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Slavery Industry Holds 30m People, Generates 32Bn Profit

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The slavery industry which holds around 29.8 million people in the most inhuman conditions generates over $32 billion in profits globally according to a guide by Traidcraft, CIPS and the Walk Free Foundation.

The guide is in response to the human cost of sourcing cheaper goods in an increasingly competitive and complex global economy.

The guide, Ethical and Sustainable Procurement, is designed to help buyers who may unknowingly be sourcing from companies operating outside the law or subjecting workers to poor wages and inhumane conditions or in forced labour environments.

The guide forms part of the initiative between CIPS and Walk Free Foundation to eradicate modern slavery in supply chains.

The document offers guidance on the procurement cycle including identifying vulnerability and risk, evaluating and shortlisting suppliers, creation of contract performance and updating ethical procurement programmes.

It contains useful practical information on how to communicate with suppliers from other regions in the world and highlights potential social and cultural differences.

Walk Free Foundation’s Global Slavery Index estimates there are 29.8 million people who are trapped in modern day slavery and the International Labour Organisation believes that business and governments are largely responsible for this.

David Noble, CIPS group CEO commented, “The increase in global sourcing has led to an increase in serious issues being discovered in procurement practices, in particular the occurrence in the supply chain, unwittingly or otherwise, of modern slavery.  We have to make a step change as a profession to make a real difference in business and society.”

Andrew Forrest, chairman of Fortescue Metals and Founder of Walk Free Foundation said: “The slavery industry generates over $32 billion in profits globally. Businesses around the world have their part to play in ensuring slavery is eradicated from their supply chain. The first step is asking the question – that is – doing a supply chain audit, and that is where procurement officers can show true leadership on the issue.”

Mags Vaughan, chief executive of Traidcraft added, “Purchasers have a crucial role to play in ensuring their actions enable good working conditions. Good planning, sufficient lead times, paying enough for workers to earn a living wage, and prompt payments are key enablers for suppliers to be able to employ their workers with good conditions. 
 
“This guide provides practical pointers for purchasers to use. We hope that senior management and chief executives will set objectives and incentives which reward their buyers for selecting suppliers with good conditions for their workers, and those buyers who purchase in a way which enables suppliers to plan and provide good working conditions.”
 
Anyone with responsibility for procurement and supply chain management is urged to read the guide available on the Traidcraft and CIPS websites.


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CAC Lists 15 Unregistered Firms Operating in Nigeria

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Corporate Affairs Commission (CAC) has warned Nigerians against dealing with 15 unregistered entities using company names and registration numbers that are not in the commission’s records.

CAC Lists 15 Unregistered Firms Operating in Nigeria

In a public notice signed by CAC Management, the commission said it had discovered the use of purported company names and RC numbers that are not registered with the CAC, urging the public to disregard them and verify all business information directly from its portal.

“The CAC remains committed to protecting the integrity of the Companies Register, upholding the law, and ensuring a safe and transparent business environment in Nigeria,” the CAC said.

According to the notice, the following are the entities not registered with the CAC:

Famas Services Nigeria Limited (RC: 216312)

Promo Dutch Investment Limited (RC: 396654)

Dialack Concept Nig. Ltd (RC: 297772)

Purpleheart Construction and Real Estate Mgt. Co. Ltd (RC: 1210548)

M/S Loktu Enterprises (BN: 373466)

Loktu Enterprises (BN: 400390)

Badatoyak Ltd (RC: 521322)

Johson Nats Limited (RC: 198492)

Peoples Club Nigeria International (CAC/IT/41191)

Jiba Enterprise (BN: 577523)

Civil Engineering Solutions Nigeria Limited (RC: 33001)

Gabdoff Hotel Ltd (RC: 112409)

Amoka Group (BN: 545221)

BEEC Nigeria Limited (RC: 30143)

  1. Adetunji (BN: 657466)

Explaining the reason for the commission’s publication, the statement noted that it aligns with its statutory role of maintaining an accurate and reliable companies register, protecting investors, and preventing fraudulent activities in the business environment.

The commission urged Nigerians to always confirm the status of any company or business name through its official portal.


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IHS Nigeria Leads Gender Based Violence Awareness Walk, Reaffirms Zero Tolerance with Advocacy Seminar

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Demonstrating unwavering commitment to a safe and dignified workplace, IHS Nigeria held an awareness walk followed by a high-impact seminar as part of activities to commemorate the global 16 days of activism to End Gender-Based Violence against women and girls.

The initiative underscored the organisation’s ongoing efforts to sensitize the community, educate employees, strengthen internal safeguards, and reinforce its zero-tolerance policy for all forms of harassment and abuse.

