General News
Osinbajo Urges Legacy Companies to Invest in Technology
Vice President Yemi Osinbajo said despite the existing business models in most industries today, maintaining relevance will require investment in technology.
“Legacy and history have a powerful pull, but it might be that what the future calls for is even greater and this is why we must be investing in technology,” Osinbajo said when he received a delegation of the Odu’a Investment Company at the Presidential Villa, Abuja.
Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, disclosed this in a statement on Tuesday titled ‘Investing in technology is the way of the future, says Osinbajo.’
Starting operations in October 1976, Odu’a Investment Company Limited has interests in integrated textile mills, breweries, commercial banking, insurance, real estate, livestock rearing, fisheries, hospitality, oil and gases, amongst others.
While commending the legacy of the conglomerate and the vision that birthed it, Osinbajo said, “legacy and history have a powerful pull, but it might be that what the future calls for is even greater and this is why we must be investing in technology.”
“look at technology and see how to change and improve the (business) model,” Osinbajo told the company’s chairman, Bimbo Ashiru.
Making a case for proper privatisation and its dividends to the government, Osinbajo said “if the private sector runs businesses, it is far better because it will bring greater dividends.
“The NLNG is making a lot of money because the private sector has a controlling share and is making money for the country.
“There is a need to push the model of using smart and tested people from the private sector to manage enterprises and businesses that government has an interest in.”
Ashiru, who briefed State House correspondents after the meeting, said despite being major shareholders in its enterprise, governors of southwestern states are not meddling with the company’s affairs.
This, he said, had ensured the company’s expansion into a world-class outfit in its 47-year existence.
He said the company is being run as a conglomerate that is paying due dividends to shareholders; attracting foreign investors in the areas of hospitality, agriculture, real estate, IT, among others.
He said, “We have six states that are shareholders, they are not running Odu’a. They appoint members of the Board, but Odu’a is being run like a conglomerate, it is a large conglomerate and what we have done is to make Oodua a world class conglomerate, we want to compete with everywhere in the world.
“So, that’s really why we are even here; to let the Vice President know that it’s not a regional thing. It’s a national thing. So, the point is that we are now running as an international entity.
“I commend the Southwest governors. They have no interference, no micro-managing. They gave us free hand to run it. But normally, we still need to refer to them and I’m happy to tell you that we are paying dividends to the shareholders.
Ashiru further explained that the company was exploring international investments and partnerships.
For instance, he disclosed that the Premier Hotel located in Ibadan, Oyo State, one of the well-known businesses of the conglomerate is now going to be in partnership with an international brand.
In the new arrangement, he said the hotel would be upgraded to a five-star hotel and will increase its rooms from 87 to 120.
He also informed the VP that Lagos State has recently joined Odu’a Investment Company and has been presented its certification as a shareholder.
Members of the delegation included the Group Managing Director; Mr. Adewale Raji, other directors such as Dr. Tola Kasali, Mr Seni Adio, SAN and Adebola Osibogun.
Others were the Managing Director, SWAgCo Limited, Mr. Babajide Arowosafe and Mr. Victor Ayetoro, Head, Branding and Communications at Odu’a.
Central Securities Clearing System (CSCS) Plc has released its audited consolidated and separate financial statements for the year ended December 31, 2024, delivering a robust performance marked by double-digit growth in revenue and profitability.
Total revenue surged by 37 percent to N26.1 billion in 2024, up from N19 billion the previous year. Profit before tax also rose significantly, climbing 24 percent to N13.8 billion, compared to N11.2 billion in 2023.
The impressive results were largely driven by a 62 percent year-on-year increase in fee-based income, which rose to N11.9 billion from N7.3 billion, fuelled by heightened capital market activity. Ancillary services also contributed strongly, growing 27 percent from N8.1 billion in 2023 to N10.3 billion, buoyed by optimised service delivery and increased customer engagement.
CSCS maintained a strong balance sheet, with total assets rising 22 percent to N64.4 billion from N52.8 billion in the previous year. Key financial ratios also improved, with return on average equity at 30 percent, return on average assets at 20 percent, and earnings per share increasing to 239 kobo from 202 kobo in 2023.
Temi Popoola, chairman of the Board of CSCS, praised the performance amid a challenging economic climate.
“Despite the macroeconomic headwinds of 2024, we delivered strong results across key financial and operational indicators. Our strategy of consolidating our core offerings while expanding into new business areas enabled us to grow gross earnings by 37 percent, reaching N26.1 billion”.
Popoola added, “In light of this strong performance and our commitment to delivering long-term value to shareholders, the Board has proposed a dividend of N1.76 per share, amounting to a total payout of N8.8 billion.”
Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, emphasised the resilience and adaptability of CSCS’s business model. “Our 2024 performance highlights the sustainability of our revenue streams across both traditional and emerging segments.
“We continue to diversify into new areas and leverage technology to enhance scale and capacity in line with our strategic objectives. Amidst economic challenges, we grew operating income by 44 percent to N22.2 billion, while maintaining a cost-to-income ratio of 47 percent, reflecting our focus on operational efficiency.”
