News Agency of Nigeria
Nestlé Nigeria reports 61% revenue growth Q1 2025
Economy/Business

Nestlé Nigeria reports 61% revenue growth Q1 2025

 

 

 

 

 

 

 

By Taiye Olayemi

 

Nestlé Nigeria has reported a 61 per cent revenue growth of N294.9 billion in first quarter of 2025.

 

 

 

This is compared to N183.5 billion reported for the first quarter of 2024.

 

 

 

The company disclosed this in a corporate disclosure sent to the Nigerian Exchange Ltd. on Wednesday.

 

 

 

Its operating profit grew to N74.1 billion, representing 254 per cent increase from N20.9 billion in first quarter 2024.

 

 

 

The profit before tax reached N51.2 billion, in contrast to the loss of N196.1 billion in the same period in the prior year.

 

 

 

Also, the profit after tax amounted to N30.2 billion, compared to a loss of N142.7 billion in first quarter 2024.

 

 

 

The equity position improved by N30 billion.

 

 

 

Commenting on the results, Mr Wassim Elhusseini, Chief Executive Officer of Nestlé Nigeria, said, “The results for Q1 2025 reflect our unwavering commitment to operational excellence and strong fundamentals, marking a successful continuation of our return to profitability initiated in Q4 2024.

 

 

 

“The robust topline growth of 61 per cent in Q1 2025 and profit after tax of N30.1 billion demonstrate that our focused efforts are yielding desired results led by a strong operating performance.”

 

 

 

Looking ahead, Elhusseini said, “We will remain dedicated to driving innovation and renovation to meet evolving consumer needs, enhancing our margin management initiatives, and investing in community programmes that deliver sustainable value to all our stakeholders.” (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

First Lady inaugurates digital centre, e-learning facilities in Oyo
General News

First Lady inaugurates digital centre, e-learning facilities in Oyo

 

 

 

 

By Olatunde Ajayi

 

The First Lady of Nigeria, Sen. Oluremi Tinubu, says more Nigerian women and girls can break traditional barriers and access more opportunities via technology and the digital revolution.

 

The president’s wife said on Tuesday at the inauguration of a digital economy centre and e-learning facilities at Oladipo Alayande School of Science, Ibadan.

 

The News Agency of Nigeria (NAN) reports that the project is a collaboration between the National Information Technology Development Agency (NITDA) and the First Lady’s Renewed Hope Initiative.

 

Tinubu described the initiative as a strategic step toward setting the path for Nigerian youths, especially women and girls, to participate and thrive in the digital revolution.

 

According to her, ICT knowledge is a significant tool for empowering communities, especially women, thus enabling them to break traditional barriers and access new opportunities.

 

“Equipping women and girls with ICT skills can enhance their educational prospects; it will help them to participate in the global economy and support their families.

 

“Today’s commissioning presents us with another opportunity under the mandate of the Ministry of Communication, Innovation and Digital Economy to further expand digital access to citizens by providing communities with the resources required to develop ICT skills.

 

“This is in line with the priority area of the Renewed Hope Agenda of President Bola Tinubu to accelerate economic diversification through industrialisation and digitalisation,” she said.

 

She noted that the collaboration of NITDA and the Renewed Hope Initiative had led to the construction of four community ICT centres.

 

“This ICT centre we are commissioning today is the third, while the fourth one, located in Benue State, will soon be ready for commissioning.

 

“An additional 10 digital economy centres, spread across the country, would also be ready for commissioning soon,” she said.

 

The Minister of Communication, Innovation and Digital Economy, Dr Bosun Tijani, described the centre as a core foundational investment infrastructure toward a prosperous digital economy.

 

He charged young people, as direct beneficiaries of the investment, to take advantage of the centre to acquire the skills required to participate in the economy of today and the future.

 

“We are in a world where technology drives progress; this community ICT centre serves as a platform for young people to acquire globally relevant digital skills and create solutions for communities,” he said.

 

Similarly, the Director-General (DG) of NITDA, Kashifu Abdullahi, said the centre has been equipped with modern digital equipment to help the students shape their future positively.

