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Commonwealth Bank owes compensation over advice

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Thank you so much, Alexis! Your style is awesome.

P.S. More outfits we’d love to copy including a color enthusiast and a chic tomboy.

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Regional Poverty Risk in Nigeria: North Central Households Most Vulnerable in 2023 — Report

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A new report has shed light on the economic vulnerability of Nigerian households, showing significant disparities in poverty risk across the country’s six geopolitical zones. The data, compiled by the Global Multidimensional Poverty Index (GMPI) in collaboration with the Oxford Poverty and Human Development Initiative (OPHI) and published by Statisense, highlights the percentage of households in each region that are considered vulnerable to poverty in 2023.

According to the report, the North Central zone tops the list with 22.58% of households identified as being at risk of falling below the poverty line. This is closely followed by the North East, where 21.47% of households are vulnerable, reflecting the ongoing socio-economic challenges and insecurity that have plagued the region.

In the South South, often regarded as Nigeria’s oil-rich zone, 19.44% of households remain vulnerable to poverty. Despite the region’s resource wealth, many communities continue to struggle with underdevelopment and economic instability.

The South…

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Nigeria’s Top Banks Record Historic Profits, Asset Growth in 2024 – Zenith, GTBank Lead in Earnings and Returns

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Nigeria’s leading tier-1 banks, commonly referred to as FUGAZ – comprising First Bank, UBA, GTBank, Access Holdings, and Zenith Bank – have reported their full-year 2024 financial results, revealing a year of significant profitability, robust asset growth, and varied levels of return on assets (RoA). The figures reflect strong resilience and performance amidst economic headwinds and changing monetary dynamics in the country.

Zenith Bank and GTBank Cross ₦1 Trillion Profit Mark

In what has been described as a historic performance, both Zenith Bank and Guaranty Trust Bank (GTBank) surpassed the ₦1 trillion milestone in Profit After Tax (PAT) – a first for many in the Nigerian financial sector. Zenith Bank led the chart with ₦1.03 trillion in PAT, closely followed by GTBank with ₦1.02 trillion. This milestone signals strong cost management, increased interest income, and operational efficiency.

UBA, which has significantly expanded its footprint across Africa and other global markets, also posted…

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South East Leads in Milk Consumption as Experts Call for Wider Dairy Access Across Nigeria

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By Anthony Nwosu – Lagos

The South East region of Nigeria has emerged as the leading zone in milk consumption, with a record 54.7% of households reportedly consuming milk and dairy products regularly. This is according to the latest 2023/2024 data released by Statisense using figures from the National Bureau of Statistics (NBS), the General Household Survey (GHS), and the Living Standards Measurement Study (LSMS).

The national average of milk consumption stands at 41.5%, with other zones falling behind the South East. The South South region follows closely at 50.1%, while the South West records 48.3%. However, the figures drop significantly in the North: North West (37.6%), North Central (29.4%), and North East (23.3%).

Health and nutrition experts say these numbers reflect the socio-economic imbalance in Nigeria, where access to nutritious foods like milk is often dictated by purchasing power and awareness.

Milk: A Nutritional Necessity

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Nigeria’s Cross River State second to commence construction of its Special Agro-Industrial Processing Zone

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Nigeria’s Cross River State became the second to mark construction of a Special Agro-Industrial Processing Zone after the country’s Vice President Kashim Shettima and African Development Bank (www.AfDB.org) President Dr. Akinwumi Adesina broke ground at the project site on Thursday 10 April.

 

The SAPZ aims to tackle food insecurity, enhance local production, and position Nigeria as a food export leader by leveraging Cross River’s ports and research assets to boost global trade, reduce food imports, and drive prosperity through the agro-industrialization of crops like cocoa and cassava.

