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Forex Scarcity: NNPC Remains Major Fuel Importer

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Nigerian petrol station

Despite the increase in pump price of premium motor spirit (PMS) or petrol to N145 per litre from N87, the Nigerian National Petroleum Corporation (NNPC) still retains its status as the sole importer of the product, the Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Mr. Obafemi Olawore has said.

He spoke on the sideline of the inauguration of four PMS storage tanks at Mosimi depot in Ogun State.

He said marketers were shunning importation because of the inaccessibility of foreign exchange (forex), leaving the responsibility of importation for NNPC alone.

Olawore said: “The truth is that NNPC is importing more than anybody because it has easier access to forex than everybody. Our intention is that once the sector is fully deregulated, we will increase our importation. They (government) only increased the price of petrol and that is not deregulation. You don’t deregulate with fixed price, you allow the price to float. Even though we see some floating of prices as some people sell below the N145 per litre price band, you have to verify if the quantity delivered and quality delivered are satisfactory. The DPR has to do that or you also can check fuel outlets, as a consumer, to know if you buy fuel that will knock your engine.

“Frankly, we are hampered by unavailability of forex. The fuel we are importing is through the intervention of the Minister of State for Petroleum Resources who has kindly agreed with the international oil companies (IOCs) to give us forex. I can only speak on allocation but not on the actual importation.”

Speaking on the reconstructed and rehabilitated storage tanks in Mosimi, the Group Managing Director of NNPC, Dr Maikanti Baru said rehabilitation of tanks 11, 12, 13 & 22 at the depot, by Messrs. Adano Engineering Company Nigeria Limited, fits into one of NNPC’s 12 key business focus areas, the restoration of oil and gas infrastructure.

Baru said: “It is pertinent to point out that this project has not only restored the original combined storage capacity of 87.70 million litres for the four tanks, but also increased it by 220,000 litres. This combined storage capacity represents over 54 per cent of the total storage capacity for PMS otherwise known as petrol at Mosimi depot and has significantly enhanced strategic storage capacity of PMS nationwide.

“It is noteworthy that the completion of these tanks and the gauging/metering technology adopted has underscored some of the corporation’s key business focus areas namely: reduce waste and stop leakages; push for best practice efficiency in operations; drive delivery and execution; and maximise profitability.”

The NNPC chief further said: “We wish to recall that Mosimi depot was constructed in 1978 for the storage and distribution of petroleum products to the western part of the country. Unfortunately, tank 13 was gutted by fire in 1997; while tanks 11, 12 and 22 have worked satisfactorily for 23 years but their respective floating roofs collapsed at different times in 2001 which made them unserviceable.

‘’The non-usage of these decrepit tanks imposed operational constraints to products storage and distribution in Mosimi area which in turn negatively impacted on the turnaround time of product vessels at Atlas Cove Jetty with concomitant huge demurrage charges to NNPC operations.

“It, therefore, became necessary that tank 13 should be reconstructed and tanks 11, 12 & 22 be rehabilitated to restore the operational capacity of Mosimi depot and overall profitability of the corporation.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Netanyahu

Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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