 

He noted that the centre was also designed to serve youths in the neighbouring communities.

 

“The centre is designed to unlock opportunities and ignite the potential of youths and students in the state to participate actively in the digital economy.

 

“It is another commitment of President Tinubu to make Nigeria digitally inclusive,” he said.

 

Charging the community members to take full ownership of the centre, he said its success would depend on the active participation and utilisation of the resources at the centre.

 

Earlier in his goodwill message, Gov. Seyi Makinde of Oyo State appreciated the First Lady for bringing the ICT centre to the state.

 

He assured her that the state would take full advantage of the facility.

 

Makinde, noting that natural resources alone could not bring about economic prosperity, underscored the importance of information technology and Artificial Intelligence as pathways to the future.

 

According to him, there must be entrepreneurship, education, human capacity development, and growth opportunities, all based on the global trends. (NAN) (www.nannews.ng)

 

Edited by Moses Solanke

Philanthropies inaugurate 0m initiative to accelerate maternal-newborn survival in Nigeria, Africa
General News

Philanthropies inaugurate $600m initiative to accelerate maternal-newborn survival in Nigeria, Africa

 

 

 

 

By Oluwafunke Ishola

 

A coalition of global philanthropies has inaugurated the Beginnings Fund, a new philanthropic initiative committed to accelerating maternal and newborn survival across Nigeria and other African countries.

 

 

 

The Fund, in a statement on Tuesday, said it would work in partnership with African governments, national organisations, and experts to prevent over 300,000 maternal and neonatal deaths.

 

It would also enhance access to quality care for 34 million mothers and babies by 2030 through a focus on sustainability and local ownership.

 

The establishment of the Beginnings Fund is part of a joint philanthropic commitment of nearly $600 million for maternal and newborn survival, including $100 million in direct funding for initiatives that further the Fund’s mission.

 

This joint commitment was enabled by a major grant from the Mohamed bin Zayed Foundation for Humanity that unlocked matched funding from the Children’s Investment Fund Foundation, Delta Philanthropies.

 

 

 

Other funders are the Gates Foundation, The ELMA Foundation, Horace W. Goldsmith Foundation, Patchwork Collective, among others.

 

 

 

Over the next five years, the Fund will partner with up to 10 African countries to make targeted investments in the products, people, and systems required to improve and scale maternal and newborn health.

 

These investments will advance maternal and newborn survival in high-burden hospitals, health centres, and referral networks, in which most maternal and newborn deaths – the majority of which are preventable – occur.

 

The Fund will focus on strengthening the workforce and equipping facilities with a bundle of low-cost, evidence-based interventions.

 

 

 

It would achieve this by harnessing innovations, empowering a skilled workforce, and building strong data and referral systems.

 

“The Beginnings Fund aims to support governments in giving mothers and babies the best chance at a healthy future,” the statement said.

 

The Fund will operate in 10 countries – Nigeria, Ethiopia, Ghana, Kenya, Malawi, Lesotho, Rwanda, Tanzania, Uganda, and Zimbabwe – and continue to pool and invest multi-year funding in collaboration with country-level implementation partners.

 

The initial commitment from its founding philanthropies is designed to catalyse further funding from new donors, ensuring long-term sustainability.

 

 

 

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs in the United Arab Emirates, said, “Through the Mohamed bin Zayed Foundation for Humanity, we are honoured to support the Beginnings Fund in giving more mothers and children the opportunity of a healthy start.

 

“In the earliest days of the UAE, our nation faced high maternal and newborn mortality rates.

 

“This journey taught us the profound importance of quality healthcare that is available to all, at every stage of life, and this knowledge continues to guide us today.

 

“Through this partnership, we further our dedication to working hand in hand with governments and partners to build a healthier, more hopeful future for generations to come.”

 

Newborn deaths in the first month of life are the single biggest driver of mortality in Sub-Saharan Africa, where 70 per cent of maternal deaths also occur.

 

Most of these deaths are preventable with trained health workers providing essential care to mothers and babies.

 

 

 

Yet maternal and newborn health remains one of the most addressable, yet underfunded, areas in global health.

