Dons EzeEIGHT MILLION SMALL BUSINESSES IN NIGERIA SHUT DOWN IN 18 MONTHS OVER ECONOMIC HARDSHIP, SAYS ASBON
EIGHT MILLION SMALL BUSINESSES IN NIGERIA SHUT DOWN IN 18 MONTHS OVER ECONOMIC HARDSHIP, SAYS ASBON The National President of the Association of Small Business Owners of Nigeria (ASBON), Mr Femi Egbesola, has lamented the impact of the economic policies under the administration of former President Muhammadu Buhari and the current administration of President Bola Tinubu on small businesses. During an exclusive interview on Friday, he made the startling revelation that approximately twenty percent of businesses within the country were compelled to stop operations from January 2023 and June 2024, attributing this alarming trend to the economic policies implemented by the administrations. “We have had cases where businesses shut down. We have around 40 million small businesses in the country and with 20% already shut, it would mean that we have about 8 million businesses shut,” he said He also revealed that many business owners have lost their lives after shutting their businesses. “Many persons have died from shutting their businesses, some could not fulfil their loan obligations, so they died from the pressure. Others are in the hospital as of now,” he noted. He urged the government to declare a state of emergency on the economy. “A state of economy should be declared as we are the highest employer of labour (referring to small-scale businesses). We account for 86% of the country’s workforce and you can imagine what happens when small businesses cannot survive,” he said. Egbesola also revealed that he used to have 52 workers but now has only 14, due to the economic hardship. “Businesses are now downsizing, for instance, I used to have 52 workers but now I have only 14. Imagine that kind of downsizing due to economic issues,” he said. Nigeria has been suffering from rising inflation. More recently, the prices of petrol were hiked across the country, going for as high as N1200 per litre in some parts, worsening the hardships faced by Nigerians.
DANGOTE REFINERY WILL NOT SELL FUEL BELOW MARKET PRICE – PRESIDENCY
DANGOTE REFINERY WILL NOT SELL FUEL BELOW MARKET PRICE — PRESIDENCY The Nigerian Presidency has said that Dangote Refinery will not sell its product including Premium Motor Spirit (PMS) below the official market price. On Tuesday, Aliko Dangote, the Chairman of the Dangote Group, formally declared the commencement of petroleum production at his highly anticipated refinery. This significant milestone marks a major breakthrough in Nigeria’s energy landscape. During the announcement, Mr. Dangote revealed that the pricing strategy for the refined petroleum products would be determined through collaborative efforts between the Federal Executive Council (FEC) and the Nigerian National Petroleum Company (NNPC) Limited. This decision underscores the government’s regulatory oversight and the NNPC’s industry expertise. In a related development,, filling stations owned and operated by the Nigerian National Petroleum Company (NNPC) Limited across Nigeria had implemented a substantial increase in fuel prices, with prices soaring to over N850 per litre. Further investigation revealed that this price hike was actually in compliance with a directive issued by the NNPC management, mandating an immediate adjustment of the official fuel price from N568 to N855 per litre. This directive has far-reaching implications for consumers and the national economy. However, a report published by Bloomberg on Thursday revealed that the Nigerian Government would allow Dangote Refinery to fix its price. “Nigeria will allow Dangote to set the price of gasoline to petroleum marketers starting next month,” top government sources were quoted by Bloomberg. “Going forward, petrol marketers will be allowed to buy products directly from the Dangote Refinery,” the sources added. Commenting, the senior special assistant (SSA) to President Bola Tinubu on Media and Publicity, Temitope Ajayi also said, “Dangote Refinery will certainly not sell their products below market value as a business that was set up to make a profit. “I don’t see how NNPC or the federal government will control the price for a private business.” “The role of the petroleum industry regulator will be to ensure products quality and fair pricing so that the business doesn’t take undue advantage of the citizens or rip them off,” he added.
