Economy
Oba of Lagos, Others Commission SPAR Outlet in Opebi
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.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
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.
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