Business News
Valentine: Sex Toys, Cakes Top Purchase Chart
Barely 48 hours to the St. Valentine’s Day, an increase in the purchase of adult themed toys, lingerie (women’s underwear), cakes and wigs has been recorded, a survey by the News Agency of Nigeria (NAN) in Lagos reveals.
The survey was conducted at The Palms Mall, Lekki, and Novera Mall, Sangotedo, on Friday.
NAN reports that the St.
Valentine’s Day is celebrated annually on Feb. 14.The Wikipedia says , “the day originated as a minor Western Christian feast day honoring one or two early Christian martyrs named Saint Valentine.
“However, through later folk traditions, it has become a significant cultural, religious, and commercial celebration of romance and love in many regions of the world.
’’Mrs Hannah Jonathan, Founder and Coach, Soul Spice Sex Reflection, told NAN that about a 45 per cent increase in the sale of adult themed toys had been recorded as compared with 2019.
Jonathan attributed the increase to the impact of the COVID-19 pandemic on outings and social gatherings; a development, which she said had limited the activities of couples to the confines of their homes.
She stated that Nigerians had become more open to exploring new options to spicing up procreation activities, particularly, during the Valentine’s Day celebration.
“This year is way better than last year, even though, during the lockdown, we almost ran out of stock on our sex toys.
“And, in spite of the over 100 per cent increase in prices, people are still willing to buy.
“I will say to you that so far, we have recorded a 45 per cent increase in the sales of all our items.
“Married persons are no longer shy to explore and be vocal about exploring what they want, especially, attaining climax with our orgasm cream. People are even giving out these toys as gifts to their partners and loved ones.
“I made about 50 adult themed cards as a trial run and they are almost out of stock. So, generally, sales are better this year and we are glad for it,” she said.
Ms Ruth Expama, Salesperson, Lulu Lingerie, said she was hopeful that people would do more purchases as the Valentine’s Day approach.
Ekpama said that the norm was for buyers to wait till the day got closer and look out for attractive Valentine deals, before making purchases.
“So far, we are just expectant even though we have not recorded that much sales.
“But today being a Friday and the Valentine’s Day being a Sunday, the weekend fever will definitely catch up with people.
“They will expectedly visit our shops in their numbers as has been the norm,” she said.
Some bakers across the metropolis also said there had been a 50 per cent increase in the orders for cakes, to celebrate the day.
Mrs Oluwatobiloba Agbebi, Director, CakesbyButtercup, attributed the increment to the fact that cakes and celebrations usually go hand in hand.
“People are just really grateful to still be alive to celebrate their loved ones, following the deaths and negativities recorded from the ongoing coronavirus pandemic.
“Sales have been awesome. I can say this year’s Valentine celebration is better than last year’s.
“This is probably because people have gone through a lot with the COVID-19, and their loved ones want to make them feel good.’’
She said: “I have four orders going to the same family for Val; so, you can tell how happy people are to be alive at this period
“ I designed a “Be Mine” package that is affordable; 12 chocolate and red velvet cupcakes, fully decorated, costs N5,000. The same, but with an added bottle of wine, goes for N7,500.
“The six inches chocolate and red velvet cake with a bottle of fruit wine and a card costs N8,000. An additional chocolate bar to that packagemakes it N10, 000,’’ she said.
Another baker, Mrs Kanimo Dimas-Okuo, Managing Director, Neemo’s CREAMCakes, said that Valentine’s Day celebration impacts on cake orders had slightly shored up.
This, she attributed to new, creative and innovative ideas springing up daily on cake decorating designs, packages and Valentine’s Day giveaways.
“Valentine’s impact on cakes has, for me, slightly gone up even with all that is happening with the COVID-19 on the purchasing power of citizens,” she said.
Dimas-Okuo noted that a box of 12 cupcakes in chocolate, vanilla and red velvet with whipped cream, chocolate and fruit toppings plus a mini fruit wine, costs N4,500 while 12 cupcakes with a box of chocolates and a bottle non-alcoholic wine, costs N7500.
“Also, eight inches double-layered buttercream cake, with a box of chocolates and bottle of mini non-alcoholic wine, goes for N10,500.
“All these are within the affordable range of an average Nigerian to celebrate their loved ones, in spite of the current financial situation of many persons,” she said.
