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Entries Open for Second ALAT Food Challenge

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ALAT Food Challenge

By Aduragbemi Omiyale

Food lovers in Nigeria now have the opportunity to apply for the second edition of the ALAT Food Challenge sponsored by Wema Bank Plc.

According to the Head of Marketing Communications and Investor Relations at Wema Bank, Ms Funmilayo Falola, the company’s drive-in organising another edition of the ALAT Food Challenge was to “lift the spirits of Nigerians, especially following a difficult year.”

“It was exciting to see how Nigerians reacted to the first contest and we hope that we can replicate that joy on a much bigger scale with this edition,” she added.

On Monday, January 17, 2022, ALAT by Wema confirmed that the challenge will even improve on the successes of the previous edition and will leverage the excitement of the new year season.

The challenge will give young Nigerians another opportunity to express their excitement following an eventful year. The partnership with popular social media food influencer, Ayo the creator of the food eating show – Nigerians vs Food, will continue this season.

This challenge, which will feature two episodes, is open to all interested persons between the ages of 18 to 35 and requires all challengers to sign up on the ALAT app (via Play Store or App Store) using the referral code ‘FOOD’. Following a successful registration, challengers are expected to visit the bank’s verified social media channels to complete the process.

ALAT has built a customer base of over 600,000 customers in the past four years, investing over N2 billion in various youth-oriented initiatives such as Talk Series, SociaLiga, GameOn Turf Football Competition, Social Media Week, and many more since its launch.

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MTNN Plc emerges most capitalized stock on the NGX as share price closes at N261

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MTN Nigeria CEO Karl Toriola

Telecom giant, MTN Nig Plc, has emerged as the most capitalized stock on the Nigerian Exchange Group (NGX), surpassing its industry peer, Airtel Africa Plc by N63 billion to stand at N5.32 trillion.

Hence, Airtel Africa Plc with a market capitalization of N5.26 trillion and Dangote Cement Plc with a market capitalization of N5.11 trillion, have emerged as the second and third most capitalized stocks on The Exchange, respectively.

MTN Nigeria Plc closed the week on a positive note, appreciating by 15% in share price week-on-week, from N227.50 to end the week at N261.60 per share. This increased the company’s market cap by a whooping N694 billion during the week.

What you should know

  • The company Plc recorded gains in share price, attributable to investors’ positive sentiments, which triggered buy-interests in the shares of the company, supporting a gain of N694 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.
  • The buy-interests witnessed in the shares of MTNN positively influenced the company’s market capitalization from N4.63 trillion to N5.32 trillion at the end of the week’s trading activities.
  • The growth in the company’s market capitalization also influenced the NGX Premium Board Index, which the company’s shares trade under, as the index appreciated by 3.83% during the week from 5,097.38 points to 5,292.40 points.
  • The telecoms shares have gained 32.79% from year-to-date, starting the year at N197.00 and currently traded at N261.60. However, the company’s shares have returned about 63.50% gains for investors who bought them at their 52-week low trading price of N160 per share.
  • MTN Nigeria Plc released its Q1 2022 financial results revealing a profit of N97 billion. This reflects a whopping 31.28% increase compared to N74 million in the corresponding period of 2021.  The company’s segments delivered a combined revenue of N470.98 billion in Q1 2022 compared to N385.32 billion in the same period of 2020.
  • MTN Nigeria Plc had declared a dividend of N8.57 kobo for FY 2021, which was paid on April 28, 2022, while Earnings per share for the Q1 2022 period is N4.76, a 31.49% growth from N3.62 in Q1 2021.

... MTNN Plc emerges most capitalized stock on the NGX as share price closes at N261 Read More on ... Naijaonpoint.

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David Marcus Launches Bitcoin Payments Startup Lightspark

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shutterstock 639883987

David Marcus, former cryptocurrency head at Meta, is launching Lightspark, another payments company that will use crypto as its central payment tool. The startup, which will have Marcus at the helm as CEO, also features some of Meta’s former employees and will explore the possibilities of using the layer 2 Lightning Network (LN) as a vehicle for bitcoin payments.

David Marcus, former cryptocurrency project boss at Meta, is doubling down on the importance he thinks crypto might have for payments in the future. Marcus announced this week on social media he and others were launching a cryptocurrency company called Lightspark that aims to harness the capabilities of crypto for the payments area.

Marcus is not alone in this task. He took on some of the former Meta employees for this startup. While the details of the company are still scarce, Marcus explained that Lightning Network (LN), the second layer scalability protocol for Bitcoin, will be involved. On this, he stated:

While the company is still in exploratory phases, Marcus has been able to attract major names in the VC arena, including A16z and Paradigm, who have co-led an initial investing round with an undisclosed amount raised. Other VCs that participated in the round include Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, and Zeev Ventures.

To some, the timing of the launch of Lightspark might not be the best, as the market faces a downturn with the collapse of the Terra ecosystem and the fall of the stock market. However, Marcus brushed off these comments on social media explaining that:

Lightning Network, with its negligible transaction fees, can be very attractive for a payments company, though it has not been without criticism in the crypto community. The technology, that was proposed back in 2015, has come a long way since its launch, having now 3,807.15 BTC stored in its system, with more than 17,000 active nodes, according to 1ML, a Lightning Network statistics site.

What do you think about Lightspark, the newly launched crypto payments company? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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