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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

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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