Paradise News

Category: Business

  • GTCO to empower persons living with autism

    By Ben Nsemo

    Guaranty Trust Holding Company Plc (“GTCO” or “the Group”) has announced dates for the 2024 GTCO Autism Programme and follow-up consultations.

    This year’s programme is themed “A Spectrum of Possibilities” to promote inclusivity, self-advocacy, and empowerment for persons on the Autism Spectrum.

    The theme, A Spectrum of Possibilities, aligns with GTCO’s commitment to diversity, equity, and inclusion, and its goal of creating a society where everyone can thrive and reach their full potential, regardless of their background or abilities.

    The theme acknowledges and celebrates this diversity, recognising that each person living with autism has their own unique strengths, challenges, and potential.

    The GTCO Autism Programme, a flagship project under the Orange Ribbon Initiative, has established itself as a beacon of hope and a reference point for autism advocacy and intervention in Africa.

    Over the years, the programme has made a significant impact, providing support and empowerment to thousands of individuals with neurodevelopmental disorders. In collaboration with specialists and partner organisations from Nigeria and outside Nigeria, the programme will feature lectures, panel discussions, and performances carefully prepared to showcase the diverse talents that exist in the autism community.

    The programme will also create a platform where families and guardians can connect with experts and share experiences and insights. This interactive platform will facilitate meaningful discussions and knowledge sharing on various aspects of autism.

    READ ALSO: Nigeria is no longer interested in airline partnership — Ethiopian Airlines

    In Nigeria, the programme will be held on the 15th and 16th of July at the Muson Centre, Lagos, whilst the free one-on-one clinic consultations will open from the 16th to the 20th of July at the Chapel of Light, Alausa, Ikeja.

    Meanwhile, in Ghana, the activities will begin with a workshop on the 23rd of July at the University of Professional Studies, Accra, Ghana, and consultations will last from the 23rd to the 27th of July at the same venue.

    Commenting on the 2024 GTCO Autism Programme, Mr Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, stated: “Everyone has something special to offer, and we want to help individuals with autism succeed and lead healthy, supportive lives. By embracing autism as a strength, and not a weakness, we can help individuals with ASD find their passion, develop skills, and make meaningful impact in society.”

    He added: “We are learning more about autism every day, and we are dedicated to using that knowledge to make a positive difference. We believe that everyone deserves to live a fulfilling life, and we are committed to making that possible; by working together, we can build a society that values diversity, promotes inclusion, and empowers everyone to thrive.”

    For more information on the GTCO Autism Programme and free consultations, please visit: https://csr.gtbank.com/autism.

  • GTCO Rated Nigeria’s Strongest Brand, Best Banking Brand in Nigeria

    Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively.

    These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlights the Group’s enduring reputation as a customer-focused brand.

    Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its innovative approach to customer service and stakeholder engagement.

    The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms.

    Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to building a truly international brand from our proudly African roots. We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”

    READ ALSO: ‘Money is a skincare product’ – Actor Alex Ekubo writes as he shares new photos

    GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

    The Group’s flagship banking franchise, Guaranty Trust Bank, was named Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

  • GTCO notice of proposed offering

    This notice is issued in reliance on Rule 283 of the Rules & Regulations of the Securities & Exchange Commission, Nigeria.
    This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitation or offer to buy, or any sale of securities will be made only by a prospectus duly registered by the Securities and Exchange Commission, Nigeria (SEC) in accordance with the provisions of the Investments and Securities Act, No. 29, 2007 (the Act) and the rules and regulations of the SEC made pursuant to the Act (the SEC Rules).

