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Economy

Housing Deficit: Firm Targets Homeownership Through Lottery

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  • Housing Deficit: Firm Targets Homeownership Through Lottery

A firm, Home Lottery Limited, says it targets to help the country reduce its housing deficit through lottery with houses as the winning prize.

The General Manager of Home Lottery, Mr Oladimeji Oguntoyinbo, said the firm began an initiative, the ‘Win a Home’ scheme in 2013, in partnership with Locke Homes Limited to achieve the target.

While announcing Adegbola Enoch as the July winner, he stated that the scheme, registered with the National Lottery Board, Lagos State Lottery Board and monitored by the Consumer Protection Council, had produced many homeowners since it was initiated.

He said, “On every draw day, the Home Lottery Limited gives out a grand prize of a three-bedroom house and consolation prizes to lucky winners; the scheme involves everybody with terms and conditions.

“Today we have three platforms for people to take part in the lottery and win houses. You can play via sms, you can also play on the Internet using your debit card and through our agent with the home lottery device. It is a scheme for anybody to be a landlord.”

The Head, Lagos office of Consumer Protection Council, Mrs Susie Onwuka, at the raffle draw, said the involvement of the council in the process was to ensure that consumers got value for their money.

She said, “When there are promos like this, we want to ensure that they are genuine, transparent and fair. We also ensure that people get whatever they are promised through the promo.

“Now that we have witnessed the draw, we will check all the prizes stated here today to be original. In case you are the winners, and you don’t get your prize, come to the council and we will be able to intervene.”

A Representative of the National Lottery Regulatory Commission, Mr Johnpaul Nnakaenyi, who also monitored the draw, said existing lottery regulatory act in the country made sure that every process was certified to ensure that those participating in any lottery process were not short-changed.

According to him, the process leading to the emergence of the winner is supervised by the commission.

“We are making sure that everything about lottery process in Nigeria is transparent and no Nigerian should be short-changed and to make sure that Nigerians develop interest and trust in lottery system. The act is used to regulate every lottery process in the country. The home lottery process has also gone through the certification process,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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Petrol Importation - investorsking.com

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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food storage

Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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