E-Business
2021 Annual General Meeting: Honeywell Flour Mills to Advance Technology Infrastructure in 10-Year-Plan

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.

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
Farmers to Get Identity Card for Loans, Inputs

The federal government, in collaboration with the International Fund for Agricultural Development (IFAD), is building a digital registrar that will identify farmers, their farmlands, type of soil and the crops they grow for targeted services.
The information and the National Identification Number (NIN) will be integrated into a multipurpose identity card that farmers can use to access financial services, inputs and other forms of government assistance.
The digitisation is expected to harmonise farmers’ data across all the 36 states and the Federal Capital Territory.
Speaking at the national launch of the Policy Dialogue Initiative on the National Digital Farmers Registry (NDFR) recently in Abuja, Dr Marcus Ogunbiyi, permanent secretary, Federal Ministry of Agriculture and Food Security (FMAFS), said the new system would address the issue of portfolio farmers, whom he described as “farmers who have no farm.”
“We are going to register farmers and their farms. Not only that, farmers and the type of crop they grow, farmers and the locality they are, the type of soil they have on their farms. There is no farm that will not have a farmer. But there are many farmers who do not have farms. This is an encompassing package.
“When we register these farmers, we are going to provide a physical and digital card for them. With the card, many things can be done by the farmers. It can be used as a means of identification, an asset to some gateway – just anything. It is going to have a handshake with the database of the country, such that with that particular card, the farmer can enter any place and get things done. He or she can redeem inputs and even get a loan, depending on the financial entity,” Ogunbiyi explained.
He said that to accomplish this, the Federal Ministry of Agriculture and Food Security has taken decisive steps to transform their approach to farmer data management, adding, “Chief among these is our strategic partnership with the National Identity Management Commission (NIMC) to implement a far-reaching farmer registration and database project. At the heart of this initiative is the integration of the NIN, which ensures that every Nigerian farmer is uniquely identified and seamlessly integrated into a national agricultural system.”
Mrs Dede Ahoefa Ekoue, country director/representative of the IFAD in Nigeria, said the United Nations (UN) organisation was proud to be part of the initiative on the National Digital Farmer Registry in Nigeria.
“Our role is to convene all the partners, development partners from the public sector, private sector and the international community to put our resources together to support the effort of the government in establishing and enabling a digital farmer registry for the country,” she said.
Mrs Ekoue said that although there were previous efforts to have a national database of farmers, it had the issues of fragmentation and sustainability.
“The government is now providing us with a sense of direction and matching orders to all the actors to work together. This is what we are doing today with several partners, including the African Development Bank, FAO, the World Bank, the EU, the Islamic Development Bank and UK. Also, what is very key is farmers’ organisations because it is about them, it is for them, it must be with them,” she added.
The country director said the IFAD was happy to bring together the private sector and different ministries, departments and agencies, adding, “It will be a game changer for having a strong, updated and sustainable national digital farmer registry.”
Dr Lekan Tobe, the country director of Heifer International in Nigeria, in his remarks at the official launch of the Policy Dialogue Initiative on the National Digital Farmer Registry, emphasised the critical role of partnership and data in transforming Nigeria’s agricultural sector.
He said that this initiative, born from recommendations of previous policy dialogues organised in collaboration with the federal government, aimed to scale up innovative digital technology to enhance food systems across the country.
E-Business
Dyna.Ai Launches Operations in Nigeria

