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E-Business

Honeywell Flour Mills Plc Posts 36% Revenue Growth in Full Year 2021 Results

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Lanre Jaiyeola, Managing Director, Honeywell Flour Mills Plc
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Honeywell Flour Mills Plc, Nigeria’s leading foods manufacturer has announced its audited results for the year ended March 31, 2021.

Lanre Jaiyeola, Managing Director, Honeywell Flour Mills Plc

The company recorded an all-time high revenue of N109.5 billion, an increase of 36% over N80.4 billion posted in the previous year.

This was due to increased production output and more efficient operational capabilities at its factories in Apapa, Sagamu and Ikeja.

The company in a statement said, Given the increase in production activities, challenges with forex and COVID-induced disruptions in global trade which affected the sourcing of raw and packaging materials, cost of sales grew by 41% to N93.9 billion from N66.5 billion in the previous financial year.

However, 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.

This was attributable to improved efficiencies and cost optimisation strategies which saw selling and distribution expenses decrease by 8% to N5.5 billion, while general and administrative expenses only slightly increased by 4% from N2.4 billion in FY 2020 to N2.5 billion in FY 2021, despite double-digit inflation during the period.

Consequently, Profit After Tax (PAT) increased by 73%, growing from N650 million in FY 2020 to N1.1 billion in the period under review.

Speaking on the Full Year 2021 financial results, Lanre Jaiyeola, Managing Director, Honeywell Flour Mills, Plc., said: “In an extremely challenging year caused by unprecedented global disruptions and uncertainties, we achieved 36% revenue growth and record-breaking success through sheer grit and doggedness of our workforce.

“We worked collaboratively towards the execution of our goals; improved production and cost optimisation, guided by a clear strategy and common purpose.

“We remain committed to ensuring the supply of affordable nutritious food products to Nigerians, and we continue to assure our shareholders of long-term profitable returns from Honeywell Flour Mills Plc.”

According to the company, “the future of its business would be shaped by a continued investment in innovative product development, advanced technology infrastructure and operational efficiency.

“This is evidenced by the efficient utilisation of its world-class factory in Sagamu, Ogun State which boasts an annual Pasta production capacity of 138,600 Metric Tonnes and contributed over N19 billion to the company’s overall revenue in the 2021 financial year, its second year of operations.

“The company will continue to improve its product offerings in order to exceed consumers’ expectations, increase market share, and deliver value to shareholders”.


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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

NITDA Expands iHATCH Initiative to Drive Job Creation, Economic Diversification

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By Oluwole Alao

In total alignment with the presidential priority area of Reforming the Economy for Sustained Inclusive Growth and Accelerating Diversification through Industrialisation and Digitisation, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has announced the nationwide expansion of the Hub Managers training programme in harnessing technological innovation to improve the lives of Nigerians, create jobs and foster economic diversification.

The DG made this known at the iHatch Cohort 4 -Onsite Training for Hub Managers, which was organised by the agency in partnership with the Japan International Cooperation Agency (JICA) and Office for Nigerian Digital Innovation (ONDI) at the Hotel De Horizon, Wuse 2, Abuja.

The on-site training programme, which had 37 hub managers from the 36 states of the federation, including the FCT, will empower hubs to build robust incubation systems to support startups locally, develop strong regional ecosystems through partnerships and engagement, enhance their operational and mentorship capacity and provide access to international exchange programmes towards the adoption of best global practices.

While emphasising the current administration’s commitment to reforming the economy for sustained and inclusive growth, Inuwa highlighted that the key to achieving this goal lies in leveraging digital technology at the grassroots level to solve local problems across various sectors, including agriculture and small-scale trade.

“We don’t want technological innovation to be concentrated only in Lagos and Abuja. We want to take it to the grassroots and use it to solve real-life problems. That is why we designed the iHatch initiative,” he noted.

Inuwa disclosed that the pilot phase of the iHatch, which was conducted in Abuja, successfully trained 50 startups, which led to the creation of 179 direct jobs and over 1,500 indirect jobs, Inuwa stated that the expansion of the initiative to accommodate all the 37 states will create 740 direct jobs and 7,400 indirect jobs before the end of the year.

He said, “this initiative will domesticate innovation in states and enable start-ups solve real-life problems in areas of agriculture, healthcare, transportation and other sectors, that are peculiar to their different states”.

While stressing that innovation thrives in clusters where critical stakeholders can exchange ideas and incubate solutions, the NITDA DG underscored the importance of collaboration, networking and ecosystem development in driving innovation.

“To sustain this initiative, we must build a strong community where startups, entrepreneurs, and stakeholders can continuously share ideas and collaborate. We don’t want startups to just pass through the programme; we want them to remain within the iHatch ecosystem because we want this initiative to expand to all the 774 local governments of the country.” Inuwa explained.

He noted that in addition to job creation and ecosystem building, the initiative aligns with the Nigeria Startup Act, which aims to provide legal backing and incentives for startups.

Inuwa therefore urged the participants in the iHatch programme to act as champions in their respective states, spreading awareness about the Act and encouraging other startups to register and benefit from its provisions.

“In line with the president’s mandate, our ultimate goal is to see every Nigerian digitally literate, using technology to access government and private sector services. We also want our market women to leverage technology to expand their businesses,” he added.

He stated that the iHatch model ensures investment in local capacity where national potentials can be unleashed, he said “we at NITDA are proud to walk this journey with you. Let’s keep building, let’s keep innovating, and let’s continue to shape the future of Nigeria, one innovation at a time.”


