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NNPC Sells PMS to Marketers at N1,010 Per Litre- IPMAN

NNPC Sells PMS to Marketers at N1,010 Per Litre- IPMAN

Abubakar Garima, the National President of the Independent Marketers Association of Nigeria, disclosed that the Nigerian National Petroleum Company Limited (NNPC) is currently instructing oil marketers to buy fuel from its depot at N1,010 per litre in Lagos.

He pointed out that this price is considerably higher than what the company paid to acquire fuel from the Dangote Refinery.

He mentioned that the company bought the product from the refinery at a price range of N800 to N900, but is now directing marketers to sell it at N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.

Garima made this statement during his appearance on ChannelsTV’s Sunrise Daily on Thursday.

On Wednesday, NNPC retail stations increased petrol prices in Abuja from N897 to N1,030 per litre, while in Lagos, prices rose from N868 to N998 per litre. Similar price increases were observed in other regions, sparking widespread anger among Nigerians.

This is the second price increase in a month, reflecting a rise of about 14.8 per cent or N133.

With this recent price adjustment, petrol prices have surged by over 430 per cent in less than 17 months since the current administration assumed office on May 29.

Despite the anticipation of lower fuel costs by Nigerians after the introduction of naira-for-crude transactions, the IPMAN chairman explained that the recent fuel price hike is due to the effects of deregulating the sector.

Breaking News: NNPCL Owes Over N15bn: IPMAN Raises Alarm Over Unpaid Debts

He said, “Well, we know now that we cannot call it an increase, but rather, we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully.

“But our major challenge now is that independent marketers have an outstanding debt from the NNPCL and the company collected products through Dangote at a lower rate which is not up to N900 but they are telling us now to buy this product from them at the price of N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port-Harcourt and N1,040 in Warri.”

On why the marketers haven’t approached Dangote to get the product at the same price, Garima explained, “We have a problem with that because we have booked products through the NNPCL, and suddenly, when they decided to increase the price, they are now asking us to add more money to buy above what Dangote is selling to them.

“We have informed them to return our money to our banks so that we can go directly to Dangote for our supply. Presently, our money is with them, for about three months. We buy our products from them before loading. NNPC doesn’t sell on credit and when products are available, they call us to pick them up.

“But with the recent changes, we have requested that they sell to us at Dangote price or return our money. That’s the current situation and is the reason for the scarcity. We started negotiation yesterday.

“Dangote is selling to them around N800 to N900 and we are asking that it should be sold at that same price. We can decide to sell at a lower price of N1,020 or N1,010.

“We also refused to buy it because they bought it at a cheaper price from Dangote but want to sell it more expensive than the amount they currently sell at their stations. This is a great challenge because this will mean our price will be higher, and it also means they would have a profit of over N100 per litre.”

He added, “Marketers want to be fully engaged in the business of petrol and its components. The NNPCL has been the one bringing in the product and loading and has an offtake in Dangote Refinery.

“We are now being allowed to import and there is no challenge on that issue. What we are after is to get the product directly from Dangote and not through NNPCL. Currently, they are owing us up to N15bn.”

Health

Choose Cooking Gas Over Firewood To Avoid Risks- Experts

Choose Cooking Gas Over Firewood To Avoid Risks- Experts

Nigerians, particularly those in rural areas, have been advised against reverting to firewood due to economic challenges and the recent increase in cooking gas prices.

This caution was issued by researchers and climate change advocates during a program in Abuja on Tuesday focused on “Maximizing Energy Transition Opportunities in Nigeria.”

This warning follows a rise in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, which increased from N1,350 to N1,500 per kilogram.

The PUNCH also noted that cooking gas prices reached as high as N1,500 per kilogram in certain retail outlets in Ogun and Lagos States as of Sunday, while the average cost for refilling a 12.5kg cylinder of cooking gas in various areas of Abuja surged by 41.6% to N17,000.

In response, Amara Nwamkpa, the Director of Partnership and Development at the Shehu Yar’Adua Foundation, acknowledged that the recent situation might compel some Nigerians to revert to using firewood for cooking.

Nwamkpa also advised Nigerians to think carefully before switching from cooking gas to firewood due to the risks associated with smoke exposure and its health effects.

The researcher emphasized that, as the global community strives for an energy transition driven by climate change, Nigerians should begin exploring renewable energy and clean cooking alternatives.

