Boluwatife Omotayo

Lagos

Tech Journalist at BusinessDay Nigeria

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Articles

eTranzact, CWG, Chams’ profit almost triple on growing IT demands

1 week ago | businessday.ng | Boluwatife Omotayo

eTranzact, CWG, and Chams, three listed Nigerian tech firms, have recorded almost triple after-tax profit in Q1 2025, according to an analysis of the companies’ financials done by BusinessDay. The latest financial statements of Chams Plc, Computer Warehouse Group (CWG) and eTranzact International Plc revealed that their combined after-tax profit rose to N2.46 billion from N99o million in the same period of 2024, as a result of growing IT demands in the continent.
Real estate is the fastest vehicle to wealth creation, experts say

1 week ago | businessday.ng | Boluwatife Omotayo

Experts in the real estate industry have asserted that “real estate is the fastest vehicle to wealth creation,” stressing that disciplined, sustained effort unlocks property’s true wealth‑building potential. That mantra set the tone for Abode’s Inaugural Realtors’ Rise Conference, themed “Elevate Your Sales Game Like a Pro,” which convened realtors and stakeholders from Lagos and beyond for a blend of training, motivation and celebration.
Ranked: Meet the CEOs of Nigeria’s tech companies shaping the digital landscape

1 week ago | businessday.ng | Boluwatife Omotayo

A select group of technology companies have emerged as key players on the Nigerian Stock Exchange (NGX), shaping the nation’s digital economy across sectors like telecommunications, fintech, enterprise IT, identity management, and hardware manufacturing. While revenue often signals scale, this ranking focuses on net profit margin as it offers a more nuanced view of operational efficiency and overall business health.
PalmPay’s contactless payment aims to break cash dependency

1 week ago | businessday.ng | Boluwatife Omotayo

PalmPay is accelerating its push to end Nigeria’s cash habit by rolling out contactless‑enabled payment terminals and cards nationwide. Through a new partnership with AfriGO, a subsidiary of the Nigeria Inter‑Bank Settlement System, the fintech will issue over 5 million AfriGO contactless payment cards targeting the unbanked. “Financial inclusion is central to everything we do,” said Ifeanyi Uzoka, Senior Business Development Manager at PalmPay at BusinessDay’s Future of Payment Conference.
Chams' Q1 profit before tax plunges 54% to N181.5m

1 week ago | businessday.ng | Boluwatife Omotayo

…as earnings per share slows 63%Chams Holding Company Plc has reported a drop in its first‑quarter earnings, with profit before tax declining 54 percent to N181.5 million and earnings per share contracting 63 percent to 3 kobo from 8.1 kobo year-on-year. Despite these declines, the tech company’s financials revealed that revenue climbed 11.5 percent year‑on‑year to N3.87 billion, driven by its New Solutions and Card Production divisions.
African start‑ups raise $803m as harmattan clears

1 week ago | businessday.ng | Boluwatife Omotayo

African start‑ups raised $803 million in the first quarter of 2025 from 163 deals, according to Africa: The Big Deal. The data insight, which tracks funding of $100,000 and above, noted that this is a 43 percent rise (excluding exits), from the $563 million raised in the same period of 2024. The funding tracker noted that April alone contributed $343 million, underscoring a robust rebound and growing investor confidence in the continent’s startup ecosystem.
Accion MfB strengthens data security with PCI DSS compliance

1 week ago | businessday.ng | Boluwatife Omotayo

Accion Microfinance Bank has reinforced its commitment to data security and customer protection by achieving compliance with the latest Payment Card Industry Data Security Standard (PCI DSS) version 4.0.1.The certification, announced on April 29, 2025, by Cybervergent Limited, places the bank among a select group of Nigerian financial institutions meeting the highest global benchmarks for securing payment systems and cardholder information.
Investors to prioritise gender lens investing to close funding gap

1 week ago | businessday.ng | Boluwatife Omotayo

Investors in Africa are increasingly recognising the economic potential of gender lens investing. This is evidenced by the fact that supporting women-led businesses and inclusive initiatives drives stronger financial returns and delivers broader social impact. Female founders usually get the crumbs of investments, with the larger share going to their male counterparts.
May & Baker reports 74% after-tax profit growth in Q1

1 week ago | businessday.ng | Boluwatife Omotayo

May & Baker, a listed pharmaceutical company, has reported N1.1 billion in profit for the first quarter of 2025, a 74 percent increase from the N655 million reported in the same period of the previous year. According to BusinessDay’s analysis of the company’s Q1 financial results, the company recorded revenue of N9.5 billion, a 48 percent increase from the N6.4 million recorded in March 2024.
CWG sees 368% profit boost in Q1 2025 amid robust revenue growth

1 week ago | businessday.ng | Boluwatife Omotayo

CWG has reported a remarkable surge in its financial performance for the first quarter of 2025, driven by a strong 83.5 percent increase in revenue and an impressive 368 percent growth in profit after tax. For the period ending March 31, 2025, the group posted N15.32 billion in revenue, up from N8.38 billion in Q1 2024, reflecting a substantial growth trajectory.