe, Founder of the school, urged parents of physically challenged children to enrol them, not hide them.

 

 

 

She stressed that disability is not the end, citing the academic success of some students in tertiary institutions.

 

 

 

Ohakwe acknowledged ongoing challenges but said the school remains determined to stay relevant and impactful.

 

 

 

She revealed the school has over 200 children across nursery, primary, and secondary levels.

 

 

 

Displaying students’ talents in art, music, and dance, Ohakwe thanked Babalakin for his generous support.

 

 

 

The News Agency of Nigeria (NAN) reports that Bi-Courtney marked its 18th anniversary on May 7 with the unveiling of a 3D Exterior Signage.

 

 

 

Mrs Ajoke Yinka-Olawuyi, Head of Corporate Communications, said the new signage enhances the terminal’s identity and user orientation.

 

 

 

“MMA2 remains a symbol of innovation and private sector excellence in Nigeria’s aviation sector,” she said.

 

 

 

NAN also reports that the company pledged to train staff and studentship on security, to boost safety at the school premises.

 

 

 

Other anniversary activities included music, gifts, and a funfair at the terminal to entertain passengers and mark the milestone. (NAN)

 

Edited by Chinyere Nwachukwu / Kamal Tayo Oropo

PharmAccess, Monitor Healthcare partner on quality care

PharmAccess, Monitor Healthcare partner on quality care

 

 

 

By Oluwafunke Ishola

International NGO, PharmAccess, has partnered with Monitor Healthcare Ltd. to improve healthcare quality in facilities and strengthen Nigeria’s health system.

 

 

 

PharmAccess Nigeria’s Country Director, Ms Njide Ndili, stated this during the signing of a Memorandum of Understanding (MoU) in Lagos on Wednesday.

 

 

 

Monitor Healthcare is the first non-exclusive licensed partner of SafeCare, a standards-based approach to improve healthcare quality in low-resource settings.

 

 

 

Ndili said the partnership would help implement SafeCare standards aimed at optimising healthcare delivery and improving patient outcomes nationwide.

 

 

 

She added that SafeCare enables Nigerian healthcare providers to assess and improve services using internationally recognised standards.

 

 

 

Ndili stressed that the partnership would help scale SafeCare’s quality improvement approach across more hospitals in Nigeria.

 

 

 

“We lack enough personnel to support every hospital directly, as it requires close collaboration to improve healthcare quality,” she explained.

 

 

 

She said licensed partners would now be trained to use and implement SafeCare methodology across health facilities.

 

 

 

She noted that existing partners include Lagos State Health Management Agency (LASHMA) and the National Health Insurance Authority.

 

 

 

“When Safecare is applied, healthcare outcomes improve, patient satisfaction rises, and quality improvement becomes a reality,” Ndili stated.

 

 

 

She added that SafeCare ratings range from Level One to Level Five, with Five being the highest quality standard.

 

 

 

Ndili urged the government to mandate hospital ratings to help patients understand their facility’s performance and clinical service quality.

 

 

 

Dr Kwasi Bohane, PharmAccess Director of Health Systems, said the goal is to embed quality processes in all healthcare facilities.

 

 

 

He added that achieving this would help Nigerians access better, more reliable care across both public and private hospitals.

 

 

 

Dr Femi Ogunremi, CEO of Monitor Healthcare, said the partnership would amplify quality’s role in health outcomes and universal health coverage.

 

 

 

Ogunremi noted that poor healthcare quality causes avoidable deaths and affects productivity and economic development.

 

 

 

He said the collaboration would help tailor SafeCare services to health facilities based on identified gaps in service delivery.

 

The News Agency of Nigeria (NAN) reports that SafeCare is currently present in over 25 countries and reaches more than 9.5 million patients annually.

 

According to WHO, poor-quality healthcare causes 5.7 to 8.4 million deaths yearly in low and middle-income nations.

 

 

 

WHO estimates that these results in productivity losses of $1.4 to $1.6 trillion annually in those countries. (NAN)

 

Edited by Kamal Tayo Oropo

Sanwo-Olu reaffirms support for SMEs, unveils loan initiative

Sanwo-Olu reaffirms support for SMEs, unveils loan initiative

 

 

 

By Rukayat Moisemhe and Aderonke Ojediran

 

Gov. Babajide Sanwo-Olu of Lagos State has unveiled the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) to provide access to finance for Small and Medium Scale Enterprises (SMEs) and registered cooperative societies in the state.

 

Sanwo-Olu unveiled the initiative at the Adeyemi Bero Auditorium, Alausa, Ikeja, on Wednesday in partnership with Bank of Industry (BoI) and Sterling Bank Ltd

 

He said the tripartite initiative was designed to break the funding barrier to enable SMEs to access up to N10 million at a single-digit interest of nine per cent per annum without collateral.

 

LASMECO is a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.

 

The News Agency of Nigeria (NAN) reports that the initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10 million at nine per cent interest rate for two to three years.

 

The governor advised the beneficiaries to use the money and grow for their businesses judiciously.

 

“I stand here today filled with pride and hope. Pride in the indomitable spirit of Lagosians, and hope for the future we are building together.

 

“This occasion, the launch of the joint initiative between the Lagos State Government, Bank of Industry, and Sterling Bank MSME Fund, is not just a formal unveiling of a financing programme.

 

“It is the unveiling of dreams, the lighting of thousands of small candles that together will illuminate the path to a more prosperous and inclusive Lagos.

