Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

News

CWG Assures Shareholders of Sustained Growth

Published

on

Kindly share this post

The management of CWG Plc has assured shareholders who invested in the company of sustained growth, stressing that it has made significant strides in delivering innovative products and platforms in payments over the years.

At the Annual General Meeting (AGM) held recently in Lagos, shareholders approved a dividend per share of 4.0 kobo while commending the board and management of CWG for improving the company’s fortunes, despite the challenges.

Addressing the shareholders, Chairman CWG  Mr. Philip Obioha, said the group recorded remarkable performance in 2022 as it consolidated the gains of its investments in its payment platform and subscription service businesses.

He outlined that the group made significant strides in its businesses in the past year, including onboarding four new banks on its Finedge Core banking application platform on a subscription service basis while also driving its “infrastructure as a service” business with the addition of new customers to its subscribers’ list.

He said the company has continued to make significant investments in its Datacenter offerings to provide the required infrastructure needed to support its platform business, adding that the group has also been making giant strides in its energy metering business as it achieved a 600 percent revenue growth when compared to the previous year.

“Within the year, our company established a new fintech organization named Fifthlab. Fifthlab has an ecosystem of advanced but simple solutions focusing on delivering innovative products and platforms in payments and banking to address the identified gaps.

He also spoke about the newly established Dubai entity, part of the group’s expansion plan that offers entry into a growing market with a supportive environment for innovation and development. “We are confident that the investments and efforts put into the new organization/ businesses will yield significant returns starting from the 2023 financial year,” Obioha said.

He assured shareholders that with the resumption of dividend payments, the board and management of the group would work to ensure unbroken dividend payments annually. “The board is committed to working with management in deploying the group’s assets judiciously and profitably to maximize shareholders’ return,” Obioha said.

Mr. Adewale Adeyipo, Managing Director and Group CEO of CWG Plc, said the group’s performance in 2022 demonstrated its business strength and enthusiasm for achieving success.

He noted that key performance indices reached five-year highs in 2022, which underlined the group’s commitment to doing the right things at the right time for its business and customers, which helped foster growth across its regional centers .

“We have stepped up our ability to innovate, adapt to new ways of doing business, renewed and repurposed our commitment to service excellence as well as listening to our customers to provide customized superior value to them,” Adeyipo said.

According to him, the group achieved 99 percent of its 2022 strategic objectives focusing on product optimization, service excellence, and business operation.

He pointed out that CWG has proven its dexterity in unlocking success for new ideas, consistently driving up its bottom line, and sustaining value for stakeholders through investments in its flagship products and services. He outlined that the group recognizes that achieving its goals requires significant investments, so it is committed to exploring financially viable investment options in 2023.

He added that the group is also embarking on several commercialization and financing strategies to bring its technology and products from concept to market.

He noted that at the heart of the company’s strategy lies a commitment to its people, its expertise at scaling opportunities, increasing revenue, and operational efficiency while effectively minimizing costs.

“We are excited about the possibilities that the future holds, and we remain steadfast in our mission to leverage technology to drive sustainable development in Africa and beyond. “We are confident these efforts will yield significant returns to our investors and stakeholders,” Adeyipo said.

He pointed out that the company has started the new business year positively, assuring shareholders that it would build on its successes and pursue new opportunities for growth and innovation.

The audited report and accounts for the year ended December 31, 2022, showed that the CWG recorded 21.3 per cent growth in total turnover, and gross profit rose by 31.4 per  cent over 2021. While earnings before tax increased by 20.3 per cent. The group’s total assets grew 58.4 per cent from N9.17 billion in 2021 to N14.53 billion in 2022.


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

News

Lagos Plastic Ban: MAN Warns of Job Losses, Closure of Businesses

Published

on

Kindly share this post

Manufacturers Association of Nigeria (MAN) has expressed concerns over the impending ban on Single-Use Plastics (SUPs) by the Lagos State Ministry of Environment.

Lagos Plastic Ban:  MAN Warns of Job Losses, Closure of Businesses

It warned that it could lead to job losses and  and lead to economic, operational, and social consequences for manufacturers, traders, recyclers, and end users.

Segun Ajayi-Kadir, director general, MAN, in a statement called on the Lagos State government to reconsider the ban, citing a lack of credible data and stakeholder engagement.

According to Ajayi-Kadir, a recent study revealed that 100% of manufacturers surveyed expressed fears of job losses and workforce restructuring if the ban is implemented.

He said, “A recent MAN-supported study evaluating the possible impacts of the Lagos State SUPs ban revealed significant adverse economic, operational, and social implications across the value chain, from manufacturers to wholesalers, traders, and end users. It has been noted that only poor and developing countries often tilt towards plastic ban as a strategy to combat environmental problems.

“A hundred percent of the manufacturers consulted expressed concern over a ban-induced workforce restructuring. Thus, several jobs will be lost in the industry if this ban were to be implemented.

“It is noteworthy to mention that there is no form of arrangement for social protection for the employees who will lose their livelihoods as a result of this ban.

“Also, there has been no form of social dialogue on the part of the government with these workers or the industry on the potential job losses.”

According to him, findings showed that 89% of operators in the plastic value chain rely on SUPs as their primary source of income with no alternative source of livelihoods, over 75% of end users, including SMEs, depend on plastic packaging with no affordable or practical alternatives, and  93% of dealers, many of whom are women, reported no prior information or social support mechanisms to cushion the impact.

