Economy

Oba of Lagos, Others Commission SPAR Outlet in Opebi

Published

7 years ago

26/11/2018

Modupe Gbadeyanka

By Modupe Gbadeyanka

A new outlet of Nigeria’s foremost chain of hypermarket store, SPAR, has been opened in the Opebi area of Lagos State.

The opening of the facility was witnessed by Oba of Lagos, Oba Rilwan Akiolu; Chairman of Artee Industries Ltd, Asiwaju Solomon Kayode Onafowokan; owner of Adebola House, Chief Adegunwa Adebola; Lagos State Chief Vehicle Inspection Officer, Mr Gbolahan Toriola; Managing Director of SPAR Nigeria, Mr Haresh Keswani; former Head of Corporate Services, SPAR Nigeria, Mr ‘Kunle Hamzat, amongst many others.

The new store located at the popular Adebola House, Opebi, is the largest outlet of SPAR in Lagos and it caters for the various needs and aspirations of Nigerians consumers’ goods and products such as Food and Grocery, Butchery &Bakery, Wine & Spirit, Fresh Farm Foods, Frozen Foods, Laptops, Mobile phones, electronics products and other household items.

Managing Director of SPAR Nigeria, Mr Haresh Keswani, disclosed that the Opebi store is the 14th outlet in Nigeria, out of which eight are in Lagos with Abuja and Port Harcourt having two each and one outlet in Enugu and Calabar respectively.

Speaking at the launch of the new outlet, the Oba of Lagos said with the opening of the new store, SPAR Nigeria has further demonstrated its committed to the economic growth of Nigeria and making consumers’ goods and services available to the ever increasing residents of Lagos state in particular and in Nigeria in general.

Mr Akiolu said “SPAR is promoting made in Nigerian goods and products which is strategic to economic development of any country such as ours. They are helping to promote our local contents thereby helping the government in her economic development policy and through that, SPAR helps the government to solve various problems especially the problem of high unemployment in Nigeria”

He spoke further “SPAR Nigeria remains one of the leading hypermarket stores in Nigeria and with this new outlet in Opebi, the residents of this area will now enjoy varieties of affordable consumer goods and products that SPAR offers to the general public. I will want to thank the company for opening this store here in this strategic location, Opebi”

The chairman of Artee Industries Ltd, Asiwaju Solomon Kayode Onafowokan, OON in his remarks said Opebi store remains the largest hypermarket store in Nigeria and it is strategic that it is located at Opebi in Lagos in other to respond to the yawning of the residents of the area.

“We are opening the largest hypermarket here in Opebi because of the cravings of our ever growing customers especially from this community. The uniqueness of Opebi is that we have all our products here, electronics, food and grocery, wines, perfumes, frozen products just to mention a few. We have free parking space for our customers, most of our products are made in Nigeria, we equally ensure that Nigerians have access to quality products and also have goods and products for non-Nigerians to enjoy”

According to him, “We have ensured that all our food and grocery products are approved by the regulatory authorities in Nigeria and our prices are affordable. Right now we have an unbeatable promo going on due to Black Friday Sales that we are currently offering our dear customers with up to 70% off some of our products, this will last for 8 days and we encourage our customers to take advantage of this window”

The Deputy Managing Director of Artee Group, Mr Prakesh Reswani while speaking said, Opebi outlet is not only the largest hypermarket store that the organization has but the store remains one of the most strategic in terms of its location. He said “this new store is very close to businesses, corporate organizations, residences, and common people and besides, the seat of power, Alausa Secretariat is not too far from here. We have varieties too with affordable prices; we guarantee our customers quality products and services that will give value for their money”

Speaking further, Prakesh added” we know Nigerians want this type of store in such a strategic location like Opebi, we have many of this type of hypermarket stores in South Africa, a country whose population is lesser than Nigeria. So, Nigeria should have more here about 3,000 of this, we will help to bring that to reality. Patronages have been great, people know us with affordability and quality, our competitive edge are our prices, varieties, credibility and guarantee for money spent” he said.

SPAR Nigeria has grown from a very humble beginning to become one of the fastest growing business conglomerates in Nigeria with a wide portfolio of brands such as Park n Shop, SPAR, Port Harcourt Mall, Calabar Mall, Enugu Mall, Artee Group caters to the various needs and aspirations of Nigerians consumers.

Economy

NASD Exchange Extends Bearish Run After 0.56% Drop

Published

22 hours ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.

This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.

It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.

MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.

On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.

Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.

GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.

The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

Naira Slips to N1,380/$1 at Official Market, Remains N1,405/$1 at Black Market

Published

22 hours ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.

However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.

Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.

At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.

Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.

This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.

Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.

The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.

Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.

Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Bulls, Bears Share Customs Street’s Spoils Amid Bullish Investor Sentiment

Published

22 hours ago

03/04/2026

Dipo Olowookere

By Dipo Olowookere

The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.

Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.

Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.

Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.

On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.

The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.

Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.

Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.