He said, “The transition to clean cooking is not an attempt to completely eliminate firewood but to reduce the exposure and inhalation of smoke in the process of its use. These are some of the things that cause respiratory diseases and 40 per cent of the pneumonia cases we are having in the country.

“There are several versions of this clean cooking (stoves) that still use firewood. The good thing about it is that it uses less wood. This involves rudimentary technology because clean cooking is all about insulation and the expertise of building these local ovens or stoves can even be done by local welders and artisans in the community.

“This is the kind of initiative that could touch the lives of the majority of Nigerians if we successfully transition from continued exposure to firewood smoke to clean cooking. It will also improve their health and quality of life, especially for people at the bottom of the pyramid. It will even ameliorate the hardship many areas facing in the country.”

Another specialist from the Africa Policy Research Initiative, Olumide Onitekun, echoed the caution that using firewood poses health risks.

Onitekun also expressed worries that persistent advocacy efforts are needed to inform grassroots Nigerians about the dangers due to the long-standing cultural norms surrounding firewood usage.

He said, “Our transition is not binary. It is a process. Nigeria has an abundance of natural gas. Health-wise, using firewood for cooking is not safe. There are a whole lot of health implications involved when humans are exposed to the emissions that come from firewood cooking.

“This is why the advocacy for clean cooking is very important. The health benefits of climate change beyond the environment cannot be overemphasised. The need to domesticate clean cooking is essential.

“We know there is a cultural barrier to this because people, especially at the grassroots have been using firewood for a long time. This is why engaging them must be targeted. I believe it is high time the government put the right policy in place to stimulate the interest of the private sector in the area of renewable energy.

“Things may be expensive, there are different forms of acquisition. For instance, I understand the pay-as-you-go model comes with its challenges. But we can’t have a solution without a challenge.”

In his earlier remarks, Patrick Okigbo, Founding Partner of Nextier Advisory Limited, highlighted that the key distinction between energy transition and fossil fuels lies in the fact that the former is motivated by climate change rather than by resource scarcity or efficiency concerns.

Okigbo also asserted his belief that Nigeria is steadily moving towards the global transition to renewable energy and anticipated a future when the country would no longer depend on crude oil from the Niger Delta.

The PUNCH

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Massive Fire Engulfs Ogun Community, Residents in Panic

Massive Fire Engulfs Ogun Community, Residents in Panic

A fire broke out early Wednesday morning along the Ibafo area of the Lagos-Ibadan Expressway after a petrol tanker caught fire, destroying vehicles worth millions of naira, as well as homes and livestock, leaving locals in a state of shock.

Many people were also injured to varying extents.

A PUNCH Online reporter who visited the site learned that the fire started when the petrol-filled tanker overturned near a commercial bank along the Ibafo stretch of the expressway.

Witnesses revealed that the tanker driver was believed to have dozed off while driving, leading to the loss of control and the subsequent fall and explosion of the tanker.

Our reporter noted that the petrol leak flowed through a drainage system, reaching a neighbourhood roughly one kilometre away from the highway.

The fire’s effects were clear, as multiple buildings had broken windows, damaged roofs, and cracked walls.

In a conversation with our reporter, an eyewitness named Wasiu claimed that the incident was caused by the tanker driver’s careless driving.

He explained, “What I saw was that the tanker was swaying before it fell and spilt its contents into the drainage. It didn’t catch fire immediately, as some hoodlums had started scooping the fuel.

Breaking News: Tragic Tanker Explosion in Jigawa Claims 90 Lives

“However, after a few minutes, fire struck from the other side of the expressway, and it escalated. Four tipper trucks parked on the premises of Osadol Fuel Station were destroyed. I also learned that the fire extended into the community close to the expressway.”

Tunde Adewumi, a local resident of the affected area, mentioned that the fire caused alarm since it spread while most people were asleep.

He said, “It was a serious incident, but thank God the drainage had been constructed; otherwise, the damage would have been much worse. The fire injured about three people and damaged buildings. Those affected were mostly people living close to where the drainage construction ends.”

In a phone conversation with our correspondent, Omolola Odutola, the spokesperson for the Ogun State Police Command, confirmed the incident, stating that the tanker driver was injured and taken to the hospital.

“The incident involved a Fiat truck, but the driver’s name and address are currently unknown. The accident occurred when the driver lost control of the steering and collided with the roadside curb. The truck, believed to be carrying petrol, fell over and caught fire. The fire spread to the truck and eventually engulfed it.