 

 

 

Without transformative action, 182,000 women and 1.2 million newborns in Africa will continue to die each year from preventable causes, in addition to 950,000 stillbirths.

 

 

 

“Mothers and newborns should not be dying from causes we know how to prevent,” said Dr Mekdes Daba, Minister of Health for Ethiopia.

 

“We all have a shared responsibility to build resilient and well-resourced health systems that can safeguard the life of every pregnant woman and newborn.

 

“With the right investments and innovations, countries around the world have succeeded in transforming maternal and newborn care.

 

“There is no reason that we cannot do the same.”

 

Alice Kang’ethe, Chief Executive Officer of the Beginnings Fund, said, “African governments, with support from philanthropic and bilateral organisations, are at the forefront of advancing maternal and newborn health and making groundbreaking innovations.

 

 

 

“The continent is making remarkable strides, but achieving lasting change requires collaborative action.

 

 

 

“I would like to express my gratitude to the African governments, national organisations and experts, and our founding investors who are part of this unique collaborative effort to drive lasting change across Africa.”

 

 

 

Mark Suzman, CEO of the Gates Foundation, said, “In the past decade, researchers have pioneered remarkable new ways to keep mothers and their children alive and healthy – but these solutions still aren’t reaching the people who need them most.

 

“We’re committed to working with government, health workers, and partners like the Mohamed bin Zayed Foundation for Humanity, CIFF, Delta Philanthropies, ELMA, and others, to address this unacceptable disparity and accelerate progress on maternal and newborn health.”

 

 

 

Sir Chris Hohn, Founder and Chair of the Children’s Investment Fund Foundation, said: “Mothers and babies dying in childbirth from preventable causes is a travesty – but ending this travesty is within our reach.

 

 

 

“Working with African governments, the Beginnings Fund will have a profound impact, giving millions of children a healthy start in life.

 

 

 

“However, this should only be the beginning.

 

 

 

“To achieve its ambitious targets for 2030, the Beginnings Fund will need more global funders and philanthropists to step up.

 

 

 

“Most importantly, it will need to work hand in hand with the government to increase funding and improve the delivery of life-saving interventions to ensure African mothers and children survive and thrive.”

 

Momentum is rapidly growing toward achieving global maternal and newborn health goals.

 

The United Nations’ 2030 Sustainable Development Goals (SDGs) set ambitious targets to save the lives of mothers and newborns, and many African countries are advancing plans to accelerate progress.

 

However, achieving these targets requires increased targeted philanthropic funding, and coordinated action.

 

The News Agency of Nigeria (NAN) reports that the Beginnings Fund is a unique philanthropic initiative aiming to save more than 300,000 lives and ensure that 34 million women and newborns across Africa receive quality care by 2030.

 

The Fund aims to deploy $500 million in philanthropic funding by 2030, of which 90 per cent has been raised. (NAN) (www.nannews.ng)

 

Edited by Vivian Ihechu

Lack of access to economic resources fuels poverty among women – Don
Education

Lack of access to economic resources fuels poverty among women – Don

 

 

 

 

 

By Henry Oladele

A Professor of Comparative Study of Religions and Gender Studies, Adepeju Johnson-Bashua, on Tuesday said lack of access to economic resources contributed  much to poverty among women in Africa.

 

Johnson-Bashua made the assertion while delivering the 105th Inaugural Lecture of Lagos State University (LASU) at the Ojo campus of the university.

 

The News Agency of Nigeria (NAN) reports that Johnson-Bashua teaches at the Department of Religious and Peace Studies Facaulty of Arts, LASU.

 

The 105th inaugural lecture was entitled ‘Historicising, Contextualising and Justifying Women’s Aluta Continua in United Religious Spaces’.

 

The professor said: “Women’s poverty in African countries is directly related to the absence of economic opportunities and autonomy, and lack of access to economic resources including credit, land ownership and inheritance.

 

“Others are lack of access to education and support services and their minimal participation in decision-making process.”

 

She added that men enjoyed better economy, making poverty the root of gender discrimination in the society.

