Connect with us


BIG STORY

Subsidy Removal: Nigerians To Experience Relief As Marketers Set To Rollout CNG At N100/Litre

Published

on

Nigeria’s transportation industry is about to experience relief after the federal government’s petrol subsidy removal spiked exponential rise in the price of the product across the country.

Elder Chinedu Okoronkwo, the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the Association is 90 percent ready to roll out Compressed Natural Gas (CNG) as alternative automotive fuel, which it is going to sell between N100 to N110 per litre before the end of June.

Okoronkwo, who confirmed said this on Channels Television’s Business Morning programme on Monday, stressed that CNG has come to serve as an alternative to petrol.

Okoronkwo, explained that CNG would help bring down the cost of energy in the country, adding, “Very soon, we will roll out. We are 90 per cent close to that, and that will also unveil many possibilities.”

He noted that fuel subsidy removal had reduced the speed with which Nigeria could have gotten another energy mix.

“IPMAN has brought relief to a lot of families. We have got the usage of our natural energy, CNG, to power vehicles, generators, and even cooking,” the IPMAN president said.

The CNG is expected to reduce, to a large extent, the country’s exposure to fuel importation as natural gas would not be imported.

Okoronkwo noted that CNG-powered cars had started gaining momentum in the country because of increased awareness about its efficiency and affordability, compared to traditional fuels like diesel and petrol.

“If the government buys into what we are saying, it will act as an assistance, bring relief, and create job opportunities.

“What we need the government to do is create the market. The demand is there,” the IPMAN president said.

He added that IPMAN had gotten a lot of buy-in from companies overseas.

On what the CNG brings to the value-chain, he said, “I don’t know if you have seen what is trending this week where people with their I-pass-my- neighbour generators are beginning to use liquified petroleum gas. LPG is close to N700 per kilogramme, but this natural gas we are talking about is under N100 to N110.

“When you check what the impact will be, it will reduce the cost of food because people coming from the hinterlands bring food to the cities. From Kano, it takes them about N1.2 million to fuel trucks with diesel, but with this CNG, it will cost them about N150,000 to N200,000. About a million naira is saved that will translate to cheaper food and open up a lot of other businesses.

“It will provide cheaper energy to drive the processing zones like the agro-based industries, where the gas will also create a lot of impact.

“CNG does not replace PMS, but it is a choice. We are talking of something that will help your purse and not deepen it.”

The director of Gas Analytics and Solutions Limited, Shuaibu Bello, who also spoke at the Channels Television programme, said the CNG would be a game-changer for Nigerians.

“This is the best palliative you can give the nation. If you talk of palliative, it is not just sharing money with people, it is creating a system that will reach the rich and the poor.

“If you compare CNG price at N110 per litre with petrol now at N540 or its former price of N185, still you will have a reduction,” he said.

IPMAN had in April 2023 wrote to the Finance ministry to request that the Central Bank of Nigeria (CBN) be mandated to release N250 billion intervention fund for the implementation of the National Gas Expansion Programme (NGEP).

IPMAN explained it asked for the fund to provide access to the Gas Expansion Fund for vehicle, commercial tricycle and truck owners to access loans to finance the acquisition of natural gas conversion kits.

At the time, IPMAN said that it had partnered with Gas Analytics & Solutions Limited to co-locate natural gas dispensers on their network of over 30,000 filling stations in Nigeria.

According to IPMAN, it controls over 80 per cent of the downstream oil sector, and as such, the collocation model would help to reduce the exposure in building new filling stations.

Similarly, the manager corporate Communications of NipCo, Biodun Lawal, speaking on the company’s desire to depeen investment in the gas sector, said the savings that will accrue from subsidy removal offers more vista of opportunities to fund the enormous gas infrastructure deficit in the nation.

“We are still investing more infrastructure with a proviso that clientele will improve sporadically.

Some of the challenges in harnessing the abundant gas resources in the country includes – paucity of pipelines to transport gas across the country ,cost of conversion to use gas as auto fuel , access to gas through stations.

“With all modesty NIPCO gas Limited is the only company with over 12 CNG get to get gas for motorist” he said.

Continuing, Lawal, said motorist can now see the innate benefits in running their vehicles on gas rather than fossil fuels which government has in the past graciously subsidised even at the expense of the overall economic growth and other socio -economic development of the nation.

According to him, CNG as a preferred alternative to petrol is good for gas companies as the nation at large as or offered veritable opportunity of creating more employment opportunities ,better value creation in the Industry ,better utilisation of the endowed gas resources of the country.

He said, the benefits are enormous for motorist in terms of savings and life span of such automobiles and that the conversion cost should not be a drawback with support from government especially with fiscal policies to encourage investors to go into kits manufacturing and ancillary items like cylinders etc.

“In the interim policies can be put in place for exemption from levies of imported accessories pending when the environment will be made more conducive for it’s manufacturing in Nigeria CNG business has a good horizon in the country with the challenges tacked headlong.

Lawal, said as pioneers NipCo gas, is looking forward to more inroads in the sector.

BIG STORY

Ibadan Stampede: Court To Decide Bail For Ooni’s Ex-Wife, Oriyomi Hamzat January 13

Published

on

A high court in Ibadan has fixed Monday, January 13, 2025, to rule on the bail applications filed by Naomi Silekunola, ex-wife of Ooni of Ife, Oriyomi Hamzat, CEO of Agidigbo FM, and Fasasi Abdullahi.

