Global News: General Motors Gives Up on Its Cruise Robotaxi Dreams
Seplat Energy Completes Acquisition of Mobil Nigeria, Set to Double Production.!
General Motors is rethinking its robotaxi dreams, announcing yesterday that it will no longer fund the development of a dedicated robotaxi under the Cruise division.
Our thoughts
For us the focus is the impact on investor funds and the stock market. Microsoft will be writing off their whopping $800million investment in cruise while Google will be smiling- their robotic business Waymo is still going strong (for now).
The robotaxi sector is still in infancy and so quite risky but as with high risk, the company that gets it right will be massively rewarded!
African News: Nigeria’s Dangote Refinery makes first petrol export to Cameroon.
Nigeria’s Dangote Refinery said on Wednesday it has made its first export of petrol to Cameroon, a milestone that could pave way for regional energy integration and help stabilize fuel prices across the region..
Our thoughts
This is great news for West Africa and Africa as a whole. Regional energy integration is a big deal. Here’s why:Having an oil supply contract lays a foundation for introducing a direct currencytrading pair between NGN & CFA Franc. i.e instead of trading in USD. Central African countries can convert directly from Franc to Naira and vice versa. How? when there is steady and significant trade between countries, banks with branches in both countries are perfectly positioned to cross deals. Africa is rising? #Wehope.
Nigerian News: Seplat Energy Completes Acquisition of Mobil Nigeria, Set to Double Production.
Seplat Energy Plc yesterday confirmed the completion of its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil, in a deal that was first made public in 2022.
Our thoughts
Seplat completes acquisition of Mobil. This deal was first signed in 2022 but regulatory approval came 2years after. Can the same thing happen for the Shell deal? Not clear, but let's wait and see. 2years is the current time line. Sigh
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