 

“Men still enjoy a larger share of the economy; thus, poverty stands at the root of gender discrimination in our patriarchal society, and the economic dependence on the male counterpart is itself a cause of gender disparity.

 

“Eradicating poverty should be a priority for all sectors of society, with the main concerns focused on womnen.

 

“The government should implement programmes that are inclusive and transparent,” she said.

 

The inaugural lecturer said the title explored the challenges and resistance faced by women in patriarchal religious settings.

 

“It traces the historical origins of women’s activism, “aluta continua” (the struggle continues) against gender-based marginalisation within faith communities.”

 

She said that while religions could provide spiritual comfort, they frequently reinforced unequal power dynamics to the disadvantage  of women.

 

“This lecture emphasises the global context particularly in areas where religion significantly influences societal norms and gender relations.

 

“It argues for the need for gender equity advocacy in these spaces, illustrating women’s collective actions that challenge oppressive interpretations of religious doctrines and promote more inclusive faith practices,” she said.

 

She added that it was necessary to understand the status of women within the context of African society.

 

“Despite African people’s exposure to Western civilisation and modernisation, there are still firm beliefs in cultural and religious practices which shape their worldview.

 

“Many people still hold to the belief that women are subservient to men in all ramifications.

 

“The traditional laws usually are more favourable to men, while they are stringent for women.

 

“Women may be sentenced to death based on adultery or pregnancy outside of marriage, while the men involved could be acquitted for lack of evidence,” she said.

 

She said it would be fair to say that women, in the traditional African societies, were born without the power to alter their circumstances or realise their full potential due to the dictates of tradition.

 

“These include early marriage, which interrupts their education, and inheritance laws that exclude women from receiving any inheritance.

 

“Others are widowhood customs that strip women of social and economic rights, female genital mutilation, and a societal preference for male children over females.

 

“The persistent use of culture, sexuality, and religion to justify the unequal treatment of women has drawn significant criticism from human rights activists and feminist movements.

 

“These activists highlight these practices as discriminatory and degrading,”she said.

Johnson-Bashua said that a significant proportion of African women were illiterate.

 

“In terms of education, a significant proportion of African women are illiterate.

 

“Cultural attitudes toward women, held by both men and women, have frequently hindered their development and advancement.

 

“Many parents show little support for their daughters’ formal education.

 

“There is a prevailing belief that the only education women require is cultural education, which focuses on character development, nurturing intent and physical skills, preparing for motherhood, and promoting cultural heritage.”

 

She recommended  more commitment from all stakeholders toward transformative gender equality for women.

 

“The United Nations General Assembly should reaffirm its Convention on Eliminating all forms of Discrimination Against Women.

 

“This makes it compulsory for all nations of the world to adopt this policy as a cardinal objective of their constitutions.

 

“Violation of this convention in any form should be met with stricter sanctions.

 

“This way, women’s personalities and aspirations will be respected in all sectors,” she said. (NAN) (www.nannews.ng)

 

Edited by Ijeoma Popoola

LASUBEB Chairman advocates school furniture maintenance
Education

LASUBEB Chairman advocates school furniture maintenance

 

 

 

 

 

By Millicent Ifeanyichukwu

 

The Chairman of Lagos State Universal Basic Education Board (LASUBEB), Dr Hakeem Shittu, has urged school management to adopt a maintenance culture for school furniture.

 

 

 

Shittu made this appeal during the official handover of a new classroom block at Anglican Primary School, Ebute Afuye, Epe.

 

 

 

He described the event as “a significant step towards enhancing basic education in Lagos State.”

 

 

 

According to him, the newly built classroom block is expected to accommodate hundreds of pupils, improve learning outcomes, and support the government’s vision for universal basic education.

 

 

 

Shittu advised, “Maintain the furniture and promptly attend to minor repairs to ensure longevity.”

 

 

 

Shittu was represented by Mr Adewale Jimoh, a Board Member at LASUBEB.

 

 

 

The completed project was officially handed over to the Lagos State Government through LASUBEB.

 

 

 

He emphasised the importance of investing in infrastructure to create an enabling learning environment. “Education is the foundation of societal development,” he said.

