Connect with us

Business

Africa’s biggest bank targets stake in OPay ahead of IPO

info

Published

on

OPay logo page 0001 scaled e1691674483493.jpg

MTN ADVERT

Africa’s largest bank by assets, Standard Bank Group is in negotiations with Nigerian fintech company OPay ahead of the latter’s planned initial public offering (IPO) in the United States.

OPay is working with Citigroup, Deutsche Bank AG and JPMorgan Chase & Co to help list the company in New York, which is expected to take place later in 2026, according to Bloomberg.

The amount Standard Bank intends to invest and the stake it is seeking in OPay remain unknown as the fintech, backed by SoftBank Group Corp and Sequoia Capital, targets a US IPO valuation of $4 billion.

The potential investment in OPay followed Standard Bank Group’s disclosure that it plans to increase its investments in companies across Africa in June.

The lender said it would deploy $15.4 billion to tap opportunities in Nigeria and other key markets across the continent.

PT WHATSAPP CHANNEL

READ ALSO: Ecobank, Cornerstone Insurance, Africa Prudential top stock pick this week

Since it was created in 2018, OPay has grown into one of Nigeria’s largest digital financial platforms, offering payment, savings, credit and other financial services as a mobile money operator.

In previous years, it has expanded beyond Nigeria into emerging markets across Africa and Asia, including Indonesia, Pakistan, and Egypt.

OPay is one of Nigerian fintech companies, including Moniepoint and Flutterwave, that have raised funding through foreign means over the years to finance growth and expand their operations beyond the continent.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ebola: Keyamo orders 46 contacts of infected woman placed on 21-day no-fly list

info

Published

on

461171997 2444001225805963 4884145209830171913 n.jpg

The Minister of Aviation and Aerospace Development, Festus Keyamo, has directed the Nigeria Civil Aviation Authority (NCAA) to notify local and international airlines to place 46 people who had contact with Nigeria’s confirmed Ebola patient on a no-fly list for at least 21 days.

Mr Keyamo disclosed this on Wednesday after a virtual meeting with the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, to discuss measures to contain the outbreak.

He said the list comprised 44 people who came into contact with the infected woman at a hospital after she developed symptoms, as well as two members of her domestic staff.

The minister said efforts were ongoing to isolate the individuals while health authorities determined whether they had contracted the virus.

He said he had directed the NCAA to notify all domestic and international airlines of the restriction immediately.

Airport surveillance intensified

Mr Keyamo also directed the Federal Airports Authority of Nigeria (FAAN) to strengthen Ebola surveillance and response measures at all international airports in the country.

PT WHATSAPP CHANNEL
Dangote Refinery AD

According to him, measures being implemented include enhanced health screening, temperature checks, tracking of travellers’ histories, digital health declarations and coordination with the Nigeria Centre for Disease Control and Prevention (NCDC).

He said the measures followed earlier alerts about Ebola outbreaks in the region.

ALSO READ: Ebola: Nigerian govt assures citizens of containment strategies

Nigeria confirmed its first Ebola case in the Federal Capital Territory on Tuesday, prompting contact tracing and other containment measures.

The patient, a woman who recently arrived in Nigeria on an international flight from Uganda, is receiving treatment in isolation at a private hospital in Abuja.

PREMIUM TIMES reported that health authorities identified 44 close contacts of the patient and began tracing people who may have been exposed to the virus.

The 21-day restriction ordered by Mr Keyamo is intended to prevent the identified contacts from travelling by air during the period in which symptoms may develop.

Ebola virus disease can cause severe illness and is transmitted through direct contact with the blood or other bodily fluids of an infected person, or contaminated materials. Its incubation period typically ranges from 2 to 21 days.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Cheaper chicken, vegetable oil drive 11.5% fall in jollof rice cost

info

Published

on

Jollof.jpg

The cost of cooking a pot of jollof rice in Nigeria fell by 11.5 per cent between June and September 2026, driven largely by declining prices of chicken, beef and vegetable oil as the main harvest reached markets, according to a report by SBM Intelligence.

