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

Nipco, 11 Plc Crash OTC Securities Exchange by 4.76%

Published

36 minutes ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.

The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.

Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.

The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.

Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.

During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.

InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.

Economy

Naira Depreciates to N1,450/$1 at Official Forex Market

Published

52 minutes ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.

The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.

Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.

Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.

As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.

However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.

As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.

With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.

Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.

Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

Oil Market Climbs on Federal Reserve Rate-Cut Signals, Supply Concerns

Published

1 hour ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The oil market was up on Friday on increasing expectations the US Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand.

Brent futures rose by 49 cents or 0.8 per cent to $63.75 per barrel and the US West Texas Intermediate (WTI) futures expanded by 41 cents or 0.7 per cent to $60.08 per barrel.

Investors digested a US inflation report and recalibrated expectations for the Federal Reserve to reduce rates at its December 9-10 meeting.

US consumer spending increased moderately in September after three straight months of solid gains, suggesting a loss of momentum in the economy at the end of the third quarter as a lackluster labor market and the rising cost of living curbed demand.

Traders have been pricing in an 87 per cent chance that the US central bank will lower borrowing costs by 25 basis points next week, according to CME Group’s FedWatch Tool.

Investors also focused on news from Russia and Venezuela to determine whether oil supplies from the two sanctioned members of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) will increase or decrease in the future.

The failure of US talks in Moscow to achieve any significant breakthrough over the war in Ukraine has helped to boost oil prices so far this week.

A loss of Venezuelan oil production in case of a US military intervention will materially impact global benchmark prices as the market will have to replace Venezuela’s heavy crude.

Venezuela is estimated to pump about 1.1 million barrels per day of crude oil at present, so if the US-Venezuela tension escalation into an invasion in the South American country, this volume of crude would be at risk.

Reuters reported that the Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce the oil revenue that helps finance Russia’s war in Ukraine.

Any deal that could lift sanctions on Russia, the world’s second-biggest crude producer after the US, could increase the amount of oil available to global markets, weakening prices.