BUSINESS ROUNDUP: Chevron Nigeria to slash workforce by 25%; NERC suspends hike on electricity tariff; See other stories that made our pick

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• Lagos loses $2.1bn to air pollution –Minister
• Chevron Nigeria to slash workforce by 25%
• Shell enters pact with Oyo State to build gas infrastructure
• NERC suspends hike on electricity tariff

 Summary:

Nigeria’s commercial capital, Lagos, lost $2.1 billion on account of the hazards of air pollution on the state, Minister of Science and Technology Ogbonnaya Onu said Friday, citing a World Health Organisation commentary on pollution in major cities of the globe.

Onu cited women and children as the major victims of the environmental crisis at the inauguration of the Inter-Ministerial Committee on Pollution Control in Nigeria, with many lives already lost by the two social groups. Read more

Chevron Nigeria Limited on Friday declared its intention to slash its workforce by 25 percent due to the current economic situation in the country.

In a statement issued by its General Manager in charge of Policy, Government and Public Affairs, Esimaje Brikinn, and titled: “Chevron Nigeria Limited reviews workforce in accordance with business exigencies,” the oil giants said it would continue to evaluate opportunities to improve capital efficiency and reduce operating costs. Read more

Shell Nigeria Gas, the downstream gas distribution arm of Shell Petroleum Development Company, has inked a deal with the Oyo State government towards developing pipeline infrastructure in the state.

Governor Seyi Makinde said Thursday after endorsing the Memorandum of Understanding (MoU) on Thursday the synergy was an affirmation that government policies are capable of fostering economic growth, further saying such movies have begun to deliver value. Read more

Read also: BUSINESS ROUNDUP: Manufacturing sector dwindles for 5th consecutive month; CBN scales down lending rate to 11.5%; See other stories that made our pick

In line with the agreement reached between the federal government and the organised labour, the Nigerian Electricity Regulatory Commission (NERC) on Tuesday night issued an order suspending the September 1, 2020 hike in electricity tariffs for 14 days.

The Nigeria Labour Congress (NLC) and the federal government had reached a truce on Sunday night to suspend the hike in electricity tariffs for 14 days. The agreement led to the suspension of the planned industrial action by the organised labour, which should have commenced on Monday. Read more

On NSE ROUNDUP: Investors rack up N350bn in gains as market sentiment heals further

Equity investors at the Nigerian Stock Exchange (NSE) recorded gains coming up to N350.148 billion this week after each trade session from Monday to Friday ended in the north.

Market sentiment, which began a bumper recovery last week in a market, where growth had suppressed for months by the coronavirus and investors’ apathy, firmed up further, causing the year-to-date yield of the bourse to return to positive since round March. Read more

MEANWHILE, on the tech scene, the week accounted for a significant rise in equity, as two startups secured funds from international investors.

While portfolios of these companies where expanded, the week also saw the opening of an opportunity window for interestedfemale data analysts, to benefit from a 6-Month paid training in Lithuania. Read full review

Thanks for joining the roundup this week. See you next week for another serving of Business Roundup. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now