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Red Star Posts N6.6Bn Turnover, Gets New Management

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Red Star Express Plc, a leading logistics Company, has announced a total sum of N6.6 billion turnover for the financial year ended March 31, 2016 and a profit after tax of N334.4 million. This was stated at the 23rdAnnual General Meeting (AGM) of the company held recently.

Speaking at the AGM, Dr. Mohammed Koguna, the chairman, noted that in spite of the challenges of decline in oil prices, immense pressure on the Naira, rising inflation, volatility and uncertainty in the foreign exchange market, regular flight cancellations and upsurge in general cost of living, the staff and management worked assiduously to ensure that the company achieved a satisfactory result.

“In spite of the challenges outlined, our company posted a turnover of N6.6 billion in the year under review. Our company has maintained its commitment in the creation of wealth for shareholders. To this end, the Board of Directors is recommending a gross cash dividend of 35kobo for every 50 kobo share translating to N206.3million. We demonstrated our commitment during the financial year to the Red Star Foundation policy by awarding 20 additional scholarship to secondary school students from the Eastern, Western and Northern part of Nigeria”, he reiterated.

With a view to optimizing emerging opportunities in the domestic and international business environment, there have also been changes in the company’s management structure. Mr Olumuyiwa Olumekun, former executive director and Mr Sule Umar Bichi, group managing director/CEO, both had their contracts expired on August 31st 2015.

After one year of extension for Mr Bichi to facilitate smooth transition to new leadership for the company, the company made new appointments which took effect from April 1, 2016.

The Board appointed three (3) Executive Directors, and four (4) Divisional Managing Directors. Mr Sola Obabori assumed the position of the Deputy Managing Director (and will take over from the outgoing Group Managing Director from September 1), Mr Victor Ukwat assumed the position of Executive Director Sales and Marketing while Mr Auwalu Babura assumed the position of Executive Director Finance and Admin.

Other appointments were Mr Charles Ejekam who became the Divisional Managing Director of Red Star Express, Mr Ocholi Etu became the Divisional Managing Director of Red Star Logistics, Mr Enoma Ojo assumed the position of Divisional Managing Director Red Star Support Services and Mr Tonye Preghafi assumed the position of the Divisional Managing Director of Red Star Freight.

Sir Sunny Nwosu, representing Obuchi Limited in his statement, commended the outgoing management for building a positive financial statement which the incoming management should take note of. In his words “To whom much is given, much is expected”.

Speaking on these appointments, Dr. Koguna thanked the outgoing staff for their contributions towards the growth and success of the company, while also wishing the new management the best in their performance in the years ahead.

On future outlook, he pointed out that the Company is committed to ensuring sustained and steady growth of its operations and returns on investments. “Regardless of the volatile economy, we will continually invest in our resilient employees, optimize our processes, refine our strategies, engage in cost efficiency, focus on new initiatives and increase our market share across the emerging economic sectors. We believe our commitment will give us the thrust we need to achieve maximum benefits for our esteemed shareholders”, he added.

Red Star Express Plc has four subsidiaries – Red Star Freight Limited; Red Star Logistics Limited and Red Star Support Services Limited, as well as Red Star Express, a licensee of FedEx, world leading air express company with over 650 aircrafts and more than 270 delivery destinations globally.

FedEx has consistently been rated among the top 10 most admired companies in the world over the past 10 years.

 

 


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Interswitch Inducts 3rd Interns into Its Developer Academy

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Interswitch, an integrated payments and digital commerce company, has announced the induction of the third and largest cohort of developer interns into its Developer Academy, reinforcing its long-standing commitment to building world-class technology talent and strengthening Africa’s digital ecosystem.

Selected from a pool of over 20,000 applications, the new cohort emerged through a rigorous multi-stage process involving technical assessments, and interviews. Their induction into the Developer Academy highlights both the scale of interest in software engineering opportunities in Nigeria and Interswitch’s role in nurturing the next generation of highly skilled technology professionals.

Commenting on the initiative, founder and Group Chief Executive Officer, Interswitch, Mitchell Elegbe, emphasised the importance of taking a long-term, ecosystem-driven approach to talent development.

“At Interswitch, we have always believed in the capacity to see beyond the immediate challenges and focus on long-term impact. While the migration of skilled talent remains a reality, our approach is to actively shape the outcomes by building a strong and sustainable pipeline of technology professionals.

“We are therefore committed to equipping individuals with the capabilities to contribute meaningfully to the broader technology ecosystem, locally and globally, not just for our own needs at Interswitch. In doing so, we are not only strengthening the industry but also reinforcing Nigeria’s position as a source of globally competitive engineering talent,” Elegbe said.

The 9-month programme brings together talents across key engineering tracks, including Backend Development, DevOps, Mobile Development, Frontend Engineering, and Quality Assurance.

Designed as an intensive and structured learning experience, the Developer Academy combines theoretical instruction with real-world application, equipping participants with the skills required to thrive in an increasingly global and competitive technology landscape.

Also commenting, Group Chief Human Resources Officer, Interswitch, Franklin Ali, said: “The Developer Academy reflects our long-term commitment to building talent at scale. We are equipping these young professionals not just with technical skills, but with the mindset, discipline, and adaptability required to thrive in diverse environments.

“Whether they build their careers within Interswitch, contribute to the local ecosystem, or explore global opportunities, they represent the strength and potential of Nigerian talent and carry forward the standard of excellence we are committed to building.”


