Connect with us

E-Business

Flour Mills Acquires Majority Stake in Honeywell Flour Mill

Published

on

Kindly share this post

Flour Mills of Nigeria Plc, has announced that its reached consensus agreement with Honeywell Group Limited to acquire majority stake in Honeywell Flour Mills Plc.

The agreement enables Flour Mills to purchase 71.69 per cent stake in Honeywell, while a separate pact with FBN Holdings Group allows the miller to acquire the financial services group’s stake of 5.06 per cent in Honeywell, bringing its consolidated holding in Honeywell to 76.75 per cent.

Quoting a regulatory filing note at the Nigerian Exchange Limited on Monday, newsmen report that the deal could mean Flour Mills will be taking over about 6.09 billion units of Honeywell’s 7.93 billion ordinary shares, priced at an opening price of N3.39 per unit on Monday.

It said the disposal of the 71.69 percent stake by Honeywell will be conducted on the basis of an enterprise value N80 billion.

The key highlights of the proposed transaction are as follows:

  • HGL will dispose of a 71.69% stake in HFMP to FMN based on an enterprise value of NGN80 billion. The final equity price per share payable will be determined based on HFMP’s adjusted net debt and net working capital at the date of completion.
  • The proposed combination is subject to approval from the appropriate regulators.
  • The complementary transaction combines FMN’s market-leading offerings that include grain-based foods, sugar, starches, oils, spreads and breakfast cereals with HFMP’s market leading diverse and differentiated range of carbohydrate products.
  • Stakeholders would benefit from the more than 85-year combined track record of FMN and HFMP and their shared goal of making affordable and nutritious food available to Nigeria’s population.
  • The scale of the transaction provides employees of the consolidated company with more career development opportunities in a larger organisation, with the potential to create more jobs in the economy as it will have more brands and categories, and a larger and more geographically diverse footprint.
  • Customers across the nation will benefit from access to a wider product range and a robust pan-Nigerian distribution network, accessing greater number of points of sale supported by enhanced customer-focused sales teams and redistribution capabilities.
  • The combination will also serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings.
  • The country and its food security agenda will benefit from both companies’ focus on developing Nigeria’s industrial capability, its agricultural value chain and specifically backward integration of the food industry.
  • Nigeria presents vast opportunities, particularly in light of the country being the largest market on the continent as well as a signatory of AfCFTA.
  • HFMP’s listing will be retained for the foreseeable future. Minority shareholders of HFMP will be treated fairly and in line with capital market regulation. Further information will be provided within the required channels and timeframes.

Commenting on the transaction, Obafemi Otudeko, managing director, Honeywell Group Limited said: “Today’s announcement is in line with the evolution of Honeywell Group and our vision of creating value that transcends generations.

“For over two decades, we have supported Honeywell Flour Mills to build a strong business with a production capacity of 835,000 metric tonnes of food per annum.

“Following the transaction, Honeywell Group will be strongly positioned to consolidate and expand its investment activities, including as a partner of choice for investors in key growth sectors.”

Omoboyede Olusanya, group managing director of Flour Mills of Nigeria, said: “The proposed transaction is aligned with our vision not only to be an industry leader but a national champion for Nigeria.

“We believe that this will create an opportunity to combine the unique talents of two robust businesses.

“As a result, we will have a better-rounded and more comprehensive skill set available to us as a combined diversified food business, thus enabling us to better serve our consumers, customers and other stakeholders, whilst providing employees with access to broader opportunities.”


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. 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

E-Business

Check Point Reveals Nigeria as Second Most Targeted African Country for Cyberattacks in November

Published

on

Kindly share this post

The November 2025 Global Threat Intelligence report released by Check Point Research on Tuesday, shows Nigerian organisations faced an average of 3,374 cyberattacks per week.

Making the country as one of the primary targets for cybercriminals in Africa last month, with a record of a staggering volume of digital threats despite an overall decline in attacks across the continent.

The report shows that this figure places Nigeria second among the four major African nations analysed, trailing only Angola, which topped the list with 4,251 weekly attacks per organisation.

