General News
Cocoon Homes Sponsors 2017 Lagos City Criterium
By peter oluka
Innovative Real Estate Company and developers of the Cocoon Atlantic Estate – Cocoon Homes Ltd, has partnered with the Sustainable Cycling Foundation of Nigeria as a key sponsor for the 2017 edition of the Lagos City Criterium.
The Lagos City Criteriumis a competitive cycling tournament around a technical 2.9km circuit starting and ending on the opposite side of dolphin estate, Ikoyi Lagos.
The November edition of the Lagos Cycling Criterium, saw cyclists from the pro male, pro female, junior boys and junior girls categories, come from all over the country to compete on the classic racing course cycling before crossing the finish line.
As part of the sponsorship, Cocoon Homes unveiled the traditional cycling sponsored winner jerseys and announced its Cocoon Atlantic project in which construction will begin within a few weeks.
Speaking at the opening ceremony of the Criterium, Mr. Farouk Imam, managing director, Cocoon Homes Ltd said that, “Cocoon Homes is excited to be part of the Lagos City Criterium. This sporting event is very important to us because it will help raise awareness on cycling not only at the grass roots and for youth, but as a sport that should be adopted by all Nigerians for its positive attributes which include better physical and mental wellbeing”.
According to him, “Cocoon Homes has a strong partnership with the Sustainable Cycling Foundation (SCF), and the organization is committed to fulfilling its Corporate Social Responsibilities through this support.
“We believe that the Lagos City Criterium is a way of developing cycling as a sport amongst people of all ages and backgrounds. Furthermore, cycling bridges the social gaps and division that exists in our society, there by creating better opportunities for people, especially the youth who make up a significant percentage of the Nigerian Populace.”
The Sustainable Cycling Foundation was founded in 2015 and there has been over 16 Criterium in Port Harcourt and Lagos since the foundation was founded.
The November edition of the Criterium is the opening edition of the Lagos City series for 2017/18 season.
The Sustainable Cycling Foundation provides a pathway to maintaining a positive youth sport culture through training and development of the cycling in Nigeria.
The foundation hasbeen involved in various intervention programmes which include team sponsorship, and advocacy programmes on the health benefits of cycling.
Cycling is a cornerstone of Cocoon Home’s corporate social responsibility strategy and the innovative real estate company is committed to supporting cycling at the grassroots level. Cocoon Atlantic, promises to be an affordable community with lifestyle amenities.
The estate is located in Sangotedo and will have a total of 384 units which includes 3-bedroom apartments, 3-bedroom and 4-bedroom townhouses.
Other amenities planned in the estate include water with water treatment facilitiesand sewage treatment, solar power, good and accessible road networks, retail spaces, playgrounds and sufficient parking spaces for residents and guests.
It will be an attractive place to live upon completion.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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