The Nation Newspaper

Category: e-Business

  • Neveah Ltd redeems All Series under N20bn commercial paper programme

    Neveah Ltd redeems All Series under N20bn commercial paper programme

    Neveah Limited, a leading commodity trading company specialising in the export of solid minerals and agricultural products, has announced the redemption of its N1.9 billion Series 15 commercial paper notes issued in November 2023.

    Since commencement of operations in 2014, Neveah has experienced remarkable growth with revenues increasing by over 858% from 2019 to 2023.

    The company has evolved from a small commodity trading operation into a leading dealer and exporter of high-quality solid minerals and agro-commodities.

    To date, Neveah Limited has successfully raised a cumulative total of N25.51 billion through its Series 1-15 Commercial Paper Issuances to address working capital needs, all of which have been entirely repaid.

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    Mr. Ibidapo Lawal, the Chief Executive Officer of Neveah, stated: “Neveah Limited started off with a simple vision to responsibly trade indigenous products on a global scale.

    “This has not always been easy, considering the trying economic times we find ourselves in, but we have always been able to count on the support of our investors in the CP market who have always given us a chance from the early days.

    “Meeting our obligations by ensuring we repay as and when due is our way of showing good faith and sending the message that banking on us will always be a good choice.”

    The Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele stated that: “United Capital Plc is excited to have supported Neveah Limited as Lead Arranger on all its commercial paper issuances.

    “Neveah has shown unwavering dedication to utilizing funds raised from the capital markets for its working capital needs and ensuring repayment to all investors.

    “United Capital Plc will continue to leverage its in-depth knowledge of the capital markets to assist Neveah and other corporates access funding from the capital markets.”

  • Businessman urges Tinubu to improve citizens’ welfare

    Businessman urges Tinubu to improve citizens’ welfare

    Chairman of De Heavens Group and a prominent figure in the nation’s hospitality and real estate sectors, Chijioke Awalite has pleaded with President Bola Ahmed Tinubu to ensure the improvement of citizens’ welfare especially in light of the current economic difficulties.

    Chief Awalite made the call to mark his birthday, urging the government to take more decisive actions.

    Acknowledging the efforts of the Tinubu administration, Chief Awalite emphasised the importance of delivering on the “Renewed Hope” Agenda.

    He said: “I believe President Tinubu and his team are doing their best under challenging circumstances.”

     “However, it is crucial that more is done to ease the suffering of millions of Nigerians who are grappling with economic hardships. We need bold and compassionate policies that directly impact the lives of our people.”

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    Chief Awalite spoke at the corporate headquarters of De Heavens Group in Lekki, Lagos.

    He stressed the need for sustained government commitment to good governance and economic revitalization.

    He called for urgent measures to stabilize the economy and improve the quality of life for ordinary Nigerians, who are in dire need of hope and tangible relief.

    “Today is a personal milestone for me, but it is also an opportunity to reflect on the state of our nation.

    “I urge President Tinubu to remain steadfast in his commitment to making Nigeria a country that works for all its citizens. We need to see more action and more urgency in addressing the pressing needs of our people,” he said.

    As the Chief of the Akokwa Kingdom in Ideato-North Local Government of Imo State and a respected business leader, Chief Awalite has been a vocal advocate for community development and nation-building.

    He continues to use his platform to push for policies that foster growth, stability, and social equity.

    “On this special day, as I receive many goodwill messages, I thank everyone for their support and encouragement,” Chief Awalite added.

    “I also take this moment to call on the government to continue striving to fulfill its promises of a better Nigeria for all.”

    Chief Awalite’s appeal to President Tinubu underscores his deep commitment to the well-being of Nigerians and his belief in the country’s potential for greatness.

  • Sujimoto partners with Enugu to build 260 smart schools

    Sujimoto partners with Enugu to build 260 smart schools

    Sujimoto, a leading real estate and construction company, has partnered with the Enugu State government in an ambitious project to revolutionize education across the state.

    Under the leadership of Governor Peter Mbah, the N420 billion initiative aims to build 260 state-of-the-art smart schools in all wards of Enugu, setting a new standard for education in Nigeria.

    Initially focused on expanding their agro-industrial projects into Enugu, Sujimoto’s involvement took a transformative turn when Governor Mbah invited the company to join this groundbreaking educational initiative.