National Information Technology Development Agency (NITDA) has signed a Memorandum of Understanding (MoU) with SecDojo, SAS, a France-based cybersecurity training company, during the GITEX Africa 2025 event in Marrakech, Morocco.
L-R: Director General of NITDA, Kashifu Inuwa CCIE, and Chief Executive Officer of SecDojo, Mr. Younes Benzagmout at the signing ceremony, which took place during GITEX Africa 2025 in Marrakech, Morocco.
This collaboration aims to bolster Nigeria’s cybersecurity framework through targeted capacity-building initiatives.
The partnership will focus on establishing a Cybersecurity Academy, delivering advanced training programs, developing customized curricula, and fostering research and professional exchange.
NITDA’s Director General, Kashifu Inuwa, emphasized the importance of investing in human capital to drive Nigeria’s digital transformation and address the global shortage of cybersecurity professionals.
He highlighted Nigeria’s youthful population as a key asset in filling this talent gap.
Inuwa also advocated for integrating digital literacy and cybersecurity training into Nigeria’s formal education system, calling for collaboration between technology stakeholders and the Federal Ministry of Education.
He stressed the need for systemic integration of digital skills into academic curricula to prepare for the future.
SecDojo’s CEO, Younes Benzagmout, expressed enthusiasm for the partnership and reaffirmed the company’s commitment to supporting Nigeria’s cybersecurity professionals.
This collaboration marks a significant step toward securing Nigeria’s digital economy and enhancing its global competitiveness.
Recently, MBA Students of the Sloan Business School, Massachusetts Institute of Technology (MIT) visited MTN Nigeria’s office in Ikoyi, Lagos, for an interactive session on digital innovation and transformation.
The visit, a part of an academic exploration, provided the students with an opportunity to engage with executives within the ecosystem of the leading tech company, such as its Chief Digital Officer, A’isha Mumuni, and Chief Corporate Services and Sustainability Officer, Tobe Okigbo. who shared insights into the evolving digital landscape in Africa and beyond.
During her presentation, Mumuni emphasised: “The digital economy in Nigeria is evolving rapidly, but we must also acknowledge the hurdles, such as financial inclusion, language barriers in digital assistants, and internet penetration that we need to overcome to ensure that no one is left behind.”
One of the key topics discussed was financial inclusion, a critical issue in Nigeria where a significant portion of the population remains unbanked.
“We are still a largely cash-based economy. About 55% of Nigerians do not have access to financial services. The informal sector thrives on cash transactions, but as we’ve seen globally, access to different financial tools is key to economic growth,” Mumuni explained.
The students also engaged in discussions on the role of artificial intelligence (AI) in bridging the digital divide. A major concern raised was the limitation of AI-powered virtual assistants in understanding and responding to indigenous African languages.
Mumuni encouraged the postgraduates to think critically about Africa’s digital future and to consider how technological innovation could drive social and economic progress on the continent.
The visit provided MIT students with first-hand exposure to Africa’s digital transformation and potential areas of collaboration in bridging the digital divide.
This was the second courtesy visit to MTN’s headquarters from an educational institution in the past week. On March 12, 2024, 65 postgraduate students of the Pan-Atlantic University (PAU), visited three of the company’s locations in Ikoyi.
Recently, MBA Students of the Sloan Business School, Massachusetts Institute of Technology (MIT) visited MTN Nigeria’s office in Ikoyi, Lagos, for an interactive session on digital innovation and transformation.
The visit, a part of an academic exploration, provided the students with an opportunity to engage with executives within the ecosystem of the leading tech company, such as its Chief Digital Officer, A’isha Mumuni, and Chief Corporate Services and Sustainability Officer, Tobe Okigbo. who shared insights into the evolving digital landscape in Africa and beyond.
During her presentation, Mumuni emphasised: “The digital economy in Nigeria is evolving rapidly, but we must also acknowledge the hurdles, such as financial inclusion, language barriers in digital assistants, and internet penetration that we need to overcome to ensure that no one is left behind.”
One of the key topics discussed was financial inclusion, a critical issue in Nigeria where a significant portion of the population remains unbanked.
“We are still a largely cash-based economy. About 55% of Nigerians do not have access to financial services. The informal sector thrives on cash transactions, but as we’ve seen globally, access to different financial tools is key to economic growth,” Mumuni explained.
The students also engaged in discussions on the role of artificial intelligence (AI) in bridging the digital divide. A major concern raised was the limitation of AI-powered virtual assistants in understanding and responding to indigenous African languages.
Mumuni encouraged the postgraduates to think critically about Africa’s digital future and to consider how technological innovation could drive social and economic progress on the continent.
The visit provided MIT students with first-hand exposure to Africa’s digital transformation and potential areas of collaboration in bridging the digital divide.
This was the second courtesy visit to MTN’s headquarters from an educational institution in the past week. On March 12, 2024, 65 postgraduate students of the Pan-Atlantic University (PAU), visited three of the company’s locations in Ikoyi.
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