WHAT NIGERIANS DON’T KNOW ABOUT TINUBU/OANDO OIL DEAL IFEANYI IZEZE
WHAT NIGERIANS DON’T KNOW ABOUT TINUBU’/OANDO OIL.DEAL, BY IFEANYI IZEZEAlso, how do you explain that barely few months from the announced acquisition of all Agip’s onshore assets by Tinubu’s Oando, the federal government is coming out to announce to us that all contentious issues around OPL 245, Nigeria’s most lucrative deep offshore oil acreage has been resolved and lease handed back to Eni(Agip) in a contrived alliance with the Anglo-Dutch Shell?Mischief, a major preoccupation of the human mind has been perfected by the word government and governance in our clime. And its manifestations are seen everywhere and in everything those who rule Nigeria do. It makes it very difficult or rather nearly impossible for us to discern between pure egocentricity/greed and genuine good intentions because the dividing line has become so thin that both can blend into each other without obvious signs on the outside for the gullible followers to see.Come to think of it that when big multinational companies are leaving Nigeria in drones to other countries as a result of the nation’s poorly performing economy and harsh policies of the government, the market value of Oando Plc – run by President Bola Tinubu’s nephew, Wale Tinubu – soared to record high from N74 billion in 2023 to N1 trillion as of September 2024, indicating more than 1,000 per cent increase in valuation as Nigeria battled its worst cost-of-living and economic crises.Oando — an average-performing oil company before Mr Tinubu’s government — recorded N74 billion profit after tax in the financial year ended 2023, a stark contrast to the previous year when it recorded a loss after tax.But just a little over one year after Mr Tinubu became president, the company’s share price, which sold at six naira as of September 1, 2023, saw its market value rocket to an all-time high of N92.The latest valuation elevated Oando to the top 10 most-capitalised companies on the Nigerian stock exchange.Wale Tinubu and Oando have continued to deny any wrongdoing, asserting that some of the discussions that led to their latest successes took place long before his uncle assumed office.Now, on the surface and to the unconcerned, there is no big deal or rather misdeed concerning the uptake of all the onshore assets of Nigerian Agip Oil Company, the local operating subsidiary of the Italian energy giant, ENI by Oando, a company owned by President Tinubu’s family.However, the jet-speed approval of the Oando acquisition of Eni’s 100 per cent stake in the Nigerian Agip Oil Company Limited within just few months by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is not only suspicious but is also raising serious concerns about the integrity of the process that gave that verdict.Recall that Eni(Agip) first announced the deal with Oando on September 4, 2023, but it stalled after the state-owned Nigerian National Petroleum Company (NNPC)Limited, which holds the remaining 60 per cent stake in the assets, suggested it could exercise its pre-emption rights.Within few months from its initial stance, NNPCL retracted its position and the deal was approved by NUPRC on July 24, 2024 and completed on August 22, 2024.This swift approval process for Oando, run by the nephew of Nigerian President Bola Tinubu, definitely raises question marks on slow approvals facing other indigenous players such as Seplat and Renaissance, who also agreed to buy the onshore and shallow water assets of oil majors ExxonMobil, TotalEnergies, and Shell.Oando got express approval for Agip’s asset purchase within few months and others didn’t. No clarity on why it got accelerated approval and so far there is no public explanation on why the deal got priority and Seplat/ExxonMobil is still dragging.So the link between the Presidency and the company, Oando as expected, will doubtless draw some comments as it’s already…
FG CAN’T FIX PRICE OF PETROL – MINISTER
FG CAN,’T FIX PRICE OF PETROL – MINISTER The federal government of Nigeria has no hand in fixing the price of petrol in the country.This was disclosed by the Minister of State for Petroleum Resources, Heineken Lokpobiri after meeting the Vice President, Kashim Shettima President Bola Tinubu had mandated the Vice President, Kashim Shettima to convene a high-level meeting aimed at addressing the challenges in the oil and gas industry, especially the prevailing issues of pricing and scarcity. To this end, Shettima met with the Minister of State for Petroleum Resources, Oil, Mr Heineken Lokpobiri, Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, and the Executive Director, under the Nigerian Mainstream, Downstream and Petroleum Regulatory Authority, Ugbogu Ukoha at the Presidential Villa on Thursday. Reacting to questions posed to him, Lokpobiri said President Tinubu is equally worried about the developments in the energy sector, saying he is empathetic to the difficulties Nigerians are currently experiencing. According to Lokpobiri the President had emphasized the need for immediate reflection and action to ensure stability in fuel supply and pricing. He said the Vice President, in line with the President’s directive, is spearheading efforts to ensure that petroleum products are accessible across the country. “This intervention is expected to address the uneven distribution of fuel, with some areas facing shortages while others experience higher prices,” he told State House reporters on Thursday . He assured Nigerians that measures are being put in place to increase the availability of petroleum products nationwide by the end of the week. He equally noted that while prices may vary in different regions, the government’s goal is to ensure that fuel becomes more accessible, which will ultimately help stabilize prices. Lokpobiri, however, clarified that the federal government has no hand in setting fuel prices, as the sector remains regulated. He said, with increased product availability, it is expected that market forces will naturally bring prices to a more stable level. “The administration remains committed to addressing the challenges and ensuring that the supply chain can meet the demands of all Nigerians in the coming days,” the Minister stated. Tinubu is currently on an official trip to China where he is attending the FOCAC summit. Recall that Nigerians woke up to fuel pump price adjustments on Tuesday, shoring the price per litre from N617 to N897.
