The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will take decisions that will cripple the supply of petrol due to the non-payment of over N200 billion bridging claims.

The development comes amid a scarcity of petrol, which has led to an increase in transport costs.

Bridging claims entails the cost of transporting fuel from depots to approved zones to ensure a uniform pump price across the country.

In a communique released after a press conference on Tuesday, Oliver Okolo, the association’s unit chairman and spokesperson, Aba Depot, said the debt is being owed by the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA).

 

Okolo said NMDPRA failed to pay the N200 billion debt, accruing since September 2022 — despite a directive for payment from Heineken Lokpobiri, the minister of petroleum resources (oil).

“We are poised to take far-reaching decisions that may cripple the supply and sales of petroleum products across Nigeria, if our demands are not met within the shortest period,” he said.

He said the NMDPRA’s delay in offsetting the debt has led to the “deaths of many of our members and the unfortunate collapse of their businesses”.

 

“As businessmen and women, our members acquired bank loans to keep their fuel retail outlets running daily across the nooks and crannies of Nigeria, to serve the teeming population of Nigerians,” he said.

“However, it is demoralising to know that many of our members have gone bankrupt and have become financially insolvent as a result of their inability to meet their financial obligations to their banks, arising wholly from their inability to get their monies from the NMDPRA.

“Consequently, also, the banks have taken over the business premises of many of our members.

“As indigenous organisations, and Depot Chairmen, we are unhappy that rather than receive support from the government to boost our businesses, we are being discouraged, by the head of NMDPRA.

 

“It is noteworthy to recall and state here that at a stakeholders meeting held on the 20th of February, 2024 with Mr. Heineken Lokpobiri, the Honourable Minister of Petroleum Resources (Oil), and the NSA Nuhu Ribadu, Engr. Farouk Ahmed, the Chief Authority of NMDPRA, was mandated by Mr. Heinehken Lokpobiri to clear the entire debt in 40 days.”

However, after the 40-day deadline, Okolo said a paltry sum of N13 billion has been paid.

The NMDPRA and IPMAN have a history of disputes over bridging claims, with the latter often threatening to withdraw services.

[TheCable]

The House of Representatives on Tuesday directed the Nigeria Electricity Regulatory Commission (NERC) to halt the rollout of the new electricity tariff.

The decision was reached after the adoption of a motion of urgent public importance, spearheaded by Nkemkanma Kama, a lawmaker from the Labour Party (LP) representing Ebonyi state.

Recall that on April 3, NERC approved an increase in electricity tariffs for customers belonging to Band A, which led to legislative action.


Customers in this category, who receive 20 hours of electricity per day, were supposed to start paying N225 per kilowatt (kW), a significant increase from the previous tariff of N66.

Meanwhile, yesterday, during a hearing at the Senate Committee on Power, Adebayo Adelabu, Minister of Power, defended the tariff hike by stating that the Federal Government could no longer afford to provide subsidies on power.

He said for the sector to be revived, the government needs to spend about $10 billion annually in the next 10 years.

“This is because of the infrastructure requirement for the stability of the sector, but the government cannot afford that,” the minister had said.

Adelabu has stated that the electricity sector is attracting more investors due to the increase in electricity tariff for Band A customers.

Former presidential candidate of the Labour Party, LP, Mr Peter Obi, has slammed President Bola Tinubu’s administration for going on with the controversial Lagos-Calabar coastal highway project in defiance of public outcry.

He expressed displeasure that the government is embarking on a project threatening jobs at a time of rampant unemployment.

According to him, it’s not too late to discontinue the Lagos-Calabar highway project, adding that urgent necessities are nationwide security, poverty eradication, healthcare, and education, especially for the poor and underprivileged.

 

Obi described the reported demolition of businesses and residences in the designated right of way for the project as insensitive and heart-wrenching.

He lamented that livelihoods are being wiped away, lifetime investments wasted, and jobs disappearing as a result of the demolition.

In a post on his X handle on Tuesday, the former Anambra State governor said that the hasty flag-off of the project defies the widespread outcry by the public, especially business and property owners directly affected by the project.

He said: “Contrary to reason and the necessity for compassion in public policy, the federal government has commenced the controversial Lagos-Calabar coastal highway project.

“The outcry against this project has been overwhelming due to the current situation in the country. However, reports as of yesterday indicate that demolition of businesses and residences in the designated right of way for the project has commenced from the Lagos end.

“The sight of this insensitive demolition is heart-wrenching. Livelihoods are being wiped away, lifetime investments are being wasted, and jobs are disappearing as bulldozers roar through. The homes of the elderly are being overturned by the power of bulldozers.

“This hasty flag-off defies the widespread outcry by the public, especially business and property owners directly affected by the project. Nobody knows the outcry that will accompany this project as it progresses towards poor rural landscapes.

“Thousands of jobs are about to be lost, with investments above $200 million at risk. Over 100,000 jobs in the leisure and hospitality sector face imminent extinction, along with 80 small businesses and their 4000 mostly youth employees.

“At a time of rampant unemployment, the government is embarking on a job-losing project. The economic losses currently observed are primarily limited to the initial kilometers in the Lagos area.

“However, the 700 km stretch of this road will pass through rural regions where affected individuals lack the voice, power, or influence to assert their rights. Significant sections of the public have questioned the process preceding the project’s approval, yet the government remains deaf to reason and caution.

“While acknowledging the economic value of the road, its conception dating back to Tafewa Balewa’s time, several parameters have changed. Insecurity and poverty are rampant, placing this project lower on today’s national priorities.

“It’s time to question the rationale and timing of this and similar projects. The nation is in its worst economic state in history, with poverty and hunger spreading. The basic necessities of life are beyond reach for most Nigerians.

“This is a moment when a committed government cannot embark on non-essential projects. Existing highways urgently need maintenance, and insecurity makes travel unsafe.

“Just a few days ago, many lives were lost, and over 70 vehicles were burned in a fuel tanker explosion that occurred on the East-West road in Rivers State. This tragic accident was primarily caused by the extremely poor condition of the road, which has been neglected for years and urgently needs attention. Our economy is struggling, and our health institutions are ill-equipped. Why embark on an expensive new highway project when there are close to 50 abandoned federal highway projects across the country?

“The urgent necessities are nationwide security, poverty eradication, healthcare, and education, especially for the poor and underprivileged. It’s not too late to discontinue the Lagos-Calabar highway project.

“We cannot afford another expensive abandoned project. Nigeria’s urgent development needs are more real and essential. We do not need landscape decoration escapades.”

Justice Inyang Edem Ekwo of the Federal High Court, Abuja, has struck out two separate suits questioning the Peoples Democratic Party, PDP’s primary election that produced Asue Ighodalo as governorship candidate for the coming Edo State gubernatorial poll.

The court held that those who instituted the suits from the political camp of former Deputy Governor of the state, Philip Shuaibu, have no locus standi to do so.

Delivering judgments in the suits on Tuesday, Justice Ekwo held that the plaintiffs failed to exhibit sufficient, direct, and tangible personal interest that could lead the court to nullify the primary election.

 

While the first suit, marked: FHC/ABJ/CS/195/2024, was filed by Adizetu Umoru, the second suit, marked: FHC/ABJ/CS/196/2024, was filed by Moses Alabi and Christopher Oboarer.

The plaintiffs had sued the Independent National Electoral Commission, INEC, PDP, Umar Damagu (acting national chairman), Setonji Koshoedo, PDP’s National Working Committee, NWC, and its National Executive Committee, NEC, as 1st to 6th defendants respectively.

The three plaintiffs, in their separate motions filed on February 19, had sought an interim order of the court restraining the defendants from using the list of ward congresses held on February 4 to conduct the PDP’s primary in Edo State, slated for February 22 or any other date pending the hearing and determination of the main suit.

Justice Ekwo however held that the plaintiffs did not establish how their individual interests were affected or jeopardized by the primary election.

Specifically, the Judge said that the plaintiffs did not establish whether they were eligible to participate in the election but prevented or whether wrongdoings were displayed during the election.

The Nigerian National Petroleum Company, NNPC Ltd, has assured Nigerians that the ongoing fuel scarcity and queues will be cleared out Wednesday, May 1.

According to the News Agency of Nigeria, NAN, the Chief Communications Officer, NNPCL, Olufemi Soneye, disclosed this to newsmen on Tuesday in Lagos.

He said the company currently has an availability of product exceeding 1.5 billion litres, which can last for at least 30 days.

 

“Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved.

“However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations,” he said.

He said: “Some folks are taking advantage of this situation to maximize profits.

“Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain

“The lines will be cleared out between today and tomorrow.”

