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    Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

    Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

    FG fines Multichoice N766m over privacy breaches

    FG fines Multichoice N766m over privacy breaches

    Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

    Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

    Food inflation: NSA, 36 states launch joint action

    Food inflation: NSA, 36 states launch joint action

    Petrol imports drop 54% as Dangote boost supply

    Petrol imports drop 54% as Dangote boost supply

    World Bank retains Nigeria’s growth at 3.6%

    World Bank retains Nigeria’s growth at 3.6%

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Sixteen years after meltdown, NGX market cap surges by 347.5%

    Sixteen years after meltdown, NGX market cap surges by 347.5%

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      Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

      Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

      FG fines Multichoice N766m over privacy breaches

      FG fines Multichoice N766m over privacy breaches

      Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

      Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

      Food inflation: NSA, 36 states launch joint action

      Food inflation: NSA, 36 states launch joint action

      Petrol imports drop 54% as Dangote boost supply

      Petrol imports drop 54% as Dangote boost supply

      World Bank retains Nigeria’s growth at 3.6%

      World Bank retains Nigeria’s growth at 3.6%

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Sixteen years after meltdown, NGX market cap surges by 347.5%

      Sixteen years after meltdown, NGX market cap surges by 347.5%

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        Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

        Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

        FG fines Multichoice N766m over privacy breaches

        FG fines Multichoice N766m over privacy breaches

        Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

        Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

        Food inflation: NSA, 36 states launch joint action

        Food inflation: NSA, 36 states launch joint action

        Petrol imports drop 54% as Dangote boost supply

        Petrol imports drop 54% as Dangote boost supply

        World Bank retains Nigeria’s growth at 3.6%

        World Bank retains Nigeria’s growth at 3.6%

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Sixteen years after meltdown, NGX market cap surges by 347.5%

        Sixteen years after meltdown, NGX market cap surges by 347.5%

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          Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

          Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

          FG fines Multichoice N766m over privacy breaches

          FG fines Multichoice N766m over privacy breaches

          Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

          Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

          Food inflation: NSA, 36 states launch joint action

          Food inflation: NSA, 36 states launch joint action

          Petrol imports drop 54% as Dangote boost supply

          Petrol imports drop 54% as Dangote boost supply

          World Bank retains Nigeria’s growth at 3.6%

          World Bank retains Nigeria’s growth at 3.6%

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Sixteen years after meltdown, NGX market cap surges by 347.5%

          Sixteen years after meltdown, NGX market cap surges by 347.5%

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            Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

            Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

            FG fines Multichoice N766m over privacy breaches

            FG fines Multichoice N766m over privacy breaches

            Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

            Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

            Food inflation: NSA, 36 states launch joint action

            Food inflation: NSA, 36 states launch joint action

            Petrol imports drop 54% as Dangote boost supply

            Petrol imports drop 54% as Dangote boost supply

            World Bank retains Nigeria’s growth at 3.6%

            World Bank retains Nigeria’s growth at 3.6%

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Sixteen years after meltdown, NGX market cap surges by 347.5%

            Sixteen years after meltdown, NGX market cap surges by 347.5%

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              Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

              Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

              FG fines Multichoice N766m over privacy breaches

              FG fines Multichoice N766m over privacy breaches

              Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

              Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

              Food inflation: NSA, 36 states launch joint action

              Food inflation: NSA, 36 states launch joint action

              Petrol imports drop 54% as Dangote boost supply

              Petrol imports drop 54% as Dangote boost supply

              World Bank retains Nigeria’s growth at 3.6%

              World Bank retains Nigeria’s growth at 3.6%

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Sixteen years after meltdown, NGX market cap surges by 347.5%

              Sixteen years after meltdown, NGX market cap surges by 347.5%

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                Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

                Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

                FG fines Multichoice N766m over privacy breaches

                FG fines Multichoice N766m over privacy breaches

                Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                Food inflation: NSA, 36 states launch joint action

                Food inflation: NSA, 36 states launch joint action

                Petrol imports drop 54% as Dangote boost supply

                Petrol imports drop 54% as Dangote boost supply

                World Bank retains Nigeria’s growth at 3.6%

                World Bank retains Nigeria’s growth at 3.6%

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Sixteen years after meltdown, NGX market cap surges by 347.5%

                Sixteen years after meltdown, NGX market cap surges by 347.5%

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                  Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

                  Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

                  FG fines Multichoice N766m over privacy breaches

                  FG fines Multichoice N766m over privacy breaches

                  Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                  Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                  Food inflation: NSA, 36 states launch joint action

                  Food inflation: NSA, 36 states launch joint action

                  Petrol imports drop 54% as Dangote boost supply

                  Petrol imports drop 54% as Dangote boost supply

                  World Bank retains Nigeria’s growth at 3.6%

                  World Bank retains Nigeria’s growth at 3.6%

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

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                  Rice brand war intensifies as yuletide approaches

                  Punch | November 13, 2023
                  Rice brand war intensifies as yuletide approaches
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                  Mrs. Juliana Ariyo, bought a bag of 50kg long grain rice, branded ‘Mama Africa’ from the popular rice market, Daleko in Mushin Lagos.

                  From the first day she cooked the rice, her whole family enjoyed it so much that she made up her mind to stick to that brand.