The National Average Jollof Index dropped from N29,578 in June to N26,178 in September, marking the largest quarterly decline since the geopolitical research and strategic communications firm began tracking the cost in July 2016.

In its third-quarter 2026 report, titled ‘The Pot Cools, but Not Everywhere’, SBM Intelligence said the decline was concentrated in protein and oil prices, while rice prices remained largely unchanged.

SBM’s index prices the ingredients for one pot of jollof rice in fixed quantities across 13 Nigerian markets in the country’s six geopolitical zones.

The quantities include rice, chicken, tomatoes, vegetable oil, red pepper, tinned tomatoes, onions, beef, salt, curry, thyme and seasonings.

“Chicken and beef together account for N13,800 of the fall,” the report said, noting that protein had been the dominant driver of rising jollof rice costs in its second-quarter report.

PT WHATSAPP CHANNEL
Dangote Refinery AD

The report attributed the sharpest decline to the period between June and July, when the index fell by N2,312, coinciding with the arrival of the main harvest in markets. Prices were relatively stable in August before falling further by N984 in September.

The movement was consistent with inflation data according to the National Bureau of Statistics (NBS), as food inflation eased to 19.57 per cent in August from 20.31 per cent in July, its first decline in six months. Headline inflation also fell to 15.39 per cent in August.

The report said vegetable oil prices fell in nine of the 13 Nigerian markets monitored, with the largest decline recorded in Lagos, where the price of 90 centilitres dropped from N5,000 to N3,000.

“Oil and protein together account for more than half the national decline,” the report said.

Price fall drivers

However, the report cautioned that the decline was uneven across the country, with Lagos and Ibadan accounting for much of the reduction.

Nine of the 13 markets recorded declines of less than 10 per cent, while two barely moved.

Port Harcourt was the only market where the cost of preparing a pot of jollof rice increased, rising from N31,200 in June to N32,000 in September, a 2.6 per cent increase.

SBM Intelligence linked the increase to flooding in Port Harcourt and Obio/Akpor in late September, which disrupted conditions in the city while other parts of the country benefited from the harvest.

The report also identified a recording error in Ibadan’s Bodija and Dugbe markets, where curry and thyme prices had been recorded at about N3,500 each between January and June before dropping to N650 each from July.

It said the apparent reduction in the spice prices was a unit-related error rather than a genuine market movement, meaning the reported 21.3 per cent decline in the cost of jollof rice in the two markets overstated the actual price reduction.

Despite the quarterly relief, the cost of preparing a pot of jollof rice remained 5.8 per cent higher than in September 2025 and 540 per cent above the July 2016 level.

The report also noted that rice prices contributed little to the latest decline, with the staple’s combined price movement across the 13 markets amounting to just N50.

“This clearly shows a point the index has made for years: the Jollof Index is not a rice-price measure. Everything but the grain sets the cost of the pot,” it said.

Regional breakdown

The South-South remained Nigeria’s most expensive region for preparing jollof rice, with Calabar Municipal closing September at N34,600 and Bayside Mbakpa at N34,500. Both markets recorded declines of just N150 from June.

READ ALSO: Knorr marks World Jollof Day 2026 with one-of-a-kind “TurnUpForJollof” Celebration

In contrast, the Southwest recorded some of the steepest reductions. Prices in Lagos’s Trade Fair and Balogun markets fell from N34,700 in June to N22,350 in September, a 35.6 per cent decline.

In the Southeast, the cost fell by 5.3 per cent in Onitsha to N21,350 and by 3.2 per cent in Awka to the same amount.

SBM Intelligence said household responses also suggested that consumers were adjusting their food choices as prices changed.

One respondent in Kumbotso, Kano State, who had stopped buying chicken, resumed buying one chicken a week after the price of a kilogram fell from N7,000 to N4,500.

Another respondent in Gwale said the price of a cup of pepper fell from N2,500 to N1,400 the previous year, making it possible to resume cooking stew daily.

The report, however, warned that one quarter of falling prices had not reversed the longer-term increase in food costs, with the national index still substantially above its level a year earlier.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending