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Fuel queues: NNPCL dispels concerns about scarcity, attributes the issue to distribution challenges

Tosin Ranks
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Fuel queues: NNPCL dispels concerns about scarcity, attributes the issue to distribution challenges

The Nigerian National Petroleum Company Limited has clarified the cause behind extended queues at certain filling stations in Lagos State, attributing the situation to a transient distribution issue.

Reports initially highlighted lengthy lines at petrol stations in Lagos on Monday, sparking concerns about a potential fuel scarcity.

Notably, the queues were evident along the Ikorodu Road, including the Total Filling Station at Mobolaji Bank Anthony Way, causing traffic congestion around Ikeja.

Observations revealed several filling stations along the Ikeja axis, through Obafemi Awolowo Road in Ikeja, were closed.

Additionally, those along Ogunnusi Road, inbound Berger, reportedly did not sell petrol.

NNPCL spokesperson, Femi Soneye, reassured on Tuesday that there was no fresh fuel scarcity, emphasizing that the recent tightness in certain areas resulted from a brief distribution hiccup in Lagos, which has since been resolved. Soneye stated, “We are pleased to confirm that there are no supply issues, and our products remain readily available.”

Similarly, the National Vice Chairman of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, acknowledged the queues in Lagos but suggested they could be attributed to customer panic-buying.

He expressed uncertainty about fuel scarcity, intending to investigate the situation.

Clement Isong, the Executive Secretary of the Major Energies Marketers Association of Nigeria, claimed he was not aware of the situation as he was not in Lagos at the time of the report filing.

 

AFCON: Osimhen’s participation in the South Africa match uncertain

Tosin Ranks
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AFCON: Osimhen’s participation in the South Africa match uncertain

Concerns loom over the availability of striker Victor Osimhen for the Super Eagles’ Africa Cup of Nations semi-final clash against South Africa.

The Napoli striker is grappling with abdominal discomfort, preventing him from joining the team in Bouaké for Wednesday’s crucial match, as stated by the team on Monday.

The 25-year-old may, however, rejoin the squad on Tuesday pending clearance from the team’s medical staff.

Despite having scored just one goal in the tournament so far, Osimhen has been a key player alongside Ademola Lookman and Moses Simon, contributing to the team’s success in reaching their 16th AFCON semi-final. Nigeria is set to face South Africa at the Stade De La Paix, Bouaké, at 6 pm.

World leaders, including Biden and Sunak, express sympathy for King Charles in his battle with cancer

Tosin Ranks
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0
World leaders, including Biden and Sunak, express sympathy for King Charles in his battle with cancer

Well-wishers expressed their hopes for a swift recovery for King Charles III on Monday after Buckingham Palace revealed his cancer diagnosis.

The palace stated that the 75-year-old monarch had commenced treatment just a week after being discharged from the hospital following prostate surgery.

The official statement mentioned that doctors advised the king to postpone public-facing duties during his regular treatments, but he would continue with State business and official paperwork.

Despite the challenging situation, the king remained optimistic about his treatment and eagerly anticipated returning to full public duty.

UK Prime Minister Rishi Sunak conveyed his wishes for His Majesty’s speedy recovery, expressing confidence that the monarch would regain full strength soon.

Additionally, former President Donald Trump, along with other political figures, shared their prayers and well-wishes for the king’s fast and complete recovery on various social media platforms.

The palace disclosed the king’s cancer diagnosis to prevent speculation and foster public understanding, emphasizing that he chose to share this information.

King Charles had recently left the hospital after an enlarged prostate procedure, and while he adjusted his upcoming engagements for recovery, he continued to fulfill his official responsibilities.

As the 75-year-old monarch faces this health challenge, leaders, politicians, and citizens worldwide unite in sending positive thoughts and prayers for his well-being.

The Naira depreciates on the parallel market while gaining value at the official window

Tosin Ranks
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0
The Naira depreciates on the parallel market while gaining value at the official window

The official forex market saw a strengthening of the naira on Monday, as Central Bank of Nigeria Governor Olayemi Cardoso assured ongoing efforts to address currency volatility.

The local currency appreciated by 1.09%, closing at 1,419.86/$, rebounding from the previous week’s low of 1482.57/$.

Despite positive movements at the official window, the parallel market showed the naira trading between 1,440/$ and 1,460, influenced by hoarding activities, according to Bureau de Change operators.

Cardoso highlighted the central bank’s initiatives to improve FX supply, address bottlenecks, and make naira assets appealing to foreign investors, emphasizing the need for economic stability and growth.

Cardoso also revealed progress in settling verified FX requests, with $2.3bn already addressed and the remaining N2.2bn to be paid shortly.

He addressed concerns over the $7bn backlog, stating that $2.4bn had issues, including invalid import documents and discrepancies in allocation.

In September 2023, Nigeria faced a downgrade by FTSE Russell due to challenges in foreign investors repatriating funds, prompting the central bank to initiate clearing of FX backlog in banks starting November 2023.

 

Nigerians are hopeful for respite as states receive allocations totaling N3.3tn

Tosin Ranks
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Nigerians are hopeful for respite as states receive allocations totaling N3.3tn

Statutory allocations disbursed by the Federal Account Allocation Committee to the 36 states and 774 local government areas saw a notable increase, reaching N3.34tn from July to December 2023, following the termination of the fuel subsidy by President Bola Tinubu.

This marks a 19.5% surge, equivalent to N545bn, compared to the N2.79tn distributed in the first half of the year.

 

Despite this boost, concerns arise as Nigerians, including Labour leaders, call on state governors to address the prevailing hardship faced by citizens, emphasizing the need for accountability and effective utilization of the increased allocations.

AFCON: Cote d’Ivoire narrowly advances against a profligate Mali, securing victory in extra time

Tosin Ranks
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0
AFCON: Cote d’Ivoire narrowly advances against a profligate Mali, securing victory in extra time

In a thrilling quarter-final clash at the 2023 TotalEnergies Africa Cup of Nations, Cote d’Ivoire secured a 2-1 victory over Mali, with Oumar Diakite’s dramatic back-heel goal in added time during extra time.

Despite facing adversity, being reduced to 10 men and falling behind to Nene Dorgeles’ goal, the Ivorians equalized with Simon Adingra’s strike in the 90th minute.

The turnaround marked a pivotal moment in Ivory Coast’s AFCON campaign, overcoming initial struggles to reach the knockout stage.

Cote d’Ivoire now advances to the semi-finals, where they will face DR Congo, who defeated Guinea 3-1 on Friday.

However, Ivory Coast will be without key players Diakite, Odilon Kossounou, Serge Aurier, and Christian Kouame due to suspensions.

This victory marked the sixth encounter between the two nations, with Ivory Coast, a two-time champion, boasting four victories and one draw in previous clashes against Mali.

 

The opposing team’s best performance in the tournament was as runners-up in 1972.

Looking ahead, the AFCON semi-finals are scheduled for Wednesday and Thursday, setting the stage for intense battles as teams vie for a coveted spot in the final.

South Africa triumphed over a wasteful Cape Verde in a penalty shootout and is set to confront the Super Eagles in the semifinals

Tosin Ranks
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0
South Africa triumphed over a wasteful Cape Verde in a penalty shootout and is set to confront the Super Eagles in the semifinals

The thrilling encounter between South Africa’s Bafana Bafana and Cape Verde’s Blue Sharks in the TotalEnergies Africa Cup of Nations quarter-finals on Saturday extended into extra time and penalties before South Africa secured a 2-1 victory.

Facing a setback, Cape Verde lost their first three penalties, with former Manchester United player Bebe missing the opening shot.

South Africa’s goalkeeper Ronwen Williams emerged as the hero, making four crucial saves in the penalty shootout at the Charles Konan Banny Stadium in Yamoussoukro.

The intense clash witnessed both teams starting brightly in an open first half, with stellar defensive performances from Williams and Cape Verde’s Vozinha ensuring a deadlock at halftime.

Despite intensified efforts during the added 30 minutes of extra time, the scoreboard remained untouched, leading to a high-stakes penalty shootout.

South Africa’s advancement to the AFCON semi-finals sets the stage for further excitement in the prestigious tournament.

Williams, with his match-winning contributions, earned accolades, marking the Bafana Bafana’s semi-finals appearance for the first time since 2000.

They will face Nigeria on Wednesday, February 7, 2024, at the Stade de Bouaké, Ivory Coast.

CBN implements a revised cash reserve approach

Tosin Ranks
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CBN implements a revised cash reserve approach

The Central Bank of Nigeria has announced the discontinuation of daily Cash Reserve Ratio debits, opting for an updated Cash Reserve Requirement mechanism.

This strategic shift aims to enhance banks’ ability to plan, monitor, and align their records with the apex bank.

The decision was communicated through a circular titled ‘Cash Reserve Requirement Framework Implementation Guidelines,’ signed by Dr Adetona Adedeji, the Acting Director of the Banking Supervision Department.

The Cash Reserve Ratio, representing the percentage of cash held in reserves against total deposits, will be subject to a structured implementation process outlined by the CBN.

This includes a phased approach, utilizing the Incremental Approach in Phase 1 and enforcing a 50% CRR levy in Phase 2 for banks falling short of the minimum Loan to Deposit Ratio.

The CBN has committed to providing banks with comprehensive details of applied charges and their underlying computation rationale.

ICAN announces the appointment of a new Registrar/CEO

Tosin Ranks
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ICAN announces the appointment of a new Registrar/CEO

The Institute of Chartered Accountants of Nigeria has designated Dr. Musibau Olasunkanmi as its new Registrar/Chief Executive.

The announcement came on Friday following approval by the Governing Council during its December 15, 2023 meeting.

According to a statement from the accounting body, Olasunkanmi’s appointment reflects ICAN’s commitment to fostering an exceptional leadership team for sustained growth and influence.

He officially assumed the role on Thursday, succeeding Mr. Mukaila Lawal, the Acting Registrar/Chief Executive, who is set to retire on March 1. Dr. Olasunkanmi brings over 16 years of professional experience in various sectors and holds a PhD in Forensic Accounting & Audit, among other qualifications.

ICAN expressed anticipation for his innovative leadership, extending congratulations and best wishes for a successful tenure.

 

According to the ICAN Act (Cap. 185.), the registrar is responsible for maintaining a register of qualified individuals entitled to be enrolled as fellows or associates, or registered as accountants, in accordance with the rules.

NNPCL has granted concessions for 36 oil blocks to IOCs and other entities

Tosin Ranks
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0
NNPCL has granted concessions for 36 oil blocks to IOCs and other entities

The most recent data from the Nigerian National Petroleum Company Limited reveals that no fewer than 36 oil blocks are currently under concession to both international and indigenous oil companies in Nigeria.

These blocks span various terrains, including deepwater, continental shelf, land, swamp, and partially swamp.

The blocks are further categorized into Oil Prospecting Licence (OPL) and Oil Mining Licence (OML).

The financial statements outline specific OPLs and OMLs, with information on their status, ownership, and operating parties involved in the concessions.

 

The report emphasizes the legal mandate, responsibilities, and commercial arrangements of the national oil company in managing these concessions.

 

Economist Dr. Sam Nzekwe raises concerns about ensuring that the proceeds from these deals benefit the wider population rather than a select few.

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