Meanwhile, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, lPMAN, Hammed Fashola, expressed optimism that the queues in Lagos and Ogun would ease off this week, relying on the words of the NNPCL.

Fashola, however, stated that the queues in Abuja might tarry a bit due to the distance to Lagos.

“The information available to us from the NNPCL was that there was a logistics problem, and when that happens, it will disrupt the supply chain.

“That might be a delay in the movement of ships from the mother vessel to the daughter vessel before it gets to the depot tanks.

“Before we can correct that, surely it will take some days. I think by Tuesday or Wednesday, there will be more products available for lifti¹ng by marketers.

“It might take time before it can ease off in Abuja, considering the distance to Lagos and the bad roads; Lagos might be calm this new week,” Fashola assured.

The Central Bank of Nigeria, CBN, has ordered four fintech companies to stop onboarding of new customers pending further notice.

The affected fintechs- OPay, Palmpay, Kuda Bank, and Moniepoint have been reportedly linked to allegations of accounts being used for illicit foreign exchange transactions.

Representatives from two affected firms confirmed the development to DAILY POST on Monday.


“I can that confirm that 90 per cent of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10 per cent are with fintechs.

“Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” one source who preferred anonymity explained.

Meanwhile, as of the time of filing the report, none of the four firms have responded to the development.

The development comes amid clamped down on currency speculators in the foreign exchange market.

Recently, the Court granted the Economic Financial Crimes Commission’s request to freeze 1,146 bank accounts.

After a halt of more than five weeks, members of the Senate and House of Representatives are set to resume plenary in their renovated chambers on Tuesday, April 30.

The legislators, who had embarked on Easter and Eid el-Fitr holidays on March 20, were initially scheduled to reconvene on April 16. However, the resumption was postponed.

 

Led by Tajudeen Abbas, the Speaker of the House of Representatives, and his predecessor Femi Gbajabiamila, the leadership of the House inspected the green chamber on Monday in anticipation of Tuesday’s resumption.

The renovation of the chamber, which commenced in April 2022, has been long-awaited. During this period, legislators have been using a temporary chamber located in one of the committee rooms.

The renovation project attracted considerable attention in 2019 when the National Assembly budgeted over N30bn for the overhaul of the complex, sparking widespread criticism.

 
 

Below are photos of the revamped green chamber:

L-R; Deputy Speaker of the House of Representatives, Benjamin Kalu, Chief of Staff to the President, Femi Gbajabiamila, and Tajudeen Abbas, Speaker House of Representatives at the revamped green chamber
The revamped view of the green chamber
The revamped green chamber

The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation.

The apex bank’s data showed that customs exchange increased to N1327.35 per dollar on Monday from N1,164.84 per dollars on Sunday.

This represents a 12.2 per cent or N162.51 increment. 

This development means the Dollar remains rising in the Nation’s foreign exchange market.

FMDQ data showed that the Naira lost N79 against the Dollar in the foreign exchange market on Monday.

Nigeria’s custom exchange rate has been consistently affected by the fluctuation in the forex market.

The Centre for the Promotion of Private Enterprise’s Chief Executive Officer, Dr Muda Yusuf, advocated that the customs exchange rate should be fixed for at most N1,000 per Dollar for at least six months.

The Minister of Power, Adebayo Adelabu Monday warned that there would be total blackout in the country in the next three months if the proposed electricity tariff hike is not implemented.

The minister disclosed this yesterday in Abuja when he appeared before the Senate Committee on Power at an investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission (NERC).

This followed the rejection of the new tariff regime by the Senate committee, led by Senator Enyinnaya Abaribe.

Adelabu said, “The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the entire country will be in darkness if we don’t increase tariffs.

“The increment will catapult us to the next level. We are also Nigerians, we are also feeling the impact.”

He said the sum of $10 billion is needed yearly for the next ten years to revive the nation’s power sector and nip in the bud the challenges bedeviling it.

“For this sector to be revived, the government needs to spend nothing less than 10 billion dollars annually in the next 10 years.

“This is because of the infrastructure requirement for the stability of the sector. But the government cannot afford that. And so we must make this sector attractive to investors and to lenders.

 

 

“So, for us to attract investors and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

“If the value is still at N66 and the government is not paying subsidy, the investors will not come. But now that we have increased the tariff for A Band, there are interests being shown by investors,” he said.

Adelabu said the inability of the government to pay outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector.

