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Business News

Japanese retailer, Miniso to open 200 additional stores in Nigeria

Miniso has disclosed plans to increase its retail stores in Nigeria by 200 new stores.

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Japanese low-cost retailer and variety store chain, Miniso, has disclosed plans to increase its retail stores in Nigeria by 200 new stores. The Managing Director of Miniso Nigeria, Key Yang disclosed this, she said the lifestyle designer retail brand company intends to expand its stores before the end of 2019.

The store’s growing chain, according to Yang, would create jobs for over 8,000 Nigerians.

Yang further said that by 2020, the company would start procuring most of its raw materials locally.

Also speaking, the company’s Franchise and Investment Manager, Jason Zhou, noted that since its creation, Miniso has actively explored the international market and has opened more than 2,900 stores in over 60 countries over the years.

Miniso is a Japanese low-cost retailer and variety store chain that specialises in household and consumer goods. It is the fastest growing fashion brand on a large global scale, with its product focus mainly in leisure lifestyle, which includes creative homeware, health and beauty, fashion accessories, digital accessories, stationery and gifts, unique toys series, seasonal products, Kitchenware, etc.

The franchise company was co-founded by Japanese designer Junya Miyake and Chinese entrepreneur Ye Guofu.

With its headquarter in Tokyo, Japan, Miniso has an average monthly growth rate of 80 – 100 stores across countries including the United States, Canada, Russia, Singapore, the United Arab Emirates, Korea, Malaysia, Kazakhstan, Australia amongst others.

In less than a decade since its began operations, Miniso has expanded outside of the Chinese market and operates 1,800 stores in Asia, Europe, Australia, Africa, North America, and South America.

Deal book 300 x 250

So far since Miniso lanched its operations in Lekki, Lagos, its has since opened eleven stores across the country.

The eleven stores opened include Ikeja City Mall; Palms Mall, Victoria Island; Novare Mall, Sango-tedo; Maryland Mall; Festival Mall, Festac; MMA2 (Departure Lounge);  Jericho Mall, Ibadan; Palms Mall, Ibadan; Apo Mall, Abuja; Jabi Lake Mall, Abuja and Gateway Mall.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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