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Shoprite Announces Intention To Close Abuja Branch

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ShopRite Mall has announced its intention to cease operation in one of its Abuja branches from June 30, 2024.

The branch is situated at Novare Central Mall in Wuse Zone 5.

This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket and obtained by our correspondent on Monday.

A staff at the store who pleaded anonymity also confirmed the report, saying “Yes, it is true, we just heard it here too.”

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The popular mall attributed its decision to a thorough evaluation of the store’s financial situation and the current business climate.

It additionally notified vendors that their services would no longer be needed at the store.

The circular read, “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organization’s long-term growth.

“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.”

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The circular added the company would be reviewing its accounting records in the next 60 days to settle outstanding balances.

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.

“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team. If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us”, it added.

Multiple multinationals have left Nigeria by either scaling down operations, transferring ownership or selling their stakes, the most recent being the sale of beverage company Diageo’s 58.02 per cent shareholding in Guinness Nigeria to Tolaram Group on June 11, 2024.

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The exodus of multinationals from the Nigerian economy has cost the country a N94tn loss of output in five years, according to an economist and former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry in Nigeria, Dr Vincent Nwani.

According to the analyst, for the first year, over 10 companies shut down operations in 2020, most notably Standard Biscuits Nigeria Ltd, NASCO Fiber Product Ltd, Union Trading Company Nigeria PLC, and Deli Foods Nigeria Ltd.

In 2021, he stated that more than 20 companies exited, including Tower Aluminium Nigeria PLC, Framan Industries Ltd, Stone Industries Ltd, Mufex Nigeria Company Ltd, and Surest Foam Ltd.

He stated that in 2022, over 15 known brands left Nigeria, including Universal Rubber Company Ltd, Mother’s Pride Ventures Ltd, Errand Products Nigeria Ltd, and Gorgeous Metal Makers Ltd.

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More than 10 major companies left in 2023, notably Unilever Nigeria PLC, Procter & Gamble Nigeria, GlaxoSmithKline Consumer Nigeria Ltd, ShopRite Nigeria, Sanofi-Aventis Nigeria Ltd, Equinox Nigeria, and Bolt Food & Jumia Food Nigeria.

In the first six months of this year, five listed major companies had left Nigeria, including Microsoft Nigeria, Total Energies Nigeria (affected by its divestment), PZ Cussons Nigeria PLC, Kimberly-Clerk Nigeria, and Diageo PLC.

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UK Court Jails 35-yr-old Nigerians 10 Yrs After Brutal R3pe Of Woman In Nottingham

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By Kayode Sanni-Arewa

A 35-year-old Nigerian, Timilehin Olatunji, has been sentenced to 10 years in prison for the rape of a woman at a property in Nottingham during the early hours of September 29, 2024.

It was gathered that the victim courageously used a mobile app to record audio evidence of the attack before escaping and reporting the crime to Nottinghamshire Police.

Following the report, Olatunji was arrested shortly afterward and subsequently charged with three counts of rape.

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He pleaded guilty to the charges.

During the sentencing at Nottingham Crown Court on Wednesday, January 15, Judge Michael Auty described the assault as “despicable and vile” and “beyond rational understanding.”

He condemned Olatunji’s actions, saying: “You took it upon yourself to rape her in the most brutal, sadistic, and cruel way imaginable.”

Olatunji has also been placed on the Sex Offenders’ Register for life and is subject to an indefinite restraining order to protect the victim.

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In a statement released on Thursday, Nottinghamshire Police commended the victim’s bravery and reaffirmed their commitment to supporting survivors of sexual violence.

Detective Constable Emily Bucklow, of Nottinghamshire Police, said: “The recorded evidence of Olatunji’s horrific assault made this case particularly harrowing for all the officers who worked on it.

“It is one of the most upsetting things I have had to listen to in my policing career and only enhances my admiration for this victim’s bravery.

“I would also like to commend her for the courage she showed following Olatunji’s arrest and dignity during the subsequent court proceedings,” Emily said.

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The detective said, “He subjected her to a violent, degrading and sustained ordeal but she has shown immense bravery to help us bring him to justice.

“I hope the sentence handed down will at least provide some closure to what must have been an acutely distressing period of her life.

“I also hope the sentencing of Olatunji will encourage other victims of rape and serious sexual assault to have the confidence to come forward and report offenders.

“Our experienced officers are here to help the victims of appalling crimes like this,” Emily added.

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Tinubu Exhausted N9.74bn Supplying Rice, Beans Palliatives To Nigerians In 2024 – Report

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By Kayode Sanni-Arewa

The President Bola Tinubu-led Nigerian government reportedly spent a total of N9.74billion for the procurement and distribution of food items as part of its efforts to mitigate the nationwide food crisis in 2024.

This was revealed by BudgIT on its platform, GovSpend, a civic-tech organisation advocating for transparency and accountability.

According to the report, a large portion of the funds was dedicated to supplying essential food staples such as rice, beans, maize, and other commodities.

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The report showed that the Federal Ministry of Agriculture and Food Security led the initiatives, making multiple payments to contractors responsible for the emergency supply of palliative foodstuffs to various federal constituencies.

Key transactions included payments for the delivery of rice, beans, and garri to help alleviate hunger in vulnerable communities.
Payments, averaging around N85.45 million per constituency, were made between February and November 2024 across different regions.

Data from the platform reportedly indicate that N85,454,545.46 was spent on each constituency in states including Kano, Ogun, Osun, Akwa Ibom, Cross River, Adamawa, Kaduna, Jigawa, Ekiti, Oyo, Lagos, Bauchi, Rivers, Borno, Sokoto, and Enugu, bringing the total expenditure to N9.74 billion.

However, despite the significant financial outlay, there are concerns about the programme’s effectiveness in addressing the root causes of food insecurity.

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Shedrach Israel, an economist at Lotus Beta Analytics, argued that food palliatives alone cannot solve Nigeria’s food crisis, according to PUNCH.

“While food palliatives are essential for addressing immediate hunger, they fail to address the underlying systemic issues, such as inflation and the deficiencies in the agricultural sector,” Israel said.

Israel added, “We need long-term economic policies focused on boosting local agricultural productivity and improving distribution networks to reduce dependence on external food aid.”
Israel further said that the N9.74 billion spent on palliatives could have been better invested in agricultural innovation and infrastructure development, which would provide sustainable solutions to food insecurity.
Also, La’ah Dauda, an agricultural economist based in Kaduna, emphasised the need for a more comprehensive approach to addressing the food crisis.

“The government’s reliance on palliatives is a short-term fix to a deeper agricultural crisis. While necessary, these measures do not tackle critical issues like inadequate irrigation, poor storage facilities, and limited market access, all of which continue to impede agricultural productivity across the country,” he said.

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SEE Dollar (USD) to Naira Black Market Rate Today January 18, 2025 Aboki

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By Kayode Sanni-Arewa

As of January 18, 2025, the Nigerian Naira (NGN) has continued to experience some level of volatility against the US Dollar (USD), while this has been the norm for decades now, this largely to some extent reflects the ongoing economic challenges.

See the Naira performance across various currencies

A quick check at the parallel market at Abuja Zone 4 market,as at January 18, 2025 , the black market exchange rate stands firmly at approximately ₦ 1,682.00 per USD. This means if you want to buy a dollar now, it is ₦ 1,682.00 while if you want to sell it is approximately ₦ 1,670.00 .

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Please be aware that the parallel market or the black market rates are mostly and notably higher compared with what you get from the official market or CBN rate

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Selling Rate ₦ 1,682.00

Buying Rate ₦ 1,670.00

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