Miss Latifah Abu, a wig dealer and Chief Executive Officer of Wholesome Hairs, said that the purchases of wigs had gone up by over 50 per cent, especially for the most sought after being “bone straight” hairs.
Abu noted that ladies’ preference for more meaningful, impactful and long-lasting gifts was responsible for the development.
She stated that hair dealers had taken advantage of the season to provide good deals for their customers, which led to improved patronage.
“Ladies have stepped up to receiving nice hairs as gifts at any season of celebration and Valentine’s Day is not left out.
“I have been sorting hair delivery back to back with majority of my orders coming from the men folk who t know the value of adding beauty to a woman’s looks through good hair.
“So, sales have really gone up and it will remain so for almost a week after the Valentine’s Day celebration,” she said.
Other items observed to be on high demand to celebrate the ‘’love’’ day include include cards, roses, towels, mugs, picture frames, matching clothing items and perfumes. (NAN)
By Jennifer Enuma, Abuja
President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.
In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.
The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.
Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.
“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.
The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.
By Joel Oladele, Abuja
The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.
The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.
According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.
“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.
I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.
Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.
“I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.
“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31.
“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.
In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.
He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.
“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.
Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.
Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.
Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.
“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.
 |
By Tony Obiechina Abuja
The Nigeria Sovereign Investment Authority (NSIA) yesterday disclosed that its net assets grew from N156bn in 2013 to N4.35 trillion in 2024.
Similarly, the Authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.
74 trillion in 2024.Managing Director and Chief Executive Officer of NSIA, Aminu Umar- Sadiq made these disclosures at a media engagement in Abuja, highlighting its audited financial results for the 2024 fiscal year.
According to him, the results underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.
Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of
NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).
Umar-Sadiq said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.”
He said, “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”
The CEO reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.
He said NSIA remained poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes.
He noted that NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.
“In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties,” he said.
He pointed out that in the year under review, a new board, led by Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.
The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.
He remarked that under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
“NSIA prides itself an investment institution of the federation established to manage funds in excess of budgeted oil revenues and its mission is to play a pivotal role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of the county’s infrastructure, and providing stabilisation support in times of economic misadventure,” he added.
Street Named After Business Mogul, Sam Maduka Onyishi Unveiled in Asokoro
ShareBy David Torough, Abuja Authorities in the Federal Capital Territory on Saturday honoured renowned entrepreneur and philanthropist, Chief Dr. Sam...
Experts Task Government on Increase in Domestic Funding
ShareBy Laide Akinboade, Abuja Experts in the health sector, at the weekend agreed that even though foreign grants and aid...
BBNaija’s Queen Mercy Confirms crash of Her One-year Marriage
ShareBig Brother Naija reality show star, Queen Mercy Atang, has finally confirmed the crash of her one-year marriage. The single...
Obi, TCM Condemn Tinubu’s Distribution of Vehicles to Renewed Hope Ambassadors
ShareBy Mike Odiakose Abuja Presidential Candidate of the Labour Party, Peter Obi and a socio-political organisation, The Collective Movement (TCM),...
Bayelsa Urges NDDC to Complete Abandoned Akenfa Bridge Project
ShareFrom Mike Tayese, Yenagoa The Bayelsa State Government has called on the Niger Delta Development Commission (NDDC) to resume and...
Road Accident Claims Six Lives in Kogi
ShareFrom Joseph Amedu, Lokoja The Kogi State Government has expressed sadness over a tragic accident involving a bus conveying some...
Adebayo at 53 Young Enough to Lead Nigeria – Ighodalo
ShareBy Mike Odiakose, Abuja Pastor in charge of Trinity House, a non-denominational, Christian fellowship centre and founder, African Leadership Group...
Four Dies as Bandits Launches Attack in Kogi Community
ShareFrom Joseph Amedu, Lokoja Four persons were reportedly dead on Wednesday when suspected bandits launched an attack on Irunda Ile...
Musa Takes Oath, Vows United Front against Insecurity
ShareBy David Torough, Abuja President Bola Tinubu yesterday swore in former Chief of Defense Staff, General Christopher Musa (rtd), as...
OPay Secures Double Honors at Tech Innovation Awards
ShareIn a major recognition of its innovation and security leadership, OPay, Nigeria’s premier financial technology company, has been named Fintech...