Economy
VIDEO: I’d Rather Die, Shutdown Erisco Foods Than Drop Case Again Chioma Okoli—Eric Umeofia
By Aduragbemi Omiyale
The chief executive of Erisco Foods, Mr Eric Umeofia, has vowed to ensure a reviewer of one of his company’s products, Mrs Chioma Okoli, is sent to prison or pay for “tarnishing” the image of his firm.
The businessman said this in an interview with Arise Television, during a documentary on the ongoing brouhaha between his organisation and Mrs Okoli.
The woman had posted on her Facebook page about the sugar content in Erisco Tomato Mix and the company was not okay with her approach to the product review.
“I went to buy tin tomatoes yesterday that I will use to make stew, I didn’t see Gino and Sonia, so, I decided to buy this one.
“When I opened it, I decided to taste it, omo! Sugar is just too much! Haa, biko, let me know if you have used this tin tomato before because this is an ike gwuru situation!” she had posted.
Her review attracted comments and some days later, some officials of the Nigeria Police Force picked her up in the Ogudu area of Lagos State and transferred her to Abuja.
In an interview with Arise TV in September 2023, which was monitored by Business Post, Mr Umeofia said he would sue the reviewer for N5 billion because he suspects she was paid by a syndicate to bring his company, as “she is not a customer” of the brand.
“I will sue her for N5 billion if she does not comply with what we said,” the founder of Erisco Foods declared, noting that Mrs Okoli could not provide proof to back up her claims when asked to do so.
He admitted that “sugar is allowed [in the product]. It’s just like taking soft drinks and complaining about sugar. If you don’t like it, buy another. People should go to her comment section to see how she liked posts that condemned Erisco and abused those who castigated her for her bad review.”
In the latest chat with the news platform, he said, “This company was established before Chioma was born. Forty years ago, I was suffering to establish this company, and because of the rants, we will allow her to close our company down.
“I would rather close Erisco Foods down and fight for my reputation, my brand, my good name before I die. I am stubborn with my rights and arrogant with my rights; [I have] no apology for it. I don’t look for trouble, but if you come for trouble, I am waiting for you.
“She has ruined my company and it is seven years imprisonment and N7 million. So, why must you go [scot-free] because you are a pregnant woman?
“In the prison, there is a space where you can cater for a child, there is a place for nursing mothers. If you think you can bully me to drop my case, I am not dropping it; I would rather die than allow somebody to tarnish my image I worked 40 years to grow.”
Mrs Okoli is being represented by the foremost human rights lawyer, Mr Inibehe Effiong, who has been urged to make efforts to settle the case out of court.
I think it is important for me to respond to those who have been pressuring me to advise Chioma Okoli to beg or settle with the chief executive of Erisco Foods to bring closure to the lingering matter.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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