                  As soon as the rice finished months after, she eagerly went back to the same market to purchase the same brand of rice.

                  Fortunately, on getting to the market she saw the brand and happily parted with N57,000 despite the fact that few months ago when she made her first purchase it was N50,000.

                  With the alarming way prices of goods jump up in Nigeria now, everyone knows that the price one pays for a product yesterday may not be the price of the product the next day.

                  Anyway that is a story for another day.

                  After making her payment, Mrs. Ariyo happily ordered the sales man to drop the bag of rice inside the boot of her vehicle and happily drove home anticipating the kind of satisfaction she experienced with her first purchase.

                  The next day she ventured to make rice meal for her family of five. She opened the bag of rice to measure out some cups but on sighting the rice grains she saw it was entirely different from the contents of the first bag she bought. The grains of rice from this bag were very short and some broken. It was as if someone bagged runoff or leftover rice from the rice factory.

                  Surprised and believing the wrong bag must have been loaded for her she scrutinised the rice bag, but it was the same bag of rice she chose, the same brand name as the first one she bought, the lettering, etcetera on the bag. Dejected and annoyed, she still cooked the rice.This time the rice took longer to cook, and ended up sticky and marshy as if it was semovita meal or the popular hausa meal rice meal ‘tuwo shinkafa’. Mrs. Ariyo, of course, did not add more water than necessary when she was cooking the rice.

                  This is the trend in the rice industry. It has been going on for long and nothing is being done about it.

                  One cannot guarantee the brand of rice she/he is eating based on the brand name on the bag.

                  One may be eating ‘Royal Umbrella’ bagged in a rice bag branded ‘Enugu rice’ or ‘Kebbi rice’ or one may be eating ‘JOK Rice’ bagged in a bag branded ‘Mama Choice’.What brand of rice is in the bag of the rice you have just bought? Is it Royal Umbrella, Stallion, Marvel, Caprice, El Faradj, Mama Gold,etcetera? It is only the wholesaler and retailer that can honestly answer that question.

                  Adulteration has permeated the rice industry just like in every other sector. The story of Mrs. Felicia Okonkwo, a caterer with the Nigerian Prison Authorities, is not different from Mrs. Ariyo’s narration.

                  Felicia Okonkwo,  had just ordered some bags of Royal Umbrella rice at the normal price of N57,000. Royal Umbrella, because it is about one of the best rice in the market.

                  According to Mrs. Okonkwo, on opening the 50kg bag, and seeing the rice, she realised it was not the rice she has been buying.

                  Unlike the Royal Umbrella, this particular rice grain was not slim and long and also did not have the shinny finish of Royal Umbrella.

                  On opening the second bag of rice she bought, she noticed also that it was not the brand she had asked for.

                  The content of this second bag was even different from the contents of the first bag she opened and both bags were supposed to be the same brand.

                  After listening to the stories of the above buyers, our correspondent decided to take a trip to different rice markets. Posing as a buyer, she went to Daleko market.

                  As she walked through the market, she saw many empty rice bags printed with popular rice brand names displayed for sale for those traders wishing to falsely repackage unpopular rice under popular brand names.

                  She walked to line 2, Shop 34. The shop owner, Madame Funmi Olobanjo, popularly called Oyo Oyo Rice, was  forthcoming, believing she was a rice retailer.

                  She said the popular brands she wanted was scarce but that she could bag rice that looked similar to the ones she wanted under the brand name she wanted.

                  However, the ones that are usually adulterated are the brands in high demand, especially when they are no longer in the market and buyers keep demanding for them.

                  Also at the Agege Market, Shop No 18, Shiaba Street, Alhaji Musa Abubakar, though confirming the adulteration of rice, said that not all the traders were involved in the nefarious activities.

                  The way to avoid falling into the hands of these dupes, he advised, is to maintain a customer.

                  “Find an honest customer and stick to him,” he said.

                  At Iddo, another popular rice market where the adulteration seemed to be rife, Mr. Anene Ikeanyionwu, a rice dealer, while condemning the actions of some of his fellow traders, also blamed consumers for sometimes insisting on a particular brand.

                  “The difference in some of these brands, especially the rice from Thailand is not much. They are all good rice just that they have been branded in different names. There is no much difference between El Faradj, Super rice, Royal Umbrella and the other brands. The only thing is that those brands have been marketed better,” lamented Ikeanyionwu. “Where the difference is noticeable is between rice imported from India and the one imported from Thailand. Indian rice is of smaller seed and sells for about N47,000 while Thai rice is of bigger and longer grain which consumers prefer and which goes for between N57,000 – N60,000.”

                  But a consumer has the right to know what he or she is buying and right to preference.

                  Investigations by Consumer Watch  revealed that at all the popular rice markets in Lagos like Iddo, Daleko, Ketu, Mile 12, Alaba, Sango Otta, the story is the same.

                  Printed rice bags of different brands are openly on display for traders to buy and repackage and rebrand. Grain sack-sewing machines are equally on display. Almost all the wholesalers are involved in this act and they engage in it right inside their stores, though discreetly.

                  Investigations further revealed that the union can’t stop the adulteration because the members are the wholesalers who are deeply involved in the adulteration.

                   

                   

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