    NOTICE OF PROPOSED OFFERING

    Guaranty Trust Holding Company Plc (GTCOPLC) has filed a preliminary “red herring” prospectus (Red Herring Prospectus) with the SEC in connection with a proposed offering for subscription of ordinary shares of 50 kobo each in its share capital (the Ordinary Shares) to raise gross proceeds of up to N500 Billion (the Proposed Offering). The number of Ordinary Shares to be offered and the price range for the Proposed Offering have not yet been determined.
    PURPOSE
    		 The net proceeds of the Proposed Offering will be used for (i) the growth and expansion of the GTCOPLC Group’s businesses. Such planned growth and expansion will be effected through investments in technology infrastructure to fortify existing operations, the establishment of new subsidiaries and selective acquisitions of non-banking businesses; and (ii) the recapitalisation of Guaranty Trust Bank Limited.
    TARGET INVESTORS
    		 The Proposed Offering is structured as an institutional offering targeted at eligible investors and a retail offering within Nigeria (the Nigerian Tranche) and a private placing to persons reasonably believed to be qualified institutional buyers outside Nigeria (the International Tranche)
    LISTING AND ADMISSION
    TO TRADING
    		 An application will be filed for the approval of the Board of the Nigerian Exchange Limited (NGX) with respect to the listing and admission to trading of the Ordinary Shares on the NGX Official List
    ANTICIPATED TIMING OF THE PROPOSED OFFERING
    		 The Proposed Offering is anticipated to open by July, 2024
    The filing of the Red Herring Prospectus was undertaken with a concurrent filing of a preliminary universal shelf registration statement. The universal shelf registration will permit GTCOPLC to establish a multi-currency securities issuance programme (the Programme) to issue various types of securities, or any combination of such securities, in one or more offerings, from time to time, to raise proceeds in an aggregate amount of up to U.S.$750 million (or equivalent amount in Nigerian Naira) in the Nigerian/international capital markets during the validity period of the Programme.

    The Proposed Offering is expected to be the first issuance under the Programme.

    This notice does not constitute an offer of securities for sale in the United States or to U.S. persons (“U.S. persons”), as such term is defined in Regulation S promulgated under the United States Securities Act of 1933, as amended, (the U.S. Securities Act). The Ordinary Shares being offered have not been, nor will be, registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements.

    About the Issuer

    Guaranty Trust Holding Company Plc is the ultimate holding company of the GTCOPLC Group.

    The GTCOPLC Group is one of the largest financial services organisations in Africa. Headquartered in Lagos, Nigeria, the Issuer maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom. Within these regions, the operating entities provide a comprehensive range of commercial banking and related financial services to millions of retail, institutional, private banking and wealth management customers, in addition to asset management, pension fund administration and payment technology businesses.

    For further information, please contact:

    Investor Relations:
    ir@gtcoplc.com, +234 2012714580

  • Real Estate Developers in Anambra debunks false sexual harassment report on female employees

    Real Estate Developers in Anambra debunks false sexual harassment report on female employees

    By Ovat Abeng

    The Anambra State Real Estate Developers Union has debunked a claim credited to one of it’s alleged former female employee that she has slept with 95 percent of her male employers to survive and to assist them sells their properties.

    The State acting Chairman of the Union, Nwafor Chisom Martin, who briefed journalists in Awka on Monday, appealed to the public to disregard the information, describing it as plot to create misunderstanding between their clients (both home and abroad), the state government and the general public.

    The Paradise News gathered that the Union was reacting following a video circulating online, where a content creator (name withheld) alleged that about 95 percent of Anambra estate developers have had sex with her severally and her attempt to stop the act has lead to automatic lost of her job.

    Reacting further, the acting chairman who is also the CEO, Chukwusomaga Properties Limited, said the development is a big slap to the industry in Anambra State and beyond.

    Read Also: June 12: Ndigbo still very much marginalized in Nigeria – Obidigbo tells Tinubu

    According to him, the lady promoted indiscipline in the social media space because she couldn’t even prove the company she is working for as the developers all denied ever working with her. This is an act of encouraging young female realtors to get involved in prostitution via the industry.

    The allegation is a big fallacy, it is a devilish plot to tarnish the image of the Industry that  happens to be one of the biggest sector in Nigerian economy and in Anambra State most especially as well.

    “We are totally debunking this lies from the pit of hell. It is absolutely impossible for the kind of personalities like us to engaged in sex-play with our female employees or realtors.

    “How can she claim that she slept with 95: percent Estate Chief Executive Officers, Clients and Managing Directors to be able to sell properties.

    “We as a Union does not know her nor recognized her as realtor in any of our companies, neither have we engaged her in any real estate business transaction

    We don’t know her and the allegation of sleeping with us, MDs and our clients for real estate transactions in Anambra State is completely false and should be disregard.

    “This Union respect women and we never treated them as sex tools for any reason or any business transactions as been speculated online.

    The real estate industry in Anambra State is currently the highest employer of labour with thousands of direct and indirect employees, mostly students who sponsors their education and other welfares through the proceeds they made from real estate business.

    “As a respectful industry with great respect to  rule of law and for the sake of our business which is greatly affected by this allegation and the content, we shall follow every legal means necessary to ratify the situation and equally protect the image of many hardworking ladies and individuals working in the real estate in general.

