Business

Justrite Supermarket Sets For IFC’s $15m Loan For Expansion

Published

8 months ago

November 16, 2025

404 Views

Justrite, a popular supermarket chain co-founded by the dynamic duo, Ayodele Patrick Aderinwale and his wife, is on the cusp of a significant expansion.

The International Finance Corporation (IFC) is considering a substantial $15 million loan to help Justrite open a whopping 25 new stores across the country.

This exciting development promises a brighter future for both Justrite and the local economy.

The financing would be used to build and equip the new stores, creating jobs for Nigerians.

The expansion also aims to strengthen Justrite’s relationships with local suppliers, boosting their businesses as well.

If the deal goes through, it would be one of the largest development-finance investments in Nigeria’s retail sector in recent times, signaling confidence in the country’s growing market.

Since starting as a small neighborhood store in 2000, Justrite has grown into a familiar homegrown retail brand, serving urban and peri-urban communities that lack modern supermarkets.

The new funding could accelerate its expansion beyond the southwest, enhance logistics, cold-chain systems, and digital inventory tools, and further position Justrite as a scalable national retailer.

AfricInvest, which took a 40.4 percent stake in 2022, has already supported operational and procurement upgrades, preparing the chain for this next growth phase. The proposed IFC loan reflects renewed investor confidence in Nigeria’s consumer market after recent inflation and currency pressures.

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Naira Exchange Rates Thursday, 23 July

Published

19 hours ago

July 23, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

1 day ago

July 22, 2026

OCHEFA

40 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.