Business
Bullion van attacks: Odumosu accuses bank officials of conspiracy
Lagos Police Commissioner, Hakeem Odumosu, has accused officials of commercial banks of conspiring with criminals to attack bullion vans and cause other security lapses at banks.
He specifically warned Cash in Transit (CIT) officials suspected to have exhibited some unprofessional conducts in the attacks of bullion vans in Lagos recently.
The police boss reportedly addressed some bank officials on Tuesday at the police command in Ikeja, where he frowned on the lackadaisical attitudes of banks and financial institutions to securing their facilities and cash in transit.
According to a statement by spokesman Olumuyiwa Adejobi, Odumosu recalled the attack on a bullion van in the Langbasa-Ajah area of Lagos State recently.
“The two policemen allegedly on the escort movement were procured illegally and without the knowledge of the command. This kind of a movement is condemned and unacceptable in totality.
“Moving forward, the police boss stressed that security must be provided for all bank facilities and CIT movements as the command will not tolerate kangaroo security arrangement for cash in transit in the state,” it said.
The statement read in part, “The police boss also directed that Standard Operating Procedure on Species Escort (movement of valuables) must be sustained; noting that there must be minimum of two operational vehicles conveying fully armed policemen escorting a bullion van which must be fully armoured.
“Similarly, in compliance with traffic rules, the Commissioner of Police strongly warned them against driving on One Way and BRT corridors, driving of bullion vans without or with covered number plates, breaking of traffic light and reckless driving on highways.
“He further warned that bullion vans must be roadworthy and standardised by the State Commands Transport Officer.
“CP Hakeem Odumosu then ordered Area Commanders, DPOs and Heads of Departments to henceforth stop and contravene any bullion van on movement without due compliance with the stipulated security arrangements and traffic regulations in the state.
“He also warned the Commanding Officers of Police Mobile Force in the state to desist from deploying men to banks and financial institutions without due approval of the Commissioner of Police.
“In addition, CP Hakeem Odumosu encouraged banks to fortify security in their facilities by installing more sophisticated CCTV cameras that have 100 day recording capacity so as to have a backup and source of evidence in police investigation of any incident within their areas of responsibility.
“At the end of the meeting, CP Hakeem Odumosu formed a committee for the implementation of the rules and regulations of providing security to banks, financial institutions and movement of valuables (cashes) within the state.
“The committee comprises the Deputy Commissioner of Police, Department of Operations, DCP Mohammed Ali, Officer in Charge of Bank Guards, Lagos State Command, two of the Chief Security Officers of the bankers and two representatives of the Cash in Transfer firms.”
Business
Relief for Lagos farmers as Adebule gives them free fertilizers
Relief for Lagos farmers as Adebule gives them free fertilizers
More and cheaper food items are expected from Lagos in the next harvest season as senator representing Lagos West District, Dr Idiat Adebule, has distributed 1,132 bags of fertilizers to farmers in 28 local governments and local councils development areas.
The senator said the gesture was from the Federal Government.
She said the free fertilizers was part of President Bola Ahmed Tinubu’s commitment in boosting food production in the country.
The project, she said, would help ease economic challenges.
Adebule said, “If you look at the Renewed Hope Agenda, part of the promises made by President Tinubu was to scale up activities in the agricultural area.
“To keep that promise, the Federal Government under his (Tinubu’s) leadership has released fertilizers to representatives of the people to distribute to farmers in their constituencies.”
She urged the beneficiaries to put the fertilizers into proper use.
Secretary-General of Conference of 57 local governments and local council development areas and Chairman of Odi-Olowo/Ojuwoye Local Council Development Area (LCDA), Razaq Ajala, said the Federal Government decided to support the farmers from all the six geo-political zones in other to boost harvest.
Ajala expressed optimism that this gesture would crash food prices.
Vice Chairman, All Farmers’ Association of Nigeria, Lagos State chapter, Shakiru Agbayewa, stressed that currently fertilizers now cost between N40,000 and N50,000 which farmers couldn’t afford to purchase.
“The Federal Government in his own wisdom has decided to donate the fertilizers to ease the burden of farmers and enhance food production,” he said.
He hailed the Federal Government for the food security initiative and promised to make good use of the fertilizers received.
A beneficiary, Oluwatoyin Olufuwa, praised the government and said, “They’ve done something great for the farmers because it will help in enhancing food production, quality of food as well as helping farmers to make more profit.”
Coordinator for Badagry farmers, Augustine Onu, noted that the initiative was a huge one
“I’ve never seen this kind of distribution done before since I have been a farmer. We haven’t experienced such massive distribution of fertilizers to farmers at local government,” Onu noted.
Business
FG begins sale of crude oil in naira to Dangote Refinery
FG begins sale of crude oil in naira to Dangote Refinery
The Federal Government has officially begun the sale of crude oil in naira to Dangote refinery as directed by President Bola Tinubu.
This piece of news came from Wale Edun, Minister of Finance and Coordinating Minister of the Economy, through a statement on the ministry’s official X account.
The statement read, “The sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1st, 2024.”
It continued, “Following a meeting of the Implementation Committee, chaired by the Hon. Minister of Finance and Coordinating Minister of the Economy on October 3rd, 2024, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.”
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The review meeting involved significant stakeholders, including the Minister of State for Petroleum (Oil), the Special Advisers to the President on Revenue and Energy, top executives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives from the Dangote Group, and leadership from the Nigerian National Petroleum Company (NNPC), including its Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
Recall that back in July, President Tinubu approved the sale of crude oil in naira, with the Dangote refinery chosen as the pilot for the initiative.
The long-term impact of this move on petroleum prices remains to be seen.
FG begins sale of crude oil in naira to Dangote Refinery
Business
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.
The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.
According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.
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Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.
Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.
One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”
As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
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