“Additionally, the fire reached the Osadol Petrol Station, damaging two trucks parked outside. At the time of the incident, the fire service was contacted, but community members and police officers managed to bring the fire under control while awaiting their arrival. The truck driver has been taken to Real Divine Touch Hospital in Ibafo for medical treatment,” Odutola stated.

View additional images from the event.

The PUNCH

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Adeleke’s Power Plant: Davido’s Father Set to Launch Nigeria’s Largest Electricity Project.

Multi-Billion Naira Initiative to Boost Nigeria’s Power Supply, Create Jobs and Stimulate Economic Growth.

Nigeria is on the verge of witnessing a significant boost in its power supply, courtesy of Ademola Adeleke, businessman and father of international music sensation Davido. The billionaire entrepreneur is set to launch the largest power plant in Nigeria, a multi-billion naira project aimed at bridging the country’s electricity gap.

Located in Osun State, the power plant is designed to generate 1,000 megawatts of electricity, significantly increasing Nigeria’s power output. The project will utilize cutting-edge technology to ensure efficient and reliable energy production.

The power plant is expected to:

  • Create thousands of jobs during construction and operation phases.
  • Stimulate economic growth through increased power supply to industries and households.
  • Reduce Nigeria’s reliance on fossil fuels and promote renewable energy.

“Diversifying Nigeria’s energy mix and promoting sustainable development are crucial for our nation’s growth,” Ademola Adeleke stated. “This power plant will not only provide electricity but also create opportunities for Nigerians and contribute to the country’s economic prosperity.”

The project is poised to:

  • Increase Nigeria’s power generation capacity by 20%
  • Reduce power outages and improve electricity reliability
  • Attract foreign investment to the power sector.

Ademola Adeleke’s power plant project is a game-changer for Nigeria’s energy landscape. With its potential to create jobs, stimulate economic growth, and increase power supply, this initiative underscores the private sector’s critical role in driving national development.

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Tinubu congratulates Wahid Odhodi on His Elections As President of the African Table Tennis Federation

Tinubu congratulates Wahid Odhodi on His Elections As President of the African Table Tennis Federation Bola Tinubu extends heartfelt congratulations to Wahid Enitan Oshodi of Nigeria on his recent election as President of the African Table Tennis Federation (ATTF).Oshodi, who previously served as the Deputy President of ATTF and was the Lagos State Commissioner for Youth, Sports, and Social Development, was elected during the organization’s annual general meeting held on October 15 in Addis Ababa, Ethiopia.

President Tinubu emphasized that Oshodi’s election is a significant achievement for Nigeria, showcasing the strong support he received from various stakeholders during the election process.

Nominated by the Nigeria Table Tennis Federation (NTTF) and endorsed by numerous African nations, Oshodi’s election underscores the country’s unwavering commitment to its sports leaders.

The President noted that this election reflects a vote of confidence in a seasoned sports administrator who has dedicated his time, energy, and resources to the grassroots development of table tennis, demonstrating integrity, accountability, and a strong work ethic in all his endeavors.

Oshodi’s commitment serves as an inspiration to sports enthusiasts and signals a promising future for table tennis on the continent.

According to President Tinubu, Oshodi’s extensive leadership experience will be instrumental in advancing the ATTF and enhancing the sport’s success across Africa.

A distinguished figure in sports administration, Oshodi has previously held the position of President of NTTF, served on the Board of Directors of the Commonwealth Table Tennis Federation (CTTF), and is currently the Executive Vice President of the International Table Tennis Federation (ITTF).

His career in sports administration began in 2000 when he was appointed to the Lagos State Sports Council Governing Board by then-Governor Bola Tinubu.

He later served as the chairman of the Lagos State Table Tennis Association (LSTTA) and was appointed Commissioner for Youth, Sports, and Social Development in 2011 by Governor Babatunde Fashola.

During his tenure, he successfully oversaw the National Sports Festival, dubbed “Eko 2012,” further solidifying his reputation for excellence in sports management.

In closing, President Tinubu applauded Oshodi’s dedication to advancing table tennis at local, national, and continental levels, assuring him of Nigeria’s continued goodwill and support as he embarks on this new role.