 

 

 

According to him, the new classrooms will reduce overcrowding and offer a more conducive learning space for children in Epe.

 

 

 

“Improved focus, comfortable classrooms, and better ventilation will help students concentrate, create an interactive environment, and enhance information retention,” he added.

 

 

 

He also praised the initiative, stating that collaboration between government levels and stakeholders will lead to more achievements in education.

 

 

 

“This project reflects our collective commitment to improving access and quality in education. We appreciate this impactful initiative,” Shittu said.

 

 

 

The event was attended by Mr Wale Raji, Member of the House of Representatives for Epe Federal Constituency, who facilitated the project and presented the buildings to the state.

 

 

 

Also present were the Chairman of Epe Local Government, Mrs Surah Animashaun, Oba Kamorudeen Animashaun, and other dignitaries. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Guinness Nigeria marks 75 years of purpose, innovation
Business

Guinness Nigeria marks 75 years of purpose, innovation

 

 

By Taiye Olayemi

Guinness Nigeria Plc says it is prioritising increased connection, purpose and impact, especially following the recent change in majority shareholding and as it celebrates its 75th anniversary.

 

Its Managing Director, Mr Girish Sharma, who disclosed the focus in a statement on Tuesday in Lagos, said that this promises greater local agility and innovation for the company.

 

On the milestone, Sharma reflected on Guinness Nigeria’s 75-year heritage, dating back to its establishment in 1950 and the opening of its pioneering Lagos brewery in 1962.

 

“Guinness Nigeria has evolved into more than a company. It has become a national treasure, woven into the fabric of Nigerian culture through the generations.

 

“From its iconic brands to its enduring values, the company has become a symbol of resilience, quality and shared celebration.

 

“This milestone is not just a celebration of how far we’ve come, it’s a tribute to the people who have built this legacy with us.

 

“From distributors and farmers to consumers and employees, this company has been shaped by thousands of hands and hearts.

 

“As we step into this new chapter, our focus is clear: we are building for more; more connection, more purpose, more impact.

 

“We remain rooted in our purpose of celebrating life every day, everywhere; and the next 75 years and beyond begin with that same bold spirit.”

 

Sharma reaffirmed the company’s legacy of social impact and community development.

 

According to him, the company’s long-standing Guinness Eye Centres in Lagos and Onitsha sponsor free eye surgeries to restore sight and improve lives.

 

“This initiative builds on Guinness Nigeria’s enduring commitment to healthcare, safe water access, education and uplifting communities across the country.

 

“Guinness Nigeria has consistently championed purposeful progress, investing in people, communities and the future.

 

“Through our Water of Life programme, the company has provided access to clean drinking water for over 500,000 Nigerians.

 

“Its Plan-W initiative has empowered over a thousand women with entrepreneurship and financial literacy skills, while the Guinness Nigeria Undergraduate Scholarship Scheme is helping bright students across the country pursue quality education.

 

“For over 20 years, its partnership with the Federal Road Safety Corps (FRSC) has driven national awareness around responsible drinking and road safety,” he said.

 

The managing Director said that since the 1980s, the company had pioneered the use of locally sourced sorghum in the production of its brands, empowering farmers.

 

According to him, it is also reducing dependence on imports, long before local sourcing became standard practice.

 

Sharma said to commemorate the milestone, the company is rolling out a series of activities.

 

He said the activities included the launch of a commemorative 75th-anniversary documentary, limited-edition bottles, a nationwide consumer promo, and staff-focused celebrations such as an interdepartmental football tournament and parties across its Lagos, Benin, and field locations.

 

He explained that the anniversary also marked a new era for the company following the recent change in majority shareholding.

 

“This transition is already unlocking opportunities for greater local agility, deeper supply chain investment, and accelerated innovation, while reinforcing Guinness Nigeria’s identity as a proudly Nigerian company operating with global standards.

 

“Guinness Nigeria is stronger, more agile, and more ambitious than ever.

