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Fuel Scarcity Alert: Fuel Importers Face Fresh Hurdles Over $950m Debt.

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Fuel-scarcity

Uncertainty is dogging in the supply of petroleum products for local consumption as some banks overseas have suspended short and medium-term credit lines to their Nigerian counterparts due to the inability of marketers to pay matured foreign currency obligations of over $950 million.

The Guardian reports that unless the Federal Government intervened in the payment of the money, marketers would have no choice but to continue to rely on the Nigerian National Petroleum Corporation (NNPC) for supply which they have always claimed to be inadequate.

This has led to fears that, should NNPC face any difficulties in fuel importation, the country may encounter another round of scarcity of petroleum products.

A marketer who spoke with The Guardian in confidence said a majority of them could not import petroleum products, as the banks are waiting for the foreign currency obligations to be cleared before giving another opportunity to marketers.

According to the source, the marketers are, therefore, left with no option than to depend heavily on NNPC.

Speaking on the current challenges facing the downstream sector at a forum organised by the Lagos Chamber of Commerce (LCCI), Petroleum Downstream Group, the Chairman and Chief Executive Officer, Integrated Oil and Gas, Captain Emmanuel Iheanacho, said in spite of the various reform measures which have been suggested to achieve a more efficient petroleum products market structure, there was no escaping the fact that as things stood, nothing could work unless marketers had ready access to foreign exchange within a well-defined, well-organised market.

According to him, there can be no solution which is separable from the “need to urgently restructure the nation’s economy so that Nigeria can very rapidly become a net exporter of consumer goods rather that the forex guzzling net importer of goods that the country currently is.”

Iheanacho expressed reservations about the Petroleum Equalizing Fund (PEF) payments, which he described as unnecessary tax on trade that will ultimately be borne by the products’ consumers.

“As PEF payments are not chargeable against any particular logistic services rendered, they should be discontinued in the light of the need to minimize the market price of the products to which they relate,” he said.

He also stressed the need for the Pipelines and Products Marketing Company (PPMC) to reduce its involvement in the trade and to gear itself to intervene only occasionally with stabilising supply volumes.

“We observe that a government marketing agency may not be in a position to match the capacity of independent marketers in the logistics management, competitive cost and product pricing of products supplied to the Nigerian market.

The PPMC may well apply itself to working in close co-operation with the independent marketers to ensure the adequacy and regularity of product supplies to the market at the most competitive prices,” he said.

Iheanacho noted that the continued issuance of cargo allocation letters in a deregulated market seems somewhat odd, contradictory and illogical and that potential suppliers should be able to import cargoes at their discretion subject to compliance with cargo quality and safety guidelines as has been historically issued and enforced by the Department of Petroleum Resources (DPR).

Speaking also, the President of LCCI, Nike Akande, stated that the sustained decline in global oil prices since 2014 has put the nation in a difficult position and consequently led to various fiscal and economic challenges such as the drop in foreign earnings and reserves, financial bailout for many state governments and unstable business environment.

“There have been several discussions about reforms in this sector. The good news is that remarkable progress has been made with the recent pricing reforms. The state of the sector has a significant bearing on the economy because we need energy to power this economy. It could also be a major driver of economic diversification efforts,” she added.

 

 

Guardian

BIG STORY

400 Sex Tapes: Equatorial Guinea’s Baltasar Remanded In Prison

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The former Director-General of the National Financial Investigation Agency in Equatorial Guinea, Baltasar Engonga, has been remanded in Malabo’s Black Beach Prison.

The embattled former anti-graft chief was arrested days ago for allegedly recording over 400 sex tapes involving the wives of prominent figures in the country.

This scandal surfaced during a fraud investigation into the 54-year-old economist, resulting in an impromptu search of his home and office by ANIF officials, who reportedly discovered several CDs that revealed his sexual encounters with different married women.

As the footage leaked online, causing a media uproar, Equatorial Guinea’s President, Obiang Nguema Mbasogo, dismissed Engonga.

According to Decree No. 118/2024, dated 4th November, the dismissal was due to “irregularities committed in the exercise of his functions, as well as inappropriate family and social conduct for the performance of public duties.”

A viral video surfaced on social media on Friday, showing Engonga handcuffed on both hands and legs during a court appearance.

