Business

Black Fragrance Foundation Opens In Lagos, Set To Strengthen Education, Reduce Poverty In Nigeria

Published

8 years ago

July 6, 2018

Eric

Black Fragrance foundation founded by Mr Emmanuel Akapo during the week opened officially in Ijesha-Surulere area of Lagos. It was a moment of great exposition as the Executive Director talked about what the foundation is bringing to the table for Nigerians.

Undisputedly, Nigeria is a country plagued with wide-spread poverty and poor access to quality education; further worsen by a government that is not doing enough to address these issues efficiently.

Change doesn’t just emerge, it is ignited by someone and Black fragrance has taken it upon itself to make a change happen in the country through the foundation.

According to the founder, Emmanuel Akapo, Black Fragrance’s vision is to contribute significantly to the global effort to end poverty in Africa, and to secure a brighter future for children through access to quality and inclusive education. According to UNESCO, Nigeria has 15 million children between ages 5 – 15 who are out of school. He noted that this is an alarming figure and Black Fragrance Foundation is rising up to the challenge

While speaking on Black Fragrance interventions he highlighted several measures that have been designed to achieve their goal.

‘’Lack of quality education and poverty are a time bomb and we want to contribute significantly towards abating these challenges in Nigeria though not through the usual aids and handouts approach, but through a social entrepreneurship model. We run as a social enterprise that seeks to foster sustainable development in Nigeria through entrepreneurial and social innovations that improve access to education, strengthen the creative economy, and develop enterprise. We will create goods and services in the creative industries and plough back a huge chunk of our profits into empowering the underserved in our society”

He disclosed that Black Fragrance’s education program is centered around improving access to, and improving the quality of basic education. He explained further why this is such a big necessity in Nigeria. Basic Primary Education is provided largely by the government; however, many Government funded schools in Nigeria have practically collapsed over the years because of poor funding, leaving children from poor homes with no option than to receive their education in such poor facilities or roam the streets. He made reference to a country like Rwanda where private schools are shutting down because Government Schools got empowered and revamped. But it is a pride in Nigeria to send your kids to private schools

He also revealed that as a means of economic empowerment, the foundation has established a design academy known as “Black Fragrance School of Design” and a design company by the name “Black Fragrance Designs International”. He gave his reason for choosing to work in the creative industries as being the most under-exploited sector of the Nigerian economy. He revealed that the world’s most successful economies have over the last decade leveraged on digital technology to create exponential growth and development in their creative industries. UK creative industries generate £91.8 billion a year amounting to 3.5% of their GDP, while those of the US generate $729.6 billion, amounting to 4.2% of their GDP.

In Nigeria, despite receiving very little support, the creative sector is one of the fastest growing and most prospective sectors of the economy. According to the national accounts, in the first quarter of 2017 alone, the creative industry grew by 12%, contributing 1.2% to the country’s GDP; generating revenue of $5.915 billion.

The objective of Black Fragrance Creative Economy Support Program is to create sustainable creative businesses which will grow and lead to job creation. This will in turn contribute to the diversification and growth of the economy and lead to poverty reduction.

“This is the reason we set up the design school; to help meet the needs of upcoming and aspiring designers by empowering them with the technical and business skills they need to thrive in the creative industry. Courses offered in the school include; Fashion Design, Shoe and Bag Making, Cake Design, Interior & Event Décor, Photography, Web Design, Games and Mobile App Design, etc. Our vision goes beyond providing training, to further grooming, mentoring and supporting our graduates to become successful entrepreneurs. Our coaches at Black Fragrance are successful and renowned designers in their own rights who have chosen to share their passion, skills and experiences with students in an organised academic institution. The School shares same facility with its twin company – Black Fragrance Designs International – a design-oriented, innovative company that provides cutting-edge products and services in clothing, shoes and bags, interior and event decor, photography, web and graphics design, animations and beauty crafts. Our drive is to create and grow sustainable employments and trade in the creative sector. This gives our students the privilege to learn first-hand from professional designers who work in our design production company. At the completion of their training, we will assist our graduates in developing their business ideas, packaging a business plan and provide them with guides and links to access micro-credits and grants. We intend to give out 100 scholarships yearly to indigent but talented youth, while those who can afford to pay a tuition fee will be charged.”

Black Fragrance has also signed MOU with some of Europe’s biggest creative design institutions, where our students can proceed to further their education to various degree levels.

Speaking on how to get the funds to run the foundation, he revealed that Black Fragrance will be selling goods and services in the creative industry and a major part of the profit realized will be invested into the social course of improving access to quality education for children in underserved communities.

About choosing which communities to serve, he made it known that a committee has been set up whose job is to research and provide the foundation with relevant data to assist in determining which communities are of top priorities. He also hinted that he won’t be focusing on Lagos alone but will over time be covering many communities in the North of Nigeria and other regions, where children are most deprived of quality basic education.

Black Fragrance Foundation opened two offices simultaneously in Lagos: the head office is at Sanya-Ijesha by Oshodi-Apapa Express way, while the other is at Eleganza Gardens, Lekki.

Business

FirstBank, Subsidiary of FirstHoldCo, Meets ₦500bn Regulatory Capital Requirement

Published

5 days ago

January 6, 2026

Eric

First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

Business

Heirs Energies Executes $750m Afreximbank Financing to Drive Long-Term Growth

Published

3 weeks ago

December 22, 2025

Eric

Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has executed a USD 750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was concluded at a signing ceremony in Abuja on Saturday 20th December 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous African energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance standards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transformation programme, focused on restoring production, strengthening asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

Oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 produces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been catalytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Dr. George Elombi, President and Chairman of Afreximbank, stated:

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”

The transaction further reinforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy development, energy security, and long-term economic value across Africa.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. The Bank plays a critical role in supporting Africa’s industrialisation, trade expansion, and economic transformation.

Picture: Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

Business

NNPCL Slashes Fuel Price by N80

Published

3 weeks ago

December 19, 2025

Eric

The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.

NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.