- Yudala Moves to Become First Profitable E-commerce Company
Vice President of Yudala, pioneer online and offline e-commerce outfit, Mr. Nnamdi Ekeh, has said that the company is set to hit a path of profitability by 2020, a move that will make it become the first e-commerce company in Africa to return profits within its first five years of operations.
Ekeh, who spoke at a religious concert in Lekki, Lagos, noted that the facts and figures on ground showed that Yudala is on track to set another record in what has been a ground-breaking journey in the Nigerian e-commerce industry.
“At Yudala, our strategy is clear and distinct from anything else on offer in the market today. Our fusion of online and offline is not only futuristic, but one that has being copied by other global e-commerce giants. On the back of this, we have seen a consistent growth trajectory that will see Yudala emerge as the first profitable Nigerian e-commerce company by 2020,” Ekeh said.
Speaking on the challenges of e-commerce business in Africa, Ekeh said: “We are aware of the challenges faced by players in the e-commerce sector. Research at our disposal indicates that less than 30 per cent of African e-commerce startups are profitable, with many of them hampered by lack of trust, shortage of financing, logistical difficulties and the largely-traditional approach to shopping still in play among these economies.
“Here in Nigeria, the case is hardly different as we have seen many e-commerce start-ups exit the scene prematurely while the older ones have also consistently posted huge losses.
“However, the story is different at Yudala. This is due mainly to our sound business model and approach. Indeed, while our investors expect us to deliver profits by 2022, our ambition is to surprise them by achieving this milestone earlier.”
According to him, Yudala is arguably the most credible source of genuine products in the e-commerce sub-sector today. Every item on the Yudala platform, online or off-line, is sourced directly from the manufacturers and this has clearly distinguished the Yudala brand in the marketplace.
When asked if Yudala will support other religious concerts in future, Ekeh revealed that the company would be sponsoring about five other concerts in 2018.
“We have a budget for these events and in 2018, we will be supporting other religious events, including Islamic ones. Yudala is a platform for all and we respect the diversity of faith we have in the country,” he said.
Apart from its ambitious retail roll-out strategy and network of physical stores which has helped the company reach many unserved and under-served members of Nigeria’s over 190 million population, Yudala has also been bold in making a statement of intent with its emphasis on genuine products and best prices, aligned to a number of landmark innovations and eye-catching strategies which has endeared it to an ever-growing audience.
Launched a little over two years ago, Yudala has more than held its own in Nigeria’s keenly-competitive e-commerce sector, with the company’s futuristic fusion of an online platform with a chain of brick-and-mortar stores located nationwide instantly setting it apart from inception.
South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company
The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).
The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.
The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.
Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.
While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.
“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”
The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.
Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked
Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities
Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.
On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.
“One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.
It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.
“Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.
Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.
However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.
Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.
A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site
Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site
Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.
Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.
A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.
One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.
However, Saudi authorities are yet to confirm or respond to the story.
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