After the walk along Adeola Odeku and Idejo Streets on Victoria Island, employees convened for a seminar at the IHS Nigeria corporate head office, where Bukola Konkwo, Associate Director, Operations Excellence IHS Nigeria and one of the leaders of the Women in IHS Network (WIIN), reiterated the organisation’s position on gender-based violence in her opening remarks:

“Violence does not discriminate, and neither should our compassion. At IHS Nigeria, boldness is not just a value on paper, it is a call to action. We are intentional about ensuring every employee feels safe, respected, and empowered.”

The seminar featured two leading voices in Gender Based Violence advocacy. Titiola Vivour Adeniyi, the Executive Secretary of the Lagos State Domestic and Sexual Violence Agency and Nwanne Okafor, Victimologist and Gender Based Violence Advocate. Speaking during the seminar, Titilope stressed the urgency of prevention and education:

“Gender-based violence is not a special-class problem. Anybody can be a victim. Our responsibility is to know the signs, protect one another, and intervene early. When we know better, we do better.”

She also encouraged organisations to prioritise consent education, confidential reporting, and background checks, practices IHS Nigeria has already integrated through its Safe Zone Committee, a confidential support system for staff.

Nwanne Okafor, also spoke on the role of colleagues in recognizing and responding to abuse in the workplace:

“Many victims don’t need you to fix their situation, they need your support, your sensitivity, and your discretion. Speak up when necessary. Silence gives violence permission.”

Her session included real-life cases that underscored how abuse affects workplace productivity, mental health, and safety.

The awareness walk, saw both male and female staff members from across various departments marching in solidarity with survivors and advocates worldwide  and served as a public declaration of IHS Nigeria’s commitment to building a culture rooted in respect, safety, and accountability.

Reinforcing IHS Nigeria’s stand, during her  closing remarks, Titilope Oguntuga, Director, Sustainability, IHS Nigeria, captured the spirit of the event:

“This conversation doesn’t end today. Now that we know better, we must all do better, by advocating, supporting, and actively contributing to a workplace free of violence in any form.”

IHS Nigeria continues to strengthen its internal systems, policy frameworks, training programs, safe reporting channels, and continuous awareness sessions, to ensure that every employee is protected and empowered. The organisation reaffirms its zero-tolerance policy for any form of harassment, abuse, or violence, and remains committed to leading the corporate sector in progressive, people-centered safety standards.


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Nigeria’s GDP Rises to 3.98% in Q3 2025, Driven by Agriculture, ICT, and Finance

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Nigeria’s economy expanded by $3.98$ per cent in the third quarter of 2025, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.

Nigeria’s GDP Rises to 3.98% in Q3 2025, Driven by Agriculture, ICT, and Finance

GDP

This growth rate marks a slight improvement from the $3.86$ per cent recorded in the same period of 2024.The report highlights a mixed but generally positive recovery across key sectors. Aggregate GDP in real terms stood at ₦57.03 trillion, up from ₦54.85 trillion in Q3 2024.

The Services sector remained the largest contributor to overall output at $53.02$ per cent, followed by Agriculture at $31.21$ per cent. Key growth drivers included crop production, telecommunications, real estate, trade, and financial services.

The non-oil sector continued to be the main engine of the economy, expanding by $3.91$ per cent. This strong performance outpaced both Q3 2024 ($3.79$ per cent) and Q2 2025 ($3.64$ per cent). Agriculture grew by $3.79$ per cent, driven predominantly by crop production.

The Information and Communication Technology (ICT) sector posted a particularly strong real growth of $5.78$ per cent, with its contribution to real GDP rising to $9.10$ per cent. Furthermore, Financial and Insurance Services recorded a significant real growth of $19.63$ per cent.

In contrast, real growth in the Manufacturing sector slowed to $1.25$ per cent, down from $1.74$ per cent in the previous quarter.

The oil sector posted a real growth of $5.84$ per cent, a marginal increase from $5.66$ per cent in Q3 2024. This growth was linked to an average crude oil production rise to $1.64$ million barrels per day (mbpd), up from $1.47$ mbpd a year earlier.

Despite this positive change in output, the sector’s contribution to real GDP remains modest at **$3.44$ per cent$.Statistician-General of the Federation, Prince Adeyemi Adeniran, noted that while most sectors sustained positive momentum, growth remains uneven.

Strong gains in ICT, finance, agriculture, and trade were crucial in stabilizing overall output. This data aligns with projections from the International Monetary Fund (IMF), which, in October 2025, revised Nigeria’s 2025 growth outlook upward to $3.9$ per cent, citing higher oil production, stronger investor confidence, and a supportive fiscal stance as key drivers.


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