Connect with us

E-Business

Flour Mills Acquires Majority Stake in Honeywell Flour Mill

Published

on

Kindly share this post

Flour Mills of Nigeria Plc, has announced that its reached consensus agreement with Honeywell Group Limited to acquire majority stake in Honeywell Flour Mills Plc.

The agreement enables Flour Mills to purchase 71.69 per cent stake in Honeywell, while a separate pact with FBN Holdings Group allows the miller to acquire the financial services group’s stake of 5.06 per cent in Honeywell, bringing its consolidated holding in Honeywell to 76.75 per cent.

Quoting a regulatory filing note at the Nigerian Exchange Limited on Monday, newsmen report that the deal could mean Flour Mills will be taking over about 6.09 billion units of Honeywell’s 7.93 billion ordinary shares, priced at an opening price of N3.39 per unit on Monday.

It said the disposal of the 71.69 percent stake by Honeywell will be conducted on the basis of an enterprise value N80 billion.

The key highlights of the proposed transaction are as follows:

  • HGL will dispose of a 71.69% stake in HFMP to FMN based on an enterprise value of NGN80 billion. The final equity price per share payable will be determined based on HFMP’s adjusted net debt and net working capital at the date of completion.
  • The proposed combination is subject to approval from the appropriate regulators.
  • The complementary transaction combines FMN’s market-leading offerings that include grain-based foods, sugar, starches, oils, spreads and breakfast cereals with HFMP’s market leading diverse and differentiated range of carbohydrate products.
  • Stakeholders would benefit from the more than 85-year combined track record of FMN and HFMP and their shared goal of making affordable and nutritious food available to Nigeria’s population.
  • The scale of the transaction provides employees of the consolidated company with more career development opportunities in a larger organisation, with the potential to create more jobs in the economy as it will have more brands and categories, and a larger and more geographically diverse footprint.
  • Customers across the nation will benefit from access to a wider product range and a robust pan-Nigerian distribution network, accessing greater number of points of sale supported by enhanced customer-focused sales teams and redistribution capabilities.
  • The combination will also serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings.
  • The country and its food security agenda will benefit from both companies’ focus on developing Nigeria’s industrial capability, its agricultural value chain and specifically backward integration of the food industry.
  • Nigeria presents vast opportunities, particularly in light of the country being the largest market on the continent as well as a signatory of AfCFTA.
  • HFMP’s listing will be retained for the foreseeable future. Minority shareholders of HFMP will be treated fairly and in line with capital market regulation. Further information will be provided within the required channels and timeframes.

Commenting on the transaction, Obafemi Otudeko, managing director, Honeywell Group Limited said: “Today’s announcement is in line with the evolution of Honeywell Group and our vision of creating value that transcends generations.

“For over two decades, we have supported Honeywell Flour Mills to build a strong business with a production capacity of 835,000 metric tonnes of food per annum.

“Following the transaction, Honeywell Group will be strongly positioned to consolidate and expand its investment activities, including as a partner of choice for investors in key growth sectors.”

Omoboyede Olusanya, group managing director of Flour Mills of Nigeria, said: “The proposed transaction is aligned with our vision not only to be an industry leader but a national champion for Nigeria.

“We believe that this will create an opportunity to combine the unique talents of two robust businesses.

“As a result, we will have a better-rounded and more comprehensive skill set available to us as a combined diversified food business, thus enabling us to better serve our consumers, customers and other stakeholders, whilst providing employees with access to broader opportunities.”


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Africa Tasked to Fast-track AI Skills Development

Published

on

Kindly share this post

Africa has been urged to fast-track the development of Artificial intelligence (AI) skill to benefit from its economic value. AI could contribute $1.5 trillion to Africa’s economy by 2030 if the continent secures 10% of the global AI market, according to SAP, which sourced the statistic from online media.

However, a shortage of AI talent, with the need to retain cyber security and cloud skills, threatens to block opportunities to monetise growth.

This is part of a report released by SAP: ‘Africa’s AI Skills Readiness Revealed’, which reveals that African organisations are rushing to enhance their traditional IT skills base in the wake of accelerating adoption of AI.

The report adds that while 94% of organisations offer monthly AI training, none currently allocate more than 10% of their HR or IT budgets to skills development, a sharp decline from 2022.