    The smart schools, designed to foster experiential learning and innovation, will be built across Enugu’s 17 local government areas, with each school costing about N1.6 billion.

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     Mbah’s vision is to create an educational system that will not only uplift the state’s learning standards but also shape future leaders equipped for the challenges of the Fourth Industrial Revolution.

    Inspired by this vision, Sujimoto, known for its luxury real estate developments, is now venturing into a new domain—building infrastructure that serves the common good.

    Dr. Sijibomi Ogundele, CEO of Sujimoto, expressed his enthusiasm for the partnership, highlighting that the project aligns with the company’s desire to contribute to national development beyond luxury housing.

    The partnership with Enugu State signifies a pivotal step towards redefining educational standards in Nigeria, focusing on inclusivity, innovation, and excellence.

  • Zone expands decentralised payment network with leading Fintechs

    Zone expands decentralised payment network with leading Fintechs

    Africa’s fastest-growing payment infrastructure company, Zone, has announced that three prominent Fintechs across diverse verticals of the payments industry, have joined other leading banks and fintechs on its decentralised payment network. 

     Baxi by Onafriq, a leading payment service provider; FairMoneyMicrofinance Bank and KongaPay, a licensed mobile money operator known for its seamless and secure payment solutions are now part of Zone’s expanding ecosystem. 

    This development follows Zone’s recent launch of its decentralised PoS Payment Gateway product, ZonePOS and the strategic partnership with Nigeria Inter-Bank Settlement System (NIBSS) Plc to decentralise Payment Terminal Service Aggregator (PTSA) functions using Blockchain Technology.

     This development builds upon the recent onboarding of some of Africa’s largest and most prominent financial institutions, First Bank, UBA, and Zenith Bank, to Zone’s regulated blockchain network. 

    The addition of Baxi, FairMoney and KongaPay demonstrates the applicability and appeal of Zone’s technology across various segments of the financial services industry.

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    Zone secured a payment switching and processing license from the Central Bank of Nigeria (CBN) in 2022, making its payment infrastructure Africa’s first regulated blockchain network for payments. By integrating with Zone’s regulated blockchain network, Baxi, FairMoney and KongaPay will significantly enhance their payment processing capabilities, benefiting from first, direct transaction routing by eliminating intermediaries and reducing failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs.

     Also, end to end transparency by providing automatic reconciliation, which eliminates chargebacks and prevents chargeback fraud.

    Finally, same day settlement by delivering quicker value for successful transactions to financial institutions and their customers.

    Obi Emetarom, CEO and co-founder of Zone, commented on the announcement saying, “We are excited to welcome Baxi, FairMoney and KongaPay to our network. Their integration is an important step in our journey to advance the payment landscape in Africa and beyond. It underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless, and universally interoperable payment experiences across various financial service verticals. As we continue to expand and enhance our payment network, we remain committed to connecting every monetary store of value and enabling a truly inclusive financial ecosystem.”

        This expansion of Zone’s network, coupled with its recent partnership with NIBSS to enhance Payment Terminal Service Aggregator (PTSA) operations using blockchain technology, demonstrates the growing acceptance and transformative potential of regulated blockchain in mainstream finance. It sets a new standard for payment processing in Nigeria and potentially across Africa and other emerging markets, promising improved customer experiences and operational efficiency, along with reduced transaction costs, and enhanced financial inclusion.

  • Ogunlowo canvasses flexible workforce solutions for businesses in volatile economy

    Ogunlowo canvasses flexible workforce solutions for businesses in volatile economy

    The Managing Director and Chief Executive of Strategic Outsourcing Limited, (SOL) Dr. Femi Ogunlowo, has urged businesses to adopt more flexible people management strategies in order to thrive in the increasingly volatile economy.

    Ogunlowo, who was speaking in Lagos on the benefits of the firm’s Temporary Staff Services (TSS), noted that many businesses in Western economies continue to thrive because of their ability to adopt advanced people management strategies that help them to keep labour costs at more manageable levels. 

    A statement in Lagos quoted Ogunlowo as saying his company’s TSS offers similar innovative people management strategies that can help Nigerian businesses stay agile and responsive in the harsh economic environment. 