 

“We are not just celebrating a legacy; we are preparing for the future. This is a company built on trust, quality, and purpose. And we’re just getting started,” Sharma said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Enhancing export: NEPC distributes 4,633 hybrid seedlings to farmers
Economy/Business

Enhancing export: NEPC distributes 4,633 hybrid seedlings to farmers

 

 

 

 

By Vivian Emoni

The Nigeria Export Promotion Council (NEPC) says it distributed 4,633 hybrid seedlings to farmers across the country.

 

Dr Nonye Ayeni, Director-General of the NEPC, disclosed this while presenting the First Quarter Progress Report on the non-oil export performance for 2025.

 

Ayeni said that in Kogi, farmers benefited from oil palm seedlings as a start-up seed intervention to boost exports.

 

“In Akure, over 2,000 cocoa seedlings were distributed to farmers for the planting season.

 

“In Gusau, Zamfara State, groundnut seedlings were distributed to eight communities for cluster farming in the state.

 

“Also, in Bayelsa State, the council distributed 1,500 hybrid cocoa seedlings,’’ she said.

 

Ayeni further said that 1,100 coffee seedlings and 100 bags of organic fertiliser were distributed to 148 coffee farmers from Chaha and Vom communities in Plateau State.

 

The director-general said that NEPC was committed to ensure conformity to quality and standards, to curb rejects and reduce contract cancellation.

 

According to her, the council is  working with International Trade Centre (ITC), Geneva, to validate the baseline study for sesame and cowpea value chains.

 

Ayeni said the council was selected as one of four Business Support Organisations in the world and only one in Africa, to implement phase one of the Women Exporters in Digital Economy (WEIDE) Fund.

 

“This 50-million dollars fund, launched in February 2024 by Dr Ngozi Okonjo-Iweala, will support Women-led Businesses to participate actively in global digital trade.

 

“Applications have begun in earnest and we encourage every women-led business to apply,” she said.

 

The DG said that to facilitate the ease of doing business and seamless documentation processes, the council registered a total of 1,129 new exporters.

 

She also noted that 16 exit points were used in the period under review to export non-oil products from Nigeria.

 

She added that approximately 95 per cent of the total non-oil exports were routed through seaports.

 

According to her, in total, six seaports, three international airports and seven land borders serve as exit points for Nigeria’s non-oil exports.

 

Ayeni said that the council would continue to strengthen its relationship with developmental partners and trade organisations.

 

“The council will continue its existing projects as well as new initiatives, all geared toward increasing the volume and value of non-oil export.

 

“The NEPC will remain to be committed in curbing rejects, promoting value addition, enhancing market access and strengthening partnerships.

 

“At NEPC, we remain resolute and committed to driving up the volume and value of non-oil exports for sustainable and inclusive economic growth,” she said. (NAN) (www.nannews.ng)

 

Edited by Jane-Frances Oraka

Seplat Energy declares 4.6 U.S. cents interim dividend, records N35.4bn profit  
Economy/Business

Seplat Energy declares 4.6 U.S. cents interim dividend, records N35.4bn profit  

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

Seplat Energy, an independent energy company dual-listed on the Nigerian Exchange Ltd. and the London Stock Exchange, has announced an interim dividend of 4.6 U.S. cents per ordinary share, subject to applicable withholding tax.

 

 

 

The company disclosed this through a corporate disclosure through the Nigerian Exchange Ltd. on Monday.

 

 

 

The dividend is to be paid to Seplat Energy’s shareholders whose names appear in the register of members as at the close of business on May 23.

 

 

 

“The disclosure reads “An Interim dividend of US 4.6 cents per ordinary share of N0.50k each, subject to appropriate withholding tax will be paid to shareholders whose names appear in the register of members as at the close of business on May 23, 2025.

 

 

 

“The interim dividend will be paid on or around June 6, 2025, electronically to shareholders whose names appear on the Register of Members as of May 23, 2025.

 

 

 

“It will be paid to those who have completed the e-dividend registration and mandated the Registrar to pay their interim dividend directly into their bank accounts.”

 

 

 

Roger Brown, Chief Executive Officer of Seplat Energy, said the year 2025 started positively for Seplat as the company delivered the business at a significantly enhanced scale.

