Business

We’ve not received supply for N75bn fuel paid for since June – IPMAN

Published

4 months ago

August 21, 2024

We’ve not received supply for N75bn fuel paid for since June – IPMAN

THE Independent Petroleum Marketers Association of Nigeria (IPMAN), Mosimi Depot, in Ogun State on Tuesday, has called on the Nigeria National Petroleum Corporation Limited (NNPCL) to supply its members petroleum products worth N75.142 billion paid for since June.

According to the Association, the current fuel scarcity in the South West region of the country was due to refusal of the management of NNPCL to make petroleum products available to its members three months after payment.

IPMAN, therefore appealed to the federal government, as well as other critical stakeholders in the oil industry to prevail on the NNPCL management and ensure that the corporation desists from withholding petroleum products from its members, so as to lessen the hardship being experienced by the citizens.

Speaking with journalists in Abeokuta, Ogun State capital, the IPMAN Mosimi Depot Chairman, Otunba Femi Adelaja said his members have since June this year, made a deposit payment of a whopping sum of N75 .142 billion to the corporation for supplies through the Lagos Private Depot Owners (PDO), but NNPCL refused to make the product available to its members.

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Adelaja, who lamented the non-receipt of products from NNPCL three months after payment, said the management of the corporation has been using the IPMAN’s deposit to service the interest of majority marketers at the detriment of the interest of IPMAN members whose businesses have been surviving on bank loans.

Accusing NNPCL of deliberately hoarding petroleum products from its members, Adelaja said it is disheartening that the corporation could be using his members’ deposit to make supplies available to the trio of Total, OANDO and Ardova petroleum companies, who in turn, resell to few if its customers thereby, compelling them to sell at a higher price to the public.

“As I speak with you, we are surprised to see that the NNPC would not give us any supply, rather, the corporation has been busy using our deposits to run business for their various Mega Stations. They have refused to acknowledge that our businesses have been surviving on bank loans, which would charge interest on whatever amount is released to each IPMAN member”.

IPMAN Mosinmi Depot, however, solicits the support of all well-meaning Nigerians to prevail on the management of the NNPCL before the corporation finally succeeds at chasing its members out of business.

We’ve not received supply for N75bn fuel paid for since June – IPMAN

Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

19 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

19 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.