• Thursday, June 20, 2024
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Five things to know to start your Monday


Tinubu to be sworn in today

Ahmed Bola Tinubu will be sworn in today (Monday) as the fifth president of Nigeria since the return to democratic rule in 1999. His passing of the baton ceremony is expected to take place at Eagle’s Square, Central Business District, Abuja.

As expected, dignitaries, which cut across presidents from numerous nations of the world and members of the diplomatic corps, are expected to attend this all-important event.

This will be the last function as President of the most populous black nation for Muhammadu Buhari as he retires to his Daura farm to continue his life as an agriculturist.

Security is expected to be tight to forestall any public disturbances that may jeopardise today’s swearing-in ceremony.

Read also: All eyes on Tinubu to fix economy

What we expect from Tinubu-led administration- insurance, pension stakeholders

Stakeholders in Insurance and Pension industries on Sunday outlined their expectations in the sectors to the incoming President, Sen. Bola Tinubu, to boost their contributions to national development.

They made their expectations known in separate interviews with the News Agency of Nigeria in Lagos.

They also expressed optimism that the sectors would contribute significantly to the economy if the new government yielded to their demands.

Yetunde Ilori, Director-General, Nigerian Insurers Association (NIA), said the insurance industry expects to engage the new leadership, while calling for a national policy on various classes of insurance.

The director-general said the insurers expect the new government to help them to enforce compliance with compulsory insurances where need be.

“Not all the enforcement is under our supervisory authority. So, we need the help of the government in collaboration with other agencies,” she said.

According to her, the insurance sector has been supportive to the government, especially during the COVID-19 outbreak.

NNPCL subsidiary drives revenue to N256bn revenue – Report

The Nigerian National Petroleum Company Retail Limited, a retail subsidiary of the NNPC Limited group, recorded a total revenue of N255.6 billion in its 2022 financial year.

The data from its recently published report also revealed growth in its other key parameters of assessment as the company increased its sales of petrol, kerosene, and aviation fuel.

“NNPC Retail Limited achieved six percent year-on-year increase in total white product sales, N255.6 billion revenue, N15 billion EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) and N14.14 billion profit as at Q3 (third quarter )2022,” the report stated.

Jumia to shift strategy for growth in 2023 – CEO

Francis Dufay, the Chief Executive Officer (CEO) of Jumia, a pan-African e-commerce platform, said on Sunday that the company plans to shift strategy to enhance growth levels for the rest of 2023.

Dufay said this in Lagos while reacting to the company’s first quarter financial report. He said that the company’s new approach to growth involved three key elements.

Jumia’s gross profit in the first quarter of 2023 grew by five percent to close at $28.6 million.

He said the company would enhance its supply and variety of products by attracting reputable brands and suppliers in important e-commerce sectors such as phones, electronics, home appliances, fashion, and beauty.

Dufay promised that the company will adopt a more effective means to manage vendors on the Jumia platform, thereby enhancing the overall experience for customers.

“Lastly, the company aims to expand its consumer base by effectively targeting underserved markets in urban centres and rural areas, where traditional supply and retail options are limited, and tapping into the large consumer populations in these areas,” he said.

Oil rises after US leaders strike provisional debt deal

Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal. A deal that could possibly avoid a default in the world’s largest economy and oil consumer.

U.S. Texas Intermediate gained 75 cents, or 1 percent, to trade at $73.42 a barrel, while Brent crude futures was at $77.61 a barrel, up 66 cents, or 0.9 percent. Trade is expected to be subdued on Monday because of the UK and U.S. holidays.

U.S. President Joe Biden and House Speaker Kevin McCarthy on Saturday finalised an agreement in principle to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Both leaders expressed confidence on Sunday that members of the Democratic and Republican parties would vote to support the deal.