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Food prices continue to rise in October — NBS



The National Bureau of Statistics (NBS), said that prices of selected food items increased in October.

This is according to the NBS Selected Food Prices Watch Report for October, released in Abuja on Wednesday.

The report said that the average price of 1kg onion bulb on a year-on-year basis, increased by 32.56 per cent from N306.07 recorded in Oct. 2021 to N405.72 in Oct. 2022.

“While on a month-on-month basis, 1 kg of onion bulb increased to N405.72 in Oct. 2022 from N397.18 recorded in Sept. 2022, indicating a 2.15 per cent increase,” the report said.

The report showed that the average price of 1kg rice (local, sold loose) increased on a year-on-year basis by 17.45 per cent from N415.03 recorded in Oct. 2021 to N487.47 in Oct. 2022.

“On a month-on-month basis, the average price of this item increased by 3.40 per cent in Oct. 2022 from N471.42 recorded in Sept. 2022,’’ the report says.

The NBS said the average price of 1kg of tomato increased on a year-on-year basis by 30.79 per cent from N347.47 recorded in Oct. 2021 to N454.46 in Oct. 2022.

Also, the report showed that on a month-on-month basis, 1 kg of tomato increased by 2.10 per cent from N445.12 in Sept. 2022.

Also, the report showed that the average price of 1kg brown beans (sold loose) increased by 17.95 per cent on a year-on-year basis, from N478.76 recorded in Oct. 2021 to N564.69 in Oct. 2022.

The report showed that the average price of Palm oil (1 bottle) increased by 33.22 per cent from N727.21 recorded in Oct. 2021 to N968.76 in Oct. 2022.

“It also grew by 4.47 per cent on a month-on-month basis from N927.34 recorded in Sept. 2022,” the report said.

Also, the average price of Vegetable oil (1 bottle) stood at N1, 106.08 in Oct. 2022, indicating a 33.99 per cent increase from N825.46 recorded in Oct. 2021.

“On a month-on-month basis, it rose by 2.81 per cent from N1, 075.89 in Sept. 2022,’’ the report said.

The report revealed that the average price of 500g sliced bread increased by 36.68 per cent on a year-on-year basis from N382.77 recorded in Oct. 2021 to N523.16 in Oct. 2022.

“On a month-on-month basis, the item increased by 2.23 per cent from N511.74 recorded in Sept. 2022,’’ says the report.

The report showed that at the state level, the highest average price of rice (local, sold loose) was recorded in Rivers at N630.66, while the lowest price was recorded in Jigawa at N381.54.

It said Ebonyi recorded the highest average price of beans (brown, sold loose) at N848.74, while the lowest price was reported in Plateau at N360.03.

“In addition, Abia recorded the highest price of Vegetable oil (1 bottle) at N1, 484.31, while Benue recorded the lowest price at N650.89,’’ the report said.

It said that Cross River recorded the highest average price of 1kg of onion bulb at N980.62 while Benue recorded the lowest price at N180.34.

The report also showed that the highest average price for 1kg of tomato was recorded in Delta at N824.55 while the lowest price was at N166.67 in Taraba.

It said the highest average price of 500g sliced bread was recorded in Abuja at N705.00 while Plateau recorded the lowest price at N310.00.

The report said analysis by zone showed that the average price of 1kg onion bulb was higher in the South-South and South-East at N670.63 and N538.31, respectively, while the lowest price was recorded in the North-East at N212.83.

It said the South-South recorded the highest average price of 1kg rice (local, sold loose) at N545.03, followed by the South-West with N519.53, while the lowest price was recorded in the North-West at N435.06.

Also, the report showed that the South-East recorded the highest average price of Palm oil (1 bottle) at N1, 101.04, followed by the South-West at N1, 096.17, while the North-Central recorded the lowest price at N742.62.

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Otedola buys a 2.22% additional stake in First Bank Holdings



Nigerian billionaire, Femi Otedola, the Chairman of First Bank Holdings, has acquired an additional 2.22 per cent stake in First Bank.

This was disclosed in a corporate filing on the Nigerian Exchange Group on Monday.

The development comes barely four days after Otedola regained his position as the majority shareholder of First Bank after acquiring N18.9 billion worth of the group’s shares on the Nigerian Exchange on Thursday.

Otedola acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion and 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.

Earlier, FBN announced the appointment of Olusegun Alebiosu as its substantive Managing Director and Chief Executive Officer.

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Seafarer: Oyetola leads ITF, Minister, NIMASA DG, others for commemoration in Lagos



By Seun Ibiyemi

All is set for Nigeria to join other nations across the globe in celebrating the Day of the Seafarer 2024.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, and his counterpart Minister of State, Labour and Productivity, Honourable Nkeiruka Onyejeocha will be leading other dignitaries including the Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Dayo Mobereola and the head ITF seafarer’s Trust Fund Katie Higginbottom to the commemoration scheduled to take place in Lagos.

Speaking ahead of the event, Director General of NIMASA, Dr Dayo Mobereola urged Nigerians to participate in this year’s celebrations adding that the use of #SafetyTipsAtSea on all social media platforms will ensure adequate exposure to Nigeria’s celebration of the Seafarers day in line with the Theme of the IMO.

In his words: “Seafarers are the unsung heroes of our global economy, I will even describe them as the lifeblood of international trade, they sacrifice a lot for humanity’s existence as they leave their families for months for our sake.

“Let us celebrate their resilience, dedication, and the invaluable role they play in our world. This day belongs to them, let us use the Hashtag #SafetyTipsAtSea for all our social media posts so that Nigerian Seafarers will feel appreciated,” he stated.

The 2024 commemoration is another way of bringing to the fore the importance of Seafarers as essential workers and the IMO has set this date specifically for the celebration of these special occupations.

This year’s theme also aligns with the Agency’s drive to protect Nigerian seafarers and create more opportunities for those willing to take a career in seafaring.

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Access Bank Ghana posts impressive growth in income, assets



Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth. The Board Chairperson of Access Bank (Ghana) Plc, Ms. Ama S. Bawuah, presented the financial statements, highlighting the Bank’s impressive performance despite the challenging macroeconomic environment.

Access Bank Ghana’s total assets grew to 22.3 per cent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent from GHS1.150 billion to GHS 1.613 billion. The Bank’s Loans and Advances rose by 42.81 per cent.

Ms. Bawuah said, “In 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures. Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.”

“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity,” Bawuah added.

Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support.  The Bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.

Olumide Olatunji, Managing Director, Access Bank Ghana Plc, reiterated the Bank’s resilience and stability. “Despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission. We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 per cent increase.”

He added that the Bank achieved a remarkable turnaround by resuming tax remittances to the government. This reversal from a negative contribution of GHS102 million to an impressive 509 per cent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth. Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.

Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction. “We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.

Mr. Sampson Ashong, the General Secretary of the shareholders praised the Bank’s performance and initiatives citing its resilience and growth potential. “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world,” he said.

Shareholders approved all resolutions on the agenda, which included among other things, also saw the re-election of the members of the Board of Directors and one retirement.

The event was a celebration of the Bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.

Since 2009, Access Bank Ghana has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant. These have contributed to the Bank being recognised with various awards in 2023. These include the 2023 Best Bank by Euromoney Awards, Best Retail Bank by Global Brands Awards, Best Digital Bank in Ghana by Digital Banker Africa Awards; and Best SME Banking and Best Bank for CSR by Euromoney Awards.

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