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NNPC says increase in fuel pump price is inevitable, guide marketers on purchase

NNPC has stated that the increase in the pump price of petrol is inevitable.

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NNPC says increase in fuel pump price is inevitable, guide marketers on purchase

The Nigerian National Petroleum Corporation (NNPC) has stated that the increase in the pump price of petrol is inevitable.

This was disclosed in a statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Dr. Kennie Obateru on Friday.

READ: Petroleum Industry Bill passes first reading in Senate

Obateru explained that the decision is based on the prevailing realities of market forces of demand & supply.

Contrary to the document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively, NNPC argued that though that there was a slight increase in the price, the correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal Price – N128, and Ex-Depot Price (with collection) – N153.17.

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It stated, “The correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal Price – N128, and Ex-Depot Price (with collection) – N153.17.

“Marketers are advised to make their purchases through the online “Customer Express” platform at the recommended prices.”

READ: President Buhari to scrap NNPC, PPPRA as he submits new PIB to National Assembly

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What you should know

Nairametrics had reported a fresh increase in the retail pump price of Premium Motor Spirit (PMS), otherwise known as petrol appears to be looming as the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the ex-depot price of the product, to N155.17 per litre from N147.67 per litre.

READ: Petrol Subsidy-Will there be an end to the discourse?

According to a report by Channels Television, this new adjustment is contained in an internal memo from PPMC with reference number PPMC/C/MK/003, dated November 11, 2020, signed by PPMC’s Manager Marketing, Tijjani Ali and addressed to the Executive Director, Commercial of the agency.

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The ex-depot price is the price at which the product is sold by the PPMC to marketers at their various depots.

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READ: NNPC raises alarm over low grade, contaminated diesel in the market

Consequently, marketers would be dispensing the product to motorists within a band of N165 and N173 per litre.

The memo read in part, “The EDC may please refer to the management directives in respect of the above subject (PPMC PMS prices for November 2020) as per the attached memo.

 

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Seplat Petroleum set to sue Access Bank over sealing of its headquarters

Seplat Petroleum Development Company Plc is set to seek legal action against Access Bank over the sealing of its corporate headquarters.

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There is a brewing legal battle between the management of Seplat Petroleum Development Company (SPDC) and Access Bank of Nigeria Plc, over the indebtedness of a third party.

This has led to the sealing off of the SPDC’s corporate headquarters at 16A Temple Road, Ikoyi, Lagos.

However, the management of SPDC has maintained that it is not a shareholder in Cardinal Drilling, neither has it any outstanding loan obligations to Access Bank. SPDC further stated that it did not at any time make any commitment or guarantee in respect of Cardinal Drilling’s loan obligations to Access Bank.

In response to the action taken by Access Bank, the management of SPDC has stated that the court order lacked any merit or justification. SPDC also plans to take legal actions in order to counter the order.

What they are saying

A part of the press statement issued by SPDC, signed by its company’s Secretary and General Counsel, Mrs Edith Onwuchekwa, and seen by Nairametrics reads thus:

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“We understand that Cardinal Drilling has outstanding loan obligations to Access Bank. However, SEPLAT is neither a shareholder in Cardinal Drilling, nor has outstanding loan obligations or guarantees to Access Bank and did not at any time make any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank. SEPLAT strongly believes that there is no merit or justification for this action against it and has taken prompt legal action to vacate the court order pursuant to which the building was sealed.

“This action was taken by Access Bank without any prior notice to SEPLAT, as required under Nigerian law. SEPLAT will vigorously defend against this improper action to the full extent of the law and will seek all appropriate legal remedies.”

What you should know

According to findings by Nairametrics, the third party – Cardinal Drilling Service Limited, which provides drilling services to SPDC, has outstanding loan obligations to Access Bank, prompting the legal action.

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Germany agrees to deepen sustainable economic development with Nigeria

The Federal Goverment of Nigeria and Germany have agree to deepen sustainable economic development.

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Germany agrees to deepen sustainable economic development with Nigeria

The Nigerian and German governments have agreed to deepen ties on sustainable economic development, climate change, and agriculture.

This was disclosed at the just concluded Nigeria-German Bilateral government consultations and sectoral dialogue held in Abuja, reported in a statement by the Ministry of Information.

READ: Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA

The Minister of State, Budget and National Planning, Prince Clem Ikanade Agba, commended the German government for its commitment and undying interest in the affairs of Nigeria since independence.

He stated that the cooperation between both nations was based on mutual trust, respect, and understanding. He added that since the last consultative meeting between both sides was held in 2017, progress had been made on programmes and projects as contained in the resolutions.

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The meeting was also to discuss the new German Reform Strategy, which is a plan to improve Germany’s development policy with its partner countries. 

READ: German bank to support 10,000 Nigerian SMEs with $33 million credit facility 

(READ MORE: Analysis: Nigeria needs an austerity diet)

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The Minister disclosed that the reforms would focus on areas of cooperation between Nigeria and Germany, including, climate, health, and family policy, sustainable supply chains, harnessing digital technology, technology transfer, and strengthening private investment, with a view to overcoming hunger and poverty. 

