• IPMAN begs NMDPRA, NNPC not to delist operators from sales portal to avert fuel crisis.
• Queues persist as more filling stations open for sale, pump price drops marginally.

Over 9,000 oil marketers are on the verge of losing their operating licences as Nigerians battle fuel scarcity.

As a result, the Independent Petroleum Marketers Association of Nigeria is urging the Nigerian National Petroleum Company Limited to extend its final deadline for licensing renewal to July.

It also appealed to the Nigerian Midstream and Downstream Regulatory Authority to release 9,000 already processed licences to its members.

The association made the request known in a release signed by the National Public Relations Officer, Chief Chinedu Ukadike, on Thursday in Abuja.

Recall that IPMAN in a statement on Sunday lamented the slow pace of marketers’ licence renewal by the NMDPRA.

The NNPCL had placed a deadline of April 15, 2024, for marketers to renew their licences or risk closure to access their customer express portals for the purchase of petroleum products from NNPC Retail Limited.

But IPMAN requested an extension, saying the extension would enable marketers to reconcile their licenses and reduce panic buying by members of the public aggravating the present scarcity of petroleum products.

The statement read, “The Independent Petroleum Marketers Association of Nigeria are abreast with current developments in the downstream sector of our petroleum industry and wish to state that the latest information reaching us from the Nigerian Midstream and Downstream Petroleum Regulatory Authority states that they have already processed more than 9,000 out of the 15,000 licenses they are expected to process for our members within this period.

“Marketers are fast-tracking the processing of their licenses to avoid the impending closure of their customer express portals for purchase of petroleum products from NNPC Retail Limited.

“We, therefore, use this opportunity to appeal to the management of the NMDPRA and NNPC Retail Limited to respectively release the processed licenses and extend the deadline for delisting of marketers from their express portals. If our request is granted, it will ease the tension of panic buying by members of the public in order not to aggravate the present scarcity of petroleum products.”

Giving further clarity in a telephone interview, Ukadike said, “The release is to appeal to the NNPCL and NMPDRA to please extend the final deadline to July so that it would enable them to reconcile the licences so that they will not be unduly shut out off the portal and that is IPMAN appeal.”

Recall that IPMAN had on Tuesday declared that it would shut down the 30,000 stations operated by IPMAN members across the country if the Federal Government failed to pay the N200bn that was being owed marketers.

IPMAN specifically said the NMDPRA had refused to clear the debt, which had continued to accrue since September 2022.

It disclosed this in a communique issued in Abuja by the Chairman of IPMAN Depot Chairmen Forum, Yahaya Alhassan, over the non-payment of marketers’ bridging claims.

• Fuel Scarcity Lingers

In their quest to buy the currently scarce Premium Motor Spirit, commercial drivers in Abeokuta, the capital of Ogun State have started keeping vigil at fuel stations.

The Federal Government on Wednesday said it had begun a 15-day emergency fuel supply to ensure the commodity circulates across the length and breadth of the country to immediately cushion the scarcity.

The government also disclosed that vessels importing Premium Motor Spirit would continue to berth at the shore to discharge petrol to different depots, from where the product would be distributed to different filling stations.

But despite these promises, the product is yet to be available to residents as commercial drivers now keep vigil at filling stations in Abeokuta, Lagos, Oyo and others.

Commercial drivers have raised transport fares as the majority of them now patronise black marketers who sell a litre of petrol at N1,200 per litre or more.

A commercial driver, Adio Adegoke, at Slaab filling station in Abeokuta, said that he had slept in his taxi in an attempt to buy fuel.

“I had to park my car here since 7:30 pm yesterday when my tank went empty. I slept at Divine Pax Oil and Gas filling station,” he said.

Also, a mechanic, Lekan Ade, corroborated the claims of the taxi driver stating, “I just bought it there this afternoon for one of my customers, they are still selling it as we speak at the rate of N950 per litre.”

It was gathered that a fuel station, aside from being written on their metre, an attendant was also seen warning motorists to go if they could not buy the product at that rate.

Another driver, Adeoluwa Onasanya, told one of our correspondents that many slept at the filling station before they could get the product.

It was observed that the persistent fuel scarcity seems to be a huge source of income for black marketers, as young boys and girls were sighted by the roadside in Lekki, Ajah and other parts of Lagos advertising fuel in jerry cans.

It was also observed that along the Egbeda-Idimu-Ikotun axis of Lagos, the black marketers sold five litres of the product for N6,000.

A young man who gave his name as Mr John said, “How many litres do you want? We sell 5 litres here for N6,000. At the fuel station, they sell a litre for N1,200, we have to bribe the fuel station to be able to get the product, I can give you any amount of litre that you want,” he boasted.

Long queue of vehicles were observed at the NNPC filling station along the Cele Expressway which was selling at N568/litre, while the AP filling station at Barracks Bustop was selling fuel at N700/litre with a long queue of motorists scrambling to buy fuel.

As the queues refuse to ease off at the filling stations despite the promises from the government, Nigerians are worried that the fuel crisis might degenerate into loss of sources of income.

Credit: The Punch

At the 2024 Medic West Africa Event, organised by ABCHealth in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

• About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

• Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.

• Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.

• Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.

• Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.

• Profit before tax from ordinary business of the Group surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.

• Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.

• The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.

• Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.

• Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.

• On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.

• Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

About Transnational Corporation Plc (Transcorp Plc)

Transnational Corporation Plc (Transcorp Group) is a leading, listed African conglomerate, with strategic investments in the power, hospitality, and energy sectors. Driven by its mission to improve lives and transform Africa, Transcorp has built a longstanding reputation for sector transformation, operational excellence, and exceptional financial performance, delivering value to its shareholders.

In the power sector, Transcorp’s businesses – Transcorp Power Plc and Transafam Power – provide over 16% of Nigeria’s installed power capacity. Through its investments in the energy sector including OPL287, Transcorp is developing Nigeria’s domestic energy value chain. The Group’s listed hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and Aura by Transcorp Hotels, a digital hospitality platform enabling travellers to book accommodation across Africa.