    “The TSS also holds the potential to revive the traditional practice of offering ‘holiday jobs’ to students, which once allowed young people to earn money during off-school seasons. With this service, students can gain valuable work experience and financial independence while still pursuing their education,” the statement signed by Dr. Akin Olaniyan, the General Manager, Brand Strategy and Communication added

    Ogunlowo explained TSS provides businesses with a flexible, efficient, and cost-effective solution to workforce management, which is essential in today’s challenging economic climate. 

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    “In addition, the TSS helps bridge the gap between formal education and skills acquisition, enabling individuals to work temporarily while continuing their studies,” the statement said.

    The introduction of TSS offers a lifeline to businesses in an economy where unpredictability often forces companies to make swift adjustments to their operations by delivering skilled temporary employees as at when they are needed. SOL’s TSS ensures that businesses can respond rapidly to market demands, production schedules, and project deadlines.

    Explaining the other benefits of the TSS to businesses and the Nigerian economy in general, Ogunlowo stated: “For retirees, TSS presents an opportunity to remain active in the workforce without the pressure of a full-time commitment. 

    “Dr. Ogunlowo highlighted that TSS is particularly valuable for those who wish to work limited hours or days, offering them the flexibility to use their experience to earn income in retirement at a pace that suits them,” the statement explained

    He reiterated his company’s commitment to using its extensive network and expertise, to help businesses secure the required skilled workers at critical times, thereby enhancing operational agility. 

    That commitment, Ogunlowo stated, “allows business leaders to focus on core activities without interruption, positioning SOL’s TSS as a catalyst for success in Nigeria’s ever-changing economic landscape”

  • Sterling pioneers Africa’s first indigenous core banking system

    Sterling pioneers Africa’s first indigenous core banking system

    Sterling Bank Limited has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

    The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

    This move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

    Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

    Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

    He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

    For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

    “Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

    “We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

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    Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

    “For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

    The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

    According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

    He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues. The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

    Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

    It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.

  • Nigeria’s e-Commerce: Send Jon fulfillment services set new standards in logistics

    Nigeria’s e-Commerce: Send Jon fulfillment services set new standards in logistics

    In Nigeria’s e-commerce sector, the demand for reliable order fulfillment services has never been higher. As online retail continues to grow, companies face increasing pressure to deliver products quickly and efficiently. Send Jon Fulfillment Services, a key player in the logistics industry, has emerged as a critical partner for online retailers, helping them scale their operations to meet these demands.

    A statement from Lewis Mohammed, Head of Operations at Send Jon Fulfillment Services, noted that the company’s approach is grounded in understanding the unique challenges of the Nigerian market. “Our mission has always been to provide a seamless fulfillment experience for our partners, ensuring that they can meet their customers’ expectations without being held back by logistical challenges,” Mohammed said.

    Send Jon has over the years built a reputation for reliability, boasting a 97% on-time delivery rate, a figure that sets a high standard in the industry. The company’s success is largely attributed to its in-depth knowledge of the Nigerian ecosystem, vest network of personnel across the country, including real-time data analytics and artificial intelligence, to optimize delivery routes and predict potential delays. “We’ve invested heavily in technology because we understand that efficiency is key to maintaining customer satisfaction in the fast-paced world of online retail,” Mohammed explained.

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    The company’s nationwide network, covering all 36 states and the Federal Capital Territory, Abuja, has also been a significant factor in its ability to support the growth of online retail businesses. By offering services such as warehousing, order processing, and last-mile delivery, Send Jon Fulfillment Services provides end-to-end solutions that allow retailers to focus on their core business while Send Jon handles their operations.

    One of the challenges in the Nigerian market has been the preference for Cash on Delivery (COD) as a payment method. Send Jon has addressed this by ensuring that its COD processes are as efficient and secure as possible. “We recognize that many consumers still prefer to pay upon delivery, and we’ve structured our services to accommodate this without compromising on efficiency or security,” Mohammed stated.

    Send Jon’s impact extends beyond logistics; the company is also committed to empowering businesses. By providing dedicated support teams that work closely with merchants, Send Jon ensures that its partners receive real-time feedback and assistance, contributing to a 71% successful delivery rate across Nigeria. “Our goal is to not just be a service provider but to be a partner in our clients’ success,” Mohammed emphasized.