Ajayi-Kadir emphasised that banning SUPs would not resolve pollution issues but merely substitute one problem for another, especially without scalable alternatives or infrastructure to support the transition.

He urged the government to focus on improving waste management infrastructure and promoting recycling, rather than imposing bans.

 

 


Kindly share this post
Continue Reading

News

Court Hands 23 Chinese Nationals 1 Year Jail Term Each for Cyberterrorism, Fraud

Published

on

Kindly share this post

A Federal High Court in Ikeja, Lagos state has sentenced 23 Chinese nationals to one year imprisonment each for their involvement in cyberterrorism and internet fraud.

Court Hands 23 Chinese Nationals 1 Year Jail Term each for Cyberterrorism, Fraud

Economic and Financial Crimes Commission (EFCC) arraigned them before Justices D.E. Osiagor, D.I. Dipeolu, and A.O. Faji on a single count of cyberterrorism and online fraud.

Dele Oyewale,  spokesperson, EFCC,  revealed that the convicted individuals were members of a cyber-fraud syndicate comprising 792 people.

He noted that the culprits were arrested on Thursday, December 19, 2024 in Lagos, during an operation known as ‘Eagle Flush.’

Oyewale stated that the individuals identified as Yu Hui (also known as A. Bin), Huang Jin Hui, Fei Fan, Lu Qiang, Hu Xi Zheng, Sun Zhi Peng, Wu Hao, Cong Bing, and Li Qiang alias Yang Huan Huan, Zheng Wei alias A. Hong, Cheng Jian, Da Tou, A Wen, Zhang Lei, Huang Zhi, Pan Jiong, Chen Wen Yuan, Jia You alias A. You, Wang Zheng Feng alias Feng, Liu San Hua, Liu Beixing, and Wen Zong Xu alias Li Long were all charged on one count of online fraud and cyber-terrorism.

One of the charges brought against Yu Hui (also known as A. Bin) claimed that he, along with others, unlawfully accessed computer systems in Lagos around December 2024 with the intent to destabilize and damage Nigeria’s economy and social structure.

According to the EFCC, this act violated Section 18(1) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, and is punishable under that law.

Similarly, another charge filed against Jia You, accused him of accessing computer systems with the aim of undermining and harming Nigeria’s economic and social stability.

This action was said to be in breach of both the Cybercrimes Act and the Terrorism (Prevention and Prohibition) Act, 2022.

Initially all the defendants pleaded not guilty to the charges.

However, during the court session, they pleaded  guilty.

The EFCC prosecution team comprising of Nneemeka Omewa, Babatunde Sonoiki, U.S Kyari, and B.M Isah informed the court that the defendants had reached plea bargain agreements.

The defence team confirmed this and requested the court to adopt the terms of the agreements.

Justices Osiagor, Faji, and Dipeolu found each defendant guilty and sentenced them to one year in prison, with the sentence starting from their arrest date on Tuesday, December 10, 2024.

Each convict was also fined N1 million.

Additionally, the judges ordered the Nigerian Immigration Service (NIS) to deport the convicts within seven days of completing their sentences.

All devices recovered during the operation including mobile phones, laptops, and routers were forfeited to the Nigerian government.


Kindly share this post
Continue Reading

News

Galaxy Backbone Reaffirms Commitment to Support Security Agencies with Its Vast Digital Infrastructure

Published

on

Kindly share this post

The Board, Management, and Staff of Galaxy Backbone (GBB) express profound sorrow and heartfelt condolences to the governments and people of Benue, Borno, Plateau, Anambra, and other states affected by recent waves of violent attacks and insecurity. We mourn with every family, community, and institution that has suffered the pain of loss, displacement, and trauma.

At Galaxy Backbone (GBB), we firmly believe that security is the bedrock of any thriving society. No nation can make meaningful progress when peace is threatened. These tragic incidents are not just national emergencies, they represent deep personal losses to every Nigerian, and they call for urgent, united, and technology-enabled solutions to support lasting peace.

As a Federal Government organization, entrusted with delivering secure digital infrastructure and smart technology solutions to public institutions across Nigeria, Galaxy Backbone remains resolute in its commitment to supporting state governments and security agencies through cutting-edge digital platforms that enable proactive and intelligent security management.

We also acknowledge and commend the visionary leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, and the concerted efforts of the Federal Government of Nigeria in responding decisively to the security challenges facing parts of the country. The President’s unwavering commitment to peace, safety, and national unity under the Renewed Hope Agenda is evident in the bold steps being taken to restore order and build a more secure Nigeria.

Through our Safe City Security Solutions, GBB offers an integrated suite of smart surveillance systems, real-time data analytics, emergency communication networks, and AI-enabled threat detection tools. These solutions are specifically designed to enhance operational capabilities, strengthen coordination across security agencies, and empower informed decision-making in high-risk environments.

GBB stands ready to partner with both state governments and security agencies that are committed to building safer, smarter, and more resilient communities. We believe that technology must lead the charge in safeguarding lives, and we are proud to serve as a trusted digital ally in Nigeria’s journey toward modern, tech-enabled public safety.

Together, we can bolster early warning systems, expand surveillance coverage, enable faster emergency responses, and ensure that every Nigerian lives in a country where peace and prosperity are not aspirations, but realities.

May the souls of the departed rest in peace. And may strength, healing, and hope return to the hearts and homes of all those affected.

Galaxy Backbone remains aligned with the vision of a secure, digitally connected, and inclusive Nigeria, where every citizen has the freedom to live, work, and dream in peace.


Kindly share this post
Continue Reading

Trending