Connect with us

Economy

FG Orders Oil Marketers to Accept Cashless Payments, Deploys Security Agencies to Filing Stations

Published

on

Petrol - Investors King

The Federal Government of Nigeria has expressed displeasure over reports that filling stations are reusing to accept mobile bank transfers and credit cards from customers buying their products.

It, therefore, ordered oil marketers across the country to desist from such attitude, saying that it was adding to the frustrations of citizens who have been battling scarcity in Nigeria.

To forestall the rejection of cashless transactions by petroleum products retailers, the Federal Government said it will deploy security agencies to filling stations across the country to enforce the use of Point of Sale machines and the acceptance of bank transfers at the various outlets.

Specifically, the government in a statement issued by General Manager, Corporate Communications and Stakeholders Management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Kimchi Apollo in Abuja, directed all retail outlets to ensure the free use of POS and bank transfer for the sale of petroleum products to alleviate the suffering of customers.

Apollo said the failure of the oil marketers to embrace cashless policy is causing untold hardship for Nigerians at a time when all hands should be on deck to assist the government in the transition to the new naira.

According to the NMDPRA, it would work with law enforcement agencies to enforce the use of POS machines and acceptance of cash transfers at retail outlets, stressing that oil marketers who flout the directive would be dealt with.

He reassured Nigerians of the authority’s commitment to ensuring good quality service in the sale and distribution of petroleum products nationwide.

Investors King had reported that some Nigerians, especially vehicle owners have been turned back at some filling stations who refused to accept bank transfers nor use POS as means of payment.

Aside this, other traders who use POS for payments reportedly charge their customers more for receiving payment via alternative payment channels.

One of the affected individuals, who simply identified himself as Ayinla, informed Investors King how a food vendor in Osogbo, capital of Osun State debited him extra N500 after buying food worth N5,500 from the seller.

Ayinla said, “I went with my friends to the Ogo-Oluwa Area in Osogbo to eat at an eatery. After eating, we asked the woman selling the food to calculate our bill, she did and informed us it’s N5,500. I have her my ATM card to use on the POS she is having. When she gave me the machine for me to input my password, I saw she had dialled N6,000 as the money she wants to debit.

“Surprised, I asked her why the extra charge of N500, she said it was the charge of paying through POS. I was shocked. We started altercation and at the end of the day, we stopped her from extorting us. This is what many Nigerians now go through in the hands of greedy traders who want to exploit already frustrated Nigerians at this critical period,” he lamented.

Continue Reading
Comments

Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

Published

on

Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

Continue Reading

Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

Published

on

Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

Continue Reading

Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

Published

on

Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending