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Rite Foods Limited goes global, now Halal certified

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In its drive to attain the highest international product quality standards, Rite Foods Limited, Nigeria’s leading manufacturer of carbonated soft drinks, premium table water, energy drink and sausages has been certified by Halal, the foremost authorized certification and quality assurance body necessary to get trade permission in 117 countries.

Consequently, all thirteen variants of Nigeria’s favorite carbonated soft drink, Bigi drinks, Bigi premium water, Fearless Energy Drink, Rite and Bigi sausages complies with Halal requirement. In other words, all products of Rite Foods Limited comply with Halal’s food safety requirements – they are edible, healthy, wholesome and permissible for consumption.

Seleem Adegunwa, Managing Director, Rite Foods Limited reaffirmed his company’s commitment to operating in a truly world class standard by meeting the needs of consumers globally.

“This certification is a confirmation of our operation as a Truly World Class company, committed to giving our consumers the highest quality products globally,” he stated.

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Adegunwa further expressed excitement over the certification, stating that it solidifies the company’s already existing expansion drive globally.

Similarly, Abdulazeez Ajala, Director, Compliance and Regulation, Halal Certification Authority, Nigeria stated during the presentation of the certificate that the Halal body is proud to present Rite Foods Limited the Halal certificate having passed all Halal requirements after an extensive audit that lasted several months.

“Having done all research, we have found that all Rite Foods products are healthy and can be taken by consumers anywhere in the world, having met all food safety requirements in accordance with the Halal regulations,” Azeez added.

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The Halal certificate is a document that guarantees that products and services aimed at about 1.8 billion consumers globally meet all quality requirements and therefore, are suitable for consumption. The certification is a process that ensures the features and quality of the products and allows the use of the Halal mark.

Going forward, all products of Rite Foods Limited will carry the Halal mark, assuring consumers globally that the products served are hygienic, healthy and follows halal procedures.

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With the Halal certification, Rite Foods Limited has demonstrated its commitment to providing consumers with high-quality products across the globe. The company’s production process follows World-Class Standards and guards against any form of contamination, thereby placing food safety above financial concerns; this includes going beyond Nigerian statutory food laws, to ensure it attains the highest international product quality standards.

L-R: Abdulazeez Ajala, Director, Compliance and Regulation, Halal Certification Authority, Nigeria; Seleem Adegunwa, Managing Director, Rite Foods Limited; Mrs. Kudirat Balogun, Chief Finance Officer, Rite Foods Limited and Dr. Ajani Abidemi, Secretary-General, Halal Certification Authority, Nigeria and Mr. Yunus Adeniran, National Sales Manager, Rite Foods Limited during the presentation of Halal certificate to Rite Foods Limited at the company’s corporate headquarters in Lagos on Monday, February 7, 2022

Photo shows Abdulazeez Ajala, Director, Compliance and Regulation, Halal Certification Authority, Nigeria; Seleem Adegunwa, Managing Director, Rite Foods Limited; Mrs. Kudirat Balogun, Chief Finance Officer, Rite Foods Limited and Dr. Ajani Abidemi, Secretary-General, Halal Certification Authority, Nigeria, during the presentation of Halal certificate to Rite Foods Limited at the company’s corporate headquarters in Lagos on Monday, February 7, 2022

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Oil marketers set to import 141 million litres of PMS to Nigeria

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Oil marketers importing PMS to Nigeria

Three major oil marketers are expected to import 141 million litres of Premium Motor Spirit (PMS) into Nigeria this week. The imports follow the Federal Government’s full deregulation of the downstream oil sector, with strict testing procedures set by regulatory authorities before the petrol is allowed for sale.

 

Three major oil marketers are preparing to import around 141 million litres of Premium Motor Spirit (PMS), commonly referred to as petrol, into Nigeria this week, barring any unforeseen circumstances.

According to sources, this large shipment of PMS is facilitated by the recent full deregulation of the downstream oil sector by the Federal Government, allowing room for such imports.