Dyna.Ai, a global leader in AI-as-a-Service (AIaaS), has launched its operations in Nigeria with an exclusive closed-door ‘Nigeria Dyna Day’ event in Lagos, which saw the introduction and orientation of its suite of AI-powered products and solutions to Nigeria’s emerging financial ecosystem.
The event, tagged ‘Nigeria Dyna Day’ and themed “AI Unleashed: Revolutionising Nigeria’s Financial Future,” brought together leading voices from the country’s AI, financial, fintech, telecom, and other key sectors, including representatives from government agencies and major enterprises.
In his opening remarks, Tomas Skoumal, chairman and co-president of Dyna.Ai, emphasized the strategic importance of Nigeria and the broader African market, stating, “For us, it makes sense to start in Nigeria.
There is no bigger country in Africa—this is where the momentum is.” He noted that Africa is no longer just “the future,” but is actively transforming today, driven by rapid digitalization and fintech innovation.
“This is the perfect time to be here,” he added, highlighting that Dyna.Ai sees technology as a vital bridge to financial inclusion and long-term growth across the region.
Skoumal introduced Dyna.Ai’s advanced Agentic AI solutions, including its proprietary Agent Studio and industry-specific language models, designed to power intelligent automation across customer service, marketing, collections, HR and more.
He also underscored the company’s long-term ambition to invest in local talent, stating, “We’re not just here to sell a product—we’re here to build infrastructure, create local jobs, and scale innovation from Nigeria to the rest of Africa.”
Dyna.Ai also showcased its advanced AI technologies at the event, including AvatarGPT, an AI digital human delivering interactive experiences; VoiceGPT, a voice agent featuring authentic local accents for seamless communication in Yoruba, Hausa, and Igbo; along with live demonstrations showing how these innovations empower customer engagement and employee experience.
Delivering the keynote address at the event, Tokoni Peter Igoin, Special Assistant to the President on ICT Development and Digital Innovation, underscored the Federal Government’s vision for a secure and forward-thinking digital ecosystem.
“The government of the Federal Republic of Nigeria, under the visionary leadership of His Excellency, President Bola Ahmed Tinubu, is fully committed to responsible innovation. Our approach to AI and financial technology is rooted in a positive framework. It encourages creativity while ensuring transparency, data protection, and digital security”, he said
Also in his remarks, Olatunbosun Alake, Lagos State Commissioner of Innovation, Science and Technology, gave insights from the government/regulatory perspective.
He announced that the Lagos State government is also taking steps towards the wide adoption and regulation of artificial intelligence in the state with the planned release of the first AI guidelines for the deployment and management of AI in the coming weeks.
E-Business
Survey Reveals Marketing Leaders See Strong Potential in gTLDS Despite Knowledge Gap

A new global survey from the Internet Corporation for Assigned Names and Numbers (ICANN) reveals that 52% of marketing leaders believe generic top-level domains (gTLDs – the three characters or more that come after the dot in a URL) have strong potential for enhancing brand presence online; however, a knowledge gap is preventing many brands from taking advantage of the opportunities that a gTLD can bring.
The research surveyed over 2,000 marketing leaders across eight countries (Brazil, China, India, Mexico, Nigeria, South Africa, U.K., and U.S.) with the purpose of creating a picture of the evolving digital marketing landscape and understanding the levels of awareness around gTLDs.
It comes as ICANN prepares to open the next application window for new gTLDs in April 2026 the New gTLD Program: Next Round – the first opportunity in more than a decade for organizations to apply to operate their own gTLD.
Top-level domains are the letters found at the end of an Internet address (with gTLDs including .charity, .menu, .paris and .ceo). Brands can apply to run their own gTLD as a way to indicate the purpose of their organization or to clearly mark a website as being related to their brand.
The research shows that increasing brand awareness and visibility is the top priority for marketing leaders (54%) and that over half believe that gTLDs have strong potential for enhancing brand presence online.
However, the research also shows that almost a third (32%) of marketing leaders surveyed are unfamiliar with gTLDs, which suggests that operating a new gTLD may be a strategic opportunity that many organizations are currently overlooking.
Key findings from the research include:
- After defining a gTLD, 92% of marketing leaders responded that they could see the potential benefits to gTLDs, with enhanced brand differentiation (46%), improved customer trust (45%), better control over online presence (44%), and improved SEO (44%) topping the list.
- 19% of marketing leaders work for organizations that have previously applied for a gTLD.
- Cost concerns (31%), knowledge gaps (27%), and insufficient resources (24%) were identified as the main barriers to application.
- The research revealed notable regional variations, with Nigerian (74%) and Indian (61%) marketing leaders showing the strongest belief in gTLDs’ potential for branding and online presence. In contrast, marketers in China expressed more mixed views, with 50% seeing strong potential but 49% considering gTLDs an unnecessary investment with unclear Return On Investment.
The findings come at a time when marketing leaders are facing significant challenges in standing out from competitors (53%), attracting and engaging the right audience (52%), and keeping pace with digital trends (47%).
A new gTLD can be an innovative tool for commerce and communication. They allow businesses in specific countries, sectors, or niche markets to create an exclusive, descriptive, and memorable label on the Internet.
An entity operating a gTLD can provide its users and customers with an extra measure of confidence in its security and legitimacy online. This can be valuable in today’s environment, where users often don’t know whether they can trust the source on the Internet.
Theresa Swinehart, SVP, Global Domains & Strategy said: “The New gTLD Program: Next Round presents an opportunity for businesses, communities, governments, and others to apply to operate their own secure space online, tailored to fit their organization, community, culture, language, and customer interests.
Now is also the moment for brands to consider applying for a gTLD, and this research tells us there is still a lack of awareness. ICANN can help provide information and raise awareness of the Next Round and the opportunity it presents for global communities, organizations, and businesses, including brands.”
To help address the knowledge gap, ICANN is developing resources to help organizations understand the application process and potential opportunities for gTLDs ahead of the 2026 application window. ICANN also offers the Applicant Support Program (ASP), which provides financial and non-financial assistance to eligible applicants.
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