Despite challenges affecting their operations in Lagos port, Maersk, the world’s largest container carrier, and Safmarine, a subsidiary of Maersk, have both denied relocating their shipping operations from Lagos, a state that has lost some companies in recent years.
Maersk, a Danish business conglomerate with activities in the transport, logistics and energy sectors, said it was sticking to Lagos and not planning an exit from the port, which has been a problem for many companies due to its congested condition.
The company had reportedly stated in January 2020 that its vessels would be heading for Rivers State’s Onne Port, South-South, Nigeria instead of Lagos, as it intended to suspend operations within Lagos port. Maersk said the break from Lagos port would be effective from January this year.
“it is our pleasure to announce that our Far East (China, Vietnam, Malaysia, Singapore) service will no longer be calling at Lagos Ports but now comes to Onne directly, giving you a reduced transit time. This is effective this Jan 2020,” Maersk had said in a Vanguard report.
But in a recent customer advisory issued separately, Punch reported that Maersk and Safmarine would continue operations in the Lagos Port regardless of the challenges its company is facing.
The report added that, “The West Africa market continues to be dynamic and market demand fluctuates significantly from quarter to quarter.
“Currently we are experiencing severe delays in Lagos due to highly utilised terminal yards, crane break-downs and long trucking queues.”
Why Lagos port is a problem: Lagos Ports is the official port designation for about 90% Nigerian cargo. Its congestion has been affecting business operations of companies and this has cost companies millions of naira.
That’s why some companies are now seeking alternative to the Lagos port. NASCON Allied Industries Plc, one of the many subsidiaries of Dangote Industries Limited, moved some of its operations away from Apapa area of Lagos to Oregun and Port Harcourt. The company’s Managing Director, Paul Farrer, said the decision to move its operations was in response to the lingering gridlock in Apapa.
Farrer said the Apapa gridlock was one of the key risks to the company’s business last year (2018). He added that the Apapa gridlock affected the movement of raw materials to Oregun, timely delivery of finished goods to customers, and increased turn-around time of the company’s trucks.
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
Supreme Court Judge, Sylvester Ngwuta reported dead
Justice Sylvester Ngwuta, has been reported dead.
A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.
He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.
According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.
What you should know
- It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
- He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
- He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.
Nairametrics | Company Earnings
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