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Reclaim BRT from tyranny of mini buses, tricycles – Fashola

A former Governor of Lagos State, Babatunde Fashola, has urged the incumbent Gov. Babajide Sanwo-Olu to use his offices to reclaim the Bus Rapid Transit (BRT) system and expand the waterway transport system.

Fashola gave the advice at the 2024 Lagos Physical Planning Summit on Tuesday.

He emphasised the importance of the government’s intervention to regulate the operations of the vehicles and prioritise the BRT system

He spoke on: ” Rethinking Lagos: A New Vision for a Regional and Integrated Megacity”.

Fashola said that the measure was essential for achieving intermodal transport goals and addressing climate change concerns.

He said: “We must reclaim the BRT from the tyranny of tricycles and minibuses.

“We spent a lot of time, a lot of money, and we gained a lot of fame. For me, the proliferation of motorcycles, tricycles and those minibuses on Lagos roads is in clear conflict with many commitments.

“They are in conflict with the many commitments we have made on climate change because of their high greenhouse gas emissions.

“Our partners, those we signed these agreements with across the world, must be watching us with some concern.”

He highlighted the significance of the BRT system as a pioneering initiative in Africa.

“I want to say that we cannot abdicate our state’s far-reaching work on the Bus Rapid Transit system, which was then the first in Africa.

“That was a model from South America, Brazil, Colombia and all of that,” he said.

Responding, Sanwo-Olu reassured Fashola that the concept of integrated public transport was on track.

He said, “Thank you for reminding us again but we will give you assurance again that our concept of integrated public transportation system is on track.

“I am happy to announce that later today, I am meeting with a group of our financiers and concessionaires, and by next year, an additional 2,000 CNG buses will be in Lagos to reflect and bring back all of our BRT Urban Mass Transportation initiative.

“We have seen the issues around Okada (commercial motorcycles), keke Napep (tricycles), korokpe (shuttle buses) and the rest of them.

“Apart from them not fitting with our mass urban transportation system, we understand the feeling of our people, and we are trying to re-organise them but not for them to begin to crowd our highways and our major motorways.

“We believe that alternatives will be provided, adequate alternatives – rail, our water infrastructure, and now the BRT that we will also be giving all of the commuters for public transportation in Lagos.”

The News Agency of Nigeria (NAN) reports that the summit was attended by permanent secretaries, traditional rulers, commissioners, stakehokders in the built industry and Lagos State House of Assembly members, among others.

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LG autonomy: Being state governor not a fanciful job – Soludo

Gov. Chukwuma Soludo of Anambra says being a state governor at this time in Nigeria is not a fanciful job, given the gamut of allegations against governors over local government funds.

Soludo made the assertion at a news conference on Tuesday in Awka, to clarify the new State Economic Planning and Development Law 2024 and the Local Government Administration Law, 2024.

According to him, governors are often accused of seeking to ‘control’ LG funds with insinuations that LG funds are mismanaged.

He said: “In a society where public office is seen as dining table and public trust is low, people judge others by their own standards; by what they would do if they were in the position. I often ask: control for what?”

The governor said the recent Supreme Court judgment on LG autonomy was an opportunity for public good, greater transparency, coordination and collaboration between the state and LGs.

He said the judgment prompted the enactment of the laws to ensure that funds transferred to the LGs were properly appropriated, spent and accounted for.

Soludo said that the new laws were consequential to give operational life to the Supreme Court judgment and not to undermine it.

“Neither the Constitution nor the Supreme Court judgment prescribes the manner of appropriation, expenditure, and audit/accountability for LG funds.

“The eminent jurists at the Supreme Court did not outlaw collaboration and cooperation among the LGs in funding joint or common services, nor did they nullify Section 7 of the Constitution.

“The new laws require that the LG chairmen meet under the aegis of the State Economic Planning Board (similar to the National Economic Council) decide what percentage of their revenues to contribute to a joint LG account to pay for common services.

“This is ensure that the state can function in a cohesively planned, transparent and sustainable manner to maximise the security and welfare of the citizens,” he said.

Soludo said the new laws were designed to protect workers at the local level, protect primary education and primary health care from chaos and collapse.

He also said there was the need for active collaboration between the state and LGs.

“Given the functions assigned to the LGs by the Constitution, it is impossible to see how they can perform them without active collaboration with state governments.

“Without active collaboration and coordination between state and LGs, many LGs will end up in a huge financial mess, requiring bailouts by state governments,” he said.

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