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Oil marketers demand exemption from N50 PoS charge

Oil marketers have said it is unfair for petrol dealers to be asked to pay the N50 stamp duty charge for transactions done on PoS machines.

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Oil marketers have described the N50 stamp duty charge introduced by the Central Bank of Nigeria as unfair and inequitable for petrol dealers.

Chief Executive Officer and Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Clement Isong, explained that the association was engaging the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Central Bank of Nigeria (CBN), and other relevant stakeholders on the N50 charge.

FG battles 6 oil firms for failure to remit N20 trillion , ExxonMobil, Shell, Chevron delay $58.4 billion oil and gas investment in Nigeria 

“There is a problem with this. So, we are engaging with the PPPRA, the CBN, Ministry of Petroleum Resources and the NNPC. They understand our argument. We are trying to make sure that we find a reasonable solution to the problem, and I have no doubt that the government will find a reasonable way out for us,” Isong said.

What you need to know: After the CBN in a circular in 2019 asked banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions, the banks were also asked to charge a duty of N50 for services rendered through electronic transfers.

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[READ MORE: Nigeria’s retail outlets risk CBN sanction, debit N50 PoS fee from customers)

The apex bank explained that it was wrong to charge customers while the Federal Competition and Consumer Protection Commission on December 24 directed that the charge on customers be halted.

Isong and other oil marketers seem to have an issue with the directive of Federal Competition and Consumer Protection Commission and have asked for an exemption also.

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“It has taken a bit of time because it is not so easy, but what we are asking for is an exemption of petrol sales,” Isong said.

The MOMAN boss, while explaining the reasons for the request, stated that many petrol stations were rented from oil marketing companies, and petrol dealers could not afford to bear the N50 PoS charge.

“Why this (PoS charge), it is completely unworkable because the merchant must sell at least 22 litres to make that N50 first because he gets N2.36 as his margin. In Nigeria, the average off-take of a vehicle is less than N2, 000, which is 13.7 litres.

“In the price template from the PPPRA, the dealer gets N2.36 per litre. If a fuel station sells 100,000 litres in a month, its revenue is N236, 000, and from that N236, 000, he will pay his rent, electricity bill, staff, and fuel and maintain generators. Then he suffers losses because petrol is a product that is volatile; it evaporates,” Isong said.

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ENDSARS

#EndSARS: IGP orders immediate mobilisation of officers to restore normalcy

The IGP has directed officers to take control of the current unrest and breakdown of law and order in some parts of the country.

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IGP orders immediate withdrawal of police officers attached to VIPs

The Inspector-General of Police, Mohammed Adamu has ordered the immediate of all police operational assets and resources to bring an end to the unrest.

This was made known via the official Twitter handle of the Nigerian Police Force, @PoliceNG, in a statement titled, “RECLAIM THE PUBLIC SPACE AND RESTORE NORMALCY – IGP ORDERS AIGs, CPs, PMF, CTU & SPU COMMANDERS”.

According to the statement, the IGP has directed the officers to reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

The IGP gave the order to all Assistant Inspectors General of Police (AIGs), Commissioners of Police (CPs), Heads of Police Operational Units, Squadron and Base Commanders in charge of Zonal/State/FCT Commands, the Police Mobile Force, Counter Terrorism Unit.

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The statement read in part, “The Inspector-General of Police, IGP M.A Adamu, NPM, mni has ordered the immediate mobilization of all police operational assets and resources to bring an end to the wanton violence, killings, looting and destruction of public and private property, and reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

“In addition, CPs/Heads of Police Formations in the various states have also been charged to mobilize their men and work in sync with the Command CPs in the areas where they are domiciled, to dominate the public space and ensure peace and safety in the affected areas.

“The IGP, while noting that enough is enough to all acts of lawlessness, disruption of public peace and order and wanton violence which have resulted to indiscriminate looting of shops, malls and warehouses, damage to property and loss of lives in some parts of the country.”

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The IGP further enjoined law-abiding citizens not to panic but rather join forces with the police and other members of the law enforcement community to protect their communities from the criminal elements. He also called for “the understanding and cooperation of the citizens, assuring that the action is geared towards ensuring public order and safety and public security in our communities.”

What you should know

In the last few days, several parts of the country, especially Lagos, Cross River and Delta have witnessed a rise in civil unrest as hoodlums torched down Police stations, government properties and have also looted and destroyed several private businesses.

