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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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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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