Business
Gas Revenue: Fidelity Bank Supports Temile Development Company
In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier.
Named ‘Alfred Temile 10’, the vessel was part-financed by leading Nigerian bank -Fidelity Bank Plc- and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea. Dignitaries at the event included the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPC), Mallam Mele Kyari,OFR; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe,OON; Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Luke Ekpo; the Charge D’Affairs Ad Interim of the Embassy of Nigeria in South Korea, Ambassador Ferdinand Nwonye; Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe; amongst others.
Commending the company on the laudable development, Mallam Mele Kyari said, “I want to congratulate Mr. Alfred for the great feat you have achieved on behalf of our country and we understand that today clean energy is everything because the whole world is transiting to cleaner fuel. In our country, biomass is the major source of energy, and I know that the efforts we are making collectively and with this effort by Temile Group will enhance that ability to produce cleaner energy in our country.”
On her own part, Dr Nneka Onyeali-Ikpe,OON said, “This commissioning is a landmark achievement for Nigeria as the vessel would further support the nation’s drive to utilize cleaner energy sources especially as the world transitions to environmental-friendly energy options. Fidelity Bank is delighted to facilitate this transaction and we congratulate our amiable customer -Mr. Alfred Temile- as well as the good people of Nigeria on this feat.” It was noted that this was the second of its kind being part-financed by the Bank and further underscores its support for the industry.
An elated Mr. Alfred Temile, the CEO of Temile Development Company, expressed heartfelt appreciation for the collaboration and strong support received from NNPC Ltd and other stakeholders throughout the project’s journey.
The vessel will bolster the local participation of indigenous maritime players, improve the logistics of LPG supply and increase the availability of LPG for the Nigerian last-mile users. This will contribute to the growth of Nigeria’s domestic gas industry while demonstrating the dedication and increasing capabilities of indigenous Nigerian companies in the oil and gas sector.
It will be recalled that Fidelity Bank Plc also part-financed the development of the recently launched Pinnacle Oil and Gas Terminal in Lagos as part of efforts to improve energy security in the country.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Business
Dangote to IPMAN, PETROAN: Claims of Landing Fuel Cheaper Than Ours Means Importing Substandard Products
In response to allegations by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) about high fuel prices from the refinery, and importing cheaper fuel, Dangote Refinery has said that its ex-depot price of petrol ia pegged at N990 per litre for sale into trucks, and N960 for ships.
While defending pricing strategy, the refinery insisted that its rates are competitive and in line with international standards.
The refinery, in a statement signed by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, claimed that the assertions made by IPMAN and PETROAN that they can land cheaper petroleum products meant that they were importing substandard products into the country.
“We had lately refrained from engaging in media fights, but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.
“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports. If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.
“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.
“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.
“While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty” he stated.
Business
Customers Get 10% Bonus on Data Through MoneyMaster
Customers of MoneyMaster Payment Service Bank (MMPSB), Nigeria’s top payment service bank, will now enjoy an attractive 10 percent data bonus offer.
The bank’s commitment to enabling Nigerians to manage their finances through effective offers that make every naira matter is clearly demonstrated through this project, which aims to reward devoted clients and attract new ones.
Glo customers can access the promotion using a number of banking channels, including as the MoneyMaster PSB app, MoneyMaster PSB Web banking, and the USSD banking code *995#.
Customers that reload N1,000 or more will instantly receive a 10 percent data incentive. The data bonus to clients is said to rank among the best in the nation.
Unused data can be rolled over to the next subscription, and the data purchases have a 30-day validity period.
Julius Arhebun, Head of Agency Banking at MoneyMaster, said on the bonus data offer: “We are dedicated to providing our customers with products that improve their lifestyle and assist them in managing their finances.” With this deal, both new and current customers can take advantage of prolonged access to high-quality internet services, whether they want to browse popular websites, stream their favorite content, or keep up with the latest trends on their preferred social networking apps”.
Arhebun further added that: “To enjoy the benefit, existing customers can simply buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. New customers can enjoy the offer by opening accounts via the USSD banking platform or downloading the mobile application.”
MoneyMaster PSB is a leading provider of innovative digital financial products and services that transform lives and contribute to sustainable living. With a mission to deepen financial inclusion, MoneyMaster has been instrumental in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.
Business
We Did Not Collect Money from IPMAN, Not Obligated to Release Petrol – Dangote Refinery Clarifies
The Dangote Petroleum Refinery says it has not received authorisation from the Nigerian National Petroleum Company Limited to supply Premium Motor Spirit, popularly called petrol, to members of the Independent Petroleum Marketers Association of Nigeria.
It announced this on Thursday as oil dealers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria demanded the refinery to release its PMS price, stressing that its silence on this matter had dragged on for so long.
On Wednesday, IPMAN’s National President, Abubakar Maigandi, said his members had gone to the Lekki-based refinery but could not lift petrol for almost four days.
Maigandi was reacting to Tuesday’s comment by the President of Dangote Group, Alhaji Aliko Dangote, that the facility has over 500 million litres of petrol but marketers were nowhere to be found.
Maigandi had said, “If the refinery truly has 500 million litres, then there should be no reason our members couldn’t load after four days. We’re willing to buy the product directly if the refinery is ready to sell to us, but for now, our members can’t access it even after paying.”
The National President of PETROAN, Billy Gillis-Harry, corroborated the position of his IPMAN counterpart, stressing that petrol retailers had approached the refinery on the need to load products but this never worked.
“We have listened to him (Dangote) and as far as I’m concerned what he said is very strange to my hearing. PETROAN had written to him since 2022, we wanted to have a business meeting with him and understand the business dynamics but no way up till now,” Gillis-Harry told one of our correspondents.
However, in a Thursday statement by the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, the company denied receiving money from IPMAN, saying the IPMAN members’ money was paid to NNPC which did not authorise Dangote to sell the independent marketers.
The refinery said it has no direct dealings with IPMAN yet, though talks are ongoing as regards that.
The statement titled, ‘IPMAN: Setting the Record Straight’, read partly, “The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria to purchase refined petroleum products.
“Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our petroleum refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.
“The payment in mention has been made through the Nigerian National Petroleum Company Limited, and not us. In the same vein, NNPCL has neither approved nor authorised us to release our Premium Motor Spirit to IPMAN.”
Speaking further, Chiejina emphasised that the Dangote refinery has capacity to meet the nation’s fuel demand with the ability to load 2,900 trucks per day.
“We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea.
“We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members,“ the company stated.
It further advised stakeholders to refrain from making what it called unfounded statements in the media.
“Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.
“In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda,“ the statement concluded.
Source: The Punch