Local Food Vendor "Amoke Oge" Makes N2.3 billion in Deliveries on Chowdeck
Sunday 25th May 2025
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Amoke Oge, a local Nigerian food vendor, earned N2.3 billion in revenue after completing 500,000 deliveries on Chowdeck, one of the country's leading food delivery platforms.
It is a significant achievement for both the vendor and the platform, demonstrating the growing importance of digital marketplaces in Nigeria's food service sector.
The figure is on an average order value of N4,600, according to Chowdeck in a video posted on its official X (formerly Twitter) account.
Chowdeck stated that "Amoke Oge," owned by Hajia Amoke Odukoya, was one of the platform's first 100 vendors, joining about two to three years ago.
CBN Keeps Benchmark Interest Rate at 27.5%
On Tuesday, the Central Bank of Nigeria maintained its key interest rate at 27.5%.
The decision, announced by CBN Governor Olayemi Cardoso after a two-day Monetary Policy Committee (MPC) meeting in Abuja, marks the bank's second consecutive decision to keep the interest rate unchanged.
The bank steadily raised the rate from 11.5% in 2022 to 6 hikes in 2024 alone, totalling 875 basis points.
Mr Cardoso stated that the committee's decision to keep the rate was unanimous and influenced by recent positive macroeconomic indicators.
First HoldCo Aims to Meet new N500 billion minimum capital requirement by July, GMD says
First HoldCo Plc, the parent company of Nigeria's oldest lender, First Bank, is confident of an increase in its core capital to at least N500 billion by this year in July, eight months before the deadline for Nigerian banks to raise capital to new thresholds.
The company has already received 30% of its cash from a recent rights issue that sold N150 billion in common stock to shareholders, and it plans to raise the remaining funds through a private placement.
The proposed share sale to affluent investors will begin in two weeks, according to Femi Otedola, chairman and top shareholder, who added that his total investment in the holding company will exceed N300 billion by the end of the planned offer.
To better position Nigerian lenders for the N1 trillion economy that the CBN aims to achieve by 2030, banks are to create buffers and increase paid-in capital to significantly higher levels.
Dangote Refinery Collaborates with Vinmar to Export Polypropylene
Dangote Petroleum Refinery & Petrochemicals has announced an exclusive partnership with Premier Product Marketing LLC, a Vinmar company, to bring Dangote Polypropylene to global markets beyond Nigeria and Africa.
Anthony Chiejina, the company's Group Chief Branding and Communications Officer, announced on Wednesday that this strategic agreement coincides with the start of polypropylene production at Dangote's refinery and petrochemical complex in Lekki, Nigeria.
Polypropylene is a plastic polymer with numerous applications, including packaging, automotive parts, textiles, construction materials, and medical devices. It is well-known for its long-lasting, chemically resistant, and lightweight properties.
According to Mr Chiejina, the plant uses proven technology to produce high-quality polypropylene grades for different industries including; packaging, automotive, textiles, and construction.
According to the statement, the $2 billion petrochemical plant in Ibeju-Lekki, Lagos, will produce 77 different polypropylene grades. It has an annual capacity of 900,000 metric tonnes and a projected revenue of $1.2 billion.
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