Business
Fuel: Embrace CNG, it’s cheaper – Marketers, promise N10bn buses
Fuel: Embrace CNG, it’s cheaper – Marketers, promise N10bn buses
Oil marketers have asked Nigerians to embrace vehicles using compressed natural gas as an alternative to petrol-powered automobiles.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) gave the advice through its National President, Mr Chinedu Okorokwo, saying the CNG is a viable alternative energy source that would cushion the effect of petrol subsidy removal.
This came as major oil marketers promised to donate 100 units of 50-seater buses worth N10bn in support of the Federal Government’s subsidy removal interventions.
Already, the organised labour has forwarded a similar suggestion to the FG to support mass conversion of petrol engine vehicles to natural gas-powered.
The marketers made these known in Abuja after a meeting with President Bola Tinubu.
The CNG producing less emission is said to be the cleanest burning fuel operating today with less vehicle maintenance and longer engine life.
Okoronkwo said, “We have also discovered that bringing an alternative that is cheaper than even firewood which is CNG, will not only create relief for the government and its citizens but it is environmentally friendly.
“The CNG is abundantly available in Nigeria than anywhere in Africa.
“In the Niger Delta region, you see billions of tonnes of gas being wasted daily; these are huge amounts that should be accruing to our GDP, but we are wasting it because there is no market for it. So, we are asking the government to create the market.
“How do you create the market? What Egypt and India did was to give soft loans to be paid back within stipulated periods; from there, you can get vehicles to use gas instead of fuel.”
Also, the leader of the delegation to President Tinubu, Winifred Akpani, announced the intention of the group to donate 100 units of 50-seater buses using the CNG to cushion the effect of the subsidy removal.
She said the policy of using Natural Compressed Gas (CNG) vehicles would be implemented to reduce the cost of living.
She expressed the support of the marketers to fuel subsidy removal, stressing that it was long overdue.
She observed that the move, although painful and stressful, would unleash the economic potential of Nigeria, engender free-market economy, entice foreign investors, ensure security as well as creation of jobs and wealth.
The delegation was led to the President by Governor Dapo Abiodun of Ogun State.
The Federal Government last year unveiled 20 high-tech CNG buses meant for civil servants in the Federal Capital Territory (FCT).
The initiative was undertaken in a collaboration with FEMADEC Group, a private engineering and construction company.
A number of auto firms have received the support of the National Automotive Design and Development Council to assemble and market gas-powered vehicles.
Innoson Vehicle Manufacturing recently showcased mass-produced CNG buses from its Nnewi factory, Anambra State.
Omaa has equally rolled out CNG-buses from its Anambra-based assembly plant to increase the number of firms engaged in the business in Nigeria.
Auto
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner
Ultimate winner of the forthcoming NAPE Charity Golf Tournament holding in Abuja will drive home Chery Tiggo 8 Pro, a superlative sport utility vehicle.
Carloha Nigeria, one of the major sponsors of the event, disclosed this in a statement issued in Lagos.
The golf tournament is scheduled to take place at the prestigious IBB Golf & Country Club, Abuja, on October 26, 2024.
Carloha, franchise holder and assembler of Chery vehicles in Nigeria, said its sponsorship of the tournament was part of its commitment to fostering sports development in the country.
Part of the statement read, “Chery is offering its flagship SUV, the Tiggo 8 Pro as the ultimate prize for any player who achieves a hole-in-one during the tournament.
“This event promises to be an unforgettable experience for golf enthusiasts and those passionate about positively impacting our community.”
It specifically noted that the highlight of the tournament would be the incredible hole-in-one winning feat attracting a prize of Chery Tiggo 8 Pro generously provided by Carloha without insurance premium coverage for the tournament.
This prize is said to underscore Chery’s support for sporting initiatives in Nigeria and reflect the brand’s passion for nurturing talent and promoting community engagement through sports.
Director of Sales for Carloha Nigeria, Mr. Joseph Omokhapue, said, “We are glad to be one of the major partners in the NAPE Charity Golf Tournament, and offering an amazing prize for the hole-in-one with Tiggo 8 Pro represents Chery’s dedication to supporting sports in Nigeria, as well as enhancing the excitement and competitiveness of the tournament, making it an event to remember.
“More importantly, this gesture is one of the many ways Carloha is contributing to the underprivileged in our society by associating with the NAPE Charity Golf Tournament.”
By participating in this prestigious event, Golfers have the chance to showcase their skills and also contribute to a worthy cause.
Proceeds from the tournament would go towards supporting local charities, creating a lasting impact on the lives of those in need, the statement added.
The Tiggo 8 Pro, according to the firm, is renowned for its luxury, cutting-edge technology, stylish design, dynamic performance, and it perfectly embodies Chery’s dedication to excellence for on and off-road experience.
The Tiggo 8 Pro features an elegant, high-tech electronic gearshift system that provides effortless and precise control, enhancing safety performance and ease of operation, adeptly tailored for the diverse terrains of Nigeria.
It urged golfers and sports enthusiasts to get ready to swing for success at the NAPE Charity Golf Tournament.
“We look forward to seeing you at the IBB Golf Country Club as we come together to make a difference, promote sports development in Nigeria, and celebrate the Chery brand,” it stated.
As part of its commitment to make vehicle ownership easy and affordable for all, Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometers, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 24/7 services and parts support nationwide.
This ensures that owners can enjoy their Tiggo 8 Pro with confidence, knowing they have reliable support and service from Chery for years to come.
Auto
NNPC to establish 40 new CNG stations nationwide
NNPC to establish 40 new CNG stations nationwide
The Nigerian National Petroleum Company (NNPC) has acquired equipment to establish 40 new Compressed Natural Gas (CNG) stations across the country, as part of efforts to expand CNG infrastructure.
This comes as the Federal Government aims to set up 100 CNG stations within six months.
Oluwagbemi Michael, Director of the Presidential CNG Initiative, revealed the plans during an event in Ogun State.
He noted that 12 CNG stations were set up in the past year, six in Abuja and six in Lagos, with further expansion underway.
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This move follows concerns over the limited availability of CNG stations, which has slowed the adoption of CNG as an alternative to petrol.
Michael highlighted ongoing investments in infrastructure, including a recent N122bn funding for private companies involved in CNG distribution.
He also mentioned the government’s plan to distribute one million CNG conversion kits to commercial drivers, which is expected to increase demand and attract more investors to the sector.
Additionally, existing petrol stations are being upgraded to include CNG refuelling points, with 40 such upgrades planned by the NNPC.
NNPC to establish 40 new CNG stations nationwide
Business
MTN threatens to shut down services without tariff hike
MTN threatens to shut down services without tariff hike
MTN Nigeria has warned of a potential shutdown if tariffs are not increased to address the rising operational costs that are threatening the profitability of the telecommunications sector.
During a tour of MTN’s facilities in Ibeju-Lekki, Lagos, MTN’s CEO, Karl Toriola, said the telecom sector has been facing significant financial losses and urgent measures are needed to reverse the trend.
Toriola pointed out that MTN, which currently has around 78 million subscribers, is operating on reserves accumulated over the past two decades, a situation he described as unsustainable.
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The company’s operating costs, especially diesel prices needed to power its base transceiver stations, have surged, adding pressure to its financial performance, he added.
The CEO stressed the importance of returning the telecom industry to profitability, warning that without a tariff hike, MTN might be forced to shut down operations.
“There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said.
He noted that MTN, once one of the largest corporate taxpayers in Nigeria, has seen a decline in its tax contributions due to the financial challenges the sector is facing.
MTN threatens to shut down services without tariff hike
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