    The lady is just a content creator and we have given her 24-hours to shut down the content or face a severe legal action, the Chairman stated.

    Also present during the briefing includes; Hon. Gabriel Chukwunwendu, CEO POOL KING ESTATE LIMITED, Collins Igwe, Managing Director and CEO, Afrihedge Properties Limited and Acting Secretary, Hon Anowai Stanley Excels, CEO, PASVIC HOMES AND SERVICES and Acting Publicity Secretary, Aneto Samuel Onyema, MD, Dynamo Group Ltd, Chief Obika Kingsley, Pioneer President and CEO ROCK-LINK REAL ESTATE COMPANY LIMITED, Wonder Obi, MD, N-UNIQUE HOME CONSULT, Managing Director, EJISON GLOBAL PROPERTIES LTD and Anthony Precious, CEO Lexxon Group Limited.

    Others are; Hon Udegbunam Charles of Charlessudi and Partners, Nwagu Spencer of Transparent Global Properties Limited.

  • ECOWAS holds sensitization workshop for manufacturers, SMEs on Trade Liberalization policy in South East

    ECOWAS holds sensitization workshop for manufacturers, SMEs on Trade Liberalization policy in South East

    By Ovat Abeng

    In its bid to boost free trade and foster trade integration across the six geopolitical Zone in Nigeria, the Economic Communities of West African States (ECOWAS)’s department for Economic Affairs, has organized a one-day sensitization workshop on ECOWAS Trade Liberalization Scheme (ETLS) policies for manufacturers and Small Medium Enterprises (SMEs) in South East geopolitical zone.

    The event facilitated by the Federal Ministry of Foreign Affairs in partnership with Anambra State Ministry of Commerce and Industry, held at the International Convention Centre Awka, on Friday, have in attendence, representatives from the five south eastern states, comprises of Anambra, Abia, Imo, Enugu and Ebonyi.

    In his address, the Minister of Foreign Affairs, Hon. Yusuf Tuggar while commending the Anambra State Governor, Chukwuma Soludo, for ensuring a conducive environment for the workshop, said on ECOWAS, is hopeful that the Workshop will enhance the visibility of the Scheme and encourage the Organized Private Sector, Businessmen and Women in Anambra State and the entire South East Geopolitical Zone to take advantage and register their companies into the scheme in order to enjoy the numerous benefits therein.

    According to the Minister who was represented by the Director of International Organisation in the Foreign Affairs Ministry, Amb. Obinna Onowo, “Our presence here, underscores Federal Government’s collective commitment to harnessing the power of trade as a catalyst for growth and prosperity.

    Read Also: Senator Asuquo Ekpenyong: Exemplifying Purpose-Driven Leadership with a Golden Mind

    “By embracing the ETLS, together we will pave the way for Nigerian companies to thrive in the regional market, thereby boosting the influx of foreign exchange and fortifying our economic resilience.

    “The Ministry is honoured by your participation as well as the resource persons that will deliver meaningful lectures on the Scheme. I am convinced that the presence of manufacturers at this event would be of immense benefit to your businesses, which would assist in building a vibrant Nigerian economy and facilitate regional integration.

    The Minister noted that the sensitization workshop was also held in Kano and Lagos States in 2020 and 2022 respectively.

    The Anambra State Governor, represented by his Chief of Staff, Mr Ernest Ezeayughi while declaring the event open, assure that his administration will partner with the Scheme to enhance effective productivity in the state and beyond.

    The Anambra Commissioner for Commerce and Industry, Dr. Christian Udechukwu, said the Workshop was organized in the state in line with Soludo’s vision of making Anambra a livable and prosperous state in Nigeria.

    In his goodwill message, President of South East, South-South Chambers of Commerce, Chief Humphrey Ngonadi described the event as wonderful, urged the manufacturers from the region to key into the scheme to further developed the zone.

    He listed lack of electricity, good road network and adequate security as major challenges, the region is facing at the moment.

    The theme for the workshop is “Exploring the benefits of ETLS in Nigeria.”

  • Nigerian officials demanded bribe in cryptocurrency – Binance

    The CEO of cryptocurrency giant Binance, Tuesday, claimed that some agents of Nigerian officials demanded crypto secret payment to make its problems “go away”.

    Richard Teng, who took over from founder and former CEO Changpeng Zhao, said in a blog on Binance’s website that the request was made through a local law firm it hired.

    “Counsel reported back that he had been presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away and that our decision was expected by the morning,” Teng said in the blog post.