Abdullahi serves as the principal of Islamic High School, the site of the stampede incident in Ibadan.

The trio are standing trial over their alleged roles in a stampede at a funfair in December, which claimed the lives of over 40 people, most of them children.

The defendants were remanded at Agodi correctional centre on December 24 after being charged with conspiracy, negligence causing harm, and failing to provide adequate security and medical facilities.

At the hearing on Tuesday, their legal representatives presented separate arguments for bail.

Silekunola was represented by Musibau Adetunmbi, while Hamzat and Abdullahi were represented by Adekunle Sobaloju.

The prosecution, led by Abiodun Aikomo, Oyo state attorney-general and commissioner for justice, opposed the bail applications.

He asked the court to deny the defendants temporary release.

After hearing the submissions of both defendants and prosecutor, Kamarudeen Olawoyin, the presiding judge, reserved his ruling for January 13.

Continue Reading

BIG STORY

NDLEA Arrested Over 18,500 Suspected Drug Traffickers In 2024 — Agency Chairman Marwa

Published

on

Buba Marwa, the chairman of the National Drug Law Enforcement Agency (NDLEA), says operatives of the agency arrested over 18,500 suspected drug traffickers and seized 2.6 million kilograms of illicit drugs in 2024.

Marwa spoke in Lagos on Tuesday during the inauguration of the NDLEA central exhibit office.

The US government donated the NDLEA central exhibit office located at the agency’s headquarters annex in Ikoyi.

Marwa said the steady operational successes being recorded by the agency in its drug supply and demand reduction efforts were attributable to the support given to it by the US government and other partners.

“Today, I am particularly pleased to acknowledge one of such gestures, namely the donation of the office for our central exhibit custodians,” he said.

“This donation acknowledges the critical need for efficient and secure handling of evidence, which is essential for the successful prosecution of drug-related cases.

“This contribution will not only strengthen our operational framework but also set a new standard for accountability and transparency in drug law enforcement

“It is an investment in the security and the future of our nations.”

Marwa said in spite of the agency’s improved performance, its personnel recognised that the war against drug trafficking and abuse is far from being over.

“As an organisation, we are committed to surmounting the challenges,” he said.

The NDLEA chairman noted that tremendous successes had been recorded on all fronts against the drug menace despite many challenges.

“So far, the results have been justifying. In 2024, we seized over 2.6 million kilograms of illicit drugs across the country,” he said.

“We arrested more than 18,500 drug trafficking offenders and got over 3,250 convicted, including 10 drug barons, with more than 220 hectares of cannabis farms destroyed.

“While in the same breath, we counselled and rehabilitated over 8,200 drug abusers.

“We organised more than 3,000 sensitisation and advocacy programmes across the country in schools, markets, motor parks, worship centres, workplaces, and communities, among others.”

Continue Reading

BIG STORY

UBA Earns Top 5 Spot In Customer Experience Survey, Shines In SME And Retail Banking

Published

on

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has further established its position as a customer-focused institution, securing a spot among the Top 5 banks in several categories of the KPMG 2024 West Africa Banking Industry Customer Experience Survey.

The survey underscored UBA’s strong performance, placing it second in SME Banking and third in Retail Banking. These results represent a significant advancement, propelled by the bank’s commitment to its “Customer First” (C1st) philosophy.

The bank’s upward trajectory in customer satisfaction is clear. In Retail Banking, UBA jumped to third place from 14th in 2023. Similarly, in SME Banking, it rose to second place from 6th. In Corporate Banking, the bank earned fourth place, up from 8th last year. These gains highlight UBA’s dedication to exceeding customer expectations and providing outstanding service across its operations.

UBA’s Group Managing Director/CEO, Oliver Alawuba, referred to the recognition as a validation of the bank’s transformation. He stated, “This achievement is a testament to our ability to turn aspirations into accomplishments and challenges into triumphs. Our “Customer First” (C1st) philosophy is more than a mantra; it’s the foundation of our success. Through it, we’ve redefined customer satisfaction, created value, and built lasting trust and loyalty.”

Alawuba credited UBA’s success to the unwavering dedication of its employees. “From our retail branches to corporate offices, and from technology teams to front-line staff, every effort has contributed to this extraordinary transformation. I am deeply grateful to our remarkable team for making this possible,” he said.

He highlighted the bank’s focus on six pillars of customer experience: Integrity, Resolution, Expectations, Time and Effort, Empathy, and Personalization. These principles have transformed UBA’s interactions with customers, fostering trust and loyalty across its varied markets.

While celebrating these milestones, Alawuba reaffirmed UBA’s ambition to be the leading bank in all segments. He outlined the bank’s strategy to deepen customer relationships, enhance processes, and drive ongoing innovation. “As the banking landscape evolves and customer expectations rise, we remain agile and committed to delivering unparalleled value. Together, we will set new benchmarks for excellence,” he added.

UBA is a prominent financial institution with 25,000 employees serving over 45 million customers worldwide. Operating in 20 African countries and international hubs such as the UK, USA, France, and the UAE, UBA offers a comprehensive range of retail, commercial, and institutional banking services, championing financial inclusion and utilizing cutting-edge technology.

Continue Reading



 

Join Us On Facebook

Most Popular