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RedStar Records 27 Percent Increase
In spite of the global economic downturn that has drastically reduced volumes in the logistics and courier business, RedStar Express Plc, a wholly owned indigenous courier company that aspires to be the best service –driven logistics solution provider in the country has recorded an impressive 27 percent growth in earnings. Mohammed H. Koguna, chairman of the company disclosed this during his annual report and accounts presentation for the financial year 2008/2009 at the company’s 16th Annual General Meeting held in Lagos last week . This year’s AGM marked the second since the company was quoted on the Nigerian Stock Exchange.
Koguna informed that despite the lull in capital market activities that sizeable volume of the company’s shares was actively traded on the floor of the Exchange.
Koguna said the entrance of more players in the courier space has heightened competition in the industry with mounting pressure on prices and margins even as he lamented the deplorable condition of the Nigerian roads which the organization has to contend with often leading to high maintenance cost and accidents.
The chairman was happy that three subsidiaries created by the company in the financial year demonstrated impressive first year results saying that collectively the subsidiaries accounted for 25 percent of the group’s turnover with higher margins. Focusing on different segments, he said the birth of the subsidiaries gives RedStar Express Plc a broader revenue base and greater growth potentials which he said will go a long way in reducing the risks of the company while ensuring stability of income.
On the financial performance of the company within the financial year, Koguna said the harsh business environment notwithstanding that RedStar Express posted a good performance with group turnover increasing by 29 percent from N3.1 billion N4 billion while profit before tax leapfrogged by 50 percent to N459million and profit after tax grew by 27 percent to N248 million after making adjustments for back duty additional tax arising from 5 years tax audit covering 2003-2007. Earnings per share therefore increased from 33 kobo to 42 kobo. In view of that, the Board of Directors of the company recommended a cash dividend of 30 kobo per share payable to shareholders whose names appeared on the register of the company as at August 13, 2009.Subject to withholding tax , the AGM approved that the total dividends payable to shareholders amounts to N177 million
It would be recalled that in the company’s Annual General Meeting held in July last year, dividend of 25 kobo was declared per ordinary share amounting to N147 million.
On corporate social responsibility, Koguna said the board of directors approved a grant of N6million to RedStar Foundation for the purpose of establishing the scholarship scheme in the eastern and northern parts of the country even as the AGM approved that appropriation of 0.5 percent of profit after tax be granted to RedStar Foundation as a way of extending the CSR of the company on continual basis.
On its operations, the chairman said the board has set a strong growth platform in the subsidiaries of the company given their potentials saying that considering the global economic downturn that the approach of the company for 2009/2010 will be of cautious optimism.
Sule Umar bichi, managing director / chief executive officer of the company assured that all the companies’ money owed by their customers will be collected as the management has contracted credit collection personnel in Abuja and Port Harcourt to enhance the process. He said what is happening in the money market and the finance sector has been noted even as he informed that the company is making sure that that does not affect their debt collection.

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General News
FG Partners World Bank, AfDB on Climate Action

The Federal Ministry of Livestock Development has announced its commitment to collaborate with the World Bank Group and the African Development Bank (AfDB) to address climate change challenges affecting Nigeria’s livestock sector.

Permanent Secretary of the ministry, Dr. Chinyere-Ijeoma Akujobi, made this known during a meeting with a delegation from the two banks on Wednesday in Abuja.
She said the partnership aims to unlock opportunities for sustainable growth and resilience in the industry and that the collaboration is strategic in realising the ministry’s strategic goals.
“The proposed collaboration aligns with our mandate to mitigate the adverse impacts of climate change on livestock production, safeguard livelihoods, and promote environmentally responsible practices throughout the value chain,” the permanent secretary said.
Represented by the Director of Planning, Research and Statistics in the ministry Mr. Ohaeri Ezenwa, Dr. Akujobi highlighted the livestock sector’s significance to Nigeria’s economy.
She pointed out that “Despite its importance, the sector is highly vulnerable to climate variability and change,” outlining its implications for animal health, productivity, and greenhouse gas emissions.
While emphasising the urgency of robust policies and reliable data to address the impacts of climate change, the Director (Technical) and Team Lead of the Technical Working Group on Climate Change, Dr. Alike Peter, explained that “These realities underscore the need for evidence-based policies and coordinated national action to drive climate-smart livestock development.”
Dr. Peter said that the Technical Working Group supports the National Livestock Growth Acceleration Strategy (NLGAS), which aims to double the sector’s contribution to GDP from approximately $32 billion to $74 billion in a decade.
He added, “Both growth pathways have direct implications for greenhouse gas emissions, making climate considerations crucial in livestock development planning.”
The ministry is also collaborating with the World Bank to establish a national methane baseline and develop evidence-based mitigation measures.
Dr. Peter said, “Ongoing collaborations aim to strengthen Nigeria’s Nationally Determined Contributions (NDCs) and access carbon markets.”
Dr. Harrison Charo Karisa, a representative from the World Bank Group, highlighted opportunities in climate-smart aquaculture, the blue economy, and carbon markets.
“Seaweed can serve as a nutritious livestock feed supplement rich in essential vitamins and minerals,” he noted.
Dr. Youssouf Kabore, Chief Livestock Officer at AfDB, commended the ministry’s proactive approach and assured the bank’s support in implementing effective interventions in the livestock sector.
General News
Kaspersky Highlights Cyber Threats at a Major Event Such as the Winter Olympics Games

The 2026 Winter Olympics will begin on February 6 in Italy, attracting the attention of fans both online and offline. Hundreds of athletes will participate, and the host cities are expected to welcome large crowds. Kaspersky experts have listed the types of threats that may emerge in the context of a major international event, regardless of its location.

