Business
Muslim Leaders Create Market in Lagos to Make Food More Affordable for Residents
Muslim scholars in Mushin, Lagos, under the League of Islamic Leaders, have launched an initiative called the Market of Convenience (MFC) to provide food items at more affordable prices.
The market, designed to ease the financial burden on Lagos residents, particularly Muslims, aims to serve as a community-driven solution to Nigeria’s rising economic challenges.
During a one-day sensitization program in Lagos, the Convener and Chairman of the MFC initiative, Alhaji Musoddiq Sanni, called on religious leaders to support the project.
He emphasized that the market was created to offer an alternative shopping experience for essential food items while promoting fairness in trade.
Sanni explained, “This market is not just about selling food; it’s about creating an avenue where justice and fairness in business transactions, as instructed by Allah in the Qur’an, are upheld.”
The MFC, which has been officially registered with the Corporate Affairs Commission and the Lagos State Ministry of Agriculture, represents a significant step toward addressing the economic hardship faced by many Nigerians.
Sanni mentioned the importance of establishing branches of the market across Lagos, including in Ikeja, to expand access to affordable food items.
He encouraged religious leaders in Ikeja to replicate the model in their communities, emphasizing that such initiatives align with the values of the Muslim community.
Alhaji Sulaimon Olanijo, Chairman of the League of Islamic Leaders in Mushin, added that the market could significantly alleviate the difficulties many Muslims face when purchasing food.
He urged other Muslim organizations to adopt the MFC system, stating that collaboration among Islamic groups could help realize the dream of establishing similar markets nationwide.
Olanijo also noted that this initiative supports the Federal Government’s push for food security.
The importance of cooperative societies was another key focus during the program.
Sanni mentioned that the League of Islamic Leaders is developing a detailed operational blueprint to ensure the market adheres to Islamic principles (Sharia) while remaining accessible to all.
He stated, “The idea of cooperation and collective effort is essential in our faith, and the MFC is a manifestation of that principle.”
Alhaji Abdul-Rahmon Abdul-Azeez, Chairman of the Council of Imams in Ikeja Division, commended the initiative, noting that it comes at a time when food prices have skyrocketed, leaving many struggling to meet their basic needs.
He added that the MFC has the potential to significantly reduce the cost of living if its model is widely embraced.
Business
Bitcoin Falls Below $63,000 to Lowest Level Since October 2024
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Business
‘That Is the Only Way to Spread Prosperity’ — Dangote on Refinery Shares
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Business
Aliko Dangote Speaks on His Children and Carrying on His Family Name
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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