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Fuel Queues Reappear in Abuja, Nasarawa, Others



  • Fuel Queues Reappear in Abuja, Nasarawa, Others

Queues for Premium Motor Spirit resurfaced in many parts of Abuja and neighbouring states on Thursday despite repeated assurances by the Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation that the scarcity of the product had been brought under control.

Motorists started queuing up on Wednesday evening in many filling stations in the Federal Capital Territory, Nasarawa, Niger and Kaduna states.

The queues for PMS, otherwise called petrol, grew heavy on Thursday, as the few outlets that dispensed the commodity eventually became crowded, while black marketers who sell petrol in jerry cans resurfaced on major roads.

Many petrol stations, particularly those being operated by independent oil marketers, were shut as fuel attendants claimed that they had no product to dispense.

Some few stations run by major oil marketers and the NNPC sold the product to hundreds of petrol seekers, who spent hours in queues before they could be served.

The two stations, Conoil and Total, located opposite the corporate headquarters of the NNPC in Abuja, had lengthy queues of motorists, while the corporation’s two largest mega stations along the Kubwa-Zuba Expressway had queues that stretched several kilometres.

It was gathered that many filling stations in Nasarawa, Niger and Kaduna states were also shut, while the few ones that dispensed petrol had lengthy queues of motorists.

The NNPC, while reacting to the development, said motorists in Abuja, its environs and other parts of the country should not engage in any form of panic buying of petrol.

It claimed to have a robust stock of PMS that was sufficient to serve the nation for more than 30 days.

The Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, said motorists should report any marketer selling petrol above N145 per litre or hoarding the product to the Department of Petroleum Resources, which is statutorily empowered to deal with such issues.

He noted that DPR had offices in all parts of the country, adding that law enforcement agencies would mete out appropriate sanctions to operators of fuel stations who engage in hoarding or sell the product above the recommended price band.

Analysts at FBNQuest Capital Limited in their report noted that local refining of Nigeria’s crude was one major way of addressing the petrol scarcity problem being faced in the country at present.

They stated in a report, “Nigeria’s fuel scarcity has eased, but not completely. The NNPC’s long-term game plan is to boost domestic production via the state-owned refineries. A major challenge successive governments have faced is funding the significant capex (capital expenditure) needs of the refineries.

“Case in point is the current refurbishment and turn around maintenance plan, which we believe the NNPC is giving priority. Private sector participation is a key to the puzzle. In the interim, the FGN’s debt strategy combined with rising oil prices and improved production provides the NNPC with more flexibility.”

Meanwhile, the Independent Petroleum Marketers Association of Nigeria has called on the National Assembly to ensure the removal of multiple charges in the importation of petroleum products.

IPMAN stated that this was one of the ways to prevent the scarcity of petrol in the country.

The President, IPMAN, Mr. Chinedu Okoronkwo, stated this while briefing journalists at the National Assembly in Abuja on Thursday.

“Some of these charges, looking at the pricing template, are not captured,” he stated.

Okoronkwo also said payment of charges imposed by agencies of the Federal Government in dollars was raising the cost of importing the product.

The IPMAN boss urged the government to prevail on the Nigerian Ports Authority and the Nigerian Maritime Administration and Safety Agency to stop collecting charges contained in the pricing template in dollars.

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


Gov Emmanuel Attracts $1.4b Fertilizer Plant to Akwa Ibom




The Governor of Akwa Ibom State, Mr. Udom Emmanuel has signed an agreement for the citing of a multi billion fertilizer plant in his State.

Governor Emmanuel was part of a Nigerian delegation led by the Minister of State for Petroleum Resources, Chief Timipre Sylva, that visited Morocco to set out the next steps of the $1.4 Bln fertilizer production plant project launched in June 2018.

The agreement between the OCP Africa, the Nigerian Sovereign Investment Authority and the Akwa Ibom State Government will birth one of the biggest investments in the fertilizer production industry worldwide.

The signing ceremony took place at the Mohammed VI Polytechnic University (UMP6).

Mr. Emmanuel signed one of the agreements of the partnership, which covers a memorandum of understanding between OCP Africa, the Akwa Ibom State in Nigeria and the NSIA on land acquisition, administrative facilitation, and common agricultural development projects in the Akwa Ibom State.

Speaking while signing the agreement, Governor Emmanuel said, “Our state is receptive to investments and we are prepared to offer the necessary support to make the project a reality.

“With a site that is suitably located to enable operational logistics and an abundance of gas resources, all that is left is for the parties to accelerate the project development process”, Mr. Udom said.

The agreement reached between the Nigerian Government and the OCP further links OCP, Mobil Producing Nigeria (MPN), the NNPC, the Gas Aggregation Company Nigeria (GACN), and the NSIA.

The two partners agreed to strengthen further their solid partnership leveraging Nigerian gas and the Moroccan phosphate.

This project will lead to a multipurpose industrial platform in Nigeria, which will use Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025.

The visit of the Nigerian delegation to Morocco takes place within the frame of the partnership sealed between OCP Group and the Nigerian Government to support and develop Nigeria’s agriculture industry.

Following the success of the first phase of Nigeria‘s Presidential Fertilizer Initiative (PFI) and the progress of the fertilizer production plant project launched in 2018 by OCP and NSIA, the Moroccan phosphates group and the Nigerian government delegation have agreed on the next steps of their joint project which is rapidly taking shape.