He pointed out that the reform strategies were in line with the economic sustainability and inclusive growth espoused by the Government of Nigeria in the Economic Recovery and Growth Plan (ERGP 2017-2020).

Claudia Wolk, Country Manager Nigeria, representing the German Government, said the bilateral development co-operation, was to reform processes and reposition German development co-operation, in order to improve the capacity to tackle new challenges and demands in international co-operation.

The areas outlined by both countries include;

  • Sustainable economic development: Germany said it would continue to support Nigeria through measures focused on promotion of needs-based technical and vocational education and employment possibilities for the youth with 7.5 million EUR (Bilateral Technical Cooperation Grant).

READ: E-Citizenship automation has generated N2 billion for FG – Interior Ministry

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(READ MORE: FG tasks experts, host institutions to join sub-technical committees on Police reform)

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  • Responsibility for our planet-climate energy: The German government explained that a feasibility study had been commissioned, recommending a financial contribution in the form of a subordinated loan of 25 million Euro (Bilateral Financial Cooperation) and accompanying measures of 0.5 million Financial Cooperation Grant from the German Government to start the MSME credit line with the focus on RE/EE (Green Credit Line).
  • Agricultural sector: The German government pledged to commit 4.3 million Euros (Regional Technical Cooperation Grant) to the Green Innovation Center for the Agriculture and Food Sector to increase employment, income generation, and productivity improvement along various agricultural chains.
  • COVID-19 responses: The German government intends to further commit 5 million Euros (Bilateral Financial Grant) to the ongoing eradication programme. That would allow support for the implementation of the National COVID-19 Response Plan.

READ: N117 billion approved by FG for road rehabilitation

What you should know 

  • Nairametrics reported in October that the Federal Government of Nigeria had opened the portal for the registration of the 2021/2022 Bilateral Educational Agreement (BEA) scholarship for deserving Nigerians.
  • The BEA scholarship is awarded to both undergraduate and postgraduate students and tenable in some selected countries in Africa, Europe, and Asia.
  • Nigeria also agreed to deepen bilateral relationships with other nations as Minister of Aviation, Sen. Hadi Sirika, disclosed last month that the Federal Government of Nigeria would sign more Bilateral and Multilateral Air Services Agreements in the year 2021, for the benefit of air travellers and the nation at large.
  • The Federal Government signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) this month, which provides a platform for the nations to engage each other bilaterally.

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Afrexim launches MANSA, customer due diligence platform for African businesses

Afreximbank has launched a continental due diligence platform for businesses and financial service firms.

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bank, bloomberg, Border Closure: Afreximbank says smuggling is better controlled with technology, Nigeria may benefit from Afreximbank and Thelo DB’s deal on railway development, Bloomberg reveals Africa’s leading bank bookrunner in 2019 , Afreximbank, MIA signs $190m deal 

The African Export-Import Bank (Afrexim bank) launched a continental due diligence platforms for businesses and financial service firms operating in Africa called MANSA.

This was disclosed by the President of Afreximbank, Prof. Benedict Oramah, in a virtual meeting on Thursday, reported by Arise News.

READ: Afreximbank’s African commodity index dips by 1% q-o-q in Q3 2020

He added that the platform would address AfCFTA-related challenges, especially lack of market data for cross border business transactions and also opportunity sectors for Continental free trade. It would also be a data house on best practices by businesses and financial services firms in sub-Saharan Africa.

Globally, regulators are toughening their stance as well as the severity of their sanctions for breaches of customer due diligence compliance regulations, instituted to prevent various financial crimes and related activities,” he said.

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READ: Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA

“This has dramatically increased the cost and complexity of satisfying Customer Due Diligence and Know Your Customer requirements. We have created MANSA as the solution to the negative impact on Africa, such as de-risking, the withdrawal of correspondent banking relationships, and cuts in trade, finance, and investment financial flows to Africa.

“In a fragmented continent of 55 countries that hardly traded among themselves since they became colonies, MANSA offers an opportunity to begin bringing down the borders and support the realization of the goals of the African Continental Free Trade Agreement (AfCFTA),” he added.

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READ: CBN disburses N10.5 billion out of N100 billion credit to healthcare industry

He disclosed that the platform was named after 14th century Malian Emperor, Mansa Musa, credited with linking the Sahel regions with the Middle East and Europe for trade, especially Gold, which he had a monopoly over.

The platform in its first phase would be open to African businesses to indicate their corporate data in the repository for validation, which would be made available to users looking for credible business data in the continent.

READ: RCEP: The world’s largest trade deal to be announced this weekend

What you should know 

  • Nairametrics reported last month that despite the impact of COVID-19 on businesses and income, the African Export-Import Bank (Afreximbank) has posted a net income of $217.06 million for the nine months ended September 30, 2020.
  • In 2019, the bank urged Nigerians and other African countries to take advantage of the African Continental Free Trade Area (AfCFTA), as he described it as the catalyst for generating massive increase in intra-African trade.

READ: COVID-19: FirstBank launches next-generation ATM, spearheads innovation in electronic banking in Nigeria

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