    Looking ahead, Send Jon Fulfillment Services has ambitious plans for expansion across Africa, with the aim of replicating its success in Nigeria on a continental scale. The company plans to establish regional hubs in key cities like Accra, Nairobi, Johannesburg, and Cairo, which will serve as central points for consolidating and distributing goods. “Africa is a diverse continent with immense potential, and we’re excited about the opportunity to contribute to its e-commerce growth,” Mohammed said.

    As Nigeria’s e-commerce market continues to evolve, companies like Send Jon Fulfillment Services are playing a pivotal role in shaping the future of the industry. Through innovation, a deep understanding of local markets, and a commitment to customer satisfaction, Send Jon is not only helping online retailers scale their operations but is also setting new benchmarks for logistics and fulfillment in Nigeria.

  • 30m Nigerians now have credit scores, says CRC Credit Bureau

    30m Nigerians now have credit scores, says CRC Credit Bureau

    CRC Credit Bureau has stated over  30 million Nigerians now have credit scores from its repository. 

    It said the  milestone highlights its commitment to enhancing financial inclusion and fostering economic growth in Nigeria.

    Throwing more light on the importance of Credit Scores in a statement, the firm said credit score is a numerical representation of an individual’s creditworthiness, derived from their credit history. It serves as a critical tool for lenders in assessing the risk of lending to a borrower. 

    “And with over 30 million Nigerians now possessing credit scores, the financial system becomes more inclusive and transparent, allowing more individuals to access credit facilities previously out of reach.

    “The attainment of this milestone signifies more than just a number. It represents empowerment. With credit scores, individuals and businesses alike can secure loans more easily and at better rates. This accessibility to credit can lead to increased financial inclusion, economic growth, and personal advancement. 

    “More Nigerians can now participate in the formal financial system, gaining access to loans, mortgages, and other financial products. 

    “With easier access to credit, businesses can expand operations, invest in new ventures, and drive economic development. Individuals can pursue personal goals such as homeownership, education, and entrepreneurship with the backing of accessible credit.

    “Reaching 30 million credit scores is just the beginning as CRC Credit Bureau is committed to driving further financial inclusion and economic empowerment in Nigeria,” the company explained. 

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    According to the Group  Managing Director/CEO of CRC Credit Bureau,  Dr. Tunde Popoola: “Our goal is to ensure that every Nigerian, irrespective of their economic status, has the opportunity to build a credit history. We will continue to invest in educational programs to help individuals understand and improve their credit scores. Leveraging the latest technology, we will enhance our services to provide even more accurate and comprehensive credit information.”

    ‘CRC Credit Bureau has been at the forefront of this transformation. Through relentless efforts in data collection, analysis, and technology adoption, we have made it possible for millions of Nigerians to build and maintain credit histories. Our services extend beyond mere credit scoring; we provide comprehensive credit reports, advisory services, and educational programmes aimed at improving financial literacy.

    ” As we look to the future, we remain dedicated to empowering individuals and businesses, driving economic growth, and making financial inclusion a reality for all Nigerians.”

  • Finding the Best Slot Game

    Finding the Best Slot Game

    The online gaming industry is a successful one in most parts of the world. Much of that growth is due to the immense enthusiasm that consumers have for slot games.

    There are several reasons why those games are particularly popular. The most important is the simple but exciting play that slots provide.

    It is not necessary for anyone to spend time studying complex rules or strategies before playing them. The basic idea of a slot machine is one that can be understood immediately.

    That simplicity is not the sole reason why they are so well liked though. People also enjoy the frequent payouts and the many engaging themes that the games have.

    The fact that there are so many elements that go into making a great slot game means that choosing the best can be difficult. This article will explain how to find the ideal one for you.

    Finding the Best Slot

    There is no one-size-fits-all solution to finding the best slot game. That is because what constitutes ‘the best’ will vary a lot depending on what is most important to the player.

    We can break down the key elements though, to help people decide what matters to them. Those elements are:

    • Theme
    • Jackpot
    • RTP
    • Bonuses

    Theme

    For a lot of people who are interested in slot games, the ones that they consider to be the best are those that have interesting themes. In most cases, this means a theme that is well developed throughout the play and that provides a genuine narrative.