While Africa as a whole saw a 13 percent year-on-year decrease in cyber incidents, Nigeria’s high numbers reveal a persistent vulnerability within its digital infrastructure. Kenya and South Africa followed Nigeria with 2,384 and 1,863 weekly attacks, respectively.

The report also identified government institutions and financial services as the most targeted sectors across Africa. Globally, the education and research sector remained the most frequent victim, hit by an average of 4,656 attacks per week.

A significant highlight of the report is the emerging threat posed by Generative Artificial Intelligence (GenAI). Check Point Research found that one in every 35 GenAI prompts submitted within corporate networks globally posed a high risk of sensitive data leakage.

In Nigeria and abroad, employees are increasingly using AI tools that operate outside of formal security frameworks. The report noted that 87 percent of organisations using GenAI were affected by ‘high-risk’ prompts, which often included the input of proprietary code, customer data, or internal communications into public AI models.

Ransomware continues to be a primary tool for extortion, with global incidents rising by 22 percent year-on-year. While North America remains the most targeted region for ransomware, the impact is increasingly felt in emerging markets like Nigeria.

The most active ransomware groups identified in November were Qilin, Clop, and Akira, which primarily targeted industrial manufacturing and consumer goods sectors.


Kindly share this post
Continue Reading

E-Business

JustMarkets Launches Global Boost Contest With Gold Prizes for Traders

Published

on

Kindly share this post

JustMarkets, a worldwide broker with more than 12 years of experience in the online trading realm, is launching the Boost Contest, which represents a large-scale trading activity with the purpose of motivating traders, with the most proficient traders being awarded for their exceptional performance through a number of valuable prizes. This activity will last until the 31st of January, 2026.

JustMarkets Launches Global Boost Contest With Gold Prizes for Traders

JustMarkets

A Competition Developed with the Goal of Providing More Opportunities for Traders Worldwide

Boost Contest competition participants will be traders with Standard, Pro, or Raw Spread accounts of the MetaTrader 4 or MetaTrader 5 platforms.

To participate, traders will only be required to have a minimum account balance of $100 with a minimum of 3 traded lots. These were the requirements set for participants. Of course, the purpose of such a competition is for every broker client to participate. At the same time, however, JustMarkets sought to encourage traders to conduct in-depth analysis, different strategies, risk, and discipline. It was with this objective that this form of competition was established.

Multiple-tier rewards system with real gold

What sets the Boost Contest apart is the Weekly Lucky Draws component, in which traders compete for real gold prizes, awarded in three levels, based on their cumulative trading volume achieved through the competition:

Tier I (more than 100 lots): 15 grams of gold (3 winners)

Tier II (50-99 lots): Gold worth 10 grams (5 winners)

Tier III (10-49 lots): 5 grams of gold (7 winners)

This competition design thus provides traders with different levels of activity with the same opportunity of benefiting from valuable rewards.

Weekly Draws to Encourage Continued Participation

Apart from the top-level prizes, the competition also includes a series of weekly prizes. Traders participating in the competition will qualify for entry into the draw if they execute a minimum of three trades per week. Five lucky traders will be awarded $200 every week.

The introduction of the Boost Contest meets JustMarkets long-term obligations in:

Engaging traders through effective rewards programs

Fostering regular and organized trading practices

Enhancing transparency and integrity within all promotion endeavors

Offering a welcoming space where traders with different skill sets can participate

This reflects the purpose of JustMarkets, which is not only to offer traders good trading terms but also opportunities that add value to the entire trading experience.

A Global Platform Built on Trust and Innovation

As a globally recognized trading platform, JustMarkets continues to invest in initiatives that elevate client experience while adhering to high operational standards. The company maintains a robust technological infrastructure, offers multilingual support, and upholds strict security principles, all foundational elements behind long-term client trust.

The Boost Contest shows JustMarkets dedication to create a convenient and transparent trading environment where everyone can reach their full investment potential by clear rules, transparent rewards, and a stable trading ecosystem.


Kindly share this post
Continue Reading

E-Business

Microsoft Empowers 350,000 more Nigerians with AI Skills

Published

on

Kindly share this post

Microsoft, in collaboration with the Federal Government of Nigeria, Data Science Nigeria, and Lagos Business School, today announced a major milestone in its AI National Skills Initiative (AINSI), with more than 350,000 Nigerians reached with AI skills through the programme. This achievement builds on Microsoft’s longstanding partnership with the government, which has delivered digital training to over 4 million people since 2021.

