NEWS
NNPCL/Dangote: Fresh dispute emerges over supply volume
By Udeme Akpan, Energy Editor, Obas Esiedesa and Ediri EjohLAGOS — More controversy has emerged in the execution of a sale-purchase deal on premium motor spirit, otherwise known as petrol, between the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery.
Findings by Vanguard yesterday indicated that while the NNPCL believes Dangote cannot supply an adequate quantity of the product, Dangote told Vanguard it had already delivered 111 million litres of the product within three days (last Sunday to yesterday), adding that loading was still ongoing steadily.NNPCL last weekend said Dangote could only deliver 16.8 million litres out of the 25 million litres it initially agreed with NNPC.
A source at the NNPCL also told Vanguard, yesterday that the refinery is struggling to deliver the 16.8 million litres it promised.But with the latest delivery figure it disclosed, Dangote must have significantly surpassed its promised delivery as well as the national demand put at over 40 million litres per day.This also means that Dangote can make further petrol importation unnecessary.But against the backdrop of this latest development, Vanguard learned that importation by NNPCL may have intensified with several consignments, totalling over 135 million litres, within three weeks from September 27, 2024, with the latest import arriving Friday.
This also implies a sudden excess supply of petrol barely a few days after the country was suffocated by acute shortage of the product, resulting in a sharp rise in the price.Speaking to Vanguard on the development, the Group Chief Branding and Communications Officer of Dangote Refinery, Anthony Chiejina, stated: “We have already loaded 111 million litres of petrol and the exercise is ongoing.“We are refining and have no reason not to load. So, loading is ongoing and we would continue to provide the product to the market.”
However, Motor Tanker Vessels Report, sighted by Vanguard, yesterday, indicated as of September 13, 2024, vessels such as Mia Grace, Valle Azzurra, Hafina Lioness and Clean Justice brought in 37,000 metric tonnes, 37,234 metric tonnes, 24,352 metric tonnes and 36, 934 metric tonnes of imported petrol into Nigeria for the government.
Also, another vessel, known as Savanna, brought in 20,000 metric tonnes of import petrol through Mainland for distribution in Calabar while Mycroft brought in another 20,000 metric tonnes of diesel for Total Oil for distribution in Port Harcourt, Rivers State.
NNPCL urges fair reportage amid supply issues, refinery delaysTwo vessels – Ostria and Moriarity – brought in 15,000 metric tonnes each through Taurus and Awariste for distribution in the Warri, while Bedford brought in 12,000 metric tonnes of diesel.Also Zonda and Capt. Gregory brought in 15,000 metric tonnes of petrol and diesel for Nepal and Awariste respectively, while Matrix Pride and Stellar also brought in 15,000 metric tonnes of petrol.NNPCL did not respondEfforts to get NNPCL to officially comment on the latest delivery figures from Dangote failed as the Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, did not respond to questions from our reporter.But in its earlier statement, the company had stated that 16.8million were available for loading from the refinery to its filling stations.
Why marketers can’t import petrol, lift from Dangote — NNPCLMeanwhile, the Executive Vice-President, Downstream at NNPC, Adedapo Segun, said oil marketers have not been able to import petrol, despite the import permits granted them.
He said: “When the marketers go to NNPC to get the permit or licence to get the import, typically they will say they want to import amount of automotive gas oil (AGO), aviation turbine kerosene (ATK), and some of them actually include petroleum motor spirit (PMS).“They then go to market, check the market indices and say to themselves: PMS is still being sold below cost; if I bring it in, I’ll make a loss.“Now they have approval to bring in ATK, AGO, and PMS, but they end up bringing only AGO and ATK.“They do not bring in that PMS because the market is still not right for them. So, it is not because NNPC wants to be the sole importer or provider of PMS, it is because the other marketers won’t do it if it’s not profitable.”
Segun, who said marketers could also not purchase petrol directly from Dangote refinery, stated: “That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price.“Basically, the situation has not changed there. So, NNPC off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable. As soon as the price allows for it, you will see the marketers go to Dangote and buy.“So, instead of saying NNPC is the only off-taker, let’s put it this way: NNPC is the only entity that is willing to off-take because NNPC has a role under law to be the energy provider of resort.”
