Connect with us

Business

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

Published

on

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

 

The Afenifere Mandate Forum (AMF) has cautioned the Nigerian National Petroleum Company Limited (NNPCL) against re-introducing fuel subsidy through dubious means, citing the regime’s notorious history of corruption.

The group emphasised the need for transparency going forward, urging the Central Bank of Nigeria (CBN) not to make payments to NNPCL’s foreign partners in the name of subsidy.

In a statement signed by its President, Otunba Davies Folorunsho, the group said the fuel subsidy regime was embroiled in corruption, with allegations of fraudulent payments and inflated subsidies.

Folorunsho said Mele Kyari, the Group CEO of NNPCL, was at the centre of the controversy, with reports of the company importing toxic fuel from Malta.

He noted that this not only perpetuated corruption but also endangered the health and safety of Nigerians.

However, Folorunsho said the he removal of fuel subsidy has been a significant step towards economic recovery, saving the country billions of dollars that were previously spent on subsidizing petrol prices.

“In 2022 alone, subsidies gulped $10 billion, leaving the state oil company NNPC with nothing to remit to the treasury,” he added.

“Fuel subsidy were not only financially ruinous but also largely regressive, benefiting mostly car-owning urbanites and those who could afford petrol-powered generators.

“As a result of the subsidy removal, the financial burden on the government has been significantly reduced, freeing up more funds for critical infrastructure and social programs.

“Additionally, government revenue has increased, smuggling has decreased, and the risk of adulterated fuel has been mitigated. The removal of fuel subsidy has also paved the way for a more sustainable energy ecosystem, encouraging the use of alternative energy sources and reducing Nigeria’s reliance on fossil fuels.

The group urged the NNPCL to maintain transparency in its operations and avoid re-introducing fuel subsidy through the backdoor.

“We believe that the removal of fuel subsidy is a step in the right direction, and we urge the government to continue on this path towards economic recovery,” Folorunsho said.

 

 

Continue Reading
Advertisement

Business

Business Tycoon, Egungbohun Calls for Greater Investment in Technical Education to Combat Unemployment

Published

on

Business Tycoon, Egungbohun Calls for Greater Investment in Technical Education to Combat Unemployment*

Business Tycoon, Egungbohun Calls for Greater Investment in Technical Education to Combat Unemployment*

 

 

Nigeria foremost Businessman and philanthropist Alhaji Ibraheem Dende Egungbohun (IBD) has called on government at all levels to continue to make vocational and technical education more attractive to youths in order for the Country to meet up with the global industrial challenges.

 

Alhaji Egungbohun made the call while speaking to Journalists after he was conferred with the Ogun State Institute of Technology, OGITECH, Igbesa fellowship award.

Business Tycoon, Egungbohun Calls for Greater Investment in Technical Education to Combat Unemployment*

Represented by his spouse, Chief Egungbohun also challenged government to make technical and vocational education more enticing to the youths to solve the challenge of unemployment.

He noted that many developed countries now prioritize vocational and technical education as against issues that are not beneficial to the youths while also saying that the move would make the youth self-reliant.

His words, “It is only through vocational and technical education that the youth can get entrepreneurial knowledge to stand and work on their own. Government should then make it more enticing to the youth. It is the way forward for this country to end this youthful restfulness.”

He commended the Ogun State government for placing high premium on Education and the current revitalisation of technical colleges across the State through the rehabilitation among other interventions.

He further stressed the need for the government at all levels to place more emphasis on the establishment of skill acquisition centers for the school graduates to learn vocations in addition to their certificates.

According to him, the move will reduce the over dependence on white-collar jobs among the youths in the country.

Stressing the importance of technical and vocational education for the youths in the society, the business mogul explained that for a country to achieve technological advancement and economic development, there was urgent need for government to pay premium attention to Polytechnic education and make it more practical in approach

He appreciated the Rector and other management of Ogun State Institute of Technology Igbesa for bestowing on him the highest honour of the School while promising to do more in uplifting the less privilege in the society.

Alhaji Egungbohun said government alone cannot fund education, he challenged other well to do in the society to adopt a school in the State and make a meaningful impact in such school.

Continue Reading

Business

ICAN, Union Bank of Nigeria Foster Stronger Relationship with Visit

Published

on

ICAN, Union Bank of Nigeria Foster Stronger Relationship with Visit

ICAN, Union Bank of Nigeria Foster Stronger Relationship with Visit

 

Lagos, Nigeria—The Institute of Chartered Accountants of Nigeria (ICAN) recently paid a courtesy visit to Stallion Plaza, Union Bank of Nigeria’s Head Office. This visit marks a significant step in fostering a stronger relationship between the two esteemed institutions.

During the visit, ICAN and Union Bank representatives engaged in fruitful discussions to explore potential areas of collaboration and member’s growth within the Bank.

The Union Bank team was led by the Chief Financial Officer, Mr. Oluwagbenga Adeoye FCA, and other notable UBN representatives, including Dr. Abigail Duopama-Obomanu, Chief Compliance Officer, Mr. Ali Kadiri FCA, Head Corporate Bank and Mr. Victor Ikeneku FCA, Head, Business Assurance. The ICAN team was led by the ICAN President, Chief Davidson C.S. Alaribe FCA, Dr. Olumide Adedeji FCA, President of Lagos District and other distinguished members.

The President of ICAN, Chief Davidson C.S Alaribe, appreciated the warm reception and highlighted the importance of such engagements in promoting professional excellence and ethical standards within the accounting and finance sectors. The Chief Financial Officer of Union Bank, Mr. Oluwagbenga Adeoye FCA, emphasised the bank’s commitment to supporting initiatives that enhance the professional development of accountants and ICAN members.

This visit underscores ICAN and Union Bank’s mutual commitment to advancing the accounting profession and contributing to the overall growth of Nigeria’s financial sector.

Continue Reading

Business

Dangote, again crashes PMS Price by N65 to N825 per Litre

Published

on

General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Dangote, again crashes PMS Price by N65 to N825 per Litre

Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1.
The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.
This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.
In a statement from the first privately owned petroleum refinery in Africa, it was announced that the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians.
“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
“It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month. Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season,” the statement read.
The refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy. They also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.
Dangote reiterated that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates.
“Nigerians will be able to purchase high-quality Dangote petrol at the following prices across our partners’ retail outlets: For MRS Holdings stations, it will be sold for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East regions, respectively.
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East,” it added.
Dangote Petroleum Refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings.
The refinery called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
“This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it concluded.
Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia. The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days. Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria’s average daily requirement of 385,000 barrels.

Continue Reading

Cover Of The Week

Trending