News
Nigeria, Others Lose $3Bn to Counterfeit Products Yearly
Businesses are at risk of being sold counterfeit print supplies than ever before, as global economies lose as much as $3 billion yearly to counterfeit products, according to a recent HP-commissioned study by Harris Interactive.
According to the report, market trends showed an increase in counterfeiting, even as enforcement scores significant wins.
In Nigeria, HP, in collaboration with security agents, has raided several hideouts in Lagos, where counterfeit HP consumables were sold and arrest was effected.
Already costing the global economy $3 billion per year according to the Imaging Supplies Coalition, the growing risk of fake products was driven by an increasingly broad supplier ecosystem, lack of certainty by buyers that their purchases are genuine, and a lack of awareness of the risks of purchasing counterfeit goods.
Analysing the report, the Director Global Anti-Counterfeit Programme at HP, Glenn Jones, said: “Every one of the key market indicators we monitor show a significant increase in the risk of counterfeit print supplies. For companies like HP, counterfeits undermine decades of focused research and testing aimed at creating superior ink and toner, and reliable, high-quality cartridges for our customers.
“For users, fakes cause a significant increase in print failures, low page yield, poor print quality, leaks and clogs, in addition to voiding hardware warranties.”
According to Harris Interactive surveys, the past four years have shown a 30 per cent plus drop in companies working with a trusted, primary supplier, and a 27 per cent increase in companies buying purely on availability.
With a broader, less trusted supplier network, Small and Medium Enterprises (SMEs) are losing the ability to discern the authenticity of their cartridges with absolute confidence. All regions heavily affected by counterfeiting, in particular the Middle East, Eastern Europe and Africa, with almost three quarters of businesses surveyed feeling confident their purchases were genuine.
While the market trends are concerning, HP and other Print Original Equipment Manufacturers (OEMs) are continuing their significant efforts to battle this issue by actively engaging with local authorities.
According to HP, across Europe, Middle East and Africa (EMEA), over the last five years, approximately 12 million counterfeits and components have been seized by local authorities, supported by HP.
“HP has conducted over 4,500 inspections of reseller stock and suspicious deliveries for customers. Through HP’s Anti Counterfeiting and Fraud (ACF) Programme, the company also actively educates its customers and partners to be vigilant against fake printing supplies,” HP said in a statement.
Citing recent successes made across the EMEA region, HP said in a statement that the authorities in the United Arab Emirates (UAE) disrupted the criminal operations of an internationally active syndicate that had assembled counterfeits of HP and Samsung-branded cartridges, resulting in the seizure of around 46,000 illicit items.
In a major series of raids, Russian authorities dismantled a criminal syndicate that had been wholesaling counterfeit HP-branded cartridges. Officials seized over 215,000 illicit items while raiding residential and warehouse sites in the Volga region and the Moscow area.
Officials in the Riyadh, Saudi Arabia recently disrupted a criminal ring that had manufactured fake cartridges for HP printers and sold the fakes in bulk, seizing 44,000 illicit items such as fake toner cartridges and components for assembling fakes.
Authorities in Kenya and Uganda also dismantled numerous wholesalers and resellers of counterfeit cartridges for HP printers, raiding warehouses, outlet stores, and seized fakes from a shipping container in the areas of Kampala, Mombasa, and Nairobi and confiscating 16,000 illicit items, HP said.
Africa Prudential Plc has reaffirmed its commitment to sustainable growth and digital transformation after posting another strong half-year financial performance, driven by robust growth in its core registrar business, technology-driven solutions and increased activity in Nigeria’s capital market.
Speaking during the company’s H1 2026 Investor Call on Tuesday, the management outlined plans to deepen revenue diversification and accelerate innovation as part of efforts to reduce reliance on interest income and strengthen long-term profitability.
The company reported gross earnings of ₦4.28 billion for the first half of 2026, representing a 27 per cent increase from ₦3.34 billion recorded in the corresponding period of 2025.
Profit before tax rose by 22 per cent to ₦2.41 billion, while profit after tax climbed 18 per cent to ₦1.59 billion.
Net operating income also increased by 27 per cent to ₦4.21 billion, while total assets grew by 13 per cent to ₦46.53 billion. Shareholders’ funds similarly rose by 13 per cent to ₦12.52 billion.
According to the company, the impressive performance was driven by sustained growth in its registrar business, increased corporate actions across the Nigerian capital market, stronger treasury earnings supported by the prevailing interest rate environment and rising adoption of its technology-enabled products and services.African Mineral Wealth
Managing Director and Chief Executive Officer, Dr. Catherine Nwosu, said Africa Prudential is steadily evolving from a traditional share registrar into a diversified technology and business solutions provider serving the broader capital market ecosystem.
Addressing concerns from investors about the sustainability of earnings if interest rates decline, Nwosu said the company was deliberately expanding its non-interest income sources.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
She noted that increasing activity in the Nigerian capital market presents fresh opportunities for technology-driven solutions.
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
Looking ahead, the company identified five strategic priorities for the second half of 2026, including driving sustainable growth through its core registrar business and new revenue streams, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and reinforcing corporate governance.
The investor call attracted institutional investors, shareholders, analysts, regulators and other capital market stakeholders, reflecting strong interest in Africa Prudential’s earnings outlook, revenue diversification strategy and long-term growth plans.
News
IHS Nigeria Donates Business-Support Equipment to Empower People with Disabilities in Abuja Community
Communications infrastructure company, IHS Nigeria, has donated business support equipment to empower people with disabilities within the Karonmajiji community in the Federal Capital Territory, Abuja. This is part of the company’s commitment to drive inclusive community development and sustainable livelihood support under its Project Empower initiative.
The equipment was distributed to beneficiaries during a ceremony held in the community on Monday, July 27. The initiative was conceived following a community needs assessment and is designed to empower active traders by providing them with business tools rather than cash grants, thereby strengthening their businesses and ensuring long-term economic impact and accountability.
Speaking at the event, Director, Sustainability, IHS Nigeria, Titilope Oguntuga, described the initiative as a reflection of the company’s commitment to advancing inclusive development by equipping persons with disabilities with the tools and opportunities needed to build resilient livelihoods.
She explained that rather than providing short-term financial assistance, IHS Nigeria adopted an asset-based approach by donating 50 pieces of business support equipment, including sewing machines, freezers, generators and hairdressing kits, to the selected beneficiaries.
According to her, the intervention is designed to create lasting value by supporting entrepreneurship, promoting self-reliance and strengthening household incomes, while contributing to the achievement of the United Nations Sustainable Development Goals, particularly SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities).
In his opening remarks, the Chief of the Karonmajiji Disabled Community, Alhaji Sulaiman Muhammed Katsina, represented by the Secretary of the Community, Alhaji Mohammed Dantani commended IHS Nigeria for its commitment to empowering persons with disabilities through practical and sustainable interventions.
He described the initiative as a demonstration of genuine partnership with the community and expressed appreciation for the company’s continued engagement with the Association, noting that the donation of the equipment was a significant investment in improving the livelihoods of persons with disabilities and would create meaningful economic opportunities for the beneficiaries and their families.
The event brought together traditional rulers, government representatives, leaders and members of the Karonmajiji Disabled Community Association, implementing partners, including Field of Skills and Dreams Vocational Technical and Entrepreneurship (FSD VTE) Training Institute and other community stakeholders, reaffirming a shared commitment to promoting inclusion and sustainable community development.
Project Empower reinforces IHS Nigeria’s commitment to advancing sustainable development through strategic partnerships that promote economic inclusion, strengthen community resilience and create opportunities for underserved communities.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
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