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  • No Increase In Price Of Petrol Until Talks With Labour Concluded –NNPC

    No Increase In Price Of Petrol Until Talks With Labour Concluded –NNPC

     

    The Nigerian National Petroleum Corporation (NNPC) says it will maintain the current ex-depot price of premium motor spirit (PMS), better known as petrol, until the end of negotiations with organised labour.

     

    Kennie Obateru, Group General Manager, group public affairs division of NNPC, disclosed this in a statement on Friday.

     

    This development comes after Mele Kyari, NNPC General Managing Director (GMD), said the NNPC can no longer bear the cost of subsidy on its books.

     

    Kyari had said the NNPC can no longer bear the burden of underpriced sales of petrol, adding that the market price needs to be implemented.

     

    He said NNPC pays between N100-120 billion a month to keep the pump price at the current levels.

     

    In the statement, Obateru said although the NNPC currently bears the burden of petrol subsidy, current price will be maintained at N162 until ongoing engagement with the organized labour and other stakeholders are concluded.

     

    He said the NNPC has no intention to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.

     

    Obateru said the NNPC has made arrangements for robust stock of petroleum products in all its strategic depots across the country to keep the nation well supplied at all times.

     

    He urged petroleum products marketers to desist from arbitrary price increase or hoarding of petrol.

     

    The spokesman also warned against panic buying, stressing that NNPC was committed to ensuring energy security.

     

    In February, Timipre Sylva, minister of state for petroleum resources, had warned Nigerians to get ready to bear the pains of increased petrol pump price as crude oil prices climbs above $60 per barrel.

     

    The increase in the price of crude oil bodes well for the Nigerian economy as this will boost the county’s revenue needed for the implementation of the 2021 budget, improve crude oil receipts and consequently bolster foreign exchange inflows.

     

    However, the prolonged high crude prices would ultimately feed into a climb in petrol’s landing cost — meaning an increase in fuel price. This would further weaken the purchasing power of Nigerians who are already battling with high inflation, unemployment and stuttering economic growth.

  • Access Bank Gets Go-Ahead to Acquire South African Bank

    Access Bank Gets Go-Ahead to Acquire South African Bank

     

    Access Bank says it has acquired regulatory approval for its proposed acquisition of Grobank Limited, a South African bank.

     

    This was announced in a statement signed by Sunday Ekwochi, the company secretary, on Friday.

     

    Grobank, formerly known as South African Bank of Athens, is a financial firm committed to supporting the food and agriculture value chain in South Africa and the African continent at large.

     

    In September, Access Bank said it received the “approval in principle” of the Central Bank of Nigeria (CBN) to restructure into a holding company.

     

    The bank also announced a definitive agreement with GroCapital Holdings to invest in Grobank Limited over two tranches.

     

    Ekwochi said Access Bank has received the approvals of both South African and Nigerian regulatory authorities for its proposed acquisition of Grobank.

     

    He said the development is a significant milestone in the transaction, which is expected to be completed in the second quarter of 2021.

     

    The company’s secretary quoted Herbert Wigwe, chief executive officer of Access Bank, as saying the approval is in line with the company’s vision of becoming the most respected bank out of Africa.

     

    “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the World in pursuit of our vision to be the World’s Most Respected African Bank,” he said.

     

    “Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”

  • Petrol May Sell For N234 Per Litre as NNPC Can’t Sustain Subsidy, says Kyari

    Petrol May Sell For N234 Per Litre as NNPC Can’t Sustain Subsidy, says Kyari

     

    The General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says the company cannot continue to bear the subsidy burden.

     

    The Petroleum Products Pricing Regulatory Agency (PPPRA) had released a template increasing petrol price to N212 per litre — but the template was later deleted.

     

    Speaking during a ministerial briefing on Thursday at the Presidential Villa, Abuja, Kyari said NNPC can no longer bear the burden of underpriced sales of premium motor spirit (PMS), better known as petrol, adding that the market price need to be implemented.

     

    He said NNPC pays between N100-120 billion a month to keep the pump price at the current levels.

     

    “The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” he said.

     

    “As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.”

     

    The NNPC GMD said the federal government is working to deepen the auto-gas programme which will serve as alternative to petrol.

     

    “That is why early last year if you recall, the full deregulation of the PMS market was announced and we have followed this through until we got to September when prices shifted to N145,” he said.

     

    “As we speak today, I will not say we are in a subsidy regime but we are in a situation where we are trying to exit this subsidy or underpriced sale of PMS until we get in terms with the full value of the product in the market.

     

    “Today, PMS sells across our borders anywhere above N300 at any of our neighbours. And in some places, it is up to N500 and N550 to the litre.

     

    “In some countries, the Nigerian fuel is their primary fuel. We are supplying almost everybody in the West African region, so it is very difficult to continue this because we have our own issues and that is why the eventual exit from this is completely inevitable.

     

    “When that will happen, I do not know. But I know that engagements are going on. The government is very concerned about the natural impact of price increases on transportation and other consumer segments of our society and as soon as those engagements are taken to logical conclusion, I am sure that the market price of PMS will be allowed to play at the right time.”

     

    The resurgence in the price of crude oil bodes well for the Nigerian economy as this will boost the county’s revenue needed for the implementation of the 2021 budget, improve crude oil receipts and consequently bolster foreign exchange inflows.

     

    However, the prolonged high crude prices would ultimately feed into a climb in petrol’s landing cost — meaning an increase in fuel price. This would further weaken the purchasing power of Nigerians who are already battling with high inflation, unemployment and stuttering economic growth.

  • Nigeria’s PR Audit Firm Hosts Her Quarterly Evaluatepr Event

    Nigeria’s PR Audit Firm Hosts Her Quarterly Evaluatepr Event

     

    P+ Measurement Services, Nigerian foremost Independent PR measurement and Evaluation Agency, is inviting Public Relations and Communications professionals to join the 16th Edition of its Evaluate PR TweetChat event.

     

    The event will have communications and media monitoring experts share their experiences, advice, insights, and quotes on Media Measurement, Monitoring, and Evaluation in a Question and Answer session.

     

    This event promises to be enlightening and educative as it would feature the Founder of Acumen Media Management, South Africa, Tonya Khoury, and PR and communications Lead at Cars45, Nigeria, Bemigho Awala, who together would provide insights into the theme of the event.

     

    The one-hour event holding between 1pm – 2pm (WAT) is scheduled to take place, Friday, 26th March 2021. To join in the conversation, kindly use the hashtag #EvaluatePR.

  • APPLY NOW: CBN Reopens N50bn COVID-19 Loan Portal for Households, Businesses

    APPLY NOW: CBN Reopens N50bn COVID-19 Loan Portal for Households, Businesses

     

    The Central Bank of Nigeria (CBN) said it is receiving applications for its N50 billion targeted credit facility (TCF) aimed at supporting households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.

     

    The stimulus package, set up by the apex bank in March 2020, is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.

     

    Announcing the portal reopening in a tweet on Monday, NIRSAL Microfinance Bank (NMFB) said applicants must be households and MSMEs with verifiable evidence of livelihood adversely impacted by the coronavirus pandemic.

     

    Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.

     

    The interest rate on the facility will be nine percent per annum, working capital will be for a maximum period of one year, with no option for rollover.

    The working capital to be offered to eligible businesses has been fixed at a maximum of 25 percent of the average of the previous three years’ annual turnover.

     

    However, if the enterprise is not up to three years in operation, 25 percent of the previous year’s turnover will be offered.

     

    Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

     

    Households can access a maximum loan of N3 million while the loan amount to SMEs shall be determined based on the cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

     

    Interested applicants can access the loan application portal via this link.

     

     

  • World Water Day: Heritage Bank Assists Community In Installation Of Borehole

    World Water Day: Heritage Bank Assists Community In Installation Of Borehole

    Heritage Bank Plc has joined the rest of the globe to celebrate the World Water Day 2021 with plans to assist a community in dire need of clean water by installing a borehole.

     

    The theme for this year’s WWD 2021 is “Valuing Water,” which focuses on the importance of freshwater and presses for sustainable management of water resources. According to the United Nations, the day is aimed at raising awareness about 2.2 billion people living without access to safe water resources globally.

     

    “The value of water is about much more than its price.” This day is celebrated keeping in line with Sustainable Development Goal number 6 which is aimed at achieving water and sanitation by all for 2030,” UN stated.

     

    It further explained that global water demand is likely to rise by over 50 per cent by 2040.

     

    To this effect, as part of efforts to implement the Central Bank of Nigeria’s (CBN) sustainable banking principle, Heritage Bank Plc has instituted a Corporate Social Responsibility’s (CSR) campaign project to assist a community in dire need of clean water by installing a bore hole.

     

    This campaign project, according to the bank will be executed in two phases; the first involves nominations call for community that is in dire need of water will be put on its social platforms from 22nd March 2021, which will run for 30 days.

     

    The bank in a statement signed by the Divisional Head, Corporate Communications, Fela Ibidapo, disclosed that thorough research will be conducted on communities that put up for nominations and the most in need will be chosen.

     

    In furtherance, the community leaders would be engaged, which will herald commencement of the project and handing over the borehole to the community.

     

    Speaking on WWD 2021, the MD/CEO of the Bank, Ifie Sekibo said the adoption of the campaign project shows how Heritage Bank values water and making clean water accessible to the under-privilege, living in urban slums and rural areas.

     

    According to him, to access safe water resources globally, higher value must be given to protecting the ecosystem in ensuring good quality water supply.

     

    Sekibo, who further canvassed for the implementation of Sustainable Banking Principle, tasked stakeholders to continually promote the need for more productive value of water, which would bring about developmental impact to society, while protecting the communities and environment in which financial institutions and their clients operate.

  • Delayed Reversals: Access Bank Gives Customers One Business day Reversal Window Guarantee or 5 Times Refund in Fees

    Delayed Reversals: Access Bank Gives Customers One Business day Reversal Window Guarantee or 5 Times Refