E-Business
2021 Annual General Meeting: Honeywell Flour Mills to Advance Technology Infrastructure in 10-Year-Plan
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Honeywell Flour Mills Plc. (HFMP), leading foods manufacturer, has informed shareholders of its 10-year-plan to increase investment in innovative product development and advanced technology infrastructure, with continued focus on operational efficiency and local content development as the key strategic drivers for increasing shareholder value and growing market share during the next financial year.
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L-R: Finance Director, Honeywell Flour Mills Plc., Mobolaji Fakayode; Managing Director, Honeywell Flour Mills Plc., Lanre Jaiyeola; Company Secretary, Honeywell Flour Mills Plc., Yewande Giwa and Supply Chain Director, Honeywell Flour Mills Plc., Tayo Ilori during Honeywell Flour Mills Plc’s 12th Annual General meeting at the Civic Centre, Lagos on Thursday, October 14, 2021.
The company reiterated its commitment to sustainable growth within the industry and the provision of affordable staple foods to Nigeria’s fast-growing population, during its 12th Annual General Meeting (AGM) which held at the Civic Centre, Victoria Island, Lagos, on Thursday, October 14, 2021.
Dr. Oba Otudeko, chairman of the Board of Directors, acknowledged the complexities of the past financial year while highlighting the company’s steady growth and its focus on the future, “When the financial year 2020/2021 commenced, few could have imagined what the year had in store for the company and the world.
We responded by working collaboratively towards the execution of our corporate goals, guided by clear priorities; keeping our people safe and motivated, ensuring supply of our food products to consumers across the length and breadth of the country, and caring for the communities where we operate.
Despite the inevitable disruption to our business, we delivered a strong performance in very challenging circumstances.
In respect of the future, Otudeko says, “While we expect market conditions to remain tough and the effects of COVID-19 may be with us for the foreseeable future, our company has shown the capacity to withstand shocks and emerge stronger.
“And with consumer behaviour evolving faster than ever, we are adapting to this new reality by executing with speed in order to deliver competitive returns and meet the needs of our multiple stakeholders.
“We are committed to investing in the capabilities we need, the know-how and the talent to continue to create value.”
Lanre Jaiyeola, managing director, said, Honeywell Flour Mills Plc. has continued to seek innovative solutions for feeding the ever-growing Nigerian population, using affordable and easily accessible foods, while simultaneously combating inflation and rising food prices.
“In the past financial year, we achieved record production and sales volumes driven by consumer food products which also achieved record sales volume. Our investment in a new Pasta factory at Sagamu paid off greatly as we grew Pasta sales by over 40% to meet the generated demand for our Pasta products.”
The learnings from the developments in the past 12 months have encouraged the company to sharpen its focus and embark on a 10-year journey towards creating more value, “Consequently, we have commenced a 10-year evolutionary journey that will see Honeywell Flour Mills transition to become Honeywell Foods.
“Our aim is to offer a portfolio of food products manufactured from a wide range of raw materials drawn from local sources that offer good nutrition and contribute to a healthier and balanced life.
“Our aim also aligns with the Federal Government’s commitment to achieving the United Nation’s 2030 Agenda of Sustainable Development Goals that seeks to ensure access to safe, nutritious and sufficient food.”
“We will continue to focus on our competitive advantage and improve our product offerings in order to exceed our consumers’ expectations while increasing market share, and delivering value to our shareholders,” he stated.
The company recorded an all-time high revenue of N109.5 billion, an increase of 36% over N80.4 billion for the financial year ending March 2021. Increased production output, pioneering new ways of selling, developing relationships with new customers all over the country across traditional and modern trades, and more efficient operational capabilities at its factories in Apapa, Sagamu and Ikeja, were key contributing factors to the revenue increase.
The company’s Operating Profit grew faster than revenue at 39%, from N5.4 billion in FY 2020 to N7.6 billion in FY 2021.
The Board recommended the payment of 7 kobo per share as dividend for the year subject to shareholders’ approval.
FY 2021 was the company’s best performing year ever revenue-wise as it crossed the 100 billion mark for the first time ever, joining an exclusive league of Nigerian companies with over 100 billion Naira annual revenue.
E-Business
Kaspersky Reports Nearly 900m Phishing Attempts in 2024 as Cyber threats Increase
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Kaspersky’s security solutions blocked over 893 million phishing attempts in 2024 – a 26% increase from 2023, when the total stood at nearly 710 million.
The surge in attempts (shown in the graph below) between May-July is traditionally tied to the international holiday season when fraudsters frequently try to lure travelers with scams involving fake airline and hotel bookings, deceptive tour packages and too-good-to-be-true offers.
Experts observed a range of phishing and scam schemes aimed at stealing data, money and installing malicious software. In 2024, cybercriminals often mimicked the websites of well-known brands like Booking.com, Airbnb, TikTok, Telegram, and others. One ongoing campaign, for example, has been targeting TikTok Shop users.
Cybercriminals created fake login pages designed to steal sellers’ credentials. Additionally, scammers capitalised on trending news, orchestrating fraud schemes involving the hype topics, for example cryptocurrency game Hamster Kombat and TON wallets.
Fraudulent schemes also tended to capitalise on fake celebrity images in 2024, falsely promoting giveaways of valuable prizes to fans that were never delivered. The trend persists in 2025.
“While the core mechanics of phishing and scams remain unchanged, attackers constantly refine their disguises. They capitalise on trending news, hype-driven topics, and even combine branding from multiple companies on a single phishing page to enhance efficiencies of their campaigns.
“AI-driven tools help them to create highly convincing fake websites, making fraud harder to detect. These evolving tactics pose a growing risk – not just to financial security but also to personal identity protection. As a result, vigilance and the use of robust cybersecurity solutions have never been more crucial,” says Olga Svistunova, a security expert at Kaspersky.
Spam and malicious email campaigns
According to Kaspersky data, both individuals and corporate users encountered malicious email attachments more than 125 million times in 2024.
Cybercriminals used various tactics in email campaigns targeting businesses, as observed by experts. These included sending emails with password-protected archives containing malicious content and SVG images disguised as harmless graphics, and many other schemes. Attackers lured victims into clicking on malicious content through fake court appeals, fake deals, counterfeit official notifications and more.
Nearly every second email in a corporate mailbox – 47% of global traffic, marking a 1.27 percentage point increase from the previous year – was spam. South African users encountered 20% more malicious emails in comparison to the previous year.
While spam includes different email threats, including those mentioned above, it is not always malicious and consists mostly of unsolicited advertisements.
Experts note that corporate spam trends of the last year prominently feature advertisements for AI solutions, related webinars, online promotion services, follower-boosting schemes and more.
E-Business
Group Applauds Nigeria’s AI Push, Urges Seizure of $15Bn Digital Economy Opportunity
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Nigeria’s growing investment in Artificial Intelligence (AI) and digital transformation is positioning the country as one of Africa’s most ambitious tech-driven economies, with AI projected to contribute $15 billion to Nigeria’s economy by 2030.
As global technology companies deepen their focus on Africa, Young Professionals for Tinubu (YP4T) has acknowledged the deliberate policy moves by President Bola Ahmed Tinubu’s administration to ensure AI becomes a real driver of economic growth, job creation, and youth empowerment.
Following the President’s high-level discussions with global technology leaders, including his recent meeting with Google CEO Sundar Pichai, there is increasing recognition that Nigeria is taking active steps to secure its place in the global AI economy. But beyond diplomatic engagements, the administration has backed its vision with tangible programs that are already making an impact.
The 3 Million Technical Talent (3MTT) initiative has already begun producing a pipeline of AI-trained professionals, while the National AI Strategy Framework has laid the groundwork for AI integration across finance, agriculture, healthcare, and education.
The administration’s efforts to attract investment into Nigeria’s AI and technology ecosystem have also led to direct support for startups and digital enterprises, ensuring young Nigerians have access to the resources and capital necessary to innovate and compete internationally.
Global partnerships with companies such as Microsoft, Meta, and Nvidia have further reinforced Nigeria’s commitment to AI as a pillar for economic transformation.
“AI is no longer a theoretical concept—it is a defining force in global economies, and Nigeria is now actively securing its place in that future,” said Victor Benjamin, West/South South Director of YP4T.
“For years, young Nigerians have sought opportunities in technology and digital innovation. What we are seeing now is a deliberate effort by the administration to turn that aspiration into reality through strategic policies, funding, and industry collaboration.
“This is a critical time for Nigerian professionals and businesses to position themselves in the AI-driven economy.”
While many African economies continue to grapple with integrating AI and digital transformation into their long-term growth plans, Nigeria’s current trajectory signals a shift toward becoming a leader in AI adoption and development.
The impact of AI is already being felt in precision agriculture, AI-driven financial inclusion, digital healthcare, and education technology, demonstrating how these investments are directly improving productivity, economic diversification, and access to essential services.
However, experts warn that Nigeria must sustain these efforts to fully unlock the potential of AI-driven growth. With a youth population expected to exceed 100 million by 2050, ensuring that young professionals have the skills, tools, and infrastructure to build AI-powered solutions is key to job creation and economic stability.
“As a network of young professionals actively engaged in shaping Nigeria’s future, we see these investments as fundamental to building a globally competitive workforce,” continued Benjamin.
“This is not just about innovation; this is about securing economic opportunities for millions of young Nigerians. AI and digital transformation must be central to Nigeria’s long-term growth strategy, and every young Nigerian should be paying attention to these opportunities.”
With AI projected to add billions to Nigeria’s GDP in the coming years, industry stakeholders, government institutions, and the private sector must work together to ensure these initiatives translate into real economic gains.
As Nigeria continues to attract international AI investment, YP4T remains committed to mobilizing young Nigerians to engage, innovate, and lead in this digital revolution.
E-Business
Microsoft Plans $1m Investment to Train One Million Nigerians in AI Innovation
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Microsoft has announced a $1 million initiative to train one million Nigerians in artificial intelligence (AI) over the next two years.
Ola Williams, country manager for Microsoft Nigeria and Ghana, announced on Wednesday during the Microsoft AI Tour in Lagos.
“I am so delighted to announce that as Microsoft in Nigeria, we will be investing one million dollars in the next two years to empower one million Nigerians with AI tools,” Williams said.
She said the initiative aims to equip Nigerians with AI skills to help them build solutions, establish businesses, and compete globally.
“This is a significant investment in our drive to ensure that everyone has access to the right skills required not just to use AI but to build solutions on AI, build businesses on AI that will be a sustainable means of livelihood for Nigerians and give Nigerian youths the opportunity to compete globally with their counterparts,” she added.
The announcement comes on the heels of a partnership between the federal government and Google to advance AI and digital innovation in the country.
The presidency described the partnership as a major step toward strengthening Nigeria’s digital economy and expressed commitment to ensuring technological transformation translates into real benefits for businesses and citizens.
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