Business

Council Of Forwarders Lifts Suspension On Members

Published

14 years ago

December 13, 2011

Chairman Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) Alhaji Hakeem Olanrewaju said on Sunday in Abuja the council was prepared to re-admit members suspended on account of professional misconduct.

Olanrewaju said the suspended members would join the council after some conditions had been met.

The council suspended three of its members in September 2011 following what it described as ‘anti-council activities’ inimical to the sustainable growth of CRFFN.

Olanrewaju said the CRFFN Act 16 of 2007 which established the council was meant to standardise the business of freight forwarding and ensure that practitioners complied with the relevant portions of the Act.

He said the council’s goal was to attain international best practices in freight forwarding because “all we are doing are within international borders and within trade.

Olanrewaju said this was why the council made all efforts and got registered as a member of the International Federation of Freight Forwarders Association (FIATA).

He explained that FIATA was the world body for regulating freight forwarding, just as FIFA regulates football.

“The benefits we have there are training, interacting with other members in other countries; easy access. I think those are the benefits.

“Nigeria has been applying for almost 19 years, because we have different associations, but most cannot meet their requirements in becoming a member.

“But, fortunately, in 2007, when the council was formed, we applied to FIATA.

“Before then they said they have written to the government that we have multiple associations writing to FIATA to be a member and they want, like other countries having only one association speaking with one voice being a member.

“By 2007 and after we were inaugurated in 2008, we put in our application and they go through it and they say they still want a letter from the government to confirm if we are genuinely the freight forwarders that speak with one voice and represent the interest of the country which the minister of transport then did and we were admitted in Bangkok in 2009.’’

In his remarks, Mr. Mike Jukwe, Registrar/Chief Executive Officer of the council said that the Federal Government had confirmed the council as one of its statutory agencies.

Jukwe said that the confirmation announced by the Minister of Justice and Attorney-General of the Federation, Mr. Mohammed Adoke, lay to rest controversies over the status of the council.

“This controversy had trailed the council right from the time the Act was passed.

“But quite recently a Federal High Court in Lagos the court in its ruling said clearly that CRFFN is a public institution.

“And we had cause to seek an interpretation from the Honorable Attorney-General of the Federation and Minister of Justice and he also wrote back and said going through the Act enabling your council and he concluded by saying that CRFFN is a statutory regulatory agency of government under the direction of the Federal Ministry of Transport.

“So that controversy has been put to rest.’’

On funding, he said the council was being funded 100 per cent by the Federal Government from the federation account.

According to him, Section 10 of the CRFFN Act states clearly that the council submits its budget to the Federal Ministry of Transport.

Jukwe explained that the budget would go through legislative processes and the Appropriation Act would be passed.

He added that the Federal Ministry of Transport also set up a committee to explore ways the council could raise funds.

The Registrar said areas of transaction charges and practicing fees were fashioned out by the ministry so that the council would be able to have enough funds for maintenance and to also to contribute to the federation account.

According to him, Section 10 of the CRFFN Act states clearly that the council submits its budget to the Federal Ministry of Transport.

Jukwe explained that the budget would go through legislative processes and the Appropriation Act would be passed.

He added that the Federal Ministry of Transport also set up a committee to explore ways the council could raise funds.

“We are also working a university in the UK to see if we can come up with courses, because as long as we are training people professionally we also have to train people academically those that will go round again to train the professionals.

“So we are looking at the possibility of coming up with a B. Sc, M. Sc and PhD in freight forwarding; these will be introduced for the first time in this country, they are not offered at all.

Jukwe noted that all academic and professional programmes would have to be approved by the International Federation of freight Forwarders Associations (FIATA).

He said that the council would continue to encourage those who had low academic and professional qualifications to upgrade, while it worked out modalities for admitting new members.

He said the council gradually raise the bar for admission of practitioners in the sector to a level universally acceptable and as obtainable in the other professions in the country.

Jukwe emphasised that the future of freight forwarding in Nigeria was in Nigeria was in the training of practitioners both academically and professionally.

The council for the Regulation of Freight Forwarding in Nigeria was established by the CRFFN Act No. 16 of 2007 as practitioners’ regulatory council.

Business

NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

Published

2 days ago

March 16, 2026

The Tide

NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.

Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.

Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.

“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”

The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.

Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.

Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.

“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”

To mark the occasion, the leadership outlined several key pillars of support:

Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.

Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.

Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.

The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.

Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.

Business

Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

Published

2 days ago

March 16, 2026

The Tide

Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.

Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.

Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.

The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.

Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.

Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.

On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.

Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.

Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.

Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.

This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.

Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.

Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.

They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.

Business

Wema Bank Admits 10 Startups into Hackaholics 2026

Published

2 days ago

March 16, 2026

The Tide

Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.

The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.

The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.

Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.

According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.

Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.

He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .

“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.

Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.

Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.

As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.

The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.

Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.

Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.

Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.