The recent unrests could be traced to the hijacking of peaceful protests organised by #EndSARS agitators who took to the streets of many Nigerian cities in the last two weeks to demand the dissolution of a notorious police unit, Special Anti-Robbery Squad, better known as SARS, who has been alleged to be involved in a countless number of harassment, extortion, abduction, armed robbery and murder of innocent citizens.

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Business News

Lagos state moves against fake news and inciting messages merchants

The government has warned fake news and inciting message merchants to stop their evil enterprise or face legal consequences.

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The Lagos State Government has warned against fake news and inciting messages as they react to videos in social media and online space, creating tension and encouraging ethnic conflicts.

This was contained in a statement that was issued by the Lagos State Commissioner for Information and Strategy, Gbenga Omotosho, on Saturday, October 24, 2020.

In the statement, Governor Babajide Sanwo-Olu urged Lagosians to disregard the videos, which are the tools of anarchists, whose plan is to create hatred and divisiveness for which Lagos is not known for.

The statement partly reads, ‘’Inciting videos of this nature are not what our land needs now, following the loss of lives and destruction that fake news, misinformation and unfounded rumours have triggered in our dear state in the last couple of days.

‘’The government appeals to Lagosians to disregard the calls of ethnic and religious jingoists as well as agents of destruction who are on a mission to destroy our state by pitching us against one another for yet to be ascertained reasons. This is a very critical moment for us as a people. It is, therefore important that we stand together and remain circumspect because the brewery of falsehood is unrelenting in its mission.’

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The commissioner said Lagos State is the melting point of various cultures, tribes and religions across Nigeria and noted we have co-existed harmoniously for ages and will continue to live together peacefully.

He pointed out that the sad incident of the past few days affected everyone who lives, trades or works in Lagos, regardless of their tribe, culture, race and religion. He said this is a time for us to empathize with one another and not listen to purveyors of evil messages, especially on social media.

Omotosho said the government will continue to protect lives and property and warned fake news and inciting message merchants to stop their evil enterprise or face the legal consequences of their destructive actions.

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Appointments

TCN MD, Sule Abdulaziz appointed Chairman of West Africa Power Pool

The acting Managing Director of TCN, Sule Abdulaziz, has been appointed the new Chairman of WAPP.

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TCN MD Abdulaziz, four other directors receive appointment letters

The acting Managing Director of Transmission Company of Nigeria (TCN), Sule Abdulaziz, has been appointed the new Chairman of the Executive Board of West African Power Pool (WAPP). Abdulaziz was nominated by the former Managing Director of Power Holding Company of Nigeria (PHCN), Joe Makoju, who is an honorary member of WAPP.

READ: NNPC signs gas development and commercialization deal with SEEPCO

This disclosure was made by TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah, through a public statement in Abuja on Thursday, October 22, 2020.

In her statement, Mbah revealed that the West African Power Pool was created by Decision A/DEC.5/12/99 of the 22nd Summit of the ECOWAS Authority of Heads of State and Government, and adopted during the 29th Summit of the ECOWAS Authority of Heads of State and Government held in Niamey, Niger.

READ: Indian firm, Ramco signs partnership deal with Nigerian airline

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The appointment was made during the 46th meeting of the WAPP Executive Board which was chaired by the Secretary-General of ECOWAS, Ki Sengui, and held through video conference on October 21.

The statement from Mba partly reads, “While making the nomination, Makoju noted that Abdulaziz is an expert in engineering with vast experience in the electricity sector and therefore will perform creditably as the new WAPP Executive Board Chairman.

READ: Continental Reinsurance Plc acquires 100% ownership of its Botswana subsidiary

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“His proposal was endorsed by MDs and Director Generals and other members of the board,” she said.

According to the statement, Abdulaziz in his acceptance speech thanked the board members and the honourary members for his nomination as the Chairman of the board and assured them of his total commitment to the overall objective of the regional electricity body.

READ: A bitter family feud has continued to hamper this company’s growth

He also expressed the need to move the pool to the next level of operational efficiency and solicited the support of member utilities, especially members of the executive board in this regard.

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He urged members to ensure prompt payment of their contributions to the pool and also continue to collaborate actively with the secretariat to ensure effective and efficient coordination and implementation of all WAPP programmes.

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