 

 

 

He said, “I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.

 

 

 

“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset, integrity and the availability of multiple evacuation routes.

 

“Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

 

 

 

“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $4.6c/share, 28 per cent increase in our quarterly dividend versus the fourth quarter of 2024.”

 

 

 

Seplat Energy recorded N35.4 billion profit for the first quarter of 2025 as against N2.9 billion reported within the same period under review in 2024.

 

 

 

The company’s revenue soared to N1.227 trillion from N268.6 billion in first quarter of 2024.

 

 

 

The EBITDA also rose from N184.2 billion in 2024 first quarter to N607.6 billion in 2025. (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

SEC advocates collaboration among African markets
Economy/Business

SEC advocates collaboration among African markets

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has called for enhanced collaboration among African markets for a stronger interconnection within the continent as well as development of new products.

 

 

 

In a statement on Monday in Lagos, Agama,was said to have made the call during a visit of the Board of the SEC to the Autorite Marocaine Du Marche Des Capitaux , AMMC (Moroccan Capital Market Authority) in Rabat.

 

 

 

“We need to cooperate in Africa, invest in each other’s market and grow our continent. We want to build collaboration so that as Africans we can have a focus and build a strong interconnection. The time is now for us to look inwards.

 

 

 

“We are aware of your strength in Collective Investment Schemes and we know we can learn a lot from you. The population of Nigeria is huge and we need people to understand the huge benefits in CIS and how they can key into it.

 

 

 

“We appreciate the strength of the Moroccan economy and structure and we want to see what role the capital market has played in all of this,” he said.

 

 

 

Agama noted that the capital market is the nerve centre of the economy, adding that the citizens need to understand how to use it to create wealth to improve their quality of life.

 

 

 

He said, “The capital market is an enabler to the development of the economy and we believe there is so much to learn from Morocco to help strengthen our own market.

 

 

 

“We are excited about what the future holds for us and how we can forge a common front.

 

 

 

“We are happy about the progress of CIS in Morocco and we want to learn from you and also tell you about or experience because there is a lot to gain.

 

 

 

“Our relationship and Integration will go a long way in building both markets and make life better for our citizens. We encourage government to use long-term capital for long-term projects.

 

 

 

 

 

“The capital market is the solution to raising funds for long term infrastructure development.

 

 

 

“We see the capital market as a solution provider to move the economy forward. We want to make Africa better and a destination of choice. We want to jointly work with other regulators to achieve it.”

 

 

 

In her remarks, Chairperson of Moroccan Capital Market Authority, Ms Nezha Hayat, expressed her delight at the relationship between the two regulators.

 

 

 

Hayat said that the capital market had evolved and people would rather invest in the capital market.

 

 

 

She noted, “Capital market has now diversified so much, but for us everything goes through mutual funds.

 

 

 

“We think CIS is very important because people put their money in funds that are regulated and are controlled. People have more access through CIS. It is key to encourage the truth of any market.

 

 

 

“I believe in an integrated market so cooperation is better. We are interested in dual listing; we will soon be authorising funds in foreign currency which means the mutual funds can also be invested in foreign countries.

 

 

 

“We have a special focus on Nigeria, which will be one of the markets where this will happen. We need to deploy initiatives that will focus on developing our continent.”

 

 

 

Also speaking, Chairman of the SEC Nigeria Board, Mr Mairiga Katuka, said the commision was interested in learning from other jurisdictions to make the capital market in Nigeria work better. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

FCCPC launches forum in Sango-Ota to address IBEDC consumer grievances
General News

FCCPC launches forum in Sango-Ota to address IBEDC consumer grievances

 

 

 

 

By Ige Adekunle

 

The Federal Competition and Consumer Protection Commission (FCCPC) has launched an intervention in Sango-Ota, Ogun,  convening a three-day electricity consumer forum to address the grievances of residents against the Ibadan Electricity Distribution Company (IBEDC).

 

The forum is in response to complaints which include allegations of negligence and a situation where communities were reportedly funding their own electricity infrastructure while still facing exorbitant bills.

