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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Jumia Records 28.1% Drop In Customer Base


By Favour & Akinola Ajibade



The poor economy is biting harder, as Africa’s e-commerce company, Jumia, recorded  a significant 28.1% drop in its customer base in its second quarter financial results. 

The company attributes the development to decline to rising rate of inflation, especially on the primary operational markets, including Nigeria, Ghana, and Egypt.

Similarly, the company's active consumer count plummeted by 1 million year-on-year, settling at 2.4 million in Q2 2023 compared to the 3.4 million registered during the same period the previous year.

Besides, Jumia’s Gross Merchandise Value (GMV), indicating the total value of goods sold on the platform, experienced a sharp 25.1% decrease, dwindling from $271.1 million in Q2 2022 to $202.3 million in Q2 2023.

These results follow Jumia’s recording of accumulated losses of approximately $2 billion in the third quarter of 2022.

The platform’s orders for products also took a down turn, plummeting by 36.5%. In a direct comparison, the company went from processing 10.3 million orders in Q2 2022 to a mere 6.5 million in the same period this year.

Speaking,Jumia Group’s CEO, Francis Dufay, emphasized that despite the dip in revenue and dwindling customer numbers, the company remains steadfast in its pursuit of loss reduction and the journey toward profitability.

He said:“In the second quarter of 2023, both Adjusted EBITDA and Operating losses decreased by 66% year-over-year, reaching the lowest loss levels in over 4 years.”

He announced an updated Adjusted EBITDA loss guidance for the entirety of 2023, now projected at $90-100 million, a revision from the previous estimate of $100-120 million. He explained, “We are navigating challenging macro conditions with discipline and focus, doubling down on our efficiency efforts.”

Dufay acknowledged the hardships posed by inflation in Nigeria, Ghana, and Egypt, emphasizing the erosion of purchasing power among consumers in these markets.

 

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