Microsoft empowers 350,000 more Nigerians with AI skills

Microsoft

The milestone underscores Nigeria’s commitment to inclusive, technology-driven growth and reflects strong progress in preparing individuals and organisations to thrive in the digital economy.

“Nigeria cannot afford to wait,” said Abideen Yusuf, General Manager, Microsoft Nigeria and Ghana. “AI is reshaping every sector, and the countries that move fastest on skills will lead. We must equip people now, at scale and with intent, so the immense opportunity presented by AI doesn’t pass us by.”

Olayinka David-West, Dean of Lagos Business School, emphasised this point: “AI skilling is no longer optional for Nigeria’s digital future—it is the foundation of our competitiveness. At Lagos Business School, we believe that equipping leaders and citizens with AI capabilities is essential for driving inclusive growth, innovation, and national transformation.”

As it stands, a significant percentage of Nigerian graduates are still to acquire digital skills, highlighting the importance of workforce readiness. Launched in January, the second phase of the Nigeria skilling programme, under Microsoft’s AINSI, aims to reach 1 million citizens over three years, strengthening Nigeria’s AI capability and national competitiveness. AINSI is helping drive a range of different programmes designed to embed AI skills across every sector of the economy.

Empowering organisational leaders

Over the past year, AINSI has advanced ethical and inclusive AI leadership in Nigeria’s public sector. Working with Lagos Business School, the Federal Ministry of Communications, Innovation and Digital Economy, and the National Centre for Artificial Intelligence and Robotics, Microsoft has trained 99 public sector leaders, including Members of the National Assembly and senior executives from 58 ministries and agencies. These sessions equipped leaders with strategies for AI-powered reporting and sector-specific roadmaps.

Equipping developers for the future

Developer-focused programmes are creating a strong pipeline of technical talent. Through government-driven initiatives like Developers in Government (DevsInGov) and the 3 Million Technical Talent initiative, led by the Ministry of Communications, Innovation and Digital Economy, developers in public sectors have gained new skills. Around 645 participants have been trained in analytics and AI integration. Another 1,000 developers learned advanced skills in areas such as DevOps, machine learning and data science. These efforts are helping Nigeria’s workforce prepare for the future by advancing AI fluency across the digital ecosystem.

Bringing AI skills to every tech user

To reach everyday tech users, developers, and business leaders, Microsoft hosted a flagship programme, Microsoft AI Skills Week – engaging over 235,000 participants through AI digital literacy workshops, business leader strategy sessions and an Agentic AI hackathon. Partnering with VISA, TeKnowledge, UNICEF, Data Science Nigeria, and Lagos Business School, the initiative trained more than 11,400 individuals and certified over 1,700. A standout moment was the Agentic AI hackathon, showcasing innovative solutions for document verification, risk assessment, and fraud detection, demonstrating the real-world impact of AI skills in fintech.

“Our collaboration with Microsoft has demonstrated that AI readiness requires coordinated investment across every stakeholder group — government, developers, educators, and communities. By building capacity for evidence-driven governance, responsible innovation, classroom integration, and community adoption, we are laying the foundation for a globally competitive workforce. True digital transformation happens when the entire ecosystem moves forward together,” commented Dr. Bayo Adekanmbi, CEO/Founder, Data Science Nigeria.

Looking ahead, Microsoft and its partners will continue driving Nigeria’s digital transformation through targeted upskilling in AI and cybersecurity, expanded access to AI education, and ongoing developer training. These activities aim to build local expertise at all levels and support Nigeria’s young population in taking an active role in Africa’s digital future.

“Nigeria is on track to capture 43% of Africa’s projected $136 billion AI-driven productivity gains by 2030,” concluded Yusuf. “By collaborating with the government to equip leaders, developers, and tech users, we’re building a future-ready workforce and helping Nigerians adopt and adapt the technology, thereby maximising its potential.”


Kindly share this post
Continue Reading

Trending