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Shut Borders to Check Palm Oil Smuggling, Group Tells FG

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  • Shut Borders to Check Palm Oil Smuggling, Group Tells FG

The National Palm Produce Association of Nigeria has called on the Federal Government to close its borders against neighbouring countries to check the rising cases of smuggling of palm oil and other products not eligible for foreign exchange into the country.

The group also called on the Central Bank of Nigeria to provide credit to producers of palm oil in a manner that was different from that given to farmers under its Anchor Borrowers’ Programme.

It said while the apex bank provided loans under the ABP at an interest rate of about nine per cent, such arrangement would not work for palm oil production owing to the gestation period of oil palm.

Addressing journalists on Sunday in Abuja, the President, NPPAN, Mr Henry Olatunjoye, said that if the Federal Government was to achieve its objectives of achieving self-sufficiency in palm oil production in line with the presidential directive to the CBN, then operators in the sector should be given credit at two per cent with a moratorium of at least seven years.

He said, ‘’We are appealing to the CBN governor to liaise with stakeholders to get our feelings across and chart a way forward, we are not against his ambition to develop the industry but we are saying that the implementation is faulty in the way the policy is going.

“Our problem is not the ban on Crude Palm Oil but that borders must be totally shut against illegal importers.

‘’Let the Presidency know that it’s not the importation of palm oil that is the problem, the point is the unrestricted flow of CPO, refined vegetable oil and fats that find their way into the Nigerian market. This is making the government to lose billions of Naira or foreign exchange every year.

“Our advice is that the government should write letters to all its neighbours that are in West Africa that such illegal importation will carry serious consequences. This move will now prevent them from making Nigeria a dumping ground.”

On what the government needed to do to speedily revive the sector; he said more investments needed to be made in the development of research centres for the sector as being practised in other palm oil producing countries.

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.

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Central Bank of Guinea Selects Refinitiv Trading solutions to Enhance Transparency and Digitize Guinea’s Financial Markets

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GUINEA – Central Bank of Guinea has adopted Refinitiv Trading solutions to effectively manage currency flows, primary market liquidity provision, and facilitate regional and international trade and investment.

With the scarcity of liquidity across Sub Saharan African markets, it is crucial for African countries to protect their FX reserves and tab on new liquidity pools. Leveraging technology and deploying efficient FX and trading infrastructure systems enhances transparency, accuracy and credibility to the marketplace and facilitates economic growth. The Refinitiv FX Trading platform will offer the local market in Guinea access to deeper offshore liquidity, efficient execution, and automated trade reporting tools.

Refinitiv Auctions will enhance the efficiency of Guinea’s forex auction capabilities and provides a real-time view of bid submissions which will simplify the allocation process. Last year, Refinitiv Auctions reached a key milestone having helped facilitate over $1trillion for its central bank and large corporate customers in Africa, Middle East, Asia and Europe.

Dr. Louncény NABE, Governor of the Central Bank of Guinea, said: “We are delighted to announce the deployment of Refinitiv Auctions in Guinea. The step comes in line with the Central Bank’s vision to run a transparent and compliant auctions infrastructure. The deployment will help us improve the efficiency of our FX auction process and enhance the financial sector’s confidence in Guinea.”

Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, said: “We are proud to be part of The Central Bank of Guinea’s digital transformation vision. Following the COVID-19 outbreak, Central Banks in Africa are facing increasing risks in managing their currency flows and protecting FX reserves. To do this effectively, central banks need to be able to run a transparent and compliant process across multiple asset classes including FX and money markets.”

Refinitiv Auctions has seen rapid growth and adoption in 2019, with a 27% year on year increase in customers, and is now used by central banks in Europe, the Middle East, Africa and Asia. Refinitiv is able to address central banks’ needs around data residency and infrastructure costs by offering its solution on either a hosted or deployed basis.

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Ardova Partners Shell to Distribute Shell Branded Lubricant Products

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Ardova Plc, one of the leading indigenous oil marketing firms, just signed a Memorandum of Understanding with Shell Trading International Limited to act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria.

In a statement released via its official Twitter handle @ardovalplc, Olumide Adeosun, the Chief Executive Officer, Ardova Plc, was quoted as saying “We are delighted that our company will act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria.”

Formerly known as Forte Oil Plc, Ardova new owner, AbdulWasiu Sowami, noted that the company’s goal was to provide customers with best in class products and services, build partnerships that optimize synergies and create value for all parties involved. “This deal ticks all those boxes and we are excited to add the Shell range of lubricants to the portfolio of products available to our customers.”

Chairman of Shell companies in Nigeria, Osagie Okunbor, who also commented on the deal, said: “This is a reinforcement of our commitment to continue to optimize our footprints in Nigeria while working with local companies for mutual benefits and to create opportunities for the people. Shell lubricants products will offer improved performance for automobiles across the country through Ardova’s chain of retail stations and resellers”.

Ardova Plc turned profitable immediately the company was acquired from billionaire Femi Otedola, who owned and managed it when it was Forte Oil Plc. The company declared N875.380 million profit after tax in the third quarter of 2020, almost 550 percent increase from the -N190.843 million posted in the same quarter of 2019.

Gross profit rose to N3.599 billion in the same quarter, up from N2.552 billion in the corresponding quarter of 2019.

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Buhari’s Npower Programme has Little Impact on Nigerian Youth -Ndume

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Ali Ndume, the Senator representing Borno South senatorial district, said President Muhammadu Buhari’s Social Intervention Programmes (SIP’s) has made little impact on Nigerian youth despite the billions invested in it since the programme was introduced over four years ago.

Speaking on Channels Television programme, Politics Sunday.

Ndume said poor implementation by the administration led to poor output and slow progress of the programmes.

The programmes under the SIP are Npower, GEEP, Conditional Cash Transfer (CCT) and The National Home Grown School Feeding Programme (NHGSFP).

According to Ndume “I can tell you that from the beginning, we came in with three main agenda. One is to secure the country, two is to fight corruption, and three is to provide infrastructure. You cannot say that the president has not performed in these three areas. But the impact and then the implementation is the problem.

“Under normal circumstances, you don’t expect the president to do that personally himself. He is supposed to get the able hands. That is where the problem started. That is where we have the problem.

“I will give you an example, in the case of the youth. When we were campaigning, we saw many youths and the president asked, what are we going to do with this? That was when the idea of N-Power came,” Mr Ndume said.

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