Business
Mouka Unveils Novel Technology in Furtherance of its Quality Mandate.
AJAGBE ADEYEMI TESLIM
Sponsored by: H&H
As a company which prides itself in investing in Research and Development (R&D), Mouka recently equipped its world-class laboratory with two additional machines that are said to be one of a kind in Nigeria.
These machines were installed in a purpose-built facility within its headquarters in Lagos to give the mattress manufacturer a further edge above other players.
The Head of Manufacturing Operations of Mouka, Mr David Onyemata, had this to say “At Mouka, quality is our watchword. We are constantly evaluating global R&D best practices in processing and mattress manufacture. Not only do we pay attention to every intricate detail when crafting our products, but we also subject them to thorough test protocols to ensure we are really giving our consumers the best sleep products. This has led to upgrading our laboratory with state-of-the-art equipment”.
The Quality Assurance, R&D, and Process Improvement Manager, Engineer Chimezie Nwosuagwu, shed light on the unique features of this technology, as well as the benefit to consumers. “With these machines, we can conduct wholistic mattress performance assessment on mattresses. Before now, most Quality Tests were limited to lab sample foam sizes and not on full-sized mattresses”.
Mr Chimezie expatiated further by saying, “We can now carry out a Mattress Durability Test, which shows us mattress resistance to deflection and deformation impact of human weight and movement on the properties of the mattress during long-term use. We can also carry out a Mattress Hardness Value & Firmness Rating Test, which indicates the load-bearing capacity of the mattress, i.e. what body weight can this mattress support during long-term use without affecting its performance. We can even carry out a Fatigue / Height Loss Test with these machines to predict the loss in load-bearing capability and change in mattress height due to repeated load”.
When asked about the benefits of this technology to the Nigerian consumer, Mr Chimezie said, “These machines can decrypt the right mass properties and specifications for different user needs and applications. In other words, when we say we can help you find the right mattress for you, we mean it. Also, these machines establish guidelines for mattress construction, so you are sure you get the best when buying a Mouka mattress”.
He added that a huge technical advantage is that Mouka can accurately validate, substantiate, and establish the warranty for its products, which means a mattress’s useful life. According to him, a 10-year warranty on Mouka’s Royal Luxury Pillow top mattress means consumers can be assured that the product will provide a minimum of 10 years of quality sleep without fail.
In his remark, the Managing Director, Mr Femi Fapohunda, also shared his views on this substantial investment by the company. “During my last press interview, I mentioned that Mouka is moving to even greater heights due to the strategic change in ownership to Dolidol, the market leader of the sleep industry in West Africa. I had said that Dolidol brought technological expertise on board which would be evident for all to see.”
He also said that a few months ago, Mouka launched Nigeria’s first pillow made with patent biocrystal technology called the Mouka Bio-Pillow. Now the company is unveiling this major upgrade to their R&D facilities.
According to Mr Fapohunda, this is yet another step Mouka is taking to ensure that consumers’ needs and preferences are catered to within our product portfolio.
The MD also affirmed that Mouka would not rest on its oars; instead, it will continue to invest in technology to ensure its products are world-class and in a league of their own.
According to research, Mouka remains number one in the sleep industry, adding comfort to the lives of millions of Nigerians for over 60 years. Its ability to maintain this leadership position is said to result from its unrivalled quality and the remarkable craftsmanship it employs in manufacturing its wide array of products.
The brand has been recognised for its excellence by consumers, healthcare practitioners, regulatory bodies, and other credible associations. Commendations, awards, and certifications have been received from the likes of the Standards Organisation of Nigeria (SON), Nigeria Society of Physiotherapy (NSP) and the National Association of Orthopaedic and Manual Therapists (NAOMT).
Business
Access Corporation, MTN Nigeria drive equity market to N607bn gain
Access Corporation, MTN Nigeria drive equity market to N607bn gain
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Nigerian equity market gained N607bn in market capitalisation in the past week, on the back of buying interest in large-cap stocks like Access Corporation and MTN Nigeria.
The All-Share Index appreciated by 1.06 per cent to close at 97,456.62, while the market capitalisation rose by 1.10 per cent to N56tn.
