Connect with us

Business

Nigerians Will Not Accept Fuel Price Increase – NUPENG

Published

on

Nigerian petrol station
  • Nigerians Will Not Accept Fuel Price Increase

The Nigerian Union of Petroleum and Natural Gas Workers has warned the Federal Government against any further increase in the price of petroleum products.

The President of NUPENG, Mr. Achese Igwe, said that the increase in the pump price of fuel could not be the solution to the biting economic situation in the country.

Igwe made the comment while speaking on Channels Television’s Sunrise daily programme monitored by our correspondent on Monday.

He stressed that the claim that the Federal Government was owing the Depot and Petroleum Marketers Association of Nigeria was no reason to consider any increase in the pump price of petroleum products.

When asked about the amount owed DAPMAN, he said “That shouldn’t be a basis for talking about increases in the price òf petroleum products. If marketers are being owed by government, I believe they have a right to ask for their debt, I believe Government also has a responsibility to pay part of their debt.

“NARTO ( The Nigerian association of road transport owners) is also complaining that they have filed transportation claims, they are yet to be paid by marketers, that is also happening.

“My concern here is, must we continue to talk about fuel increase, the economic situation we find ourselves today as worker is frightening in the sense that life is very hard, thing are hard economically.

“Yet somebody works up to somebody and say that the only option you can apply is to talk about increase in fuel price, because you think for you to make profit out of the whole margin is to make sure fuel price is increased.

“The answer to us is no. We won’t accept that. No Nigerian won’t want to accept fuel increase, and as such Nigerians workers are watching with very keen interest.”

Igwe said that it was the position of NUPENG that Nigeria which was blessed with huge natural resources should discontinue the importation of petroleum products.

He said that the issue of how to get the refineries to function at optimal capacity had not featured in meetings held on the sector.

He said that Nigerians had huge expectations from the promises of the government that the refineries would work; that there would be improvement in the energy sector and several others.

“It beats our imagination as a Union that a country that is blessed with such huge natural resources, will continue to depend on the importation of petroleum products. In all our discussions, nobody has talked about how our refineries will be operating optimally, and to stop this incessant crisis of talking about the importation of petroleum products or talking about increase in fuel price. And it is very worrisome.

“As Nigerians we have very huge expectations, in terms of what the government was talking about. Refineries would work, this would work, that will work, the energy sector would improve, and the rest of them but today, that has not happened,” he added

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Company News

Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

Published

on

Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

Continue Reading

Appointments

The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

Published

on

Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

Continue Reading

Business

DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

Published

on

Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending