Connect with us

General News

Elumelu’s Heir Group Develops Commodity Trading Platform

Published

on

(L-r): Professor Pat Utomi, founder/ceo of Centre for Values in Leadership (CVL) chatting with Segun Ogunsanya, managing director/chief executive officer, Airtel Nigeria, at the CVL Role Model Forum where the Airtel boss was the guest speaker, held in Lagos on recently.
Kindly share this post

Heirs Holdings, the African investment company focusing on principal investments in a variety of sectors across Africa, plans to establish the Africa Exchange Holdings Limited (AfEX), a platform to roll out commodity exchanges across Africa.

This is in with Heirs Holdings aspiration of improving intra-African commodity trade and market development in the continent,

Mr. Tony Elumelu, chairman, who stated this at the end of a retreat for senior management of Heirs Holdings in Abuja said that the East Africa Exchange Limited (EAX), a Rwanda-based regional commodities exchange would be the first commodity trading platform to be rolled out by Heirs Holdings.

“EAX will directly serve the needs of African farmers and create a more sustainable, balanced market discovery mechanism for much of the continent’s hard and soft commodities,” he explained.

Elumelu stated that retreat was used to review 2012, a year that saw the company’s portfolio record impressive growth as well as to chart its objectives for 2013.

Heirs Holdings operates a group of companies in key economic sectors across Africa – financial services, power, oil and gas, hospitality and real estate, agribusiness and healthcare – with a mission to create economic and social wealth via African-led entrepreneurship.

The Group also supports The Tony Elumelu Foundation, whose goal is to enhance the competitiveness of the African private sector through leadership development, long-term impact investment and promoting catalytic policy change.

Heirs Holdings is actively developing significant industrial projects, viewed as a crucial means to build and diversify Africa’s economy.

Elumelu said: “With expanding operations in countries such as Nigeria, Tanzania and Rwanda, a central component of the Group’s business philosophy is to draw more of the much-needed industrial value chain onto the continent by replicating its successes throughout sub-Saharan Africa. Heirs Holdings has set ambitious goals for the next three years, including the development of five new Transcorp Hilton hotels in Nigeria.

“In Tanzania, Heirs has partnered foreign associates to invest in Mtanga Farms, which has a growing livestock business as well as a growing seed potatoes business that has introduced a new, high-yielding seed variety that will help improve the returns of about 150,000 small holder farmers in the region.”


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Continue Reading
Advertisement
Comments

General News

Taraba Adopts Electronic Case Management System

Published

on

Kindly share this post

Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


Kindly share this post
Continue Reading

General News

Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

Published

on

Kindly share this post

Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

  • Do not click on links or respond to unsolicited emails.
  • Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
  • Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

Kindly share this post
Continue Reading

General News

Universal Insurance to Raise N15bn to Meet Capital Rules

Published

on

Kindly share this post

Universal Insurance Plc has secured the approval of its shareholders to raise additional capital of N15 billion through a proposed recapitalisation exercise, as the insurer intensifies efforts to strengthen its balance sheet and position the company for long-term sustainability.

The approval will be granted at an Extraordinary General Meeting (EGM) scheduled for February 5, 2026 in Lagos.

Currently, Universal Insurance’s share capital stands at N8 billion, with 16 billion ordinary shares held by existing shareholders on the NGX. The board is seeking to revalidate, authorise, and regularise 14 billion unissued ordinary shares for the planned capital raise and also secure approval to list and admit the new shares for trading

Following resolutions passed at the Extraordinary General Meeting (EGM), Universal Insurance Plc is moving forward with a comprehensive recapitalisation programme aimed at reinforcing its capital base and improving its capacity to underwrite larger and more diversified risks.

Shareholders approved the plan to raise new equity through a combination of capital market instruments, subject to regulatory approvals, as part of efforts to meet industry capital requirements and support future growth.

Gross premium written rose to N18.59 billion, up from N12.29 billion a year earlier, driven by increased underwriting activity across key insurance segments. Insurance revenue also grew to N14.68 billion, compared with N9.85 billion in the prior period, reflecting stronger risk acceptance and improved pricing discipline.

Despite higher insurance service expenses, the company posted an insurance service result of N1.13 billion, while net investment income surged to N2.79 billion, supported largely by fair value gains on financial assets. As a result, net insurance and investment income increased to N5.18 billion, nearly double the N2.61 billion recorded in the same period of 2024.

On the balance sheet, total assets expanded to N21.82 billion as at September 30, 2025, from N18.14 billion a year earlier, supported by growth in financial assets and investment properties. Shareholders’ funds rose to N14.38 billion, up from N12.33 billion, reflecting improved profitability and reserve accumulation.

Investors have also responded positively to Universal Insurance’s performance, with its stock delivering an 83.33 percent return in 2025, rising from N0.66 to N1.21 per share, and trading volumes exceeding 6 billion shares.

The recapitalisation initiative, combined with the improving financial performance recorded in Q3’25, underscores Universal Insurance Plc’s determination to reposition itself as a more resilient and competitive player in Nigeria’s insurance industry.

The company aims to deliver improved value to policyholders, investors, and partners, while supporting broader economic activity and generating sustainable returns for shareholders.


Kindly share this post
Continue Reading

Trending