 

“Let me begin with a story that captures why this moment matters. A few years ago, I met a young woman named Bisola in Alimosho. Bisola ran a small tailoring business out of a single shop.

 

“She had creativity, she had customers, and she had ambition, what she didn’t have was affordable capital to expand. Traditional loans were out of reach without collateral, so for years her dream of opening a small factory remained just that: a dream.

 

“In 2020, through a Lagos State support scheme for small businesses, Bisola accessed a low-interest loan. With that little boost, she bought two additional sewing machines and hired three apprentices from her community,” the governor said.

 

The governor further said that there were other Bisola’s that would benefit from the scheme.

 

Sanwo-Olu commended the contribution of the informal sector to economic growth and development.

 

“Bisola’s story is not only inspiring, but it is unique. It is one of thousands of success stories our Micro, Small, and Medium Enterprises (MSMEs) have written across this great state.

 

“From the bustling markets of Balogun and Idumota, to the tech hubs of Yaba, to the bustling garages in Ikeja and the creative studios in Surulere, our MSMEs are the unsung heroes of Lagos’s economy.

 

“They are the backbone and the heartbeat of our drive toward prosperity. When we talk about making Lagos a 21st century economic powerhouse, it is their energy and innovation that power the engine.

 

“Think about it, MSMEs account for almost 96 per cent of businesses in our nation and nearly half of our GDP. Here in Lagos, we are proud to host the highest concentration of these enterprises in Nigeria.

 

“That means millions of our citizens wake up every day as owners of small shops and stalls, founders of startups, operators of restaurants and factories, providers of services and artisans of trade.

 

“Together, these hard-working men and women employ the vast majority of our workforce and provide livelihoods for countless families. They turn the cogs of commerce in every neighborhood, from Epe to Eko, Badagry to Ikeja,” he said.

 

Also speaking, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folasade Ambrose-Madebem, described the initiative as a revolutionary financing scheme for MSMEs to provide a single digit non-collateralised loan.

 

Ambrose said the loan to be given to businesses under cooperatives would unlock the next generation of entrepreneurs in the state.

 

“So, as we begin this journey today, let us remember that this is not just about launching, it’s about unlocking the next generation of entrepreneurs.

“This is about creating a type of globally grown, globally competitive enterprise that will find its future opportunities.

 

“It’s about ensuring that whether you’re a young woman in Badagry, a healthcare provider LASMECO will work for you,” she said.

 

The Managing Director of BoI, Dr Olasupo Olusi, said the bank partnered Lagos State on the initiative to ensure access to finance for MSMEs to tackle poverty and guarantee economic growth in communities.

 

NAN reports that the highpoint of the event was the signing of the Memorandum of Understanding on the initiative between the Lagos State Government, Bank of Industry and Sterling Bank. (NAN)(www.nannews.ng)

 

Edited by Chinyere Joel-Nwokeoma

Coronation Merchant Bank generates over N12.26bn profit in 2024

Coronation Merchant Bank generates over N12.26bn profit in 2024

 

 

 

 

 

By Taiye Olayemi

 

 

 

Coronation Merchant Bank says it generated N12.26 billion for the year ended Dec. 31, 2024.

 

 

 

This is a 363 per cent growth from its N2.65 billion generated in 2023.

 

 

 

This is contained in a statement by Mr Paul Abiagam, Acting Managing Director of Coronation Merchant Bank, issued on Wednesday in Lagos.

 

 

 

The company also reported a 285 per cent profit before tax from N3.48 billion in 2023 to N13.401 billion in 2024.

 

 

 

Its total asset also grew from N524.46 billion in 2023 to N558.64 billion in 2024 while its equity soared from N37.33 billion in 2023 to N45.85 billion in 2024.

 

 

 

The earning per share attributable to ordinary shareholders rose from N52.00 to N161.40 in 2024.

 

 

 

The interest income increased from N40.39 billion in 2023 to N70.12 billion in 2024.

 

 

 

Abiagam said, “Coronation Merchant Bank has concluded the year 2024 with remarkable achievements, solidifying its position as a leader in Nigeria’s financial services industry.

 

 

 

“The bank won seven impressive and prestigious awards due to our commitment to delivering value to clients and stakeholders.

 

 

 

“The bank’s accolades include being named the Best Investment Bank in Nigeria at the World Finance Awards for a record seventh consecutive year.

 

 

 

“Additionally, Coronation Merchant Bank was celebrated as The Most Outstanding Merchant Bank for 2024 at the BrandCom Awards and recognised as the Best Social Media Merchant Bank at the Digital Jurist Awards.

 

 

 

“At the FMDQ Awards, the bank secured honours in four key categories: Most Diverse Issuer on FMDQ, FMDQ Registration Member (Quotations), Most Active Securities Lodgement Sponsor, and Largest Issuing House on FMDQ.

 

 

 

“These recognitions underscore the bank’s pivotal role in advancing Nigeria’s capital markets and fostering financial innovation.”

 

 

 

Abiagam noted that beyond these accolades, Coronation Merchant Bank achieved more significant strategic milestones in 2024.

 

 

 

He said the bank successfully facilitated major capital-raising transactions, launched the Coronation Vintage Naira and Dollar Accounts, and introduced VISA Cards, expanding its payment solutions.

 

According to him, the bank also secured triple certifications, affirming its dedication to global standards of quality, security, and service excellence. (NAN)

 

Edited by Dorcas Jonah/Olawunmi Ashafa

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