Business
UBA, Zenith, five others under pressure to pay 774,000 jobs participants
Seven banks are under immense pressure from the Federal Government to pay all 774,000 participants of the Extended Special Public Works programme.
The affected banks are the UBA, Fidelity, Heritage, Zenith, Access, FCMB and Yobe Microfinance Bank.
The seven banks handling the payment of the stipend were reportedly summoned on Monday by the FG.
Officials of the Federal Ministry of Labour, National Directorate of Employment and the participating banks met on Monday on the issue.
The three-month intervention was launched on January 5, 2021 and ended on April 5.
It was meant to cushion the effect of COVID-19 by providing jobs to 774,000 people in all the local government areas in the federation.
The participants were to be paid N20,000 each for three months. Some sources said the money might be in custody of some banks.
Besides not paying them, it was learnt that the selected participants were not issued with working tools despite the N4 billion earmarked for the purpose.
The actual amount released for the payment has not been made public amid allegations of wrongdoings.
Minister of State for Labour and Employment, Festus Keyamo, supervising the public works programme, said the amount so far released was N26bn.
He also directed all the participants, who had no problems with their bank accounts, to immediately proceed to their banks and clarify issues.
He said, “For those who do not have problems with their BVNs but have not received payments, they should go to the banks that registered them to clarify the issues.
“The banks are mandated to issue ATM cards to all participants. Participants are therefore encouraged to collect their ATM cards from the banks so that they can access their payments from various cash points without necessarily going to the banks.
“Participants are assured that their stipends would be paid as soon as all issues are resolved.”
The minister explained further that the meeting agreed that banks were no longer restricted to their initially allotted local governments.
He said, “Consequently, selected participants are at liberty to approach any of the seven selected banks nearest to the local government where they were selected.
“So far, the NDE has authorised the payments of one-month stipends to all those that have been verified. As shown above, all parties are making strenuous efforts to resolve issues of those yet to receive the first month stipends before the commencement of the second tranche of payments.”
A document released after Monday’s meeting showed that Fidelity Bank registered 104,596, verified 96,413 and paid 92,394 participants.
UBA registered 100,800, verified 87,427 and paid 73,531. Heritage Bank registered 102,000, verified 84,620 and paid 61,800; Zenith Bank registered 92,700, verified 65,824 and paid 58,732; Access Bank registered 105,000; verified 62,733 and paid 58,638; FCMB registered 118,209; verified 50,083 and paid 32,696 while Yobe Microfinance Bank registered 16,642; verified 16,642 and paid 16,642.
Business
We will sell fuel at N935/litre from today – IPMAN
We will sell fuel at N935/litre from today – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will drop to N935 per litre by Monday, following a new arrangement by Dangote Refinery.
Newstrends reports that Dangote Refinery recently slashed its fuel price by 7.27 per cent, reducing it from N970 per litre to N899.50k per litre for oil marketers.
IPMAN attributed the price reduction to a decrease in Dangote Refinery’s fuel ex-depot price and a uniform pricing structure, which will enable marketers nationwide to sell at the new rate.
Alhaji Maigandi Garima, IPMAN’s National President, disclosed the development during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He commended Dangote Refinery for the initiative, describing it as a timely intervention.
He said, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50.
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“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
“We have been loading from the Dangote refinery and the refinery is saving us in this festive period.”
He added that the new arrangement reflects a significant drop from the previous ex-depot price of N970 per litre at Dangote Refinery.
Garima noted that deregulation of the downstream sector has fostered healthy competition, paving the way for a steady decline in fuel prices.
“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.
“Very soon, more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he added.
Reflecting on the 2023 yuletide period, Garima recalled that petrol was sold at N2,000 per litre in parts of the Northern and Eastern regions due to reliance on imported fuel.
He noted that prices in those areas are now capped at N1,100 per litre due to the functioning refineries in the country.
We will sell fuel at N935/litre from today – IPMAN
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
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
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
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