He appealed to the lawmakers to support the process of paying the debt owed operators across the value chain of generation, transmission and distribution.

But the Senate Committee on Power, led by Senator Enyinnaya Abaribe, expressed concerns over the suffering of Nigerians, and asked the minister and other key players in the sector to explore other options.

Senators Simon Lalong (Plateau South) and Adamu Aliero (Kebbi Central), said consultations were not made before the tariff increase, stressing palliative would have been provided in the process.

Abaribe, who is Chairman of the Committee said, “What Nigerians wanted was a solution to the issues and ways to ensure liquidity in the sector.”

He also decried the nonappearance of a company “ZIGLAKS” over the failed agreement to provide prepaid meters for Nigerians, alleging that the company had received N32 billion in 20 years to meter Nigerian electricity consumers.

 Other stakeholders who made presentations at the investigative hearing were the Nigerian Electricity Regulatory Commission (NERC), Manufacturers Association of Nigeria (NAN), Association of Power Generation (Gencos), Electricity Distribution Companies (DisCos) among others.

[DailyTrust]

 

A former Director of Information Technology of the Central Bank of Nigeria, CBN, John Ayoh, has explained how he collected $600,000 allegedly for contract gratification for the embattled ex-apex bank governor, Godwin Emefiele.

Ayoh, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), on Monday, told an Ikeja Special Offences Court that he spent eight years in the apex bank.

He told the court that he received a letter from the agency concerning two transactions he facilitated through Emefiele.

Ayoh, Head of Procurement and Support Services, PSS Department, told the court that the first envelope containing $400,000 was brought to his house in Lekki.

In contrast, he received the second envelope containing $200,000 at the Tinubu Head Office of the CBN.

Ayoh said he was vested with powers to receive applications for the award of contracts to select successful bidders.

According to him, the first leg of the transaction was at his residence in Lekki Phase One, while the second envelope money he received occurred at the Tinubu Head Office of the CBN.

“The man to deliver the second transaction came to our office in Lagos, and I informed the governor, but he said he did not want to see a third party and that I should bring the envelope myself.

“I complied with the instruction and delivered it to his office. Mr John Adeola was the one I sent my address to, and he came to my house. He is the governor’s assistant, and the total money I received on his behalf was $400,000 and $200,000,” he alleged.

The witness informed the court that the vendors who allegedly brought the envelopes with money were in charge of implementing Netapp Storage Architectural and Infrastructural Services.

While under cross-examination by the first defence counsel, Mr Olalekan Ojo (SAN), he told the court that his schedule of duties did not include running errands for Emefiele, but he directly worked under him.

Ayoh confirmed to the court that Emefiele was not a member of the PSS but a member of the Major Contract Tender Committee (MCTC).

He added that he had never facilitated the commission of any crime.

Ojo asked if the witness wrote in his statement that he was forced to aid or abet the commission of accepting gratification.

“I do not remember the exact word that I used, and I did not write in my statement that I opened the two envelopes on the two occasions to check the total sum of money.

“I wrote a statement, which implied that the money in the envelopes was given to me to influence the contract award. I did not take part in the decision of the MCTC, but I recommended that the prize be given, and I was not bribed.

“The EFCC invited me on February 17. I was not arrested, but I returned home on administrative bail”, the witness said.

The witness told the court that he operated under duress while he received the two envelopes from the contractors.

“On your honour, did you indicate in your statement that you were acting under duress while running errands for the first defendant,” the learned silk asked.

The prosecution, however, objected to the question and argued that the witness’s statement was not before the court.

The first defence counsel sought to admit the defendant’s statement into evidence.

After that, Justice Rahman Oshodi admitted the witness’s statement (three pages) into evidence, following the arguments and counterarguments of the counsel.

The witness told the court that the instructions from Emefiele indicated that he bent the rules.

The judge, after that, adjourned the case until May 3 for continuation of cross-examination.

Emefiele’s counsel also pleaded with the court to release the defendant to him on self-recognition because he had not met with his bail application.

The learned silk, however, prayed to the court that the defendant would meet up before May 17.

There were no objections from the second defence counsel, and the prosecution left the decision at the court’s discretion.

Recall that a dispatch rider had allegedly collected $3 million in cash for the embattled ex-CBN governor.

Emefiele has been under investigation since his removal as CBN boss last June by President Bola Ahmed Tinubu.

[DailyPost]

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