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Oraimo Unveils Nigeria’s Largest Mobile Technology Plant, ‘The Green World’

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oraimo

Mobile electronics trading and distribution company, Oraimo has announced plans to build Nigeria’s largest mobile technology plant.

Mr. Chidi Okonkwo, the organization’s Managing Director, unveiled the plans at the recent opening of the company’s flagship showroom and experience center in Jabi Lake Mall, Abuja.

He claims that Oraimo’s new plant named “The Green World” is a one-stop shop for all quality and mobile accessories. Okonkwo also emphasized the company’s commitment to producing high-quality, long-lasting, and cost-effective products.

“Nigeria has come of age with a teeming population of tech knowledgeable young professionals and educated youths that can accommodate the site of Africa’s largest mobile technologies production factory,” he said of the proposed factory.

Mr. Emeka Offor, Acting Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), was also present at the unveiling ceremony and praised the company’s decision to invest in Nigeria, as well as its contribution to economic growth and human capital development through direct foreign investments.

He emphasized the federal government’s commitment to ongoing evaluations and implementation of strong corporate and financial laws that will ensure Nigeria’s status as Africa’s preferred investment hub.

“It is high time we stopped the importation of commodities into Nigeria. The time has come for production to be predominant in Nigeria, and from here, we will export to other African nations and the entire world. This is the aspiration of President Mohammadu Buhari, GCFR and we will give it every support required,” Offor said.

Investors King further gathered that customers who flocked to the facility were treated to a musical performance by Pheelz and Temilayo Abodunrin, a prodigy saxophonist.

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Nintendo to See 8% Increase in Revenue Despite Recent Decline

Nintendo saw a 5% decline in its Q2 results

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Nintendo

Video game sales have recently declined in revenue. It is suspected that this downturn comes as a result of people spending less time on gaming and more time going out. This fall in quarterly revenue also comes just after many lockdown restrictions have been lifted.

As the industry begins to falter this causes many to wonder, will gaming continue with its downward trajectory?

Mr.Gamble took a closer look at the most recent quarterly earnings for video game giants, Microsoft, Sony and Nintendo to determine the next quarter’s revenue predictions. Research took into account the Q2 and total 2021 earnings as well as the most recent quarterly earnings of 2022 and its decline in percentage.

Company

2021 total year earnings

2021 Q2

quarter earnings

Most recent 2022

quarterly earnings

% decline in 2022 Q2

Next quarter’s revenue predictions

(average)

Microsoft

£10.5 billion

£3.9 billion

£3.8 billion

7%

£3.85 billion

Sony

£14.9 billion

£8.8 billion

£3.7 billion

2%

£6.25 billion

Nintendo

£6.6 billion

£2.2 billion

£1.9 billion

5%

£2.05 billion

According to the recent financial statement published by Microsoft, its revenues saw a huge depreciation of 7%. This is largely due to the company’s sales of Xbox consoles declining. The company also saw a 2 billion decrease compared to its Q2 revenue of £3.9 billion last year.

Despite the loss in revenue, our study predicts that Microsoft could see a slight increase from the £3.8 billion it received this quarter to £3.85 billion by its next quarterly review.

Although Sony witnessed just a 2% decline in sales for its most recent quarter, its operating profits saw a more disastrous downturn, plunging to almost 37%. However, in spite of this gloomy outlook the company could still see a healthy turnover of £6.25 billion next quarter, almost a 2.6 billion increase from its current financial state.

Nintendo saw a 5% decline in its Q2 results. According to the Japanese company, this weak performance comes as a result of not being able to sell as many Switch consoles as it wanted due to a global semiconductor shortage. Though this may have been the case, it is still possible for Nintendo to see a decent 7.8% increase in revenue in its next quarter to £2.05 billion.

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Oil Spill: Shell Spills 5 Barrels of Oil in Bodo Community Rivers State

Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state

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One of the world’s leading energy companies, Shell has spilled five barrels of crude oil from its Trans Nigeria Pipeline (TNP) into the Bodo community in Gokana Rivers state.

The oil spillage was reported by Joint Investigation Visit (JIV) approved by the host community, Rivers state Ministry of Environment, the National Oil Spill Detection and Response Agency (NOSDRA) and Shell Petroleum Development Company (SPDC).

JIV is an organisation that investigates oil spills, pipeline leakages, causes and their impact on the community.

Shell’s Trans Nigeria Pipeline spilled about 98% of water and 2% of crude oil into the Bodo community due to the ongoing flushing of the TNP with 5 barrels of leftover crude oil.

The spokesperson for Shell Petroleum Development Company (SDPC), Michael Adande, however, explained that the effect of the oil spill on the community was minimal since the TNP has not transported crude oil since June 2022.

According to him, the JIV will release an up-to-date report on the situation. 

Micheal said, “The spill from the Bomu-Bonny section of the Shell petroleum development company JV’s TNP in Bodo community, in the local government area of Gokana, Rivers State was largely water (98 per cent) from the ongoing flushing of the TNP, with the leftover crude oil of about five barrels as established and signed by the JIV led by regulators and involving representatives of the Rivers State Ministry of Environment and the community.

“Owing to the high level of theft, Shell petroleum Development Council has not processed crude oil through the TNP since mid-June 2022.

“Cleanup of the affected area and repair work on the pipeline are underway.”

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Cement Manufacturers on NGX Pays N115.782 Billion Income Tax in H1 2022

Cement manufacturing companies paid N115.782 billion in income tax in the first half (H1) of 2022

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Lafarge, Bua Cement and Dangote Cement

Cement manufacturing companies listed on the Nigerian Exchange Limited (NGX) paid N115.782 billion in income tax in the first half (H1) of 2022.

Their unaudited financial statements obtained by Investors King revealed.

Dangote Cement Plc, Nigeria’s most capitalised company and the largest cement manufacturing company in sub-Saharan Africa, paid N92.786 billion in income tax in H1 2022, up from N89.624 billion paid in the same period of 2021.

The company reported a 10.2% decline in profit after tax to N172.104 billion, down from N185.692 billion reported in the corresponding period of 2021. Dangote Cement realised N808.037 billion in revenue during the period.

BUA Cement Plc, Nigeria’s second-largest cement manufacturer, remitted N13.527 billion in income and deferred taxes to the Federal Inland Revenue Service in the first 6 months of the year.

The cement manufacturing company generated N188.562 billion in revenue and reported a 41.40% increase in profit after tax to N61.364 billion.

Lafarge Africa, another key player in the cement industry, reported revenue of N186.587 billion in the first half of the year. The company then paid N9.468 billion in income tax before declaring a profit after tax of N37.410 billion for the period under review.

Therefore, the firms paid (Dangote Cement – N92.786 billion; BUA Cement – N13.527 billion and Lafarge Africa remitted N9.468 billion) a combined N115.782 billion in income tax to the federal government in H1 2022.

Together, the three cement manufacturing companies realised N1.183 trillion in combined revenue and reported a total profit after tax of N172.202 billion.

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