Several cooperation agreements were inked on Tuesday at the Mohammed VI Polytechnic University (UM6P) by OCP Africa and the Nigerian delegation. Through these deals, OCP reaffirms its unwavering support of agricultural development initiatives in Nigeria including PFI.

OCP Africa and the NSIA have agreed, inter alia, to set up a joint venture which will oversee the development of the industrial platform that will produce ammonia and fertilizers in Nigeria.

The OCP has also pledged to supply Nigerian famers with quality fertilizers adapted to the needs of their soil at competitive prices and produced locally.

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ICPC Says Nigeria Loses $10bn to Illicit Financial Flows 



Naira Dollar Exchange Rate

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says Nigeria accounts for 20 per cent or 10 billion dollars (N3.8 trillion) of the estimated 50 billion dollars that Africa loses to Illicit Financial Flows (IFFs).

Chairman of ICPC, Prof. Bolaji Owasanoye, said this during a virtual meeting to review a report on IFFs in relation to tax, Mrs Azuka Ogugua, spokesperson for ICPC, said in a statement released in Abuja on Friday.

The ICPC Chairman said, “the African Union Illicit Financial Flow Report estimated that Africa is losing nearly 50 billion dollars through profit shifting by multinational corporations and about 20 per cent of this figure is from Nigeria alone.”

The ICPC boss explained that taxes played “very strategic role in the nation’s political economy.”

He said the objective of the meeting was to improve on the awareness on IFFs, especially in the areas of taxation.

The ICPC boss added that the meeting would give participants the opportunity to openly discuss how to effectively use the instrumentality of taxation to curb IFFs through risk-based approach.

“Risk-based approach, that is: monitoring and audit; due process in tax collection; structured tax amnesty framework skewed in public interest; data privacy; timely resolution of audits and payment of tax refunds and intelligence sharing among revenue generating, regulatory and law enforcement agencies,” he said.

Owasanoye also stated that for the contemporary tax man to remain relevant, he must build his capacity in areas of technology management, solution architects and an astute relationship manager.

The Executive Chairman of Federal Inland Revenue Service (FIRS) Mr Muhammad Nani, expressed concerns that IFFs posed a serious threat to the Nigerian economy as the act robbed the nation of resources that were needed for development.

Nani declared that tackling IFFs would expand the country’s tax base and improve revenue generation, which was required for development.

He consequently pushed for policy reforms that would make it difficult for “capital flights” from occurring so that the country would be placed on the path of growth.

Other discussants at the event identified weak regulatory framework, opacity of financial system and lack of capacity amongst others as some of the factors that fuelled IFFs.

The discussants emphasised the need for capacity building of relevant stakeholders as one of the ways to stamp out illicit financial flows.

They commended ICPC for leveraging its corruption prevention mandate to open a new vista in IFFs discourse in Nigeria. (NAN)

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African Development Bank, Egypt Signs Agreements Worth €109 Million to Transform Sewage Coverage in Rural Areas




The African Development Bank Group has signed financing agreements of €109 million with the Government of Egypt to improve sanitation infrastructure and services for rural communities in Luxor Governorate in Egypt’s Upper Nile region.

The financing consists of a €108 million loan from the Bank, and a grant of €1 million from the Rural Water Supply and Sanitation Initiative (RWSSI) – an Africa-wide initiative hosted by the African Development Bank.

The funding, provided in a challenging global context, will help meet the Egyptian government’s financing requirements in the light of the COVID-19 pandemic, and support a sound water and sanitation infrastructure base, a key enabler for the country’s inclusive development.

The Integrated Rural Sanitation in Upper Egypt-Luxor (IRSUE-Luxor) project is set to boost sewage coverage in the region from 6% to 55%, improving the quality of life of citizens, including women and children, who are most affected by poor sanitation.

“Promoting efficient, equitable and sustainable economic development through integrated water resources management is a priority for the Government of Egypt. The IRSUE-Luxor initiative unlocks the socio-economic development potential for inclusive and green growth,” said Rania Al-Mashat, Minister of International Cooperation, who signed the agreements on behalf of the Egyptian government.

About 22,000 households (240,000 inhabitants) will benefit from on-site and off-site facilities, through an integrated system of sewerage networks, sludge treatment and wastewater treatment plants.

IRSUE-Luxor contributes to the National Rural Sanitation Program established by the Ministry of Housing, Utilities and Urban Communities, which aims to expand nationwide access to sanitation services from 34% currently to 60% in 2030.

The project also complements the national Haya Karima (Decent Life) initiative that aims to help rural communities across Egypt access essential infrastructure services to improve their living conditions and livelihoods.

Furthermore, the project includes a staff training component to strengthen performance within the Luxor Water and Wastewater Company.

“This intervention is not just about infrastructure development. An essential part of the project is supporting ongoing sector reforms,” said Malinne Blomberg, the Bank’s Deputy Director General for North Africa.

One of several initiatives supported by the African Development Bank in Egypt to optimize the use of the country’s water resources, IRSUE-Luxor will enable about 30,000 cubic meters of treated wastewater per day to be discharged into drainage and irrigation canals and re-used to enhance agricultural output.

The initiative is in line with the Bank’s water sector policy, which promotes efficient, equitable and sustainable development through integrated water resources management. In addition, the operation supports tariff regulation to achieve full cost recovery, which is one of the basic principles of the Bank’s water sector policy.

The partnership between Egypt and the African Development Bank Group dates back more than half a century. More than 100 operations have been deployed, mobilizing more than $6 billion across multiple strategic sectors.

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