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
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session 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 exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