FG should provide welfare packages — CPPEReacting to the development yesterday, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said the recent upward review of petrol price has worsened the plights of most Nigerians and, of course, businesses.“I think we need to go back to the drawing board, the social safety net in Nigeria is exclusively very weak, the people are suffering seriously and there is a limit to what they can absorb in terms of the pains of all these policies
“The government should wade into this and see how they can restore normalcy as the citizens should not be exposed to commercial pricing of petroleum products.“The citizens are not finding it easy at all. Most recent increases have even further fuelled inflation as many citizens are trekking to places where they would have taken buses and so on. So, we are praying for an urgent intervention from the presidency on this matter.”
Vanguard
NEWS
“Our Technology Infrastructure Now Best in Class, Thanks for Your Understanding”, Zenith Assures Customers
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO. In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system. “We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.”While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.”Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
NEWS
Ecobank Nigeria Has Best ‘Web Portal’ in Nigeria – Digital Jurist Awards
Lagos, November 6, 2024 – Ecobank Nigeria has been awarded the “Best Web Portal” in Nigeria at the Phillips Consulting Digital Jurist Awards, ahead of 22 other commercial banks. This prestigious recognition highlights Ecobank’s leadership in digital banking and its commitment to delivering innovative, customer-focused solutions. The Digital Jurist Awards, created by digital experts at Phillips Consulting, assess the performance and effectiveness of digital platforms across various industries, including banking, telecommunications, and government. The evaluation covers websites, web portals, mobile apps, and social media, with a focus on organizations that have excelled in digital transformation. Kola Adeleke, Executive Director of Commercial Banking at Ecobank Nigeria, said the award is a reflection of the bank’s commitment to using digital technology to enhance customer experience. He emphasized that digital banking is the future of the industry, and Ecobank has long embraced this shift. He also commended the organizers and reiterated the bank’s dedication to providing seamless, reliable, and secure digital banking solutions. The recognition reinforces Ecobank’s position as a leader in digital innovation and highlights the growing role of technology in shaping the future of banking. Ecobank Nigeria is an affiliate of the Ecobank Group, the leading private pan-African banking group. Ecobank Nigeria offer a comprehensive suite of financial services and solutions to Consumer, Commercial, Corporate and Investment Banking clients at over 250 branches and 60,000 Xpress Point agencies. The Ecobank Group was established in 1985 to drive the financial integration and socio-economic development in Africa. With a presence in 35 sub-Saharan African countries as well as in France, the UK, UAE and China, Ecobank has unrivalled expertise and experience across Africa. Its pan-African platform provides a single gateway for payments, cash management, trade and investment across Africa and beyond.
NEWS
We’re Satisfied With Progress At FIRS — Reps Committee On Finance
The House of Representatives Committee on Finance has commended the level of progress and achievements being made by the Federal Inland Revenue Service (FIRS), promising that it will not withhold any support needed by the agency.
The Committee members, who were on an oversight visit, held a meeting with FIRS management at the Revenue House in Abuja, on Tuesday, and also toured the agency’s permanent headquarters in the Central Business District currently under construction.
The lawmakers, according to a statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, were conducted round the 17-floor building by the Special Adviser on Infrastructure, Mr Kunle Ogidi.
Chairman of the Committee, Honourable James Faleke expressed satisfaction at the transformation in FIRS under the chairman, Zacch Adedeji, and the increased tax revenue, pledging continued support of the Committee for the initiatives of the agency.
“For us, we can only commend the staff and Management of FIRS and of course the contractors for a job well done. We have seen the quality work being done. They have designed it very well and where we asked them questions, they answered. We are satisfied. We say kudos to FIRS.
“We first went to the temporary building where the FIRS is using now and of course we met the Directors and everybody. Why we have taken time to come on oversight is to allow him to fully settle and we have seen the evidence that he has fully settled.
“His work is very smooth and we could see on the faces of staff. We decided to come to the proposed permanent site. We have seen the progress so far. Like the architect said, the project began 2011 and it will be completed next year.
“We expect that when that is done and the Nigerian Revenue Service bill is passed, it will be launched in this building. And we expect more revenue to come to Nigeria.
On if the Committee is encouraged to continue to support FIRS, Faleke said: “We have also supported FIRS. Our committee is the main committee. If we withdraw our support, there will be a collapse of the system. It isn’t about being encouraged, it is about us doing our job, to do what is right.”
The Executive Chairman of the FIRS, Zacch Adedeji thanked the Committee for their visit and support, stating that FIRS will continue to collaborate with the National Assembly to move Nigeria forward.
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