    “We, of course, declined the payment demand via our counsel, not viewing it to be a legitimate settlement offer, and clarified that we would engage in settlement negotiations on the following conditions:

    “Binance needs to see the relevant petition and/or the details of all allegations.

    “Any settlement must be official, recorded in writing, and signed by all relevant parties.

    “Any settlement must encompass all relevant agencies and be in full and final settlement of all allegations, including any potential historic tax liabilities, if applicable, with guarantees.

    “While the exact terms of any settlement may have to remain private, there would have to be some public acknowledgement that a resolution has been reached.”

    READ ALSO: Lagos Government Finally Admits Dumping Over 350 Residents In Osun, Labels Them Miscreants, Beggars

    The Binance boss also requested that the company’s “contractors and employees are not to be intimidated, harassed, or detained.”

    He said the Binance counsel relayed its conditions which were initially objected by Nigerian authorities before a later agreement.

    In continuation of its engagement with Nigeria, two Binance officials Tigran Gambaryan and Nadeem Anjarwalla arrived to discuss further terms with the government but were arrested in late February. Anjarwalla escaped Nigerian custody days later.

    Nigeria is prosecuting Binance for tax evasion while Gambaryan remains in custody.

    Teng appealed to the government to “Let Tigran go home to his family, and then Binance will work through the same process that we have done with Nigeria’s law enforcement community voluntarily more than 600 times in the past.”

    “We will always work to protect innocent users, and bad actors are not welcome on our platform. We will work tirelessly with public and private partners to remove them. Furthermore, we will continue engagement with Nigeria’s Federal Inland Revenue Service (FIRS) on resolving potential historic tax liabilities,” Teng said.

    Culled from the Guardian.ng

  • GTCO reports ₦509.3bn profit before tax for 2024 Q1

    Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

    The Group reported profit before tax of ₦509.3billion, representing an increase of 587.5% over ₦74.1billion recorded in the corresponding period ended March 2023. The Group’s loan book (net) increased by 21.9% from ₦2.48trillion recorded as of December 2023 to ₦3.02trillion in March 2024, while deposit liabilities increased by 26.0% from ₦7.55trillion in December 2023 to ₦9.51trillion in March 2024.

    The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦13.0trillion and ₦2.0trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9%, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1% in March 2024 from 4.2% in December 2023 and cost of risk (COR) closed at 0.4% from 4.5% in December 2023.

    READ ALSO: Champions! Real Madrid win 36th La Liga title as Barcelona lose

    Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meet our full-year guidance.”

    Mr. Agbaje further said: “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”

    Overall, the Group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios i.e., pre-tax return on equity (ROAE) of 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%.

    GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

    Its leadership in the banking industry and efforts at empowering people and communities have earned it many prestigious awards over the years.

    Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

    GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

  • Philips Shares Surge 33% Post $1.1 Billion Settlement in US Respiratory Device Lawsuit

    By Ken Ibenne

    Shares of Philips witnessed a remarkable surge on Monday, spurred by the resolution of a significant legal dispute in the United States involving its respiratory devices.

    The Dutch medical technology giant settled a lawsuit related to the recall of several sleep apnea treatment products, which resulted in a recall of millions of units in 2021 due to potential cancer-causing elements. At 9:00 a.m. London time, Philips shares soared by 33%, reflecting investor optimism following the $1.1 billion settlement.

    The company has earmarked 982 million euros ($1.1 billion) to cover medical monitoring and personal injury claims arising from the litigation. While asserting its denial of any liability, Philips emphasized its commitment to patient safety and quality.

    CEO Roy Jakobs emphasized, “Patient safety and quality are our top priorities, and we have taken significant steps to address the repercussions of the Respironics recall.”

    Jakobs further reassured patients, stating, “The devices used for sleep therapy are nearing completion of repairs, and preliminary test results suggest no significant health risks associated with their use. We sincerely apologize for any concerns patients may have experienced.”

    READ ALSO: Apple Faces New Hurdle: After iOS, EU Now Identifies iPadOS as Digital Gatekeeper

    Despite the settlement, Philips reported a first-quarter loss of 998 million euros ($1.07 billion) on Monday. However, adjusted earnings for the quarter exceeded analyst expectations, reaching 388 million euros. Quarterly sales for the first quarter of 2023 totaled 4.14 billion euros, slightly down from the previous year’s figure of 4.17 billion euros, according to Reuters.