Confirming the situation, French online blog Afrikmatin reported that Engonga, who was officially removed from his role on November 6, 2024, was subsequently chained and transferred to Malabo Central Prison. He faces charges of corruption and embezzlement.

Additionally, online newspaper UGStandard reported that the sex tapes began circulating on social networks while Engonga was already held at Malabo’s notorious Black Beach Prison on charges of embezzling public funds, as reported by state television, TVGE.

In a fact-checking report published Wednesday, Dubawa verified that Engonga had indeed been taken into custody on corruption charges and is currently being held in Black Beach Prison.

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JAPA: Canada Tightens Visa Rules, Ends Automatic 10-Year Multiple-Entry Visas

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Canada will no longer automatically grant 10-year multiple-entry visas to tourists, according to new guidelines issued by Immigration, Refugees and Citizenship Canada.

This decision marks a shift from the previous practice where eligible visitors were routinely issued long-term visas, permitting multiple entries over a decade.

Under the revised rules, immigration officers now have discretion to issue visas with shorter durations based on individual assessments.

Instead of a default extended validity period, each application will be evaluated on a case-by-case basis.

Officers can decide whether to grant a single-entry or multiple-entry visa and determine its duration, moving away from the automatic issuance of maximum-validity multiple-entry visas.

“Guidance has been updated to indicate that multiple-entry visas issued to maximum validity are no longer considered to be the standard document. Officers may exercise their judgement in deciding whether to issue a single or multiple-entry visa and in determining the validity period,” said the IRCC.

The IRCC explained that this change is part of a broader strategy aimed at managing temporary immigration levels while addressing ongoing challenges such as housing shortages and rising living costs.

The policy adjustment reflects the Canadian government’s efforts to adapt its immigration approach in response to economic and infrastructure pressures.

Previously, Canada offered two types of tourist visas: multiple-entry and single-entry. Applicants were generally considered for the multiple-entry visa, which allowed them to visit the country multiple times over a period of up to 10 years or until one month before their passport’s expiration date.

Single-entry visas, issued for specific situations like official visits or participation in single events, were less common.

Now, with the updated guidance, maximum-validity multiple-entry visas will no longer be the standard offering.

Immigration officers will exercise their judgement to decide on the appropriate type and duration of the visa, tailoring it to the specific needs and circumstances of the traveller.

The application fee for a Canadian visitor visa remains unchanged at CAD 100 per person, with no difference in cost between single-entry and multiple-entry options.

However, the shift may result in increased application costs for frequent travellers, who might need to apply more often due to shorter-term visas.

This policy change is part of a wider effort to balance immigration levels with Canada’s current infrastructure capabilities.

Other measures announced include a reduction in the target for permanent resident admissions, which will drop from 500,000 in 2025 to 395,000, with further decreases planned for 2026 and 2027.

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MC Oluomo Elected NURTW National President

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Former Chairman of the National Union of Road Transport Workers, Lagos State Chapter, Mr. Musiliu Akinsanya, popularly known as “MC Oluomo,” was elected the new National President of the Union on Saturday.

Akinsanya was the sole candidate in the election, which took place at the Union’s Zonal Secretariat along the Osogbo/Ikirun road.

Delegates from the four Southwest states of Lagos, Ogun, Ondo, and Ekiti participated in the election.

The election, held during the Union’s Quadrennial Delegate Conference, was monitored and observed by the acting National President of the group, Aliyu Issa-Ore.

Issa-Ore, addressing the gathering, explained that the Union’s Constitution stipulates that the zone permitted to fill the national president’s position would elect its preferred candidate and present them to the national body.

The acting NURTW President, represented by Mrs. Adedamola Salam, Head of Finance at the National Headquarters in Abuja, added, “The Southwest zone has fully complied with the Constitution in electing Oluomo as President.

The delegates also elected Tajudeen Agbede as Vice President, Southwest, while Akeem Adeosun was chosen as Trustee from the Zone.

Shortly after taking the oath of office, Akinsanya, surrounded by associates and family members, called for peace and pledged to work towards unity among members.

He further stated, “I have forgiven everyone who has offended me, and I hope those I have offended will forgive me as well.

“This is our union, and we must be committed to preserving it. We will not allow anyone to destroy our means of livelihood.”

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