All other indices closed higher, except for the Growth Index, which saw a depreciation of 0.03 per cent, while the Alternative Securities Market Index remained flat.
The upward trend was driven by investor interest in major stocks, such as Access Corporation, which gained 2.39 per cent, and MTN Nigeria, which rose by 7.37 per cent.
Across various sectors, the performance was bullish, with gains recorded in consumer goods (1.47 per cent), insurance (1.59), industrial (0.17 per cent), banking (5.12 per cent), and oil & gas (two per cent).
In terms of activity, the financial services industry led the charts, accounting for 1.71 billion shares valued at N26.99bn traded in 19,277 deals, contributing 66.05 per cent and 52.71 per cent to the total equity turnover volume and value, respectively.
Following closely was the oil and gas industry, which saw 332.83 million shares worth N12bn traded in 9,956 deals.
The services industry ranked third with 146.189m shares valued at N530.544m traded in 3,404 deals.
During the week, 43,535 units valued at N13.476m were traded in 122 deals, up from the 23,881 units valued at N8.240m transacted in the previous week.
Overall, 52 equities appreciated, an increase from the 36 equities recorded in the previous week, as 31 equities saw price declines, compared to 46 in the prior week, while 68 remained unchanged, slightly lower than the 69 recorded earlier.
Meanwhile, the Federal Government’s savings bonds were listed on the Nigerian Exchange on September 12.
Business
Fidelity Bank Plc Donates Maternity Kits to Pregnant Women in Yaba, Lagos
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Fidelity Bank Plc, a leading financial institution, has donated maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State.
L-R: Mr. Tukwasi Onyechi, Class President, Crestcore Inductees Class, Fidelity Bank Plc; one of the beneficiaries; Dr. Oredein, Medical Officer of Health for Yaba Local Council Development Area (LCDA); and Mrs. Victoria Abuka, Team Lead, Corporate Social Responsibility, Fidelity Bank Plc; at the donation of maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State recently.
This donation is part of the bank’s Corporate Social Responsibility (CSR) efforts under the Fidelity Helping Hands Program (FHHP).
The initiative, spearheaded by the Crestcore Inductees Class, underscores the bank’s dedication to supporting local communities. Through FHHP, Fidelity Bank Plc’s staff identify impactful projects in their communities and raise funds to support them. The bank’s management matches these contributions, amplifying their reach and impact.
The handover ceremony was held at Aiyetoro Primary Health Centre, Wright Street, Adekunle, Yaba. Dr. Meksley Nwagboh, Divisional Head of Brand & Communications at Fidelity Bank Plc, presented the maternity kits to the community.
Dr. Nwagboh highlighted the importance of the initiative, stating, “At Fidelity Bank, we recognize that ‘health is wealth,’ and without good health, it is difficult to pursue one’s dreams and aspirations. Unfortunately, financial barriers often prevent women from seeking crucial ante-natal care. This has been fingered as a leading cause of maternal mortality.
“That is why we are in the Aiyetoro Community today to provide essential maternity kits to economically disadvantaged expectant mothers. Our hope is that this donation encourages more women to attend ante-natal appointments.”
Receiving the items on behalf of the beneficiaries, the Medical Officer of Health for Yaba LCDA, Dr. S.O. Oredein, expressed gratitude on behalf of the community.
“Fidelity Bank has once again proven to be a bank that cares deeply about the well-being of the people. By providing these maternity kits, the bank is encouraging more expectant mothers to visit health centers, thus helping to reduce maternal mortality”, explained Dr. Oredein.
The donation of maternity kits in Aiyetoro LCDA, Yaba, falls under Fidelity Bank’s Health/Social Welfare CSR pillar. Other pillars in the bank’s CSR strategy include Education, Youth Empowerment, and Environmental Sustainability.
One of the beneficiaries, Sekinat Aderoju, expressed her joy, saying, “We are truly grateful for Fidelity Bank’s support. Receiving these maternity kits will ease the financial burden and help us prepare for safe deliveries.”
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Business
Sterling Pioneers Africa’s First Indigenous Core Banking System
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.
The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.
This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.
Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.
Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.
He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.
For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.
“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.
“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”
Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.
“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”
The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.
According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”
He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues. The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.
Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).
It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.
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