Business
Amazon Set To Steal Jumia, Others’ Market Share
Published
2 years agoon
By
EditorAmazon is set to steal some of the market share of major e-commerce players in Nigeria such as Jumia and Konga.
Leaked documents revealed that the company plans to expand into five new countries across Africa, South America, and Europe. The five countries include Belgium, Chile, Colombia, Nigeria, and South Africa according to a report by businessinsider.com.
The firm is investing in long-term growth even as it scales back parts of its United States retail. Amazon currently has marketplaces in 20 different countries.
The timing of the rollouts revealed the company is set to roll out in Nigeria in April 2023.
“The timing of the rollouts were detailed in an internal timeline: Belgium’s marketplace, called Project Red Devil, is slated for late September,” the report said.
READ ALSO: Tobacco Industries Cost World 8 Million Lives, 600 Million Trees Annually – Official
“The one in Colombia, dubbed Project Salsa, is scheduled for February 2023. South Africa, codenamed Project Fela, is also expected in February 2023. The marketplace in Nigeria is due to launch in April 2023. That project shares the codename Project Fela with South Africa. Chile is planned for April 2023, too. That shares the Project Salsa name with Colombia.
“All countries are planning to launch with their own marketplace and access to Amazon’s fulfilment service called Fulfillment by Amazon, one of the documents said.”
According to the report, Amazon’s Prime membership program is expected to be available after the firm’s launch in Belgium, while the other four countries will get it shortly after their introductions.
Business
Stock Market Review: FBN Holdings Leads 41 Others As Investors Gain N811bn
Published
19 hours agoon
May 4, 2024By
EditorFBN Holdings Plc has topped 41 other advanced equities to pull the Nigerian Exchange Ltd.(NGX) market indices up by 1.46 per cent, week-on-week, making investors gain N811 billion.
The market, having opened for four days in the week, following the May Day holiday, had FBN Holdings leading the gainers’ table by 32.68 per cent to close at N27 per share.
Sterling Financial Holdings followed by 27.75 per cent to close at N4.88, while UACN gained 24.60 per cent to close at N15.45 per share.
Julius Berger added 23.76 to close at N72.40, while Flour Mills rose by 20.66 per cent to close at N36.80 per share.
READ ALSO: Teenager Jailed For Life For Murder Of 16-year-old Boy At House Party
Conversely, Nascon Allied Industries Plc led the losers’ table by 17.03 per cent to close at N43.60, University Press trailed by 16.67 per cent to close N2.05 per share.
Neimeth International Pharmaceuticals shed 14.14 per cent to close at N1.70, Berger Paints Plc declined by 9.87 per cent to close at N13.70 and Vitafoam Nigeria lost 9.81 per cent to close at N17 per share.
Meanwhile, 42 equities appreciated in price during the week, higher than 27 equities in the previous week.
Thirty-six equities depreciated in price, lower than 43 in the previous week, while 76 equities remained unchanged, lower than 84 recorded in the previous week.
READ ALSO: Shell Set To Build Gas Pipelines In Oyo
Consequently, the All-Share Index and Market Capitalisation appreciated by 1.46 per cent to close the week at 99,587.25 and N56.323 trillion, respectively, in contrast to 98,152.91 and N55.512 trillion posted last week.
Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26, 0.68 and 0.36 per cent, respectively, while NGX ASeM and NGX Sovereign Bond indices closed flat.
Meanwhile, a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.839 billion shares, valued at N34.258 billion, that exchanged hands last week in 37,528 deals.
READ ALSO: Officer Who Shot Man Dead During Fuel Queue Tumult Identified — Lagos Police
The financial services industry measured by volume led the activity chart with 1.496 billion shares valued at N22.453 billion traded in 19,225 deals, thus contributing 77.08 and 68.78 per cent to the total equity turnover volume and value, respectively.
The consumer goods industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals.
In the third place was the conglomerates industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.
Trading in the top three equities, namely Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc, measured by volume, accounted for 898.940 million shares worth N14.314 billion in 5,518 deals.
These contributed 46.31 and 43.85 per cent to the total equity turnover volume and value, respectively.
(NAN)
Business
BREAKIN: NDIC Increases Maximum Deposit Insurance Coverage
Published
3 days agoon
May 2, 2024By
EditorThe Nigeria Deposit Insurance Corporation (NDIC) on Thursday increased the maximum deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million.
The Managing Director of NDIC, Bello Hassan, announced this in Abuja at a press conference, stating that it takes effect immediately.
He said, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%.
READ ALSO: [BREAKING] Coastal Highway: FG To Pay N2.75bn Compensation Today
“In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of total value of deposits.
“The increase of the maximum deposit insurance coverage from N200,000 to N2,000,000, would provide full coverage of 99.27% of the total depositors compared with the current level of 98.76% and would increase the value of deposits covered by deposit insurance to 34.43% compared with 14.38% of total value of deposit, currently covered.
“The increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.34% of the total depositors compared with the current 97.98% and would increase the value of deposits covered by deposit insurance to 21.04% compared with 10.77% of total value of deposit, currently covered.”
READ ALSO: Mother Of Four Hacked To Death By Neighbour, Son In Edo
Hassan also stated that raising the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide full coverage for 99.99% of total depositors and increase the value of deposits covered by deposit insurance to 43.10% of the total deposit value, up from the current 40.60% cover.
The Corporation has also raised the maximum pass-through deposit insurance coverage for subscribers of Mobile Money Operators from N500,000 to N5,000,000 per subscriber.
Chairman of Dangote Industries Limited, Aliko Dangote has said that the devaluation of Naira created the biggest mess for the company in 2023.
Speaking at the annual general meeting of Dangote Sugar Refinery, Dangote said this affected lots of companies in the country.
He said: “We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess.
READ ALSO: Ex-policeman Who filmed Wife Having Wex With Her Superior Found Guilty Of Stalking
“The biggest mess created was actually the devaluation of the naira from N460 to N1,400. You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and get out of it as soon as possible.
“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.”
2023: Why INEC Servers Failed To Work – Peter Obi
UK Clears The Air On Categories Of Students Eligible To Bring Dependants During Studies
Underbridge Tenants: Lagos Govt Uncovers Identity Of Ring Leader
Trending
- Politics4 days ago
Why Candidate Who Needs Interpreter Can’t Be Edo Gov – Shaibu
- News4 days ago
Ex-policeman Who filmed Wife Having Wex With Her Superior Found Guilty Of Stalking
- News3 days ago
Why Abia Policeman Dropped His Rifle, Uniform, Walked Away From His Job – Report
- Metro4 days ago
Mother Of Four Hacked To Death By Neighbour, Son In Edo
- Metro4 days ago
Police Foil Cult Initiation In Edo, Arrest 35 Suspects
- News5 days ago
JUST IN: FG Approves Salary Increase For Civil Servants
- Metro4 days ago
Outrage As Masquerades Brutally Flog Nurse Until She Falls In Gutter In Enugu [PHOTOS]
- News3 days ago
JUST IN: Police Arrest Mastermind Of Abuja-Kaduna Train Attack
- Politics4 days ago
Edo Poll: Youth Leader Tackles Orbih, Shaibu Over Anti-Ighodalo Stance, Wants Them Suspended
- News2 days ago
15-year-Old Public School Student Scores 362 In UTME