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We Own Oriental Hotels, Not Tinubu- WEMPCO Management Cries Out

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Western Metal Products Company (WEMPCO) Group, owners of Lagos Oriental Hotel, has denied insinuations in some quarters that it is owned by the national leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu.

In a statement by Taiwo Alli, Executive Director Corporate Affairs, Wempco Group the hotel’s management said: “Western Metal Products Company (WEMPCO) Group, owners of Lagos Oriental Hotel, formally acknowledge that there was an attack on our property on October 20, 2020, when hoodlums armed with guns, knives and bottles, forcefully gained entrance to our facility, assaulted some of our security personnel and damaged properties.

“Unidentified individuals whose motives remain unknown to us have gone to town with a rather unfortunate narrative claiming that the Lagos Oriental Hotel is the investment of politicians, thereby exposing it to unwarranted attacks.

“Lagos Oriental Hotel is owned by the WEMPCO Group with 99percent shareholding. The WEMPCO Group of Companies was founded by businessman and entrepreneur Mr. K.F. Tung over fifty (50) years ago.

“The Lagos Oriental Hotel is a flagship in the Nigerian hospitality business but is not a flagship of the WEMPCO Group. It is an investment made by the Group in 2008, but not part of their core manufacturing business.

“At present, WEMPCO Group provides jobs for over 25,000 young Nigerians, affording them the opportunity to earn a living and gain useful experience.  It is therefore unfortunate the attempt to disrupt our business and tarnish our image painstakingly built over the years.

“Speaking on the development, the Managing Director, Mr. Lawrence Tung noted that ‘like other responsible businesses operating in Nigeria, Lagos Oriental Hotel is hopeful that closure will be brought to cases of injustice identified in the country. It is however important to protect our businesses from unwarranted attacks by individuals who may not be aware of the facts around our existence.

‘We are fully cooperating with the authorities in their investigations into the remote and immediate causes of the incident that occurred on 20, October 2020 and assure our numerous clients and partners that we are working to ensure that normalcy returns to the hotel.”

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Bitcoin Slumps To $35,000 After Federal Open Market Committee Report

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Bitcoin (BTC) is currently down 5.09%, trading at $35,686.47, just days after breaking the $40,000 level. The downturn did not just affect Bitcoin and the cryptocurrency market alone.

The stock market and commodities were not left out of the selloff which resulted from Federal Reserve Chair, Jerome Powell’s comments related to future interest rate hikes and concerns over rising inflation.

The comments led to major declines in both the cryptocurrency and commodity market, particularly Gold.

This online medium had earlier reported that Gold had fallen below the $1,800 mark, dropping over $130 since the beginning of this month after hitting a high of $1,916, which has not been touched since January 2021.

This crash was also caused by the same Federal Open Market Committee (FOMC) report.

Reasons for the decline in Bitcoin

First is the FOMC report. The Fed took a surprisingly aggressive tone as it handed down the decision yesterday.

Out of 18 Fed officials, 11 forecasts at least two quarter-point interest rate increases for 2023 which is a sign that the central bank has begun asset tapering discussions.

This boosted the dollar index which in turn gave strength to the dollar, which ultimately caused a decline in Bitcoin and the entire cryptocurrency market.

With the market already selling off as a result of the heat from the FOMC report, investors lost confidence in the market, thereby increasing the momentum of exchange inflows in cryptocurrencies like Bitcoin which ultimately brought about the decline in the market like we saw in the commodity market.

As seen above, Bitcoin’s price decline was also perpetrated by increased inflows to spot exchanges which led some analysts to speculate that traders who failed to cash out near the high are taking advantage of lower highs to lock in gains.

As the sell-off intensified as a result of the FOMC report, the NetFlow of BTC into exchanges saw noticeable selling pressure, which kept Bitcoin pinned below $36,000.

What Bitcoin’s tumble means

As Bitcoin failed to retake the $40,000 trading zone, investors need to keep a close eye on on-chain analytics which will point to where investor sentiments will be heading.

So far, some analytics are showing bullish signs as whale wallets holding between 100 BTC and 10,000 BTC have increased their holdings by 90,000 BTC over the past 25 days, suggesting a more positive long-term outlook.

The investors also need to be aware that MicroStrategy will be pumping the Bitcoin market by injecting a fresh $488 million which is also another bullish indicator.

 

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BUA DENIES INCREASE IN THE PRICE OF ITS CEMENT, FROWNS AT CARTEL- LIKE OPERATION TO DETERMINE PRODUCT PRICES

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The BUA group has denied increase in the price of it’s cement. The clarification came as a result of requests from customers as well as distributors who have been calling to find out whether, like DANGOTE Cement BUA had also increased its own price by 260 Naira.

In a signed statement released this afternoon, the BUA group insists that it stands by its earlier decision not to increase cement price which was communicated on April 24, 2021.

According to the management of BUA, they are aware that Dangote decided to increase the price of it’s cement by 260 NAIRA from June 14, 2021. The management also noted that even though there had been decline in cement demand due to commencement of rainy season, any further increase in price will disrupt, the normalisation or stabilisation  of prices.

The BUA group further stated that they will always be willing to play their role as a responsible corporate entity rather than associate with others to form a cartel to fix prices which will ultimately not be in the best interest of Nigerians.

In their words, ‘ The timing is not right for any increase on BUA’s part and we do not have any justifiable business reason to increase to increase our prices any time soon.

They also hope that the price increase by Dangote will not disrupt the downward trend of cement price movement

See statement:

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Fidelity GAIM Season 4 Final Draw To Hold On July 22

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….Bank To Enrich 15 Lucky Customers With Millions of Naira

Lagos Nigeria June 21, 2021: Fidelity Bank Plc, top Nigerian lender, has announced plans to enrich the lives of fifteen Nigerians with a total of 39 million Naira at the final draw of the Get Alert in Millions Campaign (GAIM) Season 4 savings promo, slated for July 22, 2021.

The savings promotion, which is specifically aimed at promoting the culture of saving among Nigerians, is one of the bank’s many initiatives aimed at rewarding new and existing customers for their unwavering loyalty and patronage.

Despite the fact that the promotion was halted in 2020 due to the Coronavirus (Covid-19) Pandemic and the resulting global lockdown, hundreds of Nigerians have benefited from this unique reward scheme in which lucky customers are credited with millions of naira and consolation prizes via a draw system.

The Chairman, Promo Committee, Fidelity Bank Plc, Mr. Richard Madiebo expressed his delight at the resumption of the savings promotion, stating that the campaign seeks to reward customers for their loyalty and patronage. According to Mr. Madiebo, for the past twelve years, the bank has empowered new and existing customers, providing an avenue for many to change their fortunes through its savings Promo.

He stated that the bank takes pride in keeping its promises, adding that the lender would continue to look out for innovative ways to satisfy and enrich its customers across the nation.

“And as we wind down on the 4th season of the GAIM promo, we are elated at the prospect of not only driving financial inclusion across Nigeria, but also at the unique opportunity to enrich the lives of our customers especially in times of economic uncertainties”, noted Madiebo

Over the years, the leading tier two Bank has continued to intensify its efforts and innovate ways towards ensuring customer and stakeholder satisfaction. Through this promo, Fidelity Bank has promoted financial inclusion through digital channels and enriched the lives of its custom

 

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