The Federal Competition and Consumer Protection Commission (FCCPC), has sealed off a foreign supermarket 4 U located at Wuse 2, for obnoxious practices, information concealing and sale of substandard bags of rice.

Sealing off the supermarket in Abuja on Thursday, the Acting Executive Vice Chairman of FCCPC, Dr Adamu Abdullahi, described the situation as unacceptable.

He said the supermarket also stock piled Stallion and Cap rice brands, adding that Stallion Group, the producers of the product had been comatose for a long time.

He said the supermarket was engaging suppliers, who were re-bagging the Stallion rice.

Abdullahi said the sealing was in continuation of  the Commission’s efforts toward ensuring that prices in the market reflected what was displayed.

He said the move was also targeted at  crashing the prices of goods in the country.

”Nowadays, we have found out that there is a lot of pretense in what is happening, especially supermarkets around the major cities in the country.

”Today, we are in this supermarket and the same practice is still ongoing.

”You go to the shelf, the price of the product displayed is different from what appears when you go to pay at the counter.

”That is not acceptable and some of the products don’t even have prices attached to them.

”We are evacuating all the cap and stallion rice here today and they will explain to us how they got hold of it.

”Sanctions appropriate with the Act establishing FCCPC to meet different products association to discourage price fixing and cartels.”

The acting executive vice chairman said that the Commission would commence enforcement in the open markets by April 19, to meet with different products association to discourage price fixing and cartels.

Ms Boladale Adeyinka, the Director, Surveillance and Investigation of FCCPC, who led the enforcement frowned at practices at the supermarket.

Adeyinka said that bags of rice evacuated by the Commission from the supermarket were weavils infested.

She said that necessary actions would be taken to ensure that consumers got value for their monies.

Alhaji Yunusa Yusuf, the General Manager of 4 U supermarket, said the supermarket would not take absolute responsibility for the substandard rice.

He said the supermarket would provide necessary details of their rice supplies to the FCCPC for further investigations.

Five and ten kilogrammes  bags of rice evacuated from the supermarket had been infested by weavils.

The staff and customers at the supermarket were also evacuated before it was sealed off.

Ecobank Transnational Incorporated (ETI) says it has successfully repaid its 500 million dollar five-year eurobond on Thursday, in testament to its financial strength.

Adepoju explained that the bond, due on April April 18 and which marked ETI’s inaugural eurobond issuance in April 2019, was warmly received by a diverse group of global investors.

He said that this included its esteemed long-term development partners, FMO and Proparco, who acted as anchor investors to the issuance.

According to him, the bond was listed on the main market of the London Stock Exchange (LSE) with a coupon rate of 9.5 per cent.

He noted that the principal and

interest repayment, totaling 524 million dollars, was distributed to bondholders through the transaction agent on the bond maturity date of April 18.

Adepoju said: “This inaugural bond we are retiring today was critical in

introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the

capital markets.

“When viewed against the backdrop of the difficult operating environment that characterised most of 2023 and is still being felt today, particularly the disruptions in the world supply chain and global financial markets.

“The group continues to show resilience through strong liquidity, a robust balance sheet, and a solid

leadership team.

Transcorp Hotels Plc on Thursday said it had divested its 100 per cent interest in Transcorp Hotels Calabar Ltd., to Eco Travels and Tours Ltd., an indigenous hospitality company.

Mr Stanley Chikwendu, Company Secretary, Transnational Corporation, disclosed this in a notification sent to the Nigerian Exchange Ltd.(NGX) in Lagos.According to Chikwendu, Transcorp Hotels’ strategic focus is on Abuja and the significant continuing unvestment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.

He noted that Eco Travels and Tours has a diversified portfolio, including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.

The company secretary said, in the firm’s published 2023 audited financial statements, the company recorded 36 per cent revenue growth.

With the ongoing execution of its business strategies and optimisation of new business opportunities, he noted that the hospitality subsidiary would continue to deliver even greater value to all its stakeholders.

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation
Plc (Transcorp Group), one of Nigeria’s largest conglomerates.

The hospitality subsidiary is consistently reshaping the hospitality landscape in Africa, aligning with its mission to lead in the industry and contribute to Nigeria’s growth while positively impacting lives.

Notably, in 2023, the company’s shares concluded the year as the top-performing stock on the NGX.