NNCL YET TO LIFT PETROL FROM DANGOTE REFINERY – SPOKESMAN
NNPCL YET TO LIFT PETROL FROM DANGOTE REFINERY – SPOKESMAN Dangote Group on Thursday denied reports that the Nigerian National Petroleum Company Limited, NNPCL, has started lifting fuel from its refinery. It was reported that NNPCL lifted petrol from Dangote Refinery and sold it for N897 per liter to Nigerians. The report comes amid the declaration by the Chairman of Dangote Group, Aliko Dangote, that the refinery is ready to commence production and sales of petroleum products. However, Anthony Chiejina, Group Chief Branding and Communications Office of Dangote Group said NNPCL was yet to start lifting fuel from the refinery. In a statement he signed, Chiejina said: “Our attention has been drawn to a headline ‘NNPCL lifts Dangote petrol, sells at N897 per liter’, published in the Business Day Newspaper of Wednesday, 4 September 2024. “We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit, PMS, commonly known as petrol from our Dangote Petroleum Refinery. “Therefore, the issue of fixing the price of petrol lifted from our Refinery does not arise as we are yet to finalize our contract with NNPC. “The PMS market is strictly regulated which is known to all oil marketers and stakeholders in the sector, hence we can not determine, fix, or influence the product price, which falls under the purview of relevant government authorities.”
WHY NIGERIA RECEIVES MORE FUND FROM OUR FOUNDATION – BILL GATES
EHY NIGERIA RECEIVES MORE FUND FROM OUR FOUNDATION -; BILL GATES Bill Gates, the Co-chair of the Bill and Melinda Gates Foundation, has explained why Nigeria receives the largest share of intervention funds allocated by the foundation in Africa. Gates made this statement during an interview with selected journalists on the sidelines of the 2024 NutriVision Dialogue on Tuesday in Abuja. He said, “We spend a lot in Asia, but we spend even more in Africa. The country where we spend the most i Bill Gates, the Co-chair of the Bill and Melinda Gates Foundation, has explained why Nigeria receives the largest share of intervention funds allocated by the foundation in Africa. Gates made this statement during an interview with selected journalists on the sidelines of the 2024 NutriVision Dialogue on Tuesday in Abuja. He said, “We spend a lot in Asia, but we spend even more in Africa. The country where we spend the most in Africa is Nigeria.That makes sense because of the population and the incredible needs that are here. That means that I’ve literally spent billions in Nigeria. “I’m glad that things like the child mortality rate have come down, but we could do a lot better.” Gates emphasised that reducing global health inequality and eradicating measles, malaria, and polio are top priorities for the foundation. He also mentioned that the foundation plans to increase its spending in the future, with a focus on improving primary healthcare. “Our work is almost entirely focused on primary healthcare because the impact per dollar is dramatically greater than anywhere else,” he said. Gates noted that the foundation also invests heavily in the agricultural sector, recognising that boosting agricultural productivity is crucial to Nigeria’s economic development. He highlighted that this goal could be achieved through access to high-yield, climate-resistant seeds, fertilisers, improved and timely information, and better weather predictions for farmers. According to him, these measures will significantly boost agricultural output and reduce food costs. The philanthropist also stated that the foundation supports partners in implementing food fortification for staple foods, which enhances the nutritional quality of the food supply and provides public health