The groundbreaking in Cross River follows that of Kaduna (http://apo-opa.co/42Mquvu) which took place few days earlier. Six other states – Kano, Kwara, Imo, Ogun, Oyo, and the Federal Capital Territory – are included in Phase 1 of the $538 million SAPZ program, with plans to expand to the remaining 28 states this year pending the African…

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Boifiok Unveils Vision to Disrupt Africa’s Food Supply Chain Through Group Buying and Digital Innovation

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 Boifiok, a fast-rising player in Africa’s agri-tech and e-commerce space, has announced bold plans to revolutionize the continent’s food supply chain by leveraging digital group buying solutions. The company aims to make food more affordable for millions of urban households while accelerating growth for local vendors.

Speaking at a recent industry event, a spokesperson for Boifiok emphasized the urgent need to address food affordability across sub-Saharan Africa, where rapid urbanization has intensified economic pressure on households.

“We are improving food affordability through group buying,” the spokesperson stated. “In sub-Saharan Africa alone, rapid urbanization has presented both opportunities and challenges. Macroeconomic instability and the absence of a digital group-buying platform have led to inconsistent food prices, straining family budgets.”

Boifiok’s digital model aims to connect urban households directly with affordable groceries while empowering vendors…

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Tony Elumelu Celebrates Launch of Avon Medical’s New 25-Bed Facility, Reinforces Commitment to Transforming Africa’s Healthcare

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In a bold demonstration of commitment to improving healthcare access across the continent, Heirs Holdings Chairman, Tony O. Elumelu, C.F.R., has announced the launch of Avon Medical Practice’s newest 25-bed state-of-the-art medical facility. The unveiling, which took place alongside his wife, Dr. Awele Elumelu, O.F.R., Chairperson of Avon Medical, marks a major milestone in the group’s mission to drive private-sector-led transformation in Africa’s healthcare sector.

The new facility represents the latest addition to Avon Medical’s growing network, which began as a modest work-site clinic and has now evolved into a 50-bed hospital network complete with a Dialysis Centre. This growth, Elumelu emphasized, reflects the group’s broader Africapitalism philosophy—an ideology that places the private sector at the heart of sustainable social and economic development.

“This unveiling is not just a facility opening; it is a statement,” Elumelu said. “It is our response to…

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Abolanle Matel-Okoh: The Quiet Billionaire Behind Wema Bank’s Rise

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In a country where wealth often comes with loud fanfare and a strong media presence, Abolanle Matel-Okoh stands out—not just for her immense fortune, but for the grace and quiet strength with which she wields influence in Nigeria’s financial sector.

The daughter of gaming tycoon and revered business icon, Sir Kessington Adebutu (famously known as Baba Ijebu), Matel-Okoh has quietly climbed the ranks to become the richest female shareholder of a publicly quoted company in Nigeria. Her substantial holdings in Wema Bank Plc, one of Nigeria’s oldest and most resilient financial institutions, place her in a class of her own.

As of December 31, 2024, Abolanle Matel-Okoh holds a staggering 7.03 billion shares in Wema Bank—972 million directly and over 6 billion indirectly—giving her control of approximately 32.8% of the bank’s total shares. With Wema Bank’s share price pegged at N10.70 as of March 28, 2025, her stake is currently valued…

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Nigerian Business Tycoon Kunle Soname Expands Multi-Million Dollar Empire Across Sports and Aviation Sectors

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Prominent Nigerian businessman and investor Kunle Soname, founder of leading betting platform Bet9ja, has solidified his position as one of the country’s most influential entrepreneurs with a diverse portfolio spanning sports, aviation, and entertainment.

Bet9ja: A Gaming Powerhouse

Soname’s flagship company, Bet9ja, has been a dominant force in Nigeria’s betting industry. A 2016 KPMG report revealed that the platform generated an impressive $10 million monthly turnover, underscoring its massive market influence. The brand remains one of the most recognized in Nigeria’s thriving sports betting scene.

Diversified Investments: Airlines and Football Clubs

Beyond gaming, Soname has strategically expanded into other high-value sectors. He owns ValueJet, a private airline catering to Nigeria’s growing aviation market. Additionally, he has made significant investments in football, acquiring Portuguese second-division club CD Feirense and establishing a strong presence in Nigerian football through Remo Stars FC and its feeder team, Beyond Limits Academy.

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