Economy
Heritage Bank Sponsors Bukas & Joints Season-3
By Dipo Olowookere
In a bid to promote local foods and strengthen the domestic market, Heritage Bank Plc, one of Nigeria’s most innovative banking services providers, has sponsored Season-3 of Bukas & Joints, hosted by Olisa Adibua, a respected media personality in the country.
The launching of the screening of the Season-3 television food show in Lagos on Wednesday was a well-attended media event organised by Biola Alabi Media, the producers of the programme in collaboration with Heritage Bank.
The featuring of the event will start screening on African Independent Television (AIT) on Sunday, February 5, 2017 from 7pm to 7.30pm.
The Season-3 was screened in Enugu in the South East and Abuja, the Federal Capital Territory (FCT).
In the South East, the local bukas that the production team visited included Ntachi-Osa Canteen, in the New Haven of Enugu, Emily Restaurant and New Berries Park while those visited in Abuja were the Bean Bag located at Ramaya Royal Park on Ahmadu Bello Way, Iya Oyo Kitchen based in Wuye and a Kilishi joint located in Area 1 Garden in Garki, Abuja.
Group Head of Corporate Communications of Heritage Bank, Mr Fela Ibidapo, said the bank was proud to be associated with the programme in order to promote local foods and strengthen the domestic market.
He hinted that since indigenous food is part of our heritage, the bank will continue to chart a path forward to increasing local food production and processing, while supporting job growth and healthy communities.
He assured that the bank would continue to support the programme and also others that relate to the Nigerian heritage.
Speaking on his experience on the new season, Mr Adibua said the whole essence of the show was that through that the travels and discoveries exposed them to the lifestyles of the people they meet in different cities.
“I love this season because I love the idea of meeting different people and going to different locations,” Mr Adibua said, adding that they intend to go to more places in Nigeria and even outside Nigeria to showcase the African cuisines to the outside world just like what the Chinese and others had done.
Also speaking Mrs Biola Alabi, the Chief Executive Officer of Biola Alabi Media commended Heritage Bank for supporting the programme right from the inception.
The Lunch with Olisa show is a new food-related show in which MrOlisa Adibua travels the breadth of the continent in search of authentic African cuisines.
Mr Adibua takes his audience on a journey of culinary delight, as he explores a variety of foods such as Ofada rice, Amala, Tuwo, Masa, Moin-Moin and more.
The show features not only food, but also real people who work behind the scenes and ensure that the food is always ready to feed Nigerians, those famished as well as those looking for that unique gastronomical experience.
These entrepreneurs are found everywhere throughout Nigeria – under trees, at food stalls and roadside kiosks.
The show was put together by Biola Alabi Media (BAM), an African media company that develops and monetizes content for Pay TV, Free to Air (FTA) television channels, OTT (Over-The-Top) TV and VOD (Video-On-Demand).
Heritage Bank, through its MSME account aims to help MSMEs grow their businesses. The proposition is categorized into three different groups: Heritage MSME Business classic with a maximum annual debit transaction of N50 million, Heritage MSME Business pro with a maximum annual debit transaction of N100 million and the Heritage MSME Business premium with a maximum annual debit transaction of N250 million.
The bank is one of the participating financial institutions in the Central Bank of Nigeria (CBN’s) Micro, Small and Medium Enterprises Development Fund (MSMEDF) Fund which was launched on August 19, 2014 in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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