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Marketers Compile Losses On Bad Fuel, To Demand Compensation From Government

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According to reports on Sunday, oil marketers have begun compiling losses experienced by filling stations as a result of the purchase of tainted petrol smuggled into Nigeria in January and would seek compensation from the Federal Government.

The losses experienced owing to the purchase of the methanol-blended fuel were regarded as horrible by filling station owners under the banner of the Independent Petroleum Marketers Association of Nigeria, the country’s leading operators of retail outlets.

The National Secretary, IPMAN, Chief John Kekeocha, told our correspondent that the contaminated Premium Motor Spirit, popularly called petrol, had stopped the operations of many filling, a development that contributed to the lingering fuel scarcity.

Asked whether marketers had met the government as regards this concern, he replied, “Yes arrangements are on the ground. IPMAN is making a serious arrangement, collating all marketers who suffered this great loss together.

“We are making arrangements to meet with the government to ensure that all these people who incurred this terrible loss are compensated.”

When asked to state the amount of compensation to be made, Kekeocha replied, “Up till now we are still on the compilation and collation because it is something that affects many marketers in various parts of the country.

“We are getting the reports gradually. So when the proper collations are made, we will then present a wholesome request to the government.

“We shall be giving them details and they will now give us an idea on how the marketers will be compensated.”

It was recently reported exclusively that the Federal Government had drafted a team of technical experts from the Nigerian National Petroleum Company Limited, the downstream regulator, among other stakeholders, to manage the crisis occasioned by the imported adulterated fuel.

NNPC spokesperson, Garba-Deen Muhammad, had confirmed to our correspondent that a technical committee had been set up to look into the matter, how the contaminated products would be managed and other issues around compensation.

“The first thing is to ensure that it is recalled and not in circulation. There are various ways of handling this kind of product; we will leave that to the technical committee that has been set up,” Muhammad had stated.

He added, “This committee is drawn from MOMAN, DAPPMAN, downstream regulator, NNPC, from all stakeholders. They all have technical people and know the best way to handle this kind of product and other issues around it.”

Meanwhile, the queues for petrol continued on Sunday in Abuja and many other states, as motorists still besieged the few filling stations that dispensed products.

Providing an explanation for why the queues had persisted, the IPMAN secretary stated that the crisis caused by the imports of the bad fuel was not envisaged and that it would take time to address.

Kekeocha said, “This sudden recurrence of scarcity in the country was due to the confusion over the importation of bad fuel. When that fuel came in and it was discovered that it was adulterated, it led to this widespread crisis.

“The government had to stop the distribution and, of course, had to make immediate arrangements to bring in more products, which they have started loading and trying to circulate throughout the country. We hope that the scarcity will end soon.”

BIG STORY

NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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BIG STORY

JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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BIG STORY

EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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