benefits. He stressed that access to a variety of low-cost foods, particularly milk and eggs, is crucial for reducing malnutrition. Gates noted that the time is right to utilise innovative ideas and tools in the health and agricultural sectors to substantially reduce malnutrition. Since its inception in 2000, the foundation has supported partnerships with African regional institutions, national governments, and local communities in 49 African countries.Bill Gates, the Co-chair of the Bill and Melinda Gates Foundation, has explained why Nigeria receives the largest share of intervention funds allocated by the foundation in Africa. Gates made this statement during an interview with selected journalists on the sidelines of the 2024 NutriVision Dialogue on Tuesday in Abuja. He said, “We spend a lot in Asia, but we spend even more in Africa. The country where we spend the most in Africa is Nigeria. “That makes sense because of the population and the incredible needs that are here. That means that I’ve literally spent billions in Nigeria. “I’m glad that things like the child mortality rate have come down, but we could do a lot better.” Gates emphasised that reducing global health inequality and eradicating measles, malaria, and polio are top priorities for the foundation. He also mentioned that the foundation plans to increase its spending in the future, with a focus on improving primary healthcare. “Our work is almost entirely focused on primary healthcare because the impact per dollar is dramatically greater than anywhere else,” he said. Beyond health, Gates noted that the foundation also invests heavily in the agricultural sector, recognising that boosting agricultural productivity is crucial to Nigeria’s economic…
NNPC REACH ACCORD WITH DANGOTE REFINERY TO SELL CRUDE OIL IN NAIRA
NNPC REACH ACCORD WITH DANGOTE REFINERY TO SELL CRUDE OIL IN NAIRA The Nigerian National Petroleum Company Limited, NNPCL, has reached an agreement to sell crude oil to Dangote Petroleum Refinery in Naira. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, made this confirmation on Tuesday via its X handle, @NMDPRA_Official. According to NMDPRA, the NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency. The agency also said the refinery was determined to supply an initial 25 million litres per day of the Premium Motor Spirit (PMS) into the domestic market in September 2024, adding that the refinery will increase the volume to 30 million litres per day in October. “The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million liters daily from October 2024,” it said.
NNPC SPOKESMAN KEEPS MUM AS PETROL PUMP PRICE IS ADJUSTED TO N855 PER LITRE
NNPC SPOKESMAN KEEPS MUM AS PETROL PUMP PRICE IS ADJUSTED TO N855 PER LITRE There are strong indications that the Nigerian National Petroleum Company Limited has directed its retail outlets to raise the pump price of petrol to N855 per litre. Nigerians woke up on Tuesday to find a change in pump prices, rising from around N600 to N855 per litre. Sources informed that there was a directive for retail outlets to increase petrol prices. The directive announced that the NNPC Retail Management had approved an upward review of PMS pump prices. This development comes barely two days after the company admitted to challenges in importing fuel due to an $8 billion debt. However, the NNPC spokesperson, Olufemi Soneye, declined to comment when contacted. When asked for clarification via WhatsApp that the statement had been circulating and reports from NNPC filling stations indicated a rise in fuel prices, Soneye replied: “Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will inform you.” It was observed that some major marketers had raised their pump prices to N860 per litre.