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UK Reaffirms Commitment to Press Freedom, Science Journalism Training for Nigerian Media

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United Kingdom has reaffirmed its commitment to supporting press freedom and strengthening science and technology journalism in Nigeria through a media training programme for journalists.

UK Reaffirms Commitment to Press Freedom, Science Journalism Training for Nigerian Media

Speaking during the Advancing Press Freedom Through Science and Technology Journalism training organised by the UK Government, British Deputy High Commissioner to Nigeria, Jonny Baxter, said independent journalism remains essential to democratic societies and informed public debate.

Baxter, who hosted the journalists at his residence in Lagos, described the programme as part of the UK’s sustained engagement with Nigerian journalists, academia, and media stakeholders aimed at promoting ethical, evidence-based reporting.

“Strong, independent journalism is essential to democratic societies and informed public debate. That is why we take our relationship with the Nigerian media very seriously,” Baxter said.

He noted that the UK strongly supports freedom of expression and a free press, adding that the training programme was designed to equip Nigerian journalists with tools to interrogate data, challenge misinformation, and accurately communicate scientific and technological issues.

“In an age of rapid technological change, accurate, ethical, and evidence-based reporting has never been more essential,” he said.

Baxter highlighted previous training engagements held for Nigerian journalists in Abuja, Lagos, and the United Kingdom, noting that the latest programme builds on earlier workshops conducted in Portugal and London.

According to him, the initiative also reflects the UK’s commitment to deepening collaboration with Nigerian media professionals while improving public understanding of bilateral priorities such as economic growth, migration, and security cooperation.

He referenced the recent state visit of Nigerian President Bola Ahmed Tinubu to the UK as a major milestone in UK-Nigeria relations, stressing the importance of responsible media coverage during key diplomatic engagements.

“It was important for us to work closely with Nigerian media during the visit to ensure the public received accurate information while also helping hold all parties accountable to the commitments made,” he stated.

A panel discussion held during the event focused on challenges facing journalists in science and technology reporting, including misinformation, disinformation, access to reliable data, digital harassment, source protection, and legal risks.

Panelists noted that journalists face increasing pressure in a fast-paced digital media environment where algorithms often reward virality over factual accuracy.

They urged reporters to prioritise research, fact-checking, and verification while adopting practical digital security measures such as encrypting devices, password protection, and safeguarding confidential sources.

On misinformation and disinformation, panelists encouraged journalists to resist the pressure to publish unverified reports for speed or online traction.

“Don’t always rush to break news without verifying the facts. Trust is built through consistency, research, and cross-checking information,” one panelist advised.

The discussion also addressed concerns around Nigeria’s cyberstalking laws, with legal experts cautioning journalists to ensure all published information is factual, evidence-based, and defensible.

Participants were advised to maintain proper documentation trails, verify all claims, and avoid reliance on hearsay or unconfirmed digital content.

The training, organised in partnership with the School of Media and Communication, Pan-Atlantic University, is part of ongoing UK-backed efforts to strengthen journalism standards and media freedom in Nigeria.

Baxter encouraged participants to actively engage in the sessions and continue championing accountability journalism.

“Thank you for the work you do every day and for your commitment to advancing press freedom in Nigeria,” he said.


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FG Says It May Reject World Bank Loans over Delays

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Dr Shamseldeen Ogunjimi, accountant-general of the federation, has warned that the federal government may reject loan facilities from the World Bank if delays in approval and disbursement persist, saying prolonged timelines could undermine the country’s willingness to proceed with such arrangements.

FG Says It May Reject World Bank Loans over Delays

The warning was contained in a press statement issued on Friday by Bawa Mokwa, director of press and public relations at the office of the accountant-general of the federation.

Ogunjimi, who spoke in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, stressed that Nigeria expects timely processing of funding requests, given that the facilities are loans and not grants.

He said, “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” highlighting concerns over bureaucratic delays in accessing development financing.

The AGF noted that as a responsible borrower, Nigeria should not be subjected to prolonged approval processes that could affect project execution timelines and broader development objectives.

He therefore urged the World Bank to “expedite the approval and disbursement of project funds to Nigeria” to support the country’s priorities.

Ogunjimi emphasised that the loans carry repayment obligations, making it imperative that disbursement processes align with project schedules and fiscal planning frameworks.

He further disclosed that the Office of the Accountant-General of the Federation had begun addressing key issues raised earlier by the World Bank, particularly in public financial management and audit reporting.

According to him, the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 audit reports was already underway.

The AGF also assured the delegation that steps were being taken to resolve concerns around the digitalisation of the Government Integrated Financial Management Information System, noting that obsolete infrastructure was being replaced with modern technology to improve efficiency and service delivery.

He said the reforms were part of broader efforts to strengthen transparency, accountability, and the overall public financial management system in Nigeria.

Earlier in her remarks, the World Bank delegation leader,  congratulated Ogunjimi on his recent appointment as African chairman of the Association of Accountants-General.

Lane also urged the Office of the Accountant-General to sustain its digitalisation drive and ensure the timely presentation of financial statements to the Auditor-General, noting that such measures were critical to achieving seamless public financial management processes.

The World Bank earlier explained why about six loans worth $2bn, signed for Nigeria in 2024, are yet to be disbursed nearly a year after the bank’s approval.

This came amid recent reports that the World Bank approved a total of $8.40bn (N12.89tn) in fresh loans to the country over the past two years, based on data from the bank’s official website.


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