Business
World Milk Day: Nestlé Dairy Programme Achieves Milk Collection Milestone
June first every year is World Milk Day. This year’s celebration is notable for Nestlé’s Nigeria Livestock Development Project (NLDP), with the milestone of 2,500 litres of fresh milk per day from only 200 litres collected on the first day of milk collection on June 1, 2021. A collaboration between Nestlé Nigeria, ‘CBiIL’ and 2SCALE, NLDP delivers 1,500 L/day at Paikon Kore Grazing Reserve and 1,000L/day at Kachia Grazing Reserve.
Victoria Uwadoka, Corporate Communications and Public Affairs Manager for Nestlé Nigeria, affirms that the collection of 2,500L/day was made possible by 25 cooperatives comprising over 625 households milking between 4,000 and 6,000 cows every day. These cooperatives have been trained and nurtured for over 18 months to achieve the good quality fresh milk now produced through the project.
The celebration of World Milk Day 2022 at Paikon Kore provided a platform for recognising and rewarding the farmers who excelled in various aspects of milk production. Categories of awards included Highest Producing Male (Abdulrahman Rabia), Highest Producing Female (Rabia Raga), Best Aggregator (Shehu Muhammed), Best Cooperative Kosan Denko, Best Milking Community, and Aggregator with Least Spoilage (Adamu Abdullah). The recipients were delighted and expressed their thanks to Nestlé and the NLDP.
The ceremony was attended by stakeholders and dignitaries, including The Mandate Secretary, ARDS, Mallam Abubakar Ibrahim, and Permanent Secretary, FCT, Mr Olusade Adesola, ably represented by Mr. Samuel Atang, Director, Operations, Planning and Strategy. Representatives of the Federal Ministry of Agriculture and Rural Development were also at the event.
Mr Olusade Adesola, The Permanent Secretary, FCT, said, “It is glad to note that milk production has steadily increased from 150 to 1,500 litres daily within the past two years of this partnership. I have been made to understand the products from this centre are being sold in markets within and outside the Federal Capital Territory.”
Also speaking, The Mandate Secretary, ARDS, Mallam Abubakar Ibrahim, said, “It may interest you all to know that since the reactivation of the MCCC in 2021 in partnership with Nestlé Nigeria PLC, daily milk production has risen from between about 300 to 1,500 litres. This is a result of continuous training and improvement initiatives by both partners and support from the Federal Ministry of Agriculture and Rural Development. If plans by the NLDP partnership to introduce new cattle breeds and a demonstration farm are anything to go by, milk production in the FCT will receive a boost.”
Nestlé continues to leverage its expertise in dairy to help build a sustainable dairy ecosystem through the NLDP to achieve its objective of Creating Shared Value with Nigerian dairy value chain stakeholders. The program contributes to the local economy by providing the training and empowerment of the locals and then purchasing services from them.
NLDP is built on three pillars: Better Fodder, Better Quality, and Better Products. This will be achieved by improving cooperative dynamics, promoting better herd health, and engendering hygienic milk collection and handling practices.
The NLDP has trained over 1,400 producers in modern Milk Handling and Milking Hygiene techniques to help them produce to industry standards, thereby opening more routes to market. Nestlé pays a premium above the market rates in addition to helping the families increase production and improve the quality of their products.
Nestlé has helped improve cattle health within the NLDP by deworming and vaccinating over 6,000 cattle against Foot and Mouth Disease. They were also treated against Contagious Bovine Pleuropneumonia (CBPP) in collaboration with the Federal Capital Territory (FCT) and Agriculture and Rural Development Secretariat (ARDS). The 6,000 cattle also received vitamin and mineral blocks (salt licks).
Another significant investment by the NLDP is the provision of Better Fodder which includes sufficient clean water, balanced pasture, silage, and hay. Over 250 hectares of Napier Grass and Bracheria have been cultivated and 5 Industrial boreholes built and commissioned. Three of the boreholes are fitted with drinking troughs for the cattle and taps to provide portable water to the communities. To further boost milk production, Nestlé is providing Cotton Seed Cakes which have the potential to increase milk productivity by up to 2L per cow.
To maintain milk quality from milking to the processing centre, milk must be handled carefully and kept at a temperature of about 2 degrees Celsius. Each of the 23 aggregators employed under the NLDP project is trained to maintain these quality standards. They test for spoilage and adulteration at the collection point. A motorbike, milk churns, and lactometers are also provided to facilitate their work.
The aggregators get the milk to the Milk Collection and Cooling Centers (MCCC) in the shortest possible time for cooling and bulking at the requisite temperature after a 4 step quality check.
Nestlé equips the MCCCs with modern laboratory equipment to ensure food safety is maintained at industry standards. The staff are trained and issued the right gear to conform to the set safety standards.
In line with Nestlé’s commitment to protecting the planet for future generations, the NLDP has adopted climate-friendly practices: A 30KVA solar power system has been installed to reduce the fossil fuels used at the MCCC in Paikon Kore. The industrial boreholes are also solar-powered.
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
