Business
IPMAN tackles Sanusi, el-Rufai on fuel subsidy removal
The Independent Petroleum Marketers Association of Nigeria has responded to comments by the former Emir of Kano, Alhaji Muhammad Sanusi II, and the Kaduna State Governor, Mallam Nasiru El-Rufai, fuel subsidy, saying with the current economic situation in the country, its removal will cause more hardship for Nigerians.
The IPMAN Chairman, Northern chapter, Alhaji Bashir Danmalam, stated this while addressing newsmen in Kano on Tuesday.
According to Danmalam, Sanusi, who is also former Central Bank Governor, and el-Rufai had for long been talking about the removal of subsidy at every forum they found themselves.
“What happened after the subsidy of gas (diesel) was withdrawn. The price of anything you can think of has gone up as a litre of diesel is now being sold at N850,” IPMAN chairman said.
Danmalam was reacting to Sanusi’s comments at the seventh edition of the Kaduna Economic and Investment Summit where he was full of pity for the incoming President on account of the scale of the economic challenges awaiting him, particularly the knotty issue of petroleum subsidy and debt servicing.
“The reform of the oil sector has already started by the passing of the Petroleum Industry Act by Mr President, with a 24-month transition period. The management of the NNPC must be commended for their consistency in seeing the PIA was passed and implemented to the letter,” he said.
Danmalam further said, “Today halfway through the transition period, the NNPC has completed its transition and is now a full-fledged limited liability company with strategic commanding shares in the nearly completed Dangote refinery, the largest refining in the world.
“It means that as Nigeria exits fuel subsidy, the management of the NNPC has invested wisely in local refining capacity to boost domestic consumption, eliminate importation, ease the pressure on our forex, straighten the Naira, provide jobs and boost our GDP. Mele Kyari and his team deserve commendation for their doggedness, patriotism and nationalism.
“However, the issue of removing fuel subsidies has to be gradual in order to make it effective and result-oriented for national economic growth and development.”
Speaking on the the volume of petrol being consumed in Nigeria on a daily basis, Danmalam advised the former Emir and Governor El-Rufai to visit all the depots where the product is being kept before distribution to ascertain whether it is being imported or not.
Danmalam said if the former emir and Governor El-Rufai were smart, they would have helped Kaduna State to be independent of FAAC allocation like what Tinubu and his successors did by making Lagos to survive even without FAAC allocation, but they did not.
Business
MTN, Airtel to share network infrastructure in Nigeria
MTN, Airtel to share network infrastructure in Nigeria
Airtel Africa has partnered with MTN Group to expand digital inclusion by sharing network infrastructure in Uganda and Nigeria.
In a statement in Lagos on Wednesday, Airtel said the sharing agreements aim to improve network cost efficiencies, expand coverage, and provide enhanced mobile services to millions of customers.
A sharing agreement is a formal arrangement between two or more parties to share resources, assets, or services.
According to the telecommunications company, the partnership will benefit customers in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
Airtel assured that both parties will ensure the agreement complied with local regulatory and statutory requirements.
Sunil Taldar, chief executive officer (CEO) of Airtel Africa, said telecommunications companies are driving digital financial inclusion by building common infrastructure within the regulatory framework.
Taldar noted that the collaborative approach not only advances digital transformation and financial inclusion but also reduces the duplication of expensive infrastructure.
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As a result, Taldar said operational efficiencies are boosted, ultimately benefiting customers.
He further said telecoms continue to compete fiercely in the market, differentiating themselves through their brand, services, and offerings.
“The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively,” Taldar said.
“The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.”
Taldar added that following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are also exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda, and Zambia.
Ralph Mupita, MTN Group CEO, said there is a need to invest in coverage and capacity to ensure high-quality connectivity to meet customers’ increasing demands.
“As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress,” Mupita said.
“We continue to see strong structural demand for digital and financial services across our markets.
“To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.”
Mupita added that there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.
MTN, Airtel to share network infrastructure in Nigeria
Business
NNPCL in historic initial public offer, ready for capital market
NNPCL in historic initial public offer, ready for capital market
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparation for its much-anticipated listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Thursday in Abuja.
According to the statement, the Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, revealed the development during a consultative meeting with partners at the NNPC headquarters.
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He stated that NNPCL is currently engaging with potential investors through an exercise called the “NNPC Ltd. IPO Beauty Parade,” which aligns with capital market regulations ahead of its Initial Public Offer (IPO).
“According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company,” the statement explained.
The statement further highlighted that NNPCL is seeking partnerships in three key areas: Investor Relations, IPO Readiness Advisors, and Investment Banking Partners. Companies with the most competitive offers will be selected for each category.
An IPO is a public offering in which a company’s shares are sold to institutional investors. Under the PIA, NNPCL is required to list its shares on the capital market in compliance with the Companies and Allied Matters Act (CAMA) 1990.
NNPCL in historic initial public offer, ready for capital market
Business
Naira rises to N1,560/$ in parallel market
Naira rises to N1,560/$ in parallel market
The Naira yesterday appreciated to N1, 560 per dollar in the parallel market from N1,570 per dollar on Wednesday. But the Naira depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,540 per dollar from N1,539 per dollar on Wednesday, indicating N1 depreciation for the naira.
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