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Business News

Revealed: How Cartels hiked aviation fuel to exploit Nigerians

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There are more revelations on the current scarcity of aviation fuel in the country. According to the the Airline Operators of Nigeria (AON) the current scarcity and persistent increase in the price of aviation fuel can be linked to a powerful cabal in the supply chain of the petroleum industry. The Chairman of the association, Captain Nogie Meggison, who made this revelation, advised the Federal Government to step in to stop and break the cartel’s hold.

“It is obvious that there is a cartel; there is something behind it. Because this is happening in a country where we were buying fuel in March, April for N105 and today, four months down the line, you are buying it at N200 per litre in Lagos only. Once you go out of Lagos and you start to move into the hinterland, it goes as high at about N240.“It is clear that there is a cartel, or a price fixing at the detriment, sadly, of the Nigerian masses. You can go and look at the profit returns and the first quarter or half year report from the oil marketers, they are now making three times what they made last year at the detriment of Nigeria and Nigerians. I believe that the government needs to step in this time to stop and break that hold.” He said.

He also blamed the current upsurge in the price of aviation fuel on the restriction on foreign exchange by the Central Bank of Nigeria (CBN).

 “Yes, we have foreign exchange restriction and availability of forex to import. But when you look at the country next door that is also importing, like Accra, today with the government’s assistance, it is selling fuel at N120.“We have no reason as a country, if we want to grow our economy, to sell fuel at N200 per litre. It is clear that aviation is a catalyst for any economy to grow. It is part of the wheel and a pivot for any economic stand.”

He however showered encomiums on the government for implementing some far-reaching policies in the industry.

“But to be fair to the government, they are beginning to shift body and give us a listening ear to see how they can provide the fund for Jet A1 importation but the fear is always that the same marketers that we are talking about will take the same funds and use it to do something else. “So we are working out modalities to see how we can get the government to provide that fund and ensure that it is used strictly for aviation.”

The cabals in the supply chain of the energy market in the country has become an albatross and many Nigerians are worried that little has been achieved to bring an end to the influence of these “invincible saboteurs” in the industry.

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Business

Hyundai and Kia to set up an assembly plants in Ghana by 2022

The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

Why this matters

More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

SSKOHN

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Business

Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

What the Minister said

“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

The new passport process

The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

What you should know 

  • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
  • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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