Genevieve Koolen, HR director at SAP Africa, said: “There is a near-universal need for AI-related skills among African companies this year. Since traditional IT skills such as cloud and cyber security related competencies remain in high demand, companies now face the dual challenge of attracting and retaining traditional tech talent while also building greater AI competencies within their businesses. It is unsurprising then that most African organisations provide career development opportunities for employees with AI specialisations.”

The report reveals that all companies surveyed expect the demand for AI skills to increase in 2025. Nearly half said they expect a ‘significant’ increase.

Koolen added that while there is an urgent need for policymakers and education institutions to fast-track AI skills development initiatives among Africa’s swelling youth population, companies also face pressure to equip existing workers with future-ready skills.

“Thirty-eight percent of companies surveyed said reskilling of employees is a top skills-related challenge for them in 2025, and nearly half said the same of upskilling. The impact of these changes creates its own challenges, as evidenced by the two-thirds of companies that said helping employees understand why reskilling is necessary is a top priority.”

Research also showed that African organisations are alive to the possibilities presented by AI-related innovation, with companies citing perceived value in improved decision-making (64%), marketing capabilities (51%) and innovation (47%) enabled by AI.

However, poor access to AI-ready skills is already causing negative impacts among the same companies, including failed innovation initiatives, delays completing projects, greater pressure on teams and an inability to take on new client projects.

“Organisations are rising to this challenge by increasing the frequency of training offered to employees, with 94% saying they offer training at least monthly,” said Koolen.

However, the latest data indicates a drop in the allocated budget for skills development.

In a previous survey conducted in 2022, a quarter of organisations said they spend more than 15% of their HR or IT budgets on skills development and training. This year, not a single organisation that formed part of the research spent more than 10%.

SAP lists several measures that companies can implement to ensure they cultivate the correct skills mix:

Be prepared: With universal demand for tech and AI-related skills and an ongoing skills scarcity, African organisations must prepare for a shortfall in critical AI-related skills this year.

“The moment calls for a pragmatic approach that combines longer-term skills development – including reskilling and upskilling – with short-term measures that alleviate some of the immediate pressures and creates space for more robust skills development initiatives. Organisations also need to take care to support employees through this uncertain period, for example, by using human capital management technologies that help HR teams identify concerns.”

Prioritise training: Koolen said it is surprising that budget allocations for training and skills development appear to be shrinking. “Too many digital transformation and innovation initiatives fail to deliver the expected business value due to a lack of appropriate skills.

“In light of the rapid pace of technological advancement, any organisation that fails to invest in skills will likely find they are unprepared and unable to leverage new innovations. In time, this will erode their competitiveness and lead to significant impacts to the bottom line.”

Instead, organisations should place skills development at the core of their business strategies to ensure a steady stream of work-ready talent and invest sufficient budget to guarantee high-quality outcomes for employees and the business.

Partner well: While Africa has the fastest-growing youth population of any continent, there are still significant systemic challenges with equipping youth with adequate work-ready skills.

“Africa’s ability to reap the benefits of AI-related innovation rests on broader public-private sector efforts at cultivating the correct skills mix,” said Koolen. “Partnering with educational institutions and other industry skills development initiatives can accelerate the rate at which skills become available to companies.”

She added that technology vendors can also play a valuable role. “Large technology companies often have large global workforces and strong employer brands, allowing them to attract top talent. Partnering with tech venters can augment organisations’ skills base and provide valuable support to AI-led initiatives.”

 


Kindly share this post
Continue Reading

E-Business

Google Announces $37m Funding in Africa

Published

on

Kindly share this post

Google has outlined a wave of AI support across Africa, representing $37 million in cumulative funding — including previously committed but unannounced funding — to research, talent development, and infrastructure.

Google Announces $37m Funding in Africa

The funding package includes funding and partnerships that aim to strengthen AI research, support African languages, improve food systems, expand digital skills, and build research capacity.

The AI Collaborative for Food Security, a multi-partner initiative launched with $25 million in funding from Google.org will bring together researchers, and nonprofit organizations to co-develop AI tools for early hunger forecasting, crop resilience, and tailored guidance for smallholder farmers.

The goal is to help make food systems across Africa more adaptive, equitable, and resilient in the face of increasing climate and economic shocks.

Google also announced $3 million in funding to the Masakhane Research Foundation, the open research collective advancing AI tools in over 40 African languages.

The funding will support the development of high-quality datasets, machine translation models, and speech tools that make digital content more accessible to millions of Africans in their native languages.

To further empower innovation, Google is launching a catalytic funding initiative to support AI-driven startups tackling real-world challenges.

