Connect with us

Business

Don’t come for Christmas, FG tells Nigerians abroad

Published

on

As people get ready for end of the year festivities, the Presidential Task Force on COVID-19 has urged Nigerians abroad not to bother coming home or risk being stranded in the country should the government restrict international travels.

It also urged Nigerians not to embark on non-essential travels even as it warned them to be weary of end of the year festivities such as Christmas carols.

These resolutions were reached on Monday and passed on to the public by the Chairman of the PTF, Boss Mustapha; its national coordinator, Sani Aliyu; the Minister of Health, Osagie Ehanire; and the Director-General of the Nigeria Centre for Disease Control, Chikwe Ihekweazu, at the weekly briefing of the task force in Abuja on Monday.

Mustapaha, who is also the Secretary to the Government of the Federation, said, “We shall continue to remind Nigerians that all non-essential trips should be put off this December. This is for your safety and good health.”

Aliyu advised Nigerians in the Diaspora should not consider coming home, urging them to celebrate Christmas and New Year wherever they are.

He said, “Nigerians outside the country, hopefully they will stay where they are. And for Nigerians in-country, we will also stay where we are.”

The national coordinator said for every 1,000 passengers coming into the country, Nigeria would record 10 positive cases of COVID-19.

He added, “Please, for this period, if your travel is not essential, stay where you are. We are actively discouraging Nigerians abroad from coming home this Christmas because of COVID-19 and the number of infections we have outside the country.

“So, the message is; if you do not want to get stranded, if you do not want to bring COVID-19 to your elderly relatives in Nigeria, please stay where you are. There will be other holidays.”

Ihekweazu said Christmas carols, travels and other gatherings during festivities could blow the virus infection beyind manageable level and urged Nigerians to avoid them as much as possible.

He said, “This is really to re-emphasise the call by the PTF that many of the traditional meetings that we engage in at this time of the year, whether they are Christmas carols or festivals, trips, family gatherings, each of those could end up being a super spreader event. So, we must take this into consideration as we make our choices.”

Ihekweazu said a travel advisory had been issued detailing why both local and international travels must be avoided unless when absolutely necessary.

Business

Fuel queues return to Abuja over price hike rumour

Published

on

Fuel queues have resurfaced in the Federal Capital Territory over speculations of an imminent increase in the pump price of petrol.

This is coming about 24 the Nigerian National Petroleum Corporation had said there would be no increase in the ex-depot price of petrol in May and not until the end of negotiations with organised labour.

But reports say remours about a price hike and scarcity have led to the latest long queues that surfaced on Tuesday at petrol stations in the FCT.

Long queues of motorists waiting to buy fuel were seen at retail outlets in Wuse, Gwarimpa, Wuye and Kubwa expressway on Tuesday while other outlets were not selling the product.

Continue Reading

Business

NNPC says no petrol price increase in May, subsidy continues

Published

on

The Federal Government will continue to pay fuel subsidy as the Nigerian National Petroleum Corporation has said it will not increase the ex-depot price of petrol in May.

Group Managing Director of the NNPC, Mele Kyari, disclosed this on Monday on the company’s social media post during a meeting he held with the National Association of Road Transport Owners/Petroleum Tanker Drivers.

Kyari had last month disclosed that the current market price of petrol had risen to N234 per litre, far above the average pump price of N163 per litre across petrol stations in the country.

Tanker drivers had on March 29 issued notice of industrial action, citing poor remuneration and other hardship as reasons for their action.

Kayri said, “We want to inform oil marketing companies that the NNPC will not increase the pump price of PMS in May. I am giving the assurance and I ask Nigerians to go about their normal businesses; we have over 20 billion litres of petrol in our custody.

“Many of you are aware of this and with the assurance with tanker drivers and NUPENG, there is no need for panic buying of the product. Petrol will be available in all the depots in the country including NNPC dispatched depot across the country, so nobody should panic in buying the product.”

Speaking on the on the strike by the PTD, the NNPC boss said the strike was associated with NARTO’s inability to increase their compensation which was not resolved last week.

He said, “We have given commitment to both NARTO and PTD that we will resolve the issue within a week and come back to the table to have a total closure on the issue.

“We also have a robust engagement with our oil marketing partners in respect of increase in the volume product that is check in the Nigerian market. “We have agreed to work jointly with all the security agencies to contain any possible infractions seen in our borders. We will work as a team to curtail this fraudulent practice with the help of the security agencies.”

He explained that the meeting also discussed issues on payment by Petroleum Equalisation Fund (PEF) to oil marketing companies.

He said that all stakeholders agreed in making the PMS available to marketers.

Speaking at the end of the meeting, NARTO President, Alhaji Yusuf Othman, commended the NNPC for the intervention and assured that within the next seven days, things will normalise in the adjustment of allowances of PTD.

He said, “NARTO requested that they bring three persons so that we discuss the issues but that would not have been possible without this intervention. “We hope that within the next seven days things will normalize and I want to assure Nigerians that we are committed to it.”

Continue Reading

Business

UBA posts 26.8% profit, double-digit growth on income lines

Published

on

The United Bank for Africa (UBA) Plc says its profit after tax (PAT) increased by 26.8 per cent in the first quarter (Q1) for the period ended March 31, 2021.

The bank’s PAT jumped to N23.2 billion in Q1 2021 from N30.1 billion in the same period in 2020.

According to a statement from the bank, it also recorded a double-digit growth across most of its major income lines in period under review.

The tier-1 bank said between January and March, it recorded N40.6 billion, representing a 24 percent year-on-year growth in profit before tax compared with N32.7 billion recorded in the first quarter of 2020.

It stated, “Interestingly, UBA again sustained its strong profitability recording an annualised 20.5% Return on Average Equity (RoAE) compared to 19.9% in the same period of 2020.

“Driven by a year-on-year growth in interest income, UBA Group recorded another impressive 5.5% percent year-on-year growth in Gross Earnings to close at N155.4 billion for the three month period ending March 2021, compared to N147.2 billion recorded in the first three months of last year 2020.

“The bank’s total assets also rose by 2.5 per cent to N7.9 trillion in the period under review, compared to N7.7 trillion recorded at the end of the 2020 financial year whilst shareholders’ funds grew to N762.4 billion up by 5.3% from N724.1 billion as at FY 2020.”

Group Managing Director of UBA, Kennedy Uzoka, said the result reflects the bank’s capacity to grow earnings in a highly uncertain macroeconomic environment.

He expressed satisfaction with the bank’s performance, adding that its current capital and liquidity ratio have positioned the bank as it continues to support its customers across diverse sectors and markets, guided by prudent risk management practices.

Uzoka said the bank is committed to sustaining its performance through a customer driven approach for the rest of the year.

“This impressive 2021 Q1 results reflect the capacity of our business to sustainably grow earnings even in a highly uncertain macroeconomic environment,” he said.

Continue Reading

Trending