  • March Treasury Bill Sales: DMO Auctions N2.669 Trillion

    By Ken Ibenne

    In March 2024, the Debt Management Office (DMO) conducted treasury bills (T-bills) auctions, offering T-bills with a total market value of N2.669 trillion.

    This figure represents a 3.07% month-over-month (MoM) increase, equivalent to N79.54 billion, compared to the T-bills auctioned in February 2024, which amounted to N2.589 trillion. This data was sourced from the FMDQ Markets Monthly Report for March, as reported by The News Chronicles.

    Furthermore, during the same month, the DMO reopened the seven-year (7Y) and 10-year Federal Government of Nigeria (FGN) bonds, auctioning FGN bonds valued at N608.86 billion, including N133.20 billion from non-competitive bids. However, there was a significant MoM decline of 59.27% (₦886.05 billion) in the total amount sold compared to February 2024’s bond sales of N1.494 trillion, across the 7Y and 10Y FGN bond maturities. Despite this, there was an oversubscription of 35.30% of the offered amount.

    Moreover, the Central Bank of Nigeria (CBN) conducted open market operations (OMO) auctions in the primary market for N1.056 trillion in March 2024.

    Additionally, in March 2024, corporate bonds worth N15.00 billion matured and were redeemed, resulting in a 0.68% (N15.00 billion) MoM decrease in the value of Non-Sovereign Bonds outstanding to N2.194 trillion. The FMDQ Exchange also quoted commercial papers (CPs) worth a total of N112.62 billion, showing a substantial increase of 123.76% (or N62.29 billion) compared to February 2024.

    READ ALSO: President Bola Tinubu Urges Samsung to Invest in Nigeria’s Thriving Market

    Furthermore, the secondary market turnover on the FMDQ Exchange in March 2024 amounted to N48.87 trillion, with money market (MM) and foreign exchange (FX) transactions dominating the activity, accounting for 75.36% of the total secondary market turnover.

    Spot foreign exchange (FX) market turnover in March 2024 reached $12.61 billion (N19.29 trillion), marking a 47.66% month-over-month (MoM) increase over the February 2024 total of $8.54 billion. The US dollar experienced a slight depreciation against the naira, closing at an average spot exchange rate of $/N1,524.04 in March 2024.

  • President Bola Tinubu Urges Samsung to Invest in Nigeria’s Thriving Market

    By Ken Ibenne

    President Bola Tinubu has extended a warm invitation to Samsung, urging the global powerhouse to consider Nigeria as a prime investment destination.

    Tinubu emphasized Nigeria’s conducive business environment, rooted in the principles of “willing buyer, willing seller,” promising seamless access to finance for both local and international investors.

    The call came during a meeting held in Riyadh, Saudi Arabia, between President Tinubu and Samsung’s President and CEO, Hong Namkoong, and Vice Chairman of Samsung Investment Global, Jungwook Kim. The discussions coincided with the World Economic Forum’s Special gathering on Global Collaboration, Growth, and Energy for Development.

    Tinubu underscored Nigeria’s vast potential, boasting a large and skilled workforce eager for growth and development. He highlighted the nation’s commitment to fostering an environment ripe for investment, leveraging the Renewed Hope Infrastructure Development Fund to unlock opportunities across various sectors.

    READ ALSO: Fuel scarcity will last for 2 more weeks — IPMAN

    The President outlined specific investment prospects, including infrastructure development and technology initiatives, aligning with Samsung’s expertise. He emphasized the importance of collaboration in key sectors such as crude oil, natural gas, renewable energy, engineering, technology, and agriculture.

    In particular, Tinubu highlighted the opportunity for Samsung to contribute to Nigeria’s energy sector, citing the company’s track record in building power plants worldwide and its expertise in renewable energy solutions. He also emphasized the potential for private sector involvement in developing integrated cold-chain infrastructure within the agriculture sector to mitigate post-harvest losses.

    Expressing enthusiasm for collaboration, Tinubu urged Samsung to seize the opportunity and leverage its experience for mutual benefit. In response, Samsung Chairman Jungwook Kim expressed interest in expanding the company’s presence in Nigeria, citing the success of sister firms operating in the region.

    Kim outlined Samsung’s capabilities in power generation and renewable energy solutions, expressing confidence in the company’s ability to make significant contributions to Nigeria’s energy industry.

    Overall, President Tinubu’s call for investment underscores Nigeria’s commitment to attracting foreign investment and fostering economic growth, presenting Samsung with a lucrative opportunity to capitalize on the nation’s vibrant market and contribute to its development.