Business News
How are you shopping this Black Friday?
It’s that time of the year again when shoppers look out for the best deals. That’s right, the 2019 Black Friday sales are here again.
It’s that time of the year again when shoppers look out for the best deals and actually get them. That’s right, the 2019 Black Friday sales are here again and as always, some of the biggest malls and e-commerce platforms in Nigeria and elsewhere are busy wooing customers with competitive discount prices.
You have probably seen the many Black Friday adverts which are literally everywhere. Over the last few weeks, it’s been impossible to stream anything on YouTube without being interrupted by either the Konga Yakata advert or the rather amusing “I will scatter this wedding” Jumia Black Friday ad. All of these are in a desperate effort to win over the customers.
So, how are you shopping?
As Konga competes with Jumia just as Spar is competing with Shoprite for customers’ attention, the important question becomes – which of these shopping platforms is offering the best deal? This is important because right about now, Nigerian consumers really do deserve some discount.
On a normal day, the average Nigerian consumer’s disposable income is constrained, no thanks to the difficult economy. The high inflation rate in the country does not help the matter at all because prices of essential goods keep going up almost on a daily. Therefore, now that it is Black Friday, they deserve to be treated well. Therefore, we took some time to look closer at the discounts being offered.
A quick overview
It’s important to note that a quick overview of the websites of these shopping malls show that they have a wide variety of products that are up for grabs. However, the price discounts per product are different.
[READ MORE: Black Friday: Konga tipped to break Alibaba’s $38 billion record but Jumia poses threat]
Also note that Jumia, Konga, Spar, and Shoprite are all offering virtually the same generic products. What is different, however, is the brand names of these products. For example, while Jumia is selling a Nexus 4-Burner Gas Cooker, Konga is selling a Scanfrost 4-Burner Gas Cooker.
The discounts
Moving on, the different price discounts were probably determined by the different brand names. Using the example above, Jumia is giving 33% off for the Nexus 4-Burner Gas Cooker. The product originally sells for N55, 000. Konga, on the other hand, is giving consumers 30% off the Scanfrost 4-Burner Gas Cooker which originally sells for N49, 150.
Similarly, Spar and Shoprite are both offering different discounts for different brands of blenders which originally retails at different prices. For instance, you can buy the Saisho blender/grinder for N3,390, thanks to 19% price discount Spar has placed on it. On the other hand, if you visit Shoprite to buy the Binatone Blender & Smoothie Maker BLG 402, you will spend N6, 999 because Shoprite is giving a 30% discount.
The good thing, however, is that each of these malls are offering various kinds of discounts, some of them as high as 60% for some products. It is then left for you to decide where to shop based on your preferences. Now, just in case you haven’t made up your mind, visit these companies’ websites to do so.
Check out the deals by Spar here.
Check out the deals by Jumia here.
Check out the deals by Shoprite here.
Check out the deals by Konga here.
Financial Services
CBN grants Greenwich Trust Limited operational license for merchant banking
CBN has upscaled Greenwich Trust Limited to the status of a merchant bank.
The Central Bank of Nigeria (CBN) has upscaled Greenwich Trust Limited and granted it, operational license for merchant banking in the country.
According to an official statement released by the firm, the entity would be known as Greenwich Merchant Bank Limited. This license allows Greenwich Merchant Bank to upscale and offer such diverse services as corporate banking, investment banking, financial advisory services, securities dealing, treasury wealth and asset management, etc., making it possible to provide increased value to stakeholders beyond its previous scope.
Recall that the minimum capital requirements for establishing a merchant bank according to Merchant Banking Licensing Regulations in 2010 are N15 billion
(READ MORE: CBN debits banks N216.1 billion for CRR compliance)
With the addition of Greenwich Merchant Bank, Nigeria now has six merchant banks. The others are; FBN Quest, Coronation Merchant Bank, DSH Merchant Bank, Nova Merchant Bank and Rand Merchant Bank.
About Greenwich Trust Limited
Greenwich Trust Limited is an investment banking firm duly registered with relevant authorities such as the Nigerian Securities and Exchange Commission (SEC). It is a diversified firm with subsidiaries such as Asset management, GTL Properties, GTL Securities Limited, Cedar Express Limited and Meyer Plc.
Business News
Emirates Airlines banned from operating in Nigeria
UAE’s Emirate Airline has been banned from operating in Nigeria.
Emirates Airline has been added to the list of airlines which have been banned from operating in Nigeria. The ban will take effect from the 21st of September.
This was announced by the Minister of Aviation, Hadi Sirika in a social media statement on Friday.
The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020🇳🇬
— Hadi Sirika (@hadisirika) September 18, 2020
“The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020,” Sirika stated.