 

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Also read: NULGE chairman Oluwatuyi Olasoji dies after collapsing in fuel queue

 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will subject all imported PMS to three major tests before authorising its sale across the country, ensuring compliance with quality standards.

The three oil marketers are expecting their products to arrive in vessels carrying approximately 35,000 metric tonnes each, translating into 141 million litres of petrol based on the conversion rate of 1,341 litres per metric tonne.

This development comes as the Nigerian National Petroleum Company (NNPC) announced new petrol pump prices from the Dangote Refinery.

The prices range from N950 per litre in Lagos to as high as N1,019 per litre in Borno State.

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The deregulation of the sector has fully taken effect, allowing more flexibility for private oil marketers to import PMS.

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However, regulatory bodies will still play a crucial role in ensuring that all imported petrol meets the required safety and quality standards before distribution.

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NNPC announces petrol prices from Dangote refinery, highest in Borno at N1,019.22

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Dangote Refinery petrol prices

NNPC has revealed that petrol from Dangote Refinery will be sold at N950.22 in Lagos and N1,019.22 in Borno, with variations across other states.

 

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has released the estimated retail prices for petrol being distributed from the Dangote Refinery to stations nationwide.

According to NNPC’s statement on Monday, petrol will be sold for N950.22 per litre in Lagos, while residents of Borno State will face the highest price of N1,019.22 per litre.

 

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Also read: NANS plans nationwide shutdown over fuel price hike, calls for NNPC DG’s removal

 

The prices vary across states, with residents of Sokoto, Oyo, the Federal Capital Territory (FCT), and Kano expected to pay N999.22, N960.22, and N992.22 per litre, respectively.

These prices are based on September 2024 pricing following the refinery’s first loading of Premium Motor Spirit (PMS) at its Lagos facility in Ibeju-Lekki.

 

 

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NNPC confirmed it purchased PMS from Dangote Refinery at N898 per litre, which followed initial pricing disputes between both entities.

While Dangote Refinery sold fuel in US dollars, Naira transactions for crude oil will commence in October 2024. NNPC highlighted that it is prepared to pass on any price discounts offered by Dangote Refinery to the general public.

The statement clarified that NNPC is paying Dangote Refinery in dollars, as stipulated by the Petroleum Industry Act (PIA), and reiterated that the government no longer sets PMS prices, which are now negotiated on an arm’s length basis.

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Naira gains 4.8% after debut domestic dollar bond sale

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Naira records highest gain after domestic dollar bond sale

The naira gained 4.8% against the US dollar, its biggest increase in two months, after Nigeria’s debut domestic dollar bond sale. The currency closed at 1,558 naira per dollar, the strongest level since August 21.

 

Nigeria’s naira recorded its highest gain in nearly two months, appreciating by 4.8% against the US dollar following the successful sale of the country’s first-ever domestic dollar bond.

According to Bloomberg, the currency surged to 1,558 naira per dollar on Wednesday, marking its strongest level against the dollar since August 21.

 

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Also read: Naira misses IMF exchange rate listing for June

 

This leap represents the naira’s largest jump since July 22. The boost in value came after Nigeria’s domestic dollar bond attracted $900 million in subscriptions, part of a $2 billion bond programme registered with the Securities and Exchange Commission.

Wale Edun, Nigeria’s Minister of Finance, revealed that the $500 million bond, with a five-year maturity and a 9.75% coupon, is just the first tranche of the programme.

The structure allows the government to absorb additional subscriptions up to the full $2 billion limit.

Edun further stated that the bond’s proceeds will be used for key sectors of the economy, as authorised by President Bola Tinubu.

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The bond issuance drew interest from a wide range of investors, both local and in the diaspora, as well as institutional investors.

The bond’s success and high demand have improved investor sentiment, which contributed to the naira’s recent strength.

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Analysts believe this could mark a turning point for the currency as it stabilises amid ongoing economic reforms.

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