NNPC TO BECOME SOLE BUYER OF PETROL FROM DANGOTE REFINERY
NNPC TO BECOME SOLE BUYER OF PETROL FROM DANGOTE REFINERYThe Nigerian National Petroleum Company (NNPC) Limited is set to become the “initial exclusive buyer” of products from the Dangote Refinery as the 650,000 barrel per day plant begins processing of premium motor spirit (PMS) also known as petroleum, report has indicated.This is coming amidst the worsening fuel supply in Nigeria with the NNPCL indicating that the supply gap might get worse.After several denials, the national oil company admitted on Sunday that it was facing financial difficulty with a report indicating that the company is owing over $6billion.This came about a week after the NNPCL published its 2023 audited financial statement and declared a dividend of N3.1trillion.Fuel supply has been impaired nationwide with most NNPCL retail outlets under lock and key while motorists pay as much as N1000 per litre across the country.However, a report by Reuters yesterday confirmed that the Dangote refinery is ready to roll out petrol in the coming weeks as testing has begun while NNPC is expected to be the “initial exclusive buyer” – a move projected to address the supply gap which the national oil company is contending with in recent times.The vice president at Dangote Industries Limited, Devakumar Edwin, who was quoted by Reuters also indicated that the national oil company is prepared to purchase its products exclusively to meet local demands.“We are testing the product (gasoline) and subsequently it will start flowing into the product tanks.“If no one is buying it, we will export it as we have been exporting our aviation jet fuel and diesel,” Edwin said. He, however, did not mention when the product will hit the market.When contacted yesterday, the NNPC Chief Corporate Communications Officer, Mr. Olufemi Soneye said he was not aware of the deal with Dangote.“I am not aware of that,” he said, adding that there was no way Dangote would sell below N1000.“I don’t think marketers would buy at that amount. So, the sure bet is to sell to NNPC but then at what rate will NNPC be buying?But fuel scarcity has worsened in Abuja, Lagos and other parts of the country with a litre selling as much as N1000.In Abuja, both travellers and motorists have continued to groan over the worsening scarcity.Daily Trust findings showed that filing stations of both the independent and major oil marketers within Abuja city and some area councils of the FCT have remained closed without fuel.A visit by our reporter to some filling stations, especially where fuel is being dispensed indicated a long queue of vehicles and motorcycles waiting to buy fuel.At AA Rano filling station, along Kubwa expressway, there is a long queue of vehicles waiting to refill their tanks, even as some motorists were seen with gallons struggling to buy the fuel.Also at Enyo filling station in Zuba, Gwagwalada Area Council, one of the satellite towns in the FCT, our reporter observed a long queue of vehicles and motorcycles waiting to refill their tanks.It was observed that despite the long queue, a litre of fuel is sold between N980 and N1, 200, even as some filling stations have remained closed.At Doma filling station, which is located along Secretariat road in Gwagwalada metropolis, there was also a long queue of vehicles and motorcycles, even as our reporter also observed a litre of PMS is sold at N987 per litre.However, some motorists, who spoke with one of our reporters, expressed their frustration over the fuel scarcity which they said has posed serious hardship to them.Our reporter further observed that the fuel scarcity and increase in transport fare has forced many residents, especially civil servants , to trek within the city center of Abuja while some even trekked to their work places.A commercial driver, Mr Clement…
MINISTER DIRECTS NNPCL TO SELL PMS ABOVE N1,OOO
MINISTER DIRECTS NNPCL TO SELL PMS ABOVE N1000 The Minister of State for Petroleum Resources, Heineken Lokpobiri has directed that the Nigerian National Petroleum Company Limited(NNPCL) must sell petrol above the landing cost, which currently stands at N1,117 per litre, to prevent the smuggling of the products to neighbouring countries. Lokpobiri who disclosed this in Abuja, adding that security agencies are complicit in smuggling activities. He said unless the NNPC Ltd imports and sells petrol above the landing cost, smugglers would continue to move petroleum products to neighboring countries. Recall that the group chief executive officer of the NNPCL, Mele Kyari had last month met the Comptroller General of Nigeria Customs Service (NCS), Bashir Adewale Adeniyi on the rapid impact of the NCS’ “Operation Whirlwind” in reducing the smuggling of Premium Motor Spirit (also known as petrol) across Nigeria’s border communities. During the meeting, Kyari said PMS evacuation to border states had decreased from 32 million litres per day to about 25 million litres within just two months. The federal government had, in May 2023, removed the subsidy on petrol, which raised the price from about N197 to about N650 per litre. While PMS is sold at an average of N701.99 in Nigeria, it is sold at an average of N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon. In other countries around the region, the price of PMS ranges from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57, according to the fuel price data obtained from trading economics statistics. This development had heightened PMS smuggling out of Nigeria. Lokpobiri’s stated at the event that NNPC’s sale of imported fuel at a price above the landing cost will bridge the potential profit gap and curb smuggling of the product to neighbouring countries for high profit-making by those involved in the shady business.