Business

Northern Petrol Marketers To Embark On Strike Over N250bn Unpaid Subsidy

Published

1 year ago

July 28, 2023

Northern Petrol Marketers To Embark On Strike Over N250bn Unpaid Subsidy

The Northern Independent Petroleum Marketers Forum said its members would embark on a strike if the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fails to pay them over N250 billion outstanding bridging claims.

The chairperson of the forum, Musa Maikifi, in a press conference on Thursday in Kano, said the forum’s members are being owed over N250 billion bridging claims.

Mr Maikifi said the bridging claims represent the cost of transporting fuel from pipelines and product marketing company depots to approved zones to ensure a uniform pump price across the country.

The forum comprises nine depots in the north of the country – Kano, Kaduna, Suleja, Minna, Jos, Maiduguri, Gombe, and Yola depots.

He said the delay in paying them was threatening their businesses as some of their members could not afford to supply petroleum and sell it at various outlets.

According to the forum, the money, if paid, would be utilized by their members to sustain their business.

Mr Maikifi said the failure of the government to pay the amount on time would affect the transportation of the fuel to the entire northern states.

Also speaking at the event, the secretary of the forum, Jarma Mustapha, said there were other outstanding bridging claims since the defunct Petroleum Equalization Fund that have still not been paid.

“We have outstanding bridging claims up to the day when the end of the deregulation was announced by the new President (Bola Tinubu).

“As the new deregulation regime started now, we are faced with difficulties such as lack of capacity and lack of capital to continue our business because most of our capital was hanged with the defunct Petroleum Equalization Fund.

“We are now calling on President Bola Ahmed Tinubu to intervene so that the whole of our outstanding claims, up to the 30th May 2023, when the new deregulation was announced, should be paid for our members to continue getting enough capital to continue being in business.

“Almost all of our members are going out of business. Based on that, we are appealing to the President to intervene, talk to the authorities concerned to immediately pay all our outstanding claims,” Mustapha appealed.

“The money used to pay for the bridging claims is the one contributed by the consumers, which is collected by the marketers, pay to NNPC, NNPC collects and pays into the collective fund of the Equalization Fund.

“That money is not budgeted, which is financed by the government. It is financed by the consumers through the marketers, basically to equalize prices across the country,” Mr Mustapha said.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

21 hours ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

1 day ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

2 days ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.