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:
- Court orders Shell to pay farmers compensation for oil spills
- Nigerians consumed 40.8m litres of petrol daily in October 2020
- GIGL launches new plan to help e-commerce merchants boost revenue
- Nigerian govt to reintroduce toll gates, as 12 highways set for concession
A Dutch court on Friday ordered oil giant Shell to pay compensation in a case brought by four Nigerian farmers who alleged widespread pollution in their villages Goi, Oruma, and Ikot Ada Udo.
Goi and Oruma are located in Rivers State while Ikot Ada Udo is located in Akwa Ibom State all within the Niger Delta Region. The court also ordered Shell to install new pipeline equipment to prevent further devastating spills in the Niger Delta region. Read more
Nigerian National Petroleum Corporation, NNPC, through its subsidiary, the Pipeline and Product Marketing Company, PPMC, has disclosed that Nigerians consumed 1.22 billion litres of petrol in October 2020, which came to about 40.8 million litres every day
NNPC gave the figures in its Monthly Financial and Operations Report for October. A breakdown of the figures from the report also indicates that Nigerians bought 0.31 million litres of Automotive Gas Oil, also known as diesel, and 0.033 million litres of Dual Purpose Kerosene in October 2020. Read more
As part of its sustained innovation strides, Africa’s leading logistics company, GIGL, has launched a new service bouquet tagged Class Plan which e-commerce merchants, both local and international, can leverage to digitally scale their ventures, and, in turn, increase revenue.
“The cost effective delivery plan goes forward to double down on GIGL’s commitment to meet every business with logistics services that are smart, effective and completely flexible,” the company said in a statement as the business solution went live in the first half of January, 2021. Read more
The Nigerian government is set to reintroduce toll gates on Nigerian roads as 12 highways have been earmarked for concession to private companies.
This was made known on Friday in Abuja by the Minister of Works and Housing, Babatunde Fashola, while receiving the Outline Business Case Certificate of Compliance for 12 pilot federal highways billed for the concession which signifies the return of the toll gates as concessionaires will have to recoup their investments. Read more
On NSE ROUNDUP: Stock investors record N1tr gains
Nigerian stocks investors started the year on a very strong note after recording N1 trillion gains in four weeks of trading which closed on Friday.
Bargains buy in the insurance, oil & gas, and banking stocks helped the market to close all the Nigerian Stock Exchange (NSE) sectoral indices in green.
The “NSE 30” which tracks the performance of the 30 most capitalised stocks increased by +4.93percent – banking (+7.89percent), consumer goods (+7.04 percent), industrial (+1.41 percent), insurance (+29.77percent) and oil & gas (+12.43percent). Read more
MEANWHILE, on the tech scene, this week, wealth management platform, Cowrywise, closed a $3m pre-series A funding, about the biggest news for the week. We saw a cross-industry growth featuring new launch, expansion plans and wins.
Also during the week, data lending platform, CARMA, unveiled plans to expand its operations across Africa while Catalyst Fund’s added six Fintech startup in Africa to its portfolio. Read full review
Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.
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