This comes as the UAE government has been accused of not renewing visas of Nigerians in Dubai and also rumours of a VISA ban for Nigerians applying for visas.
Last month, the UAE embassy in Nigeria denied there is a VISA ban on Nigerians entering the Middle Eastern country. They said: “At the onset of the COVlD-19 pandemic, the UAE took a number of precautionary measures to combat the virus’ spread, including the temporary suspension on issuing UAE visas for all nationalities as of March 17, 2020.
“After entering the recovery phase of the pandemic, the UAE eased some measures on July 7, permitting visitors from various countries to adhere to the necessary precautionary measures, including by showing negative PCR test results within 92 hours of travelling to the UAE. This includes those visiting from Nigeria.”
Energy
CBN introduces N250 billion stimulus package for gas investment to ease pain of fuel price increase
The CBN has introduced a stimulus package to help stimulate investment in gas as an alternative to fuel.
As part of the palliative following the sharp increase in the price in the pump price of petrol, the Central Bank of Nigeria (CBN) has introduced a N250 billion stimulus package under a National Gas Expansion Programme that it hopes will help stimulate investment in the gas value chain and spur its use in transportation as an alternative to fuel-powered cars.
Large scale projects under this intervention programme will be financed under the Power and Airlines Intervention Fund (PAIF), in line with existing guidelines regulating the PAIF, while small scale operators and retail distributors will be financed by the NIRSAL Microfinance Bank (NMFB) and/or any other Participating Financial Institution (PFI) under the Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS).
This initiative is to be implemented in collaboration with the Federal Ministry of Petroleum Resources.
The objectives of the facility include;
- Improved access to finance for private sector investments in the domestic gas value chain.
- Stimulate investments in the development of infrastructure to optimize the domestic gas resources for economic development.
- Fast track the adoption of Compressed Natural Gas (CNG) as the fuel of choice for transportation and power generation, as well as Liquefied Petroleum Gas (LPG) as the fuel of choice for domestic cooking, transportation, and captive power.
- Fast track the development of gas-based industries particularly petrochemical (fertilizer, methanol, etc) to support large industries such as agriculture, textile, and related industries.
- Provide leverage for additional private sector investments in the domestic gas market.
- Boost employment across the country.
The activities that are eligible under the intervention shall include;
- Establishment of gas processing plants and small scale petrochemical plants.
- Establishment of gas cylinder manufacturing plants.
- Establishment of L-CNG regasification modular systems
- Establishment of autogas conversion kits or components manufacturing plants.
- Establishment of CNG primary and secondary compression stations.
- Establishment and manufacturing of LPG retail skid tanks and refilling equipment.
- Development/enhancement of autogas transportation systems, conversion, and distribution infrastructure.
- Enhancement of domestic cylinder production and distribution by cylinder manufacturing plants and LPG wholesale outlets.
- Establishment/expansion of micro-distribution outlets and service centres for LPG sales, domestic cylinder injection, and exchange and
- Any other mid to downstream gas value chain related activity recommended by the Ministry of Petroleum Resources.
The aggregators, manufacturers, processors, wholesale distributors, and related activities shall be funded under the Power and Airline Intervention Fund (PAIF), while the Small and Medium-scale Enterprises (SMEs) and retail distributors shall be funded by NIRSAL Microfinance Bank under AgSMEIS.
For the manufacturers, processors, wholesale distributors, etc, the term loan shall be determined based on the activity and shall not exceed N10 billion per obligor. The working capital shall be a maximum of N500 million per obligor.
While for the small and medium enterprises, the term loan shall be based on the activity and shall not exceed N50 million per obligor. The working capital shall be a maximum of N5 million per obligor.
Interest Rate
The interest rate under the intervention shall be at not more than 5% per annum (all-inclusive) up to February 28, 2021, thereafter, interest on the facility shall revert to 9% per annum (all-inclusive) with effect from March 1, 2021.
Loan Tenor and Moratorium
The manufacturers, processors, wholesale distributors, will have term loans which shall have a maximum tenor of 10 years (not exceeding December 31, 2030) with a maximum of a 2-year moratorium on principal repayment only. The working capital facility of 1 year with a maximum rollover of not more than twice, subject to prior approval.
The small and medium enterprises (SMEs) and retail distributors will have term loans that shall have a maximum tenor of 5 years (not exceeding December 31, 2030) with a maximum of 2 years on principal repayment only. The working capital facility of 1 year with a maximum rollover of not more than twice and subject to prior approval.
This new initiative involves getting many vehicles to run on gas by collaborating with investors to build the required infrastructure such as pipelines and petrol stations. It is also expected to help accelerate the use of natural gas and end gas flaring.
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