Energy production report, new beer prices… 7 business stories to track this week

Here are the seven top business stories you need to track this week —  August 7 to August 11.

NBS REPORT

The Nigerian Bureau of Statistics (NBS) is expected to release a report on daily energy generated and sent out for the second quarter (2023) of the year 2023.

In the previous quarter, the NBS said electricity distribution companies (DisCos) in Nigeria made a total of N247.33 billion in the first three months of the year.

The bureau explained that revenue generated by the DisCos rose by 20.81 percent despite a drop of 1.74 percent in supply.

NIGERIAN BREWERIES TO IMPLEMENT NEW PRICE AUG. 10

The Nigerian Breweries (NB) Plc said there are plans to implement an upward review in the prices of some products in its stock-keeping units (SKUs) to “mitigate the impact of the rising cost of input”.

In a memo to customers, the company said the price adjustments would take effect from Thursday, August 10, 2023.

The brewer did not state which of its brands will be affected by the price increase.

GSK SHUTS DOWN OPERATIONS IN NIGERIA

GlaxoSmithKline (GSK) Consumer Nigeria Plc announced plans to cease operations after evaluating the options for moving to a third-party distribution model for its pharmaceutical products.

The company is known for its products such as Augmentin, Neosporin, Panadol, Sensodyne, Advair, Ventolin, and Theraflu.

GSK Nigeria announced the development in a statement sent to the Nigeria Exchange Limited (NGX) on Thursday and signed by Frederick Ichekwai, the company secretary.

The company said it is working with its advisers to agree on the next steps and plans to submit a scheme of arrangement to the Securities and Exchange Commission (SEC), which if approved, will see it return cash to shareholders except its parent company, GSK UK.

MUSK TO FUND LEGAL BILLS OF USERS ‘TREATED UNFAIRLY’ BY EMPLOYEES

Elon Musk, the owner of X (previously known as Twitter), on Sunday, pledged to fund the legal bills of users “treated unfairly” by employers over their posts on the platform.

In a tweet posted, the billionaire entrepreneur said there would be “no limit” to the financial assistance he would provide to users targeted as a result of their posts and likes.

“If you were unfairly treated by your employer due to posting or liking something on this platform, we will fund your legal bill. No limit,” he tweeted.

Meanwhile, Musk added a new video download feature to the social media platform last week.

He, however, said the feature is only available to verified users, and requires the content creator’s permission.

This means that verified users can now save videos from X without using third-party applications.

NCAA LINKS SUPPLY OF CONTAMINATED AVIATION FUEL TO ‘UNAPPROVED MARKETERS’ IN AIRPORTS

The Nigeria Civil Aviation Authority (NCAA) has linked the issue of contaminated aviation fuel (Jet-A1) to the activities of unapproved aviation fuel marketers involved in supplying airlines.

Musa Nuhu, director-general of NCAA, said it was discovered that some unapproved aviation fuel marketers found their way into the airports, thereby supplying the commodity to airlines.

On July 13, 2023, TheCable reported that the authority suspended the operations of all Boeing 737 aircraft of domestic carrier, Max Air, over several incidents of contaminated aviation fuel.

The aviation authority, as a result, said it would intensify its investigation to establish the root cause of contamination.

TINUBU: PORT HARCOURT REFINERY TO COMMENCE OPERATIONS IN DECEMBER

President Bola Tinubu says the Port Harcourt refinery will commence operations by December 2023.

The president spoke at a meeting with the leadership of the Nigeria Labour Congress (NLC) led by Joe Ajaero, its president, and that of the Trade Union Congress, Festus Usifo.

Tinubu said production will begin after the ongoing rehabilitation contract between the Nigerian National Petroleum Company (NNPC) Limited and Maire Tecnimont SpA is completed.

NAVY, TOMPOLO’S FIRM TANGO ON PORT DISCHARGE VESSEL SUSPECTED OF OIL THEFT

The Nigerian Navy and Tantita Security Services Limited, a private security company, are at odds over the port of discharge for a vessel suspected of oil theft.

The private security outfit is headed by Government Ekpemupolo, a Niger Delta agitator, also known as Tompolo.

On Wednesday last week, the Tanita Security Services said it intercepted the MT Praisel, a vessel carrying crude oil suspected to have been stolen in the Koko area of Delta state.

The vessel was reportedly flying a Togolese flag and was being escorted by a navy boat led by a senior naval commander.

While Adedotun Ayo-Vaughan, the Nigerian Navy spokesperson, cautioned members of the public against making assumptions that the shipment of oil was stolen until the results of laboratory tests and investigations are completed.

In a statement on Sunday, the private security outfit acknowledged that the NMDPRA approved the MT Praisel as stated by the navy, and questioned the discrepancy in the port of discharge.