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IPMAN, ADITOP urge members not to sell PMS above N165

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PMS: Direct Allocation of Product to IPMAN by NNPC, Jinx Breaker – President

… As MOMAN advocates phased deregulation of petrol, following Scarcity***

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP) have urged their members not to sell Premium Motor Spirit (PMS) above N165 per litre.

This is coming after some members of IPMAN in Lagos urged their members to sell fuel above N180 per litre.

Also read: Fuel queues return to Lagos as IPMAN members shut stations

Speaking at a news conference in Abuja on Wednesday, the IPMAN National President, Mr Chinedu Okoronkwo, said his members earlier briefed him on why they wanted a price hike.

Okoronkwo said that the Federal Government had released enough fuel from their depot which enabled them to maintain the status quo.

He said they had engaged the services of Benham Group to recover money owed to them for the supply of petroleum products adding that the partnership would help in ending fuel scarcity.

“Our business required technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.

“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us.

“Leaving the risk for the owner of the truck to bear will affect our businesses,” Okoronkwo said.

“Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted price increased.

“It’s only the NNPC that is importing the product.

The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.

“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government-approved price.”

Also speaking, the National President, ADITOP, Alhaji Mohammed Danzaki, said Nigerians had been suffering from fuel scarcity because of problems the association was facing.

“ADITOP and IPMAN are the ones suffering since we need a return for our investment.

“NNPC has done a lot to import the product but the main issue is the transportation.

“We have not been getting our payments.

That’s why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” Danzaki said.

The chief consultant and the chairman of Benham Group, Dr Maurice Ibe, said the collaboration was to ensure the stabilisation of fuel supply at the filling stations.

Ibe said they were doing everything possible to stabilise the activities of the downstream sector and ensure that the product was transported to every nook and cranny of the country.

In the meantime, the Major Oil Marketers Association of Nigeria (MOMAN) has recommended gradual price deregulation for Premium Motor Spirit (PMS) to reduce the subsidy burden on the nation.

MOMAN said the move should be supported with targeted palliatives in areas such as transport and agriculture to the public to ease the implementation.

Mr Olumide Adeosun, Chairman, MOMAN, made the recommendation at a news briefing on Wednesday in Lagos while reacting to the recurrent scarcity of PMS, also known as petrol, in the country.

“MOMAN, as an association, fears that the current supply framework cannot guarantee steady and consistent supplies to the country given the current state of government finances and unpredictable international supply shortages.

“We, therefore, recommend gradual price deregulation with targeted palliatives (eg. transport and agricultural subsidies) to the public to ease implementation.

“However, in the interim, MOMAN recommends that the current single supplier strategy be reviewed,” Adeosun said.

He urged the Ministry of Petroleum Resources, Ministry of Finance and other relevant agencies to set up a task force to immediately focus on increasing diesel supply through accelerated initiatives to increase local modular refining capacity.

According to him, this move will tackle the supply and distribution challenges.

He also called for a phased rehabilitation of the nation’s refineries to hasten the supply of diesel and aviation fuel to reduce cost of transportation in the country.

Adeosun explained that the current scarcity was occasioned by two main reasons, which were inadequate supply and distribution challenges created by the unavailability and continuous surge in international prices of diesel.

He said the supplies received at the Apapa Jetty, according to the Pipelines and Product Marketing Company, showed that marketers received 438,800 metric tons of PMS in April.

The MOMAN chairman said the supply dropped to 213,100MT in May and 140,000MT so far in June, excluding the 64,000MT that was currently being discharged at the jetty.

While empathizing with Nigerians on the situation, he said MOMAN members were working with all the petroleum industry stakeholders to make petrol available at the pumps and eliminate the queues as quickly as possible.

He said the association would continually do its best to distribute petrol to its customers across the country and keep exploring opportunities to partner with industry stakeholders, the agencies and the government to ensure the sustainability of the downstream sector.

Adeosun, however, noted that the full deregulation of the downstream sector and full implementation of the Petroleum Industry Act (PIA) 2021 were the most viable long-term solution to the country’s supply and distribution challenges.

 

 

Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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Economy

LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaningful

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LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaning

…NRC Boss, Engr. Okhiria is Pointman

The Town and the Gown will on Tuesday converge at the Lagos State University (LASU), in a mutual fusion of quality and sustainable ideas, as the Managing Director, Nigeria Railways Corporation speaks on where the eggheads necessarily need to intervene, for the overall benefit of the nation.

NRC Boosts Passenger- Safety With  Strong Armed Forces Collaboration 
Engr. Fidet-Okhiria

Prof. Bamidele Badejo who is now back in LASU, confirmed this to the Maritime First, highlighting that Engr. Freeborn Okhiria would meticulously dissect a critical issue, titled: ‘From Exclusive Clause To Concurrent List: Potency for sustainable rail infrastructure development in Nigeria and the Lagos State example.

Oluwaseun Osiyemi, the Lagos State Commissioner of Transport, will be in attendance; at an event which will flag off by noon prompt, Tuesday 16th, July 2024, at the Femi Gbajabiamila Conference Centre.

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Economy

Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN).

Also included in the probe are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies.

The resolution followed the adoption of a motion by Rep. Chike Okafor (APC-Imo) on the floor of the House in Abuja on Tuesday.

Presenting his motion, Okafor linked the growing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

He said the Federal Government had expended N8 trillion in 8 years on various schemes and interventions in the last eight years with the view of making food available for millions of Nigerians.

He added that the alleged mismanagement, misapplication of funds and abuse of the programmes had left Nigeria with the twin challenges of food scarcity and malnutrition.

Okafor said that funds advanced to end users of the various Federal Government interventions had also been allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes.

This, he said, was responsible for the current acute scarcity of food in the country.

Adopting the motion, the House mandated the Committee on Nutrition and Food Security as well as the Committee on Agricultural Production and Services; Agricultural Colleges and Institutions and Finance, to probe

The Committees were mandated to thoroughly investigate CBN’s alleged mismanagement of the Anchor Borrowers Program (ABP) for which ₦1.12 trillion was to be disbursed to 4.67 million farmers.

The farmers were said to be involved in either maize, rice or wheat farming through 563 anchors.

The committees are to look into NIRSAL’s disbursement of ₦215,066,980,274.52, to facilitate agriculture and agribusinesses.

The House gave the committees four weeks to report back to the House.

The house also mandated the committees to equally assess how the Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme.

The committee is also to investigate the handling of the N5 billion loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country.

This will include the management of the National Agricultural Development N1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT).

This is for the control of Blight disease in Ginger, among other interventions. 

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