Economy
SMEs Must Adopt Technology to Cut Operational Costs—Okuleye
By Dipo Olowookere
If Small and Medium Enterprises (SMEs) intend to maximise profit and provide excellent services, then they must adopt technology to help cut operational costs, the Head of SME Sales at Cellulant Nigeria, Mr Ademola Okuleye, has noted.
Speaking recently on Arise TV’s Global Business Report, Mr Okuleye said this is where Cellulant Nigeria plays a critical role to support small business owners in the country, who contribute significantly to the nation’s gross domestic product (GDP).
The SMEs expert, while discussing the use of technology to improve the sector, stated that Cellulant provides a secure, seamless payment and collection platform that allows them to focus on other business areas.
He explained that technology has been a significant driver in improving the efficiency of SMEs in Nigeria in many areas such as power, human resources and payroll.
“There are many ways technology through the use of software and apps readily available today is helping SMEs cut operational costs. If you look at power, renewable energy helps SMEs reduce power costs.
“Non-core staffing functions can be outsourced to existing apps for accounting, payroll and setting up meetings. There are many apps for communication, too, and that’s why the value of voice calls is reducing viz-a-viz data calls. You are here in Lagos but can set up meetings with customers in any part of the world. Technology improves your revenue because your cost of operation is reduced,” he said.
Mr Okuleye disclosed further that when it comes to payments, Cellulant is onboarding SMEs to resolve their payment and collection issues by directly providing solutions that enable them to collect payments or payout to their customers.
“We have a platform that makes it easy for businesses to monitor transactions, reconcile and settle funds seamlessly. If you’re a CEO in Lagos and have several stores across the country, you can view all your business transactions on one dashboard. Easy access to your payments operations gives business leaders across Nigeria more time to do other things,” he remarked.
On who is responsible for hastening the adoption of technology between the government and private sector, Mr Okuleye said it’s a shared responsibility, saying, “The government has a responsibility regarding regulations needed to make business easy for SMEs and infrastructure, which is the biggest problem we have in Nigeria and Africa. There’s also a huge burden on the private sector, which sells the products and needs to create awareness. The private sector can create forums and events where SME owners and proprietors can come together and gain a basic understanding of the technology.”
Cellulant Nigeria is one of the pan-African payments companies and innovative fintech players driving financial inclusion in Africa while ensuring transactions’ safety, security and integrity.
The organisation provides locally relevant and alternative payment methods for global, regional, and local merchants across Africa.
It has a physical presence in 18 countries and processes payments for businesses in 35 others, offering a single API payments gateway called Tingg that enables companies to collect payments online and offline, delivering seamless payment experiences for their customers.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
By Adedapo Adesanya
Crude oil prices went up on Wednesday after the European Union (EU) agreed to an additional round of sanctions threatening Russian oil flows that could tighten global crude supplies.
During the session, Brent crude futures jumped by $1.33 or 1.84 per cent to $73.52 a barrel and the US West Texas Intermediate (WTI) crude futures rose by $1.70 or 2.48 per cent to $70.29 per barrel.
EU ambassadors agreed on a 15th package of sanctions on Russia over its war against Ukraine, targeting its shadow tanker fleet and Chinese firms making drones for the country.
The sanctions would target vessels from third countries supporting Russia’s war in Ukraine and add more individuals and entities to the sanctions list. It will not be adopted until after foreign ministers approve the package on Monday.
The shadow fleet has aided Russia in bypassing the $60 per barrel price cap imposed by the G7 on Russian seaborne crude oil in 2022 and has helped keep Russian oil flowing.
Prices were supported by the Energy Information Administration (EIA) which reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds.
The crude oil inventory figure compares with a draw of 5.1 million barrels for the previous week that pushed prices higher for a while but the gains soon got erased by weak global demand growth prospects.
A day before the EIA, the American Petroleum Institute (API) had estimated inventory changes at a positive 499,000 barrels for the week to December 6.
Meanwhile, on Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount.
In its December report, the cartel expects 2024 global oil demand to rise by 1.61 million barrels per day, down from 1.82 million barrels per day last month.
OPEC also cut its 2025 growth estimate to 1.45 million barrels per day from 1.54 million barrels per day.
The 210,000 barrels per day cut in the 2024 figure is the largest of the five reductions OPEC has made in its monthly reports since August. In July, OPEC had expected world demand to rise by 2.25 million barrels per day.
Weak demand, particularly in top importer China, and non-OPEC+ supply growth were two factors behind the move.
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