    Examples of that include very popular slots like Rainbow Riches and Book of Dead. The first of those has an Irish theme all about pots of gold, while the second is about Ancient Egyptian treasure.

    These slots have been popular for a long time because the themes make them fun to play. Historical and mythological ideas tend to be liked by slots fans, but there are also very successful ones with pop culture themes.

    If you want a game that draws you into a storyline, look for one with a strong theme.

    Jackpot

    No slot game can be considered the best if it does not have a good jackpot. However picking a great one is a bit trickier than just going for the one with the biggest jackpot.

    The most lucrative payouts come with progressive jackpot slots. It is very hard to win the jackpot with those games though, so frustration is just as likely as joy.

    Unless you have a lot of money to play with, picking a fixed jackpot game with a large maximum payout will make more sense. That is what has seen slots such as Starburst XXXtreme (200,000-times the bet) and Tombstone RIP (300,000-times the bet) ranked among the best.

    RTP

    A third crucial element in finding the best slot game is the return-to-player (RTP). This tells the player what returns they can expect on average from betting on it.

    It is shown as a percentage, but too many slot players neglect it. Now that they are becoming popular across the world, including Nigeria, it is time to raise awareness of slot RTPs.

    Information about what they are for each game can be found online. The average RTP for slots is around 96%, so the best games have RTPs higher than that.

    Two examples of slot games with excellent RTPs are Ugga Bugga and Book of 99. For the first of these, it is 99.07%, while for the second the RTP is 99%.

    Most people who play a slot game want to win back some of the money that they bet on it. The easiest way to be sure of that is to play a game with a high RTP, such as the two referred to above.

    Bonuses

    The last of the main things that go into making the best slot game is a strong selection of bonuses. That should include features like free spins and at least one bonus game.

    These bonuses work to increase the size of any winnings, but they also make playing the slot more fun. A good bonus game should follow the same basic theme as the main game, but put a different spin on it to help keep things entertaining.

    The vast majority of slot games have free spins and bonus rounds now. Few players would be willing to accept a ‘bare bones’ slot now, unless the jackpot was huge.

    If you want to increase the size of your payouts and also enjoy a top-class playing experience, do not neglect the bonuses. Indicators that a slot has them include the presence of a scatter reel icon.

    Now you know how to find the best slot game. Just get looking and then take it for a spin.

  • Entrepreneurs urge youths to chart new horizons at Future 24

    Entrepreneurs urge youths to chart new horizons at Future 24

    Some notable entrepreneurs in Nigeria have urged youths still struggling to find their footing to make a fresh start, as a way of overcoming the current hardship in the country.

    This was the consensus at the recent 2024 Future Summit themed “Fresh start: Charting New Horizons’ convened by Odulowo Olusola Kish and held recently at the Institute of Directors, Ikoyi, Lagos, weekend.

    Delivering her keynote speech, Mrs Tonya lawani, CEO, Seal Group encouraged young entrepreneurs to chart new horizons in their personal and professional lives.

    She advocated writing down of ideas as a powerful step towards realising one’s dream, even as she warned of the challenges that come with fresh starts such as “procrastination, doubting the significance of an idea or being unsure of how to bring it to life.”

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    Mrs Tosin Adebayo Yusuf, Executive Director of Heirs Insurance Group, was on hand to share her journey of transitioning from chemical engineering to the insurance sector.

    She informed the rapt audience that global and economic factors such as taxes and changing preferences are some of the factors that drive the need for fresh starts, while highlighting how Covid-19 acted as a global catalyst for fresh starts in e-commerce and remote work.

    Other speakers include  Dr. Adeniyi Ojikutu, CEO, Pacific Network Solution, who spoke on the necessity of adaptability in entrepreneurship, while stressing the importance of innovation and keeping up with business trends; while Mrs. Damilola Sonayon James, MD of DGS Consulting, advocated collaboration with government, urging entrepreneurs to study the system, make recommendations.

    Agatha McMadu of Agatha Legal Law Firm, spoke on the importance of mindset shifts and flexibility in business; while convener of the summit, Odulowo Olusola Kish, applauded the speakers for taking time out of their busy schedules to inspire the young entrepreneurs.