Economy
28 SME Owners in Ondo Share N8.4m from Goldberg
By Dipo Olowookere
No fewer than 28 owners of small and medium-sized enterprises (SMEs) in Ondo State have received N8.4 million funding support from Goldberg through its Isedowo empowerment programme.
The beneficiaries received the empowerment last Friday as business grant of N300,000 each after being selected from a large pool of over 700 business entries received in the state.
Goldberg is the leading culture centric beer brand from the stables of Nigerian Breweries Plc, a top brewery firm in the country.
The winners comprise men and women operating in the catchment area who are skilled in all forms of handiwork including poultry farming, tie and dye, hand weaving, diesel injector repair, fashion designing and painting.
Participants went through auditions and screening exercises to be selected for the reward which happened at a grand ceremony at Fadeolu Guest House in Ondo town.
Mr Emmanuel Agu, Portfolio Manager, Mainstream Lager and Stout Brands at Nigerian Breweries Plc, explained that Goldberg is riding on the platform of Isedowo to demonstrate its passion towards improving the entrepreneurial drive of youths in the Southwest. The initiative allows the target groups to nurture business ideas that would transform into job opportunities, and in turn better the lot of the region.
“These grants would encourage more businesses to spring up in the region. As we fortify more start-ups with the financial wherewithal to gain solid ground of operations, the beneficiaries would improve the living standards of the Southwest people by creating more jobs and adding value to their communities,” he explained.
One of the beneficiaries, Balogun Wuraola, could not hold her excitement on the night. She said that as a new business owner, her grant would be invested to expand her business.
“With my N300,000, I plan to acquire enlargement and thread rolling machines, which are important tools in my business. I also need a bigger space to exhibit my products, which my grant would enable me to achieve,” she said.
Akindeni Kolawole, a diesel injector repairer, described Goldberg as a “supportive brand” for coming to the aid of small business owners in the region.
“If as little as 30 percent of all brands in Nigeria can emulate Goldberg by supporting indigenous business owners in different regions, more youths would be encouraged to run their own businesses,” Kolawole said.
He further commended Goldberg for making entrepreneurs in the region to realise that truly, there is dignity in labour. Kolawole also enjoined all the beneficiaries to utilise their grant with all sense of purpose as he would, so as to better the lot of his community through the service he renders.
Later in the evening, residents of Ondo town trooped to the same venue to witness the side attractions that came with the reward of the entrepreneurs.
The host, Odunlade Adekola thrilled the crowd with his comic acts. Onimama Fahoziat, 2017 Ariya Repete ‘Fuji’ winner, also thrilled the crowd, while popular afro-pop musician, Iledare Oluwajuwonlo, known by his stage name of Jaywon, added spice to the night of fun with his popular hits, which got the audience soaring in euphoric excitement into the late hours of the night.
Some lucky guests at the event also went home with bags of rice, kegs of vegetable oil and other items as they savoured the entertainment with their favourite beer, Goldberg lager beer.
Before the Ondo event, 32 artisans had been rewarded in Osun and Ekiti states where the beneficiaries affirmed that the initiative is laudable and has provided them huge relief from financial challenges faced in expanding their businesses.
Isedowo is an initiative of Goldberg, which was launched last August by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II with the aim of empowering businesses and start-ups with cash reward to boost their business ventures.
So far, 60 artisans have been rewarded in three Southwest states and Goldberg plans to support 40 more entrepreneurs with each winner receiving N300,000 through the empowerment scheme.
Ogun and Oyo States are next in line to be stormed by the brand to select and reward new set of entrepreneurs.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Fidson Healthcare Plc has been upgraded to A+(NG) from A(NG), with its short-term issuer ratings of A1(NG) affirmed.
This action was taken by GCR Ratings, which also accorded the leading healthcare organisation in Nigeria with a stable outlook in a statement obtained by Business Post.
It was explained that the company achieved this latest development amid its strong competitive position and improved financial profile.
GCR said Fidson Healthcare’s debt metrics remain moderate, bolstered by a successful N21 billion rights issue expected in Q2 2026 and robust cash flows that support strong liquidity, though large expansionary investments and heightened working capital requirements slightly constrain the rating.
Fidson is a prominent pharmaceutical manufacturer in Nigeria, with over 350 products registered with the National Agency for Food and Drug Administration and Control (NAFDAC). Its product portfolio encompasses a wide range of therapeutic categories, including antibiotics, infusion products, over-the-counter products, and lifestyle healthcare solutions.
The company is enhancing its market position through ongoing investments in manufacturing capacity, product innovation, automation, and operational efficiency.