This platform will combine philanthropic capital, venture investment, and Google’s technical expertise to help more than 100 early-stage ventures scale AI-based solutions in agriculture, healthcare, education, and other vital sectors.

Startups will also receive mentorship, access to tools, and technical guidance to support responsible development.

Africa’s AI talent is growing rapidly, but the infrastructure to support it must grow in tandem.

That’s why a cornerstone of this announcement is the launch of the AI Community Center in Accra — a first-of-its-kind space for AI learning, experimentation, and collaboration in Africa.

The Center will host training sessions, community events, and workshops focused on responsible AI development. Its programming will span four pillars: AI literacy, community technology, social impact, and arts and culture — providing a platform for a diverse ecosystem of developers, students, and creators to engage with AI in ways that are grounded in African priorities.

To help meet the rising demand for AI and digital skills, Google is rolling out 100,000 Google Career Certificate scholarships for students in higher learning institutions across Ghana.

These fully funded, self-paced programs will focus on AI Essentials, Prompting Essentials, and other high-growth fields like IT Support, Data Analytics, and Cybersecurity — enabling more learners to access job-ready training and build careers in AI and the digital economy.

Beyond Ghana, Google.org is committing an additional $7 million to support AI education across Nigeria, Kenya, South Africa, and Ghana.

The funding will support academic institutions and nonprofits building localized AI curricula, online safety training, and cybersecurity programs.

Additionally, two new $1 million grants from Google.org aim to bolster AI research capacity across the continent.

One grant goes to the African Institute for Data Science and Artificial Intelligence (AfriDSAI) at the University of Pretoria to support applied AI research and training.

The other supports the Wits Machine Intelligence and Neural Discovery (MIND) Institute in South Africa, which will fund MSc and PhD students to conduct foundational AI research and help shape Africa’s role in the global AI landscape.

Speaking about the announcements, James Manyika, senior vice president for Research, Labs, and Technology & Society at Google, said: “Africa is home to some of the most important and inspiring work in AI today. We are committed to supporting the next wave of innovation through long-term investment, local partnerships, and platforms that help researchers and entrepreneurs build solutions that matter.”

Yossi Matias, vice president of Engineering and Research at Google, added: “This new wave of support reflects our belief in the talent, creativity, and ingenuity across the continent. By building with local communities and institutions, we’re supporting solutions that are rooted in Africa’s realities and built for global impact.”

 


Kindly share this post
Continue Reading

E-Business

How High the Risk of a Cyber Incident in Your Organisation

Published

on

Kindly share this post

One of the core reasons why businesses remain vulnerable to cyberthreats is that they underestimate their risk or overestimate the strength of their existing defences.

According to a recent Kaspersky survey entitled “Cybersecurity in the workplace: Employee knowledge and behaviour”, 52,1% of professionals surveyed in the Middle East, Turkiye and Africa (META) region, whose work requires the use of computers, asses the risk of a cybersecurity incident happening to their company as quite possible.

Commenting on the probable consequences of a cybersecurity incident, 55,6% of employees surveyed supposed that it might seriously affect the company. This understanding of risks comes not only from general cybersecurity awareness, but also from knowledge about cyber incidents in their organisations: 31,8% of respondents acknowledged such incidents happened in the past 12-months, while an additional 26,2% said they have heard about these incidents from colleagues.

Organisations nowadays face a variety of cyberthreats ranging from phishing and business email compromise to ransomware and advanced persistent threats.

In a lot of these attacks, the entry point into the organisation’s network is via a human mistake, and it is for that reason attackers actively employ social engineering techniques and AI tools to make their efforts more effective.

The survey shows that the majority of respondents understand that cybersecurity is an issue that should be considered by the IT department, while 23,9% also mentioned top level executives and 15,9% cited legal and financial employees as core groups within the business who should keep cybersecurity issues in mind. Only 30,6% of employees surveyed viewed cybersecurity as an issue that should be considered by all employees across the entire business.

“In today’s digital landscape, cybersecurity is a collective responsibility that extends beyond the IT department. Every employee should remain vigilant against evolving threats.

“Regular cybersecurity training, use of relevant IT solutions, well-defined policies and an incident response plan are essential pillars of organisational cyber resilience. When every team member is informed and prepared, the organisation stands stronger against cyber threats,” says Brandon Muller, Technical Expert for the MEA region at Kaspersky.

 


Kindly share this post
Continue Reading

Trending