Economy
Heritage Bank Gives Investment Support to BBNaija Finalists
By Dipo Olowookere
Five top finalists of the recently concluded Big Brother Naija Season-2 reality TV show have been rewarded with financial investment support to enhance their entrepreneur drives.
This gesture was done by Heritage Bank Plc, one of the sponsors of the show, which explained that it took this step in continuation of its commitment to boost the small medium enterprise (SME) sector in the country.
The five finalists, Efe, Bisola, TBoss, Debbie Rise and Marvis, were with the management of the bank on Wednesday.
During the meeting, Managing Director of Heritage Bank Plc, Mr Ifie Sekobo, took turns to advise each of the housemates on their aspirations on becoming budding entrepreneurs in creating, preserving and transferring wealth to Nigerians.
Mr Sekibo, who disclosed the bank’s financial support to each of the five top finalists, said that Heritage Bank was proud to be part of the reality show, as the involvement re-emphasizes the wealth enshrined in Nigeria’s cultural heritage.
He stated that beyond Heritage Bank’s core banking activities, the financial institution has special interest in young talented Nigerians and as well recognises the value to sell Nigerian culture to the world.
Specifically, Mr Sekibo affirmed also that the bank’s involvement was significantly centred on financially and socially emancipating them for the common good of the community.
According to him, the traditional wedding task arranged by Heritage Bank was well delivered to project the nation’s culture and heritage in good perspective.
“When the bank started this journey some weeks ago, people wondered how this will synergise with our banking values. The truth is that Heritage Bank is not all about banking, but the thing we value more is to communicate our rich heritage and culture to the world and we are happy with the sponsorship and relationship,” he said.
In her remarks, Bisola thanked Heritage Bank for their financial supports of seed sowing and giving them the platform and opportunity to enlighten other viewers about Nigeria’s culture and the many challenges, both social and environmental; being faced across the country via the different creative presentations in the house.
Also, Efe, who praised the bank for its numerous supports, especially organising and sponsoring the wedding task assigned to them.
The Big Brother Nigeria 2017 began in January. It had seen the eviction of nine housemates, Bally, Bassey, CocoIce, Gifty, Kemen, Miyonse, Soma, ThinTallTony and Uriel before the top five who graced the finale: Mavis, Debbie Rise, TBoss, Bisola and Efe.
Efe beat 11 other housemates to cart away the coveted prize, having surmounted all the hurdles and polled a whopping 57.61per cent of the overall votes.
Whilst, Bisola emerged the first runner up polled 18.54per cent of the vote. The show recorded over 26million votes, which stood out as one of the highest in Africa reality TV shows.
Heritage Bank had also organised an SME enhancement intensive capacity training programme for the Ex-Housemates of the BBNaija and other emerging 21st century entrepreneurs in the areas of keeping accounting records, financial discipline, organic growth and identifying potentials in order to equip them with the knowledge base needed to succeed as entrepreneurs.
By Aduragbemi Omiyale
Presco Plc has concluded plans to establish operations in Ogun State as part of efforts to expand its footprint, boost earnings, and deliver more value to shareholders.
The news of the operations was announced by the Governor of Ogun State, Mr Dapo Abiodun, after he received a delegation from the company.
Presco is one of the leading integrated oil palm firms in Nigeria. It is listed on the Nigerian Exchange (NGX) Limited.
The Governor expressed his joy over the decision of Presco to situate its factory in the Gateway State.
He disclosed that the organisation has promised to have an initial investment of about $100 million in Ogun State, noting that this “validates the confidence investors continue to place in our administration’s deliberate policies aimed at creating an enabling business environment.”
According to him, beyond strengthening the state government’s agricultural transformation agenda, the project is expected to generate thousands of direct and indirect jobs, enhance food security, stimulate economic growth, and increase the state’s revenue.
“As we continue to implement our Building Our Future Together agenda, we remain committed to attracting strategic investments that will diversify our economy, create sustainable opportunities for our people, and reinforce Ogun State’s position as Nigeria’s preferred investment destination,” Mr Abiodun stated.
By Adedapo Adesanya
FrieslandCampina Wamco Nigeria Plc led two others to evict the bears from the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, July 8.
According to data, the unlisted securities exchange rebounded by 6.84 per cent during the session, thanks to the gains recorded by FrieslandCampina, Food Concepts Plc, and Geo-Fluids Plc.
During the trading day, FrieslandCampina recouped N12.57 to trade at N151.98 per unit versus Tuesday’s closing price of N139.41 per unit, Food Concepts Plc improved by 25 Kobo to N2.76 per share from N2.51 per share, and Geo-Fluids Plc expanded by 18 Kobo to N2.55 per unit from N2.37 per unit.
As a result of these accumulations, the market capitalisation added N163.34 billion to close at N2.551 trillion compared with the preceding session’s N2.387 trillion, and the NASD Security Index (NSI) increased by 272.13 points to 4,250.20 points from 3,978.07 points.
The midweek trading data showed that the volume of securities dipped by 50.9 per cent to 158,933 units from 323,780 units, and the value of securities slipped by 31.9 per cent to N10.9 million from the preceding session’s N15.9 million, while the number of deals increased by 6.9 per cent to 31 deals from the previous session’s 29 deals.
When trading activities on the platform ended for the day, Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Adedapo Adesanya
It was a bad day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Wednesday, July 8, as its value further slipped against the United States Dollar.
In the black market window, it lost N5 against the US Dollar during the session to trade at N1,400/$1 compared with Tuesday’s closing rate of N1,395/$1, but closed flat at the GTBank forex counter at N1,381/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the domestic currency depreciated against the greenback yesterday by N3.32 or 0.24 per cent to N1,379.07/$1, in contrast to the previous day’s N1,375.75/$1.
But the Naira appreciated against the Pound Sterling in the official market at midweek by 93 Kobo to 1,840.64/£1 from N1,841.57/£1, and gained N1.31 on the Euro to sell at N1,561.38/€1 compared with Tuesday’s N1,562.69/€1.
The market was liquidity-heavy, but increased demand for foreign payments dragged the exchange rate at the official window,
Traders reported that interbank FX turnover spiked by about 399 per cent on the day to $208.094 million, from $41.736 million the previous day. Also, the number of deals in the interbank market increased sharply to 150 from 47 deals.
FX analysts maintained positive expectations on the Naira outlook in the second half of 2026 despite the absence of interventions from the Central Bank of Nigeria (CBN) to support liquidity.
As for the cryptocurrency market, prices rose as Bitcoin (BTC) held above $62,000, chalking up 0.3 per cent to sell at $$62,754.96, after the US military completed another round of strikes against Iran and both sides raised the prospect of closing the Strait of Hormuz.
The escalation reignited inflation concerns and pulled forward rate expectations. Markets are increasingly treating war-related shocks as interest-rate events, with BTC now tracking front-end Treasury yields more closely than traditional hedges like crude or gold.
Dogecoin (DOGE) improved its value by 1.2 per cent to $0.0728, Binance Coin (BNB) soared by 1.1 per cent to $573.56, Ripple (XRP) appreciated by 0.9 per cent to $1.09, TRON (TRX) expanded by 0.6 per cent to $0.3309, Solana (SOL) grew by 0.2 per cent to $78.34 and Ethereum (ETH) jumped by 0.1 per cent to $1,751.22.
However, Cardano (ADA) decreased by 0.1 per cent to $0.1690, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