The Event Audience as a Target
The Olympics attract thousands of people travelling to the host country. Offline spectators may face unpleasant surprises such as fake tickets, which scammers distribute. This could result in stolen funds from bank accounts or even compromised cryptocurrency wallet credentials instead of access to their favourite events. Meanwhile, online fans are at risk from fake live streams and fraudulent websites selling merchandise of their favourite athletes.
Travellers may also encounter fraudulent services posing as cell phone plans that collect and steal personal and financial information. That is why it’s convenient to choose Kaspersky eSIM Store to always stay connected, avoiding potential fraudulent services and physical SIM card hassles.
Attacks on athletes
Cybercriminals may exploit publicly available information and the popularity of the participating athletes. Other scenarios might be targeted phishing attacks and deepfake-based operations aimed at data theft or blackmail.
These should be of particular concern, as well as the potential hijacking of social media accounts. In addition, athletes may face risks of ‘doxxing’, — the public exposure of private information — and other forms of tech-enabled abuse, which can impact personal safety.
Threat actors may also take advantage of vulnerabilities in online security, particularly through data leaks that affect users’ personal information. The Data Leak Checker feature in Kaspersky Premium enables users to identify potential compromises in their accounts, alerting them to any risks of exposure.
Urban infrastructure attacks
Both profit-driven and other types of threat actors may target critical city systems, including transportation, utilities, communication networks, and vulnerable public Wi‑Fi, with the aim of disrupting services or compromising operational stability.
According to a 2024 study by Kaspersky, conducted ahead of the Summer Olympic and Paralympic Games in Paris, nearly 25 percent of the approximately 25,000 free Wi-Fi hotspots analysed in the city were found to have weak or no encryption, putting users’ personal and banking data at risk of theft.
These attacks can be carried out using malware, network intrusions, or manipulation of connected systems, potentially affecting city operations and services relied upon by residents and visitors. Using security solutions such as Kaspersky Premium along with a VPN will help to protect data by encrypting Internet connection and securing online activity.
Ransomware
Ransomware actors, seeking maximum profit, may view mass events and the related entities such as vendors or other organisations in the supply chain as high-value targets. To maximise financial gain from the high demand to attend the event in person, such attacks can target hotel networks in the host city, as well as stadiums, official ticket sales platforms and other event resources.
APT attacks
Advanced Persistent Threat (APT) actors also consider large international events as strategically significant targets due to their global visibility, high concentration of critical IT infrastructure contractors and complex supply chains.
A prime example of such an attack was the Olympic Destroyer, used against the IT infrastructure at the 2018 PyeongChang Olympics. In this attack, the malware spread within the organisers’ network using compromised credentials and was aimed at sabotage and disrupting the operation of the event.
Hacktivism attacks
Hacktivist actors may launch campaigns targeting event-related organisations to achieve their strategic goals and public attention. These offensive operations could take the form of data theft and leaks, misinformation, or the disruption of the systems involved in the event, such as broadcast infrastructure or ticketing platforms, potentially affecting both the spectators and organisations.
“Events on the scale of the Olympic Games typically draw significant attention from cybercriminals, and potential threats can take many forms, affecting spectators, cities’ infrastructure and the athletes themselves, as well as millions of people accessing with digital services before, during and after the event.
The international dimension and big audience make such events especially attractive targets for sophisticated actors, who pose serious threats that everyone involved should be prepared for,” said Igor Kuznetsov, Director of Global Research & Analysis Team at Kaspersky.
News
Leadway Assurance Commences Use of Fintech in Insurance Product Distribution

Leadway Assurance has entered into strategic partnership with Paga, the fintech company behind the Doroki merchant platform for the distribution of insurance products.

In the partnership, Paga will use its technology to deliver comprehensive insurance solutions designed specifically for Doroki merchants. The collaboration aims to help merchants safeguard their businesses against everyday risks and recover quickly from unforeseen events. Speaking on the partnership, the General Manager, Doroki Merchants, Arike Okwunowo, said the development meant that its merchants could focus on growing their businesses with peace of mind due to insurance protection.
“At Doroki, we see our merchants as partners in driving economic activity across Nigeria’s retail landscape. This partnership with Leadway, an insurer with decades of experience and a strong reputation for reliability, means our merchants can focus on growing their businesses with the peace of mind that they’re protected,”
Also commenting on the development, Head of Digital Business, Leadway, Diana Mulili reiterated Leadway’s commitment to expanding access to financial security for every Nigerian, saying, “At Leadway, we believe insurance should integrate seamlessly into the everyday realities of people and businesses.
“By partnering with Doroki, we are embedding practical, easy-to-understand insurance solutions into a platform—helping them protect their income, assets, and livelihoods while continuing to grow with confidence.”
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