Nigerian Shipper’s Council Saves N2.7bn, Protects Traders from Losses
The Nigerian Shipper’s Council (NSC) has successfully saved a remarkable sum of N2.7 billion, protecting it from potential losses. The council’s unwavering efforts in tackling challenges faced by shippers have proven instrumental in preventing substantial financial setbacks.
The NSC, responsible for regulating and promoting fair practices within the maritime sector, recently published its newsletter, aptly named the ‘Complaint Newsletter,’ where it highlighted its achievements. The council revealed that this substantial amount could have been lost to shipping companies and terminal operators through demurrages and other charges if not for their intervention.
Over the period from 2020 to 2022, the NSC received a total of 1,727 complaints from traders, underscoring the challenges they faced in the industry. Remarkably, in 2021 alone, the council handled an astounding 666 cases, resulting in the recovery of N2.5 billion on behalf of the trading public.
Even in the midst of the COVID-19 pandemic, 2020 witnessed 648 cases being recorded, with a commendable N57 million successfully recovered. The subsequent year, 2022, saw a significant drop in complaints, with only 413 cases reported. Nonetheless, the NSC managed to recover an impressive sum of N204 million on behalf of shippers and freight forwarders.
Various issues were addressed through these complaints, ranging from excessive charges to demurrage or container deposit refunds, as well as cargo damages. Notably, despite a decrease in cargo volume at the country’s seaports, demurrage and detention rates remained stubbornly high, according to the observations made by the NSC.
To combat these challenges effectively, the council urged importers and exporters to engage the services of professional logistics service providers. By doing so, traders can ensure the prompt return of containers without incurring additional demurrage or detention charges.
The NSC’s remarkable achievement in saving N2.7 billion is a testament to their dedication in protecting the interests of traders. Their tireless efforts in recovering substantial funds not only promote a fair and efficient shipping environment but also contribute to bolstering trust and facilitating smoother trade operations. As Nigeria continues to enhance and develop its maritime sector, initiatives like these play a pivotal role in driving economic growth and ensuring a level playing field for all stakeholders.
Merger and Acquisition
Seplat Energy and ExxonMobil Extend Share Sale Agreement Amid Legal Proceedings
Seplat Energy and ExxonMobil have announced the extension of their Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU).
The extension comes as both companies navigate ongoing legal proceedings and seek to secure regulatory approvals necessary for the transaction.
Seplat Energy, a prominent Nigerian independent oil and gas company, has been actively pursuing the acquisition of ExxonMobil’s share capital of MPNU, with the aim of strengthening its position in the industry. However, while the extended agreement is a testament to Seplat Energy’s determination to acquire ExxonMobil’s share unit, the legal challenges surrounding the deal remain complex.
Therefore, the extension of the SSPA will allow both Seplat Energy and ExxonMobil to preserve the transaction until the resolution of the ongoing legal matter with the Nigerian government.
The extended agreement also affords the opportunity for further negotiations and discussions between the two companies. It allows them to explore potential modifications to the original terms, ensuring that the finalized agreement aligns with their mutual interests and objectives.
Bolt Opens First Physical Office in Kenya to Enhance Driver’s Welfare And Engagement
Ride-hailing mobility company Bolt has opened its first physical office in Kenya to enhance drivers’ welfare and engagement.
The newly launched facility which is located in the Nairobi Westlands area, will be open to drivers to address their complaints and solve their challenges.
Bolt drivers can schedule appointments to visit the center, as the company has assured that it will offer them effective communication channels, community building, issue resolution, drivers appreciation, and positive branding, amongst others.
Speaking on the launch of its first physical facility in Kenya, Bolt Country Manager Linda Ndungu said,
“The launch of this center is a testament that we are strongly committed to enhancing our driver welfare and engagement, which will ultimately contribute to the success and growth of our business and the ride-hailing industry at large.
“We shall continue to collaboratively work with all our key stakeholders so as to continue offering affordable, safe, and convenient ride-hailing services in Kenya; and creating entrepreneurial opportunities that enable more people to earn a sustainable living”.
Investors King understands that while Bolt opened a new Africa head office in Nairobi, Kenya in 2022, which was a regional hub for the 7 African countries, it did not have a physical office where drivers could go to issue complaints and get assistance.
Through this newly launched facility, Bolt looks forward to strengthening its relationship with drivers to foster enhanced operations in the East African country.
Notably, Bolt has described Kenya as its strategic location in the African region, and its infrastructure in the country has enabled the company to grow tremendously in the East African market.
Despite operating in 7 African countries for years, Bolt’s chose to operate a centralized African office in Kenya, a move which saw it join the growing list of global technology firms that have set up offices hubs, and labs in Kenya, as they race to tap into the larger African market.
Aliko Dangote’s Resilience Transforms Nigeria’s Refinery Industry
Africa’s richest man, Aliko Dangote, has shared the story of his journey in the Nigerian refinery industry. Speaking at the commissioning of the world’s largest single-train refinery, Dangote Refinery and Petrochemicals, in Lagos, Dangote recounted a pivotal moment in his career.
Back in 2006, Dangote had set his sights on acquiring Brownfield Refineries under the Federal Government’s Privatization Programme. The ambitious entrepreneur had high hopes for this venture, but fate had a different plan in store for him. The privatization policy was abruptly reversed by the government, leading to the return of Dangote’s payment for the brownfield refineries.
Rather than allowing this setback to deter him, Dangote chose to use it as fuel for his ambition. This unexpected turn of events motivated him to reevaluate his market-entry strategy and business model. Undeterred, he made a bold decision to embark on a new path—one that would revolutionize the industry in Nigeria and Africa as a whole.
With a resilient spirit and unwavering determination, Dangote set his sights on establishing a greenfield refinery that would be a “game-changer” in both the African and global markets. He envisioned a plant designed with state-of-the-art technology and a scale of capacity that would transform the industry.
Years of meticulous planning, strategic partnerships, and tireless efforts culminated in the commissioning of the Dangote Refinery and Petrochemicals. This monumental achievement stands as a testament to Dangote’s unwavering commitment to realizing his vision and bringing about substantial change to Nigeria’s refinery landscape.
The Dangote Refinery and Petrochemicals is an awe-inspiring project, not only for its sheer scale but also for the positive impact it promises to have on the Nigerian economy. Once fully operational, the refinery will have the capacity to refine 650,000 barrels of crude oil per day, meeting Nigeria’s domestic demand and creating surplus for export.
Furthermore, this ambitious project will contribute significantly to job creation, both directly and indirectly. The refinery is expected to generate thousands of employment opportunities, fostering economic growth and development in the region.
Aliko Dangote’s resilience and unwavering determination serve as an inspiration to aspiring entrepreneurs and business leaders across Africa. Despite facing obstacles and setbacks, Dangote’s ability to adapt, rethink his strategies, and ultimately succeed showcases the power of perseverance and visionary thinking.
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