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‘I refuse to pray for Nigeria because Prayer cannot solve our Problem’ – Frustrated Nigerian says as Fuel Crisis Lingers

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Fuel scarcity rocks parts of Lagos, as filling stations hoard product

 

 

Commuters, motorists and other users of Premium Motor Spirit (petrol) faced tougher conditions on Tuesday as the latest round of fuel scarcity in the country got worse, with its attendant negative impacts on transportation and businesses.

Some frustrated Nigerians narrated to our correspondents their ordeals while trying to get petrol at the few filling stations that were selling the product in Lagos, Ogun, Abuja and Owerri.

Our correspondent who visited the Nigerian National Petroleum Corporation depot in Ejigbo, Lagos, learnt that only 28 tankers loaded PMS on Tuesday, down from between 40 and 50 tankers daily before the scarcity began, while many private depots in Apapa were still without the product.

Commuters were seen at many bus-stops struggling to get commercial vehicles to different destinations, even as transport operators increased the fares by as much as 100 per cent on most routes.

The long queues of desperate motorists at some filling stations in parts of Lagos spilled onto the roads and caused gridlock, making commuters to suffer more pain.

A commercial vehicle driver, Mr. Obinna Jonathan, said, “We don’t know where this country is heading to because we experience fuel scarcity every year, especially in December. Since morning, I have been looking for fuel. Even yesterday (Monday), I know how I struggled to get N3,000 worth of fuel, which I used to convey passengers.

“It is really affecting my work because as a commercial driver, if I don’t have fuel in my vehicle, I can’t work; I am not going to put water in the tank. The government should really look into this issue because we are suffering in this country. I am even tired of this country; if I see a way to get out of this country, my brother, I will just vanish from Nigeria. Believe me, we are suffering in this country.”

Another transporter, Mr. Muftau Badmus, who was seen pouring petrol from a jerry can into his tricycle at Cele Bus-Stop, along the Apapa-Oshodi Expressway, said he got to a filling station at around 5:30am and did not get fuel until around 2pm.

“I have told myself that after using up the fuel I bought today, I won’t come out tomorrow. The government should help us to solve this scarcity because the poor people are the ones suffering now. All the government people are not suffering but we that voted for them are the ones feeling the pain,” he lamented.

With sweat running down her face as she sat in her car waiting at a filling station along Okota Road to get petrol, Mrs. Kate Chukwu did not hide her frustration over the situation in the country.

She said, “I have been in the queue for over one and half hours just to get fuel. It is really outrageous and frustrating that we even have to pay an extra N200 to get the fuel. It is really bad because now I am supposed to be at home cooking, but I am here waiting to get fuel.

“Last Sunday, in my church, they said we should pray for our country. But I refused to pray because I know that my prayer cannot solve Nigeria’s problems; we have a lot of things that are not in order.”

A motorist, Mr. Sunday Isong, said the struggle to get petrol had disrupted his plan to travel to Cross River.

He stated, “Today, I am very confused and tired; I have been running up and down the whole day to get fuel. My car stopped at a particular point because of fuel. I started moving up and down with a jerry can, looking for fuel. I was eventually able to buy five litres of fuel for N1,200, which I put in the car to enable me to run around to see where I can get more fuel.

“I don’t know what is happening in this country. In some stations, they are not selling to vehicles but to those with jerry cans so that they can get extra money. The government should quickly do something about this. Our country has crude oil; so I don’t know what is causing fuel scarcity.”

Mr. Yemi Adewole, who runs a laundry business, alleged that many of the filling stations had the product but were reducing the rate at which they sold it so as to profiteer from the situation.

Meanwhile, the Department of Petroleum Resources said in a statement that it had come to its notice that some depot owners were selling PMS to unlicensed bulk buyers and some retailers at prices above the approved ex-depot prices, adding that some retail outlets were hoarding the product or selling at above the industry-set cap price.

The Zonal Operations Controller, Lagos, DPR, Mr. Wole Akinyosoye, said, “These actions are clear violations of the Petroleum Act, 1969 and extant regulations, and they exacerbate the current supply challenges by bringing unnecessary hardships on the consumers.”

He added that the agency had been punishing the errant operators and warned that penalties would be imposed on any operator engaging in illicit acts.

“We are also assuring the public that the government is doing everything to ensure the restoration of normalcy to the sector,” he added.

In Owerri, the Imo State capital, a litre of petrol sold for N200 on Tuesday instead of the approved price of N145.

This is even as the prices of goods and services, especially transportation fares, have increased by between 80 per cent and 100 per cent.

Most residents of the city called on the Federal Government, through the DPR and the state’s Ministry of Petroleum Resources, to caution the independent petroleum marketers in the state.

A commercial driver in Owerri, who gave his name as Johnson Emmason, flayed the owners of filling stations in the state for what he called arbitrary increase in the pump price.

Meanwhile, the NNPC said on Tuesday that it had started releasing 470 trucks of PMS to Abuja and Lagos despite the persistent queues for the product by motorists at the few filling stations that dispensed it.

In Abuja and neighbouring states of Kaduna and Nasarawa, the queues for petrol persisted on Tuesday, as hundreds of motorists struggled to get the product.

 

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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

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*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

 

 

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

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ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

ATMs empty as banks ration withdrawals

 

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

 

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

 

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NNPCL Makes New Leadership Appointments

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NNPCL Makes New Leadership Appointments

NNPCL Makes New Leadership Appointments

 

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

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