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We Have Sufficient Fuel, Kachikwu Assures Nigerians

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Sunday assured Nigerians that there is sufficient Premium Motor Spirit (petrol) in the country.

Kachikwu in an Interview with the News Agency of Nigeria in Lagos, said that the country had gone past the era of fuel scarcity and urged motorists to desist from panic buying.

“I can say that there shouldn’t be any reason for fuel scarcity, we have gone past the era of fuel scarcity.

“NNPC informed me when I made inquires that they imported enough.

“Yesterday, I saw a few pockets of scarcity in Abuja, but I was told that it was Petroleum Equalisation Fund (PEF) related distribution issues, and it will be sorted out as soon as possible..

“So, it is not an issue of lack of sufficiency, I am told they have about 28 day’s sufficiency, two weeks ago, they presently have between 14 and 15 days product sufficiency,’’ he said.

The minister noted that the 28 days sufficiency was okay based on 50 million litres daily utilisation in the country.

“ I don’t expect to see a scarcity, I just expect them to work hard over the next few days to deal with whatever logistic issue they have. I will be working with NNPC on that,’’ he added

On queues building up in some filling stations in Lagos and Abuja, he maintained that the country was wet enough to serve the needs of motorists.

“ I haven’t visited Lagos cities, but the information I have is that there is enough product on ground and we should be able to deal with whatever it is.

“The problem with fuel scarcity is that if you allow it to last for three days , then it builds up a life of its own.

“That is what I have enforced NNPC to do to make sure that it is resolved,’’ he said.

Kachikwu noted that it would had been a major issue for the country if there was insufficient product on ground but assured that NNPC would be able to resolve whatever the situation was in a few days.

A check by NAN on Sunday in Abuja, revealed that there were no queues in most filling stations along Airport road and Kubwa expressway.

NAN reports that at NNPC outlet, Conoil and NIPPCO filling stations along airport road, motorists were buying fuel with ease, except at the NNPC mega station at the Central business district, which a short queue.

A taxi driver, Johnson Adio said “this is not a serious queue, I spent just 20 minutes before buying, it is normal with this station because a lot of people like buying from them.

“It was on Friday that we had a little problem, but it is okay now,” he said.

Also, along the Kubwa Express way, there was no queue at AA Rano filling station, Shema, Mobil and NNPC stations.

NAN also reports that only few filling stations like DAN oil along the airport and the Kubwa express way were closed.

(NAN)

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Business

Price of Cooking Gas Hits N7,000 As NLNG Rues Poor Facilities

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The management of the Nigeria LNG Limited has said that marketers do not have enough infrastructure to take up its Liquefied Petroleum Gas supply.

In an earlier PUNCH report, the Independent Petroleum Marketers Association had said that the major cause of the rising cost of cooking gas was lack of adequate supply.

The marketers claimed that foreign investors underestimated demand in the Nigerian market resulting in marketers venturing into importation of the product.

They advocated that the government should let NLNG supply more gas to the market to reduce the costs.

Reports from consumers revealed that the cost of refilling a 12.5-kilogramme cylinder of LPG had risen to as high as N7000 in some states.

The marketers had also urged the government to remove cooking gas from the list of commodities subject to the payment of value added tax.

The marketing manager of NLNG, Austin Ogbogbo, in a response to the claim made by the IPMAN said that the marketers did not have enough infrastructure to take up the gas the company supplied.

He said, “NLNG has grown its capacity from 50,000 metric tonnes per annum to 450,000 metric tonnes per annum of LPG in the past 14 years.

“Nigeria needs 1.2 million metric tonnes per annum, but even the 450,000 we produce cannot be absorbed by the market’s current infrastructure.

“We only operate in the midstream sub sector of the industry so we are only responsible for supplying to the market.

“The downstream players are responsible for the distribution to the end users, and also building the infrastructure to ensure it is done efficiently. It is out of our scope.”

He assured the public that the company would grow its LPG capacity if it confirmed that distributors could take up additional supply.

The Punch

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FirstBank Expands International Money Transfer Network, Reinforces Commitment to Customer Service

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In furtherance of the need to expand diaspora remittance inflow into the country, First Bank of Nigeria Limited has increased its network of International Money Transfer Operators (IMTOs), targeted at easing the accessibility of its customers to receive money from close to 100 countries across the world in a safe and secured manner. With over 750 branches across the country, customers can receive money from the nearest FirstBank branch closest to them.

Over the years, FirstBank has been in partnership with Western UnionMoneyGram, Ria, Transfast, and WorldRemit. The bank is also in partnership with other IMTOs which include Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflow into the country, thereby putting Nigerians and residents at an advantage in receiving money from their families, friends and loved ones across the world.

Beneficiaries can receive remittance in US dollars in any of our over 750 branches spread across the country. Customers without an existing domiciliary account can have dollar account automatically created for their remittances. You can also receive inflow directly into your account through Western Union.

In addition, FirstBank has launched its wholly owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa. These subsidiaries include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

Reiterating the Bank’s resolve in promoting diaspora remittances, regardless of where one is across the globe, the Deputy Managing Director, Mr Gbenga Shobo said “at FirstBank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.

We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are, across the world.”

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

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Unity Bank Collaborate to Fund N15.5bn Equipment for Julius Berger

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Unity Bank Plc, in company of other banks has facilitated a credit facility of N15.5bn for the acquisition of trucks and equipment to Julius Berger Plc.

The group Managing Director and Chief Executive Officer of SCOA Nigeria Plc, Dr Massad Boulos, has appreciated the gesture.

A statement from SCOA said that SCOA presented 33 MAN platform trucks and equipment to Julius Berger to be deployed for the construction of the 380 kilometre Abuja-Kaduna-Kano roads.

The banks that funded the acquisition were Unity Bank Plc, Heritage Bank Limited, Zenith Bank Plc, Providus Bank Limited, Wema Bank Plc, United Bank for Africa Plc, Union Bank Plc and Coronation Merchant Bank Limited.

Boulos said, “I commend Unity Bank, their MD and the members of the executive management; and the entire team of banks who have worked closely with us on this project.”

Mr Ralph Brendicke, the representative of the MD of Julius Berger Nigeria Plc, Dr Lars Richter, said the trucks and other equipment would help the company expand its field capacity and increase the speed of execution leading to timely completion of the highly anticipated project.

The MD/CEO of Unity Bank Plc, Mrs Tomi Somefun, represented by the Directorate Head, Lagos and South West Zone, Mr Wale Ogunride, was quoted as saying, “We looked at the strategic importance of this project and how such infrastructure could contribute to stimulating economic activity and decided that Unity Bank must play its part.

“Unity Bank will continue to provide support to such projects as we have been doing in other critical sectors of the economy such as agriculture.”

In a separate statement, the Executive Director of Wema Bank, Mr Oluwole Ajimisinmi, was quoted as saying that his bank was delighted to be one of the institutions to support SCOA in the project.

He also encouraged and solicited for more local content in order to create more jobs.

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