General News
DHL Hands Out Tips for Buying Online this Festive Season
With the increased availability of broadband access, more affordable data costs offered by mobile operators and the consistent development of mobile devices, online shopping is gaining great traction in Sub-Saharan Africa.
Fatima Sullivan, head of Retail at DHL Express Sub-Saharan Africa said that with the upcoming festive season fast approaching, consumers are increasingly choosing to purchase gifts online from both local and foreign retailers due to the ability to select from a wide range of products at competitive prices, without being limited by geographical locations, at any time that is convenient to them.
“With improved infrastructure, in terms of Information and Communications Technology (ICT), and online safety and security, more people are choosing to make use of online shopping over traditional brick and mortar outlets due to the variety of products available to them at just a click of a button,” said Sullivan.
She pointed to the amazing successes of local ecommerce start-ups like Zando in South Africa and JUMIA in Nigeria; both part of the Africa Internet Holding, who are gearing up for the festive season.
JUMIA, which only launched in 2012, has already expanded into six markets, to take advantage of this growth, with Zando planning expansion plans in the near future.
Jeremy Hodara, Co-CEO of the Africa Internet Holding and Sascha Breuss, MD of Zando agreed, that “it is very expensive to buy abroad.” They also emphasize on the importance of a strong logistics partner to gain the customers trust. “This is the biggest test, since there are many fears of frauds and we have to educate consumers about shopping online securely. For example, we have to be transparent on prices, taxes, or shipment costs. That’s why JUMIA and ZANDO accept payments on delivery and offer free returns to deliver a safe, stress-free and convenient shopping experience.”
Fatima Sullivan, said that while online shopping has many benefits, not many South African consumers are aware of the regulations involved with importing products purchased online from international retailers, which could lead to consumers incurring additional expenses, thereby making the product less of an attractive buy.
“As an example, all shipments transported across international borders must be cleared through Customs, where, depending on the type of goods being shipped, they may also be subject to certain other restrictions and regulations. There are goods such as clothing that attract high rates of duty and are subject to interventions by Customs where the price, contents and country of manufacture are often interrogated to mitigate a wide range of risks.”
She added that confirming any possible restrictions attached to particular goods is vital and should be the first action taken by consumers before making a purchase online in order to avoid suffering any financial losses in the event that goods are detained by Customs.
When purchasing goods online from international retailers, Sullivan says that it is important to bear the following factors in mind to avoid additional costs or a delay in delivery of the goods:
• Import taxes and duty: Usually taxes and import duty costs are calculated specifically on the value of the imported goods. Consumers should also be aware that certain products such as footwear and wines are calculated part in value and/or in quantity, and may be subject to permit requirements based on quantity, while others, such as clothing, jewellery, perfumes and mobile devices, may only be calculated on the value of the product.
• Customs clearance: Depending on the item, various levels of customs clearance might be necessary. This could delay your shipment due to processing or physical inspection, so it’s important to order your goods well in advance, to ensure they arrive in time.
• Choose a suitable courier service: Larger express operators like DHL have a strong footprint in Africa, and have a well-established working relationship with Customs and local authorities, ensuring a speedy clearance and delivery of goods.
• Gifts: In most countries, gifts are only acceptable between individuals and a full description of the contents is required, the generic description “Gift” is not accepted. Again, this varies per country.
• Be aware of the different shipment costs: It is important to establish what costs the shipper and the customer will be responsible for prior to the shipping of the goods.
There are ultimately three main costs associated with the movement and clearance of goods: a) the cost of the goods payable to the shipper, b) the shipping costs to the customer’s door, and c) the duties, taxes and Customs clearing costs.
In most instances, the duties and taxes payable in the country of destination cannot be accurately determined by the shipper at the point of ordering the goods and these costs are not included by the shipper in their quotations to the customer.
As a result, on arrival, these charges are billed to and payable by the customer before the package can be claimed – often to the customer’s total surprise.
This ultimately could result in the landed cost (the total amount of all costs) of the e-retail merchandise becoming much more costly for the buyer than expected and could potentially put them off repeat on-line purchases.
“It is advisable for consumers to speak to the online retailer or a local expert / service provider should they be unsure about any regulations that may apply to their purchase,” concluded Sullivan.
With the festive season boom expected, you don’t want to be in for an unexpected surprise in terms of duties and taxes, or that your Christmas present arrives on December 28th.”
Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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