Brands/Products
How a Community Benefits from Industrialisation: The Rite Foods Example
To acknowledge entrepreneurship and individuals advancing the frontiers across the world, August 21 is celebrated as ‘World Entrepreneurs Day’ every year. This year’s celebration, which took place on Monday, has once again re-echoed the essence of the pivotal role entrepreneurship and industrialisation play as epicentres of human and societal development of any nation, thereby validating the vision of Rite Foods in its quest to democratise a holistic economic revolution from agriculture to industrialisation and urbanisation.
According to research, entrepreneurship across developed economies and developing one’s account for 80% of any society’s overall employment and urbanisation development, thereby making them critical components of any societal development, sustainability, and the engine room of any economy.
A good example of this human and economic development assertions has therefore been demonstrated by Rite Foods. The organisation strongly believes that without entrepreneurship, it is almost certain that the great economic potentials of any nation might not be fully unlocked; hence, it has continued to push the frontiers of entrepreneurship and industrialisation, which represents a ”way out” for low-income rural areas and can alleviate socio-political challenges of unemployment and under-development while boosting general economic and social betterment of Ososa. In fact, as a social human capital strategy, since Rite Food came onto the scene, its major recruitment policy has been such that the local indigenes of the communities have enjoyed a considerable ratio, especially within areas requiring less skilled expertise, which has tremendously boosted job creation.
Before the revolutionary industrialisation of Rite Foods into the serene Ososa community, it was simply renowned as the town of the late Herbert Adedeji Ogunde, the progenitor of the first contemporary professional theatrical company in Nigeria, largely due to his theatrical exploits during that era. Today, the town has transitioned from a drama stead to a world-class industrialisation hub due to the activities of Rite Foods within that community coupled with its grand leap in the FMCG industry through its world-class industrialisation activities, which have continued to unlock the economic potentials of Ososa while also promoting socio-economic development in the larger Nigerian food and allied value chain. The Rite Foods multi-billion dollar factory, which commenced operations in Ososa in 2013, has expanded its exploits across multiple food and beverage product brands over time.
As a pioneering innovation-driven leader in its industry in Nigeria and the African region, the factory is automated with little or no human interference, generating its source of power supply via the largest solar plant in West Africa that produces 32 megawatts of electric, Gas and Diesel-induced plant connected to the national grid that facilitates seamless, 24/7 uninterrupted power supply to the highly sensitive, sophisticated technological factory which it also deploys to boost the power supply needs of its host community, Ososa, and its proximate rural communities.
According to Seleem Adegunwa, Managing Director, Rite Foods, ”For us, the vision to industrialise our rural communities has often been one of the focus of our management’s leadership strategy, hence our systematic approach towards the realisation of our goal. Rite Foods implements inclusive community relations and corporate philanthropy that benefits the Ososa community, including infrastructural development and education through which it has helped to bring a meaningful difference to the lives of the host communities,” he avowed.
Consequently, the efforts of Seleem Adegunwa, Managing Director of Rite Foods, have never gone unnoticed in this direction. In March 2023, he was nominated for the highly coveted Ernst & Young [EY] Entrepreneurship Award [Master Category] as a continental honoree in recognition of his sterling entrepreneurship exploits.
By Modupe Gbadeyanka
To make finding the right service provider or reaching the right customer seamless, popular local information portal, Connect Nigeria, has introduced a Quote Request platform.
Connect Nigeria described the new system as “a digital solution designed to make connecting with service providers faster, easier, and more reliable.”
It said the Quote Request was built for consumers who need services quickly and want trusted options without the stress of searching endlessly; and service providers and businesses looking for real, high-intent customers without spending heavily on marketing.
“Whether you need a caterer for an event, a plumber for your home, or a designer for your brand, the platform is designed to connect you with the right people,” Connect Nigeria added.
“By connecting demand directly with supply, the platform creates a more structured and dependable marketplace,” it further stated.
At its core, the Quote Request simplifies the entire process of finding and offering services.
To use the service, users have to submit a request describing the service or product needed, which is then sent to verified vendors on the platform. Interested providers respond within 1–2 days, and users compare offers and choose what works best for their needs and budget.
“Instead of searching for vendors, the vendors come to you, with relevant, tailored responses,” Connect Nigeria explained.
The company expects this new platform to eliminate the stress of endless online searches, delayed or vague responses, and uncertainty about service quality.
As for businesses, it solves poor visibility, inconsistent customer flow, and lost opportunities due to slow response times.
Connect Nigeria Quote Request mobile app is now available on the Google Play Store and Apple App Store.
By Aduragbemi Omiyale
An institutional investor, First Ally Capital, has strengthened a leading Nigerian financial technology company, Mathesis Analytics, to scale its proprietary credit decisioning infrastructure.
It made this possible by injecting fresh capital into the firm, which specialises in AI-powered credit decisioning infrastructure, an action that will directly support the growth and scaling of Mathesis’ core mission of providing the intelligence and infrastructure needed to bridge the credit gap for millions of unscored or underscored individuals across Nigeria.
With this investment, Mathesis will enable financial institutions to confidently assess and extend credit to borrowers who lack a formal credit history by leveraging an expanded pool of alternative behavioural and transactional data.
To date, Mathesis’ systems have supported more than 8 million loans for over 2 million unique borrowers in Nigeria, and the company is actively deploying its infrastructure to establish a growing pan-African footprint.
With the investment from First Ally Capital, Mathesis is well positioned to transform how the credit ecosystem operates, driving financial inclusion in partnership with lenders across the continent.
A significant barrier to credit access in Nigeria, which prides itself on being Africa’s largest economy, is data fragmentation. Borrowers frequently build positive financial behaviours across multiple digital platforms by repaying microfinance loans, saving through fintech wallets, or servicing Buy Now, Pay Later (BNPL) facilities.
However, under traditional credit infrastructure, these achievements remain invisible to new lenders.
Mathesis addresses this challenge through the concept of Personal Equity—the quantified expression of an individual’s financial behaviour aggregated across every institution with which they have transacted.
By translating these disparate signals into a precise, portable measure of creditworthiness, Mathesis creates a comprehensive credit identity that reflects the full breadth of a person’s financial life.
“True financial inclusion cannot be achieved in a vacuum; it requires structural collaboration in which lenders and fintech companies work as partners within the ecosystem.
“This investment from First Ally Capital validates our approach to reshaping credit infrastructure. By quantifying Personal Equity, we empower lenders to safely look beyond the constraints of formal credit histories and recognise a borrower’s true creditworthiness. This capital enables us to accelerate our pan-African expansion while maintaining the robust, institutional-grade infrastructure our partners rely on,” the chief executive of Mathesis Analytics, Winston Osuchukwu, stated.
On his part, the chief executive of First Ally Capital, Mr Ebenezer Olufowose, said, “At First Ally Capital, we pride ourselves on being a one-stop destination for financial solutions, offering a diverse portfolio of services ranging from investment banking and asset management to trusteeship, inclusive banking, and real estate.
“Our investment in Mathesis Analytics reflects our strong belief in the company’s vision and our commitment to supporting forward-thinking enterprises that deliver excellence.”
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