 

Its Executive Vice Chairman, Mr Tunji Bello, during the forum on Monday, reiterated the FCCPC’s commitment to providing effective consumer protection.

 

The News Agency of Nigeria (NAN) reports that the three-day forum was organised by the FCCPC in collaboration with the Sango/Ita Community Development Committee (SACDC).

 

Bello, represented by Mrs Bridget Etim, a director from the FCCPC, said, “The Ibadan Electricity Distribution Company (IBEDC) will be present to address complaints directly.

 

“This initiative aligns with our mandate to make consumer protection practical, accessible, and effective.”

 

He urged residents to utilise the forum to report service-related grievances through the appropriate channels for timely resolution.

 

Bello said the forum was designed to close the communication gap between consumers and service providers in the electricity sector.

 

“Electricity is not just a commodity; it is a vital service that powers livelihoods, businesses, and economic progress,” he said.

 

The FCCPC’s Chief Executive Officer acknowledged ongoing challenges in the sector, which include poor metering, inaccurate billing, and infrastructure deficits.

 

“The Ibadan Electricity Distribution Company (IBEDC) will be present to address complaints directly. This initiative aligns with our mandate to make consumer protection practical, accessible, and effective,” he added.

 

Bello reaffirmed the FCCPC’s commitment to educating consumers on their rights and facilitating complaint resolution, while promoting fair practices among service providers.

Meanwhile, Mr Francis Agoha, Chief Executive Officer of IBEDC, described the forum as timely, noting that it would help resolve long-standing disputes between the company and consumers.

 

Agoha, represented by Mr Abdulrasaq Jimoh, Regional Manager, Abeokuta Region, emphasised that many consumers fail to follow proper procedures when they invest in electricity infrastructure such as transformers and meters.

 

According to him, while communities are encouraged to invest, there are regulatory guidelines that must be followed to ensure their investments are recoverable.

 

“When consumers or communities purchase transformers or pay for meters, there is a legal process that requires documentation and regulatory approval.

 

“Immediate refunds are not made in cash but are compensated through energy credits over time,” Agoha stated.

 

He noted that some communities erect transformers without consulting the necessary regulatory authorities, which not only breaches regulations but also exposes residents to serious safety risks.

 

“Installing a transformer requires licensed electrical contractors and regulatory oversight from bodies like NEMSA.

 

“Communities must inform both the regulators and the Disco before any installations,” he warned.

 

Addressing concerns that some communities feel compelled to self-fund electricity projects because of perceived delays or financial constraints on the part of IBEDC, Agoha clarified: “We do not officially instruct consumers to buy transformers or meters.

 

“However, where they choose to invest, they must engage the right procedures to ensure safety and proper reimbursement.”

 

He further explained that energy theft remains a major challenge for distribution companies, affecting their ability to recover costs and provide reliable services.

 

“Only about 40 to 60 per cent of distributed energy is recovered financially due to rampant electricity theft.

 

“Unfortunately, many consumers believe they should not pay for electricity even after using it,” he lamented.

 

On billing disputes, Agoha encouraged residents to escalate complaints properly.

 

“If consumers are billed unfairly or receive poor service, they should report to the FCCPC or NERC. Valid complaints backed with evidence lead to refunds in the form of energy credits,” he assured.

 

He cited the recent downgrade of the Sango Feeder from Band A to Band C due to unstable power supply, adding that affected consumers who had prepaid for higher service bands would be compensated accordingly.

 

Also, Mr Olatunji Onaolapo, Zonal Chairman of the Ado-Odo/Ota Community Development Committee, said the forum offered a platform to escalate persistent complaints about IBEDC’s services.

 

He lamented that in spite of multiple meetings with the company’s management, issues remained unresolved.

 

“We turned to the FCCPC after exhausting all efforts with IBEDC.

 

“Communities are forced to purchase their own wires, transformers, and poles, yet are burdened with exorbitant bills,” Onaolapo said.

 

He urged IBEDC to provide prepaid meters and eliminate estimated billing, stressing that fairer practices would restore consumer confidence. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

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