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General News

NACCIMA Delighted by SAHCOL’s Technological Investments in Warehouse

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Dr. Olu Owolabi, (3rd l) MD/CEO of SAHCOL, Barr. Emmanuel Cobhams (2nd r), DG, NACCIMA, David Etim, (3rd r) NACCIMA’s national officer, Basil Agboarumi, (1st l), GM, Corporate Services of SAHCOL, Boma Ukwuma (2nd l), GM, Cargo Services of SAHCOL and Uansohia Vanessa, (1st r), ass. Manager, Corporate Communications of SAHCOL, during a facility tour of SAHCOL ultra-modern Cargo Warehouse by NACCIMA.
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Barrister Emmanuel Cobham, director-general of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) while on a facility visit to the Skyway Aviation Handling Company Limited (SAHCOL) warehouse expressed delight by the level of investment on technology in the warehouse facilities.

He was received by Dr Oluropo Owolabi, managing director/chief executive officer of SAHCOL.

Barrister Cobhams, while expressing his delight opined that Nigeria has come of age with what he witnessed and that the SAHCOL warehouse can compete favorably with any cargo warehouse in the developed countries.

He said there is need for the general public to be aware of the level of standardization displayed by the new SAHCOL warehouse which was due to the level of professionalism displayed by the staff and Management of SAHCOL.

 In response, Olu Owolabi, SAHCOL Boss emphasized that the new warehouse has created allowances for faster cargo collection and that there has been no record of pilfering or damage to cargo brought into the warehouse.

Speaking further, Owolabi called on the government to invest in exportation, especially in the area of packaging because it is embarrassing to see that the few exported materials out of the country are usually packaged with sacks.

David Etim a national officer, who was on the entourage of the DG, NACCIMA expressed the need for the government to have Collection Centres where farmers would drop their agro-products to be exported. He went further to say that farmers should be educated about storage and the need for proper packaging.

The DHL’s Airfreight Manager, Paul Liden, who was present during the visit, praised SAHCOL for its ingenuity in the new cargo facility, stating that, he has been quite impressed with the services that DHL has been receiving from SAHCOL.

According to him, the efficiency ratio has been high and there has not been a record of damage or pilfering while return time has been shorter.

SAHCOL is an aviation ground handling services provider, resolved to provide quality and efficient Passenger, Ramp and Cargo Handling Services in line with best practices and the highest International Standards to the delight of  its customers and benefits of all Stakeholders, utilizing State-of-the-art equipment, skills, procedures and facilities, and employing a dedicated workforce in all its operational bases.

SAHCOL is poised to become a reference point where the efficiency of a successful flight operation is born.

Hence, in addition to the completion of an ultramodern first-of-its-kind Custom Bonded Cargo Warehouse  at the Murtala Muhammed International Airport, Lagos, SAHCOL is committed to ensuring that ground handling to its customers is seamless.

SAHCOL was bought over by the Sifax Group in December 2009, after its successful privatization by the Federal Government of Nigeria.

Within this period, SAHCOL has invested in continuous personnel development for optimum performance, good customer services, purchase of modern equipment and massive infrastructural development, which has helped reposition the company to meet the expectations and needs of its growing list of clientele.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

General News

Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

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Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.

Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

Burna Boy

In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.

His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).

“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”

The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.


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General News

AM Best Reaffirms Stable Outlook for Cyber Insurance Market

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AM Best has reaffirmed its stable outlook for the global cyber insurance market. The rating agency notes that strong demand for cyber insurance coverage is expected to continue, supporting profitability across the sector despite intensifying competition.

Atlas Magazine reports that the small and medium-sized enterprise (SME) segment presents a key growth opportunity, as many SMEs remain underinsured or lack sufficient cyber coverage.

Rising awareness of cyber threats has also led policyholders to enhance their IT security measures, helping reduce potential losses in the event of a claim.

AM Best’s outlook is further supported by several factors, including sustained capital inflows from reinsurers and alternative capital providers, the use of artificial intelligence for more effective risk selection, and favorable regulatory developments.

According to Munich Re, global cyber insurance premiums reached $15.3 billion in 2024, climbing seven per cent year-on-year.

The market is projected to grow at an average annual rate exceeding 10 per cent through 2030.

However, the industry continues to grapple with challenges such as a rise in ransomware attacks, business email compromise, and payment fraud. The growing use of AI by cybercriminals is also amplifying the scale and sophistication of such attacks.

 


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Woodhall Capital and Partners Launch ₦1.5Bn Fund

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L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos
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Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos

The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.

The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property(IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.

In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.

The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.

At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems. She described the initiative as a deliberate attempt to recognize creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.

“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”

Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.

The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.

The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital. According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.

The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.

Throughout the panel sessions, panelists emphasized the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalize their operations, and assert their rights to royalties and IP protection.

As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.

The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalized creative economy will deliver jobs, exports, and global relevance for Nigeria.

Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.


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