The firm operates through an extensive network of over 120 distributors across Nigeria, ensuring strong retail visibility and market penetration.
To further strengthen its competitive position, the company is investing in a greenfield automated manufacturing facility, additional infusion lines, and expanded tablet lines, all expected to become operational in the near term. This capital expenditure will significantly increase productive capacity, improve operational efficiency, and enhance export competitiveness in the medium term.
In terms of its liquidity assessment, its 12-month sources versus uses coverage at 1.6x and 24-month coverage at 1.4x, supported by access to diverse funding sources.
Estimated liquidity sources include forecasted operating cash flow of N15.1 billion, cash holdings of N4.7 billion, inventory valued at approximately N17.5 billion, and cash of N21 billion from the equity raise. These resources are sufficient to cover anticipated near-maturing debt obligations of N23.4 billion and forecast medium-term capital spending of around N20 billion, as well as a dividend payout of N3.7 billion in 2026.
By Bon Peters
The new acting Comptroller of the Eastern Marine Command of the Nigeria Customs Service (NCS), Mr Esien Etim Esiet, a Deputy Comptroller of Customs, has promised to maintain an open-door policy with stakeholders, including licensed agents and partners.
He gave this assurance when he officially assumed leadership of the command on Wednesday, May 20, 2026, according to a statement issued by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs (DSC), in Port Harcourt, Rivers State.
In a proactive move to strengthen maritime security and trade facilitation, he immediately initiated an extensive tour of operational facilities and high-level engagements across the region, including Rivers (Abonnema and Onne Outstations), Akwa Ibom (Oron Outstation), and Cross River (Calabar Outstation) States.
During the visitations, Mr Esiet conducted rigorous inspections of equipment and personnel readiness, emphasising that the success of the command relied on a united front, adding that a “sustained synergy is our greatest weapon in combating smuggling and maritime crimes,” insisting that a united front was non-negotiable for national security.
On the inter-agency level to foster a one-service approach, DC Esiet held strategic meetings with the Customs Area Controllers of Port Harcourt II (Onne), the Oil and Gas Free Trade Zone, and the Cross River/Calabar Free Trade Zone/Akwa Ibom Area Command.
To further reinforce maritime safety, he equally paid courtesy visits to top maritime security brass, including the Commander, NNS Pathfinder, Port Harcourt, the Commanding Officer, Navy Forward Operation Base (FOB), Ibaka, the Flag Officer Commanding (FOC), Eastern Naval Command, and the Cross River State Commissioner of Police.
On community and private sector partnership and in recognition of the vital role of grassroots support, DC Esiet visited monarchs in the region, underscoring commitment to maintaining deep-rooted ties with host communities, among others.
On fiscal policy compliance, he reiterated his administration’s resolve to strictly align with the policy direction of the Comptroller-General of Customs, Mr Bashir Adewale Adeniyi, emphasising that his leadership would focus on streamlining maritime enforcement protocols, ensuring officers were motivated and equipped while maintaining an open-door policy with licensed agents and partners.
The Eastern Marine Command, which is a specialised wing of customs, is dedicated to patrolling the nation’s Eastern Waterways, preventing smuggling, and ensuring the security of maritime trade.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal loss of 0.02 per cent on Tuesday, May 26, due to selling pressure, as investors cut down their exposure to unlisted stocks.
During the session, the volume of securities traded by investors jumped by 45.6 per cent to 2.2 million units from the previous day’s 1.5 million units, the value of securities increased by 119.5 per cent to N129.9 million from the N59.2 million recorded a day earlier, and the number of deals soared by 92.6 per cent to 52 deals from the preceding day’s 27 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 61.2 million units exchanged for N4.1 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million.
Five securities recorded various movements yesterday at the OTC securities exchange, with three price gainers and two price losers.
For the advancers, they were led by 11 Plc, which added N22.11 to its share price to close at N243.11 per unit versus N221.10 per unit, CSCS Plc grew by N2.95 to N77.80 per share from N74.85 per share, and IPWA Plc expanded by 80 Kobo to N8.83 per unit from N8.03 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc shrank by N12.11 to N167.89 per share from N180.00 per share, and Geo-Fluids Plc lost 2 Kobo to sell at N2.98 per unit versus Monday’s N3.00 per unit.
As a result, the market capitalisation dropped N600 million to close at N2.571 trillion compared with the previous day’s N2.571 trillion, and the NASD Unlisted Security Index (NSI) fell by 1.00 points to 4,297.17 points from 4,298.17 points.
The market will be closed on Wednesday (May 27) and Thursday (May 28) for the Eid al-Kabir holidays.
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