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MyLagos App Unavailable despite Launch with Fanfare

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“MyLagos App,” which was launched with fanfare by the Lagos State Government in collaboration with MTN Nigeria has remained  unavailable for download on app stores, raising questions about its immediate accessibility.

MyLagos App Unavailable despite Launch with Fanfare

Hours after its official introduction on March 13, a search on Google PlayStore for the app returned the message, “No results for MyLagos App.”

Similarly, attempts to locate it on the Apple Store yielded no results, prompting concerns over the rollout’s status.

The digital platform was introduced as a comprehensive solution to enhance city navigation and improve the overall experience for Lagos residents.

It was touted to provide essential features, including real-time traffic updates, personalized navigation, emergency services, utility payments, business listings, and tourism information.

This reporter’s attempt to download the app proved unsuccessful. Furthermore, tests by Lagos-based individuals mirrored these findings, suggesting the app may not yet be publicly accessible.

The absence of the app has sparked speculation: could it be a work in progress, or was its availability restricted post-launch for undisclosed reasons?

Dr. Obafemi Hamzat, Lagos State Deputy Governor, described the app as a revolutionary tool aimed at improving governance and service delivery.

“Technology has evolved from being a luxury to a necessity. In our fast-paced world, effectively utilising technology can significantly enhance governance, improve service delivery, and simplify the lives of every resident in this vibrant state.

“With the launch of the MyLagos App, Lagos State is poised to remain at the forefront of digital transformation, not just in Nigeria but across Africa,” he said.

Abdulhakeem Giwa, manager of Digital Channel Management, MTN Nigeria, echoed this sentiment, highlighting the app’s potential to transform urban living and enhance navigation for residents.

While the app’s unavailability casts doubt on its immediate implementation, stakeholders remain optimistic about its promised benefits once fully operational. Whether technical challenges or strategic decisions have delayed its rollout remains unclear.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Millions of Nigerians @ Risk as NASIMS Leaks over 23m FG Records

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National Social Investment Management System (NASIMS) has leaked millions of federal government records in a major system oversight  which could be exploited by cyber criminals.

Millions of Nigerians @ Risk as NASIMS Leaks over 23m FG Records

NASIMS is the central management platform for the administration and coordination of Social Investment Programmes under the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development

The major leak exposed everything from home addresses to work backgrounds of  tens of millions of Nigerians

According to the Cybernews research team, the exposed AWS S3 bucket stored over 23 million files, including passports, birth certificates, educational certificates, and N-Power-submitted applications.

N-Power is a social welfare scheme to combat youth unemployment. N-Power applicants use the NASIMS platform to apply to take part in the program.

“The implications of exposing 23 million application-related documents of N-Power candidates could be severe for the affected individuals. Identity theft, fraud, and targeted phishing attacks are the most likely risks for the leaks’ victims,” Cybernews research team said.

According to Cybernews research team, “Worryingly, the instance remains open to the public, even after multiple attempts to reach NASIMS administrators and relevant authorities in Nigeria. We have also reached out to the ministry behind NASIMS for a comment and will update the article once we receive a reply”

What data leaked, and why is it dangerous?

Documents stored on the exposed instance include different sets of citizens’ data. However, the team surmised that the leak revealed:

Full names

Dates of birth

Places of birth

National Identification Number (NIN)

Email addresses

Phone numbers

Home addresses

Work background

Education background

Exposing sensitive and personal data poses numerous threats to the individuals involved.

Most pressingly, attackers might utilize the information for identity theft and various fraud schemes. For one, malicious actors could try opening fraudulent bank accounts or use stolen identities for illicit activities, masking their own IDs.

“Another way attackers can exploit similar data sets is by exploiting the identities to access financial services or execute unauthorized transactions, potentially causing long-term financial damage to the victims,” Cybernews research team said.

Cybercrooks could also exploit the leak to carry out targeted phishing and social engineering attacks.

For example, malicious actors could attempt to masquerade as legitimate organizations in order to deceive individuals into providing even more sensitive data – such as login credentials – or downloading malware.

“The implications of exposing 23 million application-related documents of N-Power candidates could be severe for the affected individuals. Identity theft, fraud, and targeted phishing attacks are the most likely risks for the leaks’ victims.”

The leaks’ nature empowers attackers to craft spear-phishing attacks custom-made for each individual or group of individuals. Such attacks are hard to distinguish, as they often include targets’ personal details and other data points meant to lure in unsuspecting victims.

 

“Criminals could use the exposed data to offer fake job opportunities or promise assistance with the N-Power application process in exchange for payments or additional personal information, exploiting the candidates’ vulnerabilities,” the team explained.

Additional attack vectors involve risks to victims’ physical safety. For example, criminals could exploit leaked data to locate and target victims for various malicious purposes, such as stalking, harassment, or even burglary.

To avoid similar leaks in the future, Cybernews research team advised:

Change the access controls to restrict public access and secure the bucket. Update permissions to ensure that only authorized users or services have the necessary access.

Monitor retrospectively access logs to assess whether the bucket has been accessed by unauthorized actors.

Enable server-side encryption to protect data at rest.

Use AWS Key Management Service (KMS) to manage encryption keys securely.

Implement SSL/TLS for data in transit to ensure secure communication.

Consider implementing security’s best practices, such as regular audits, automated security checks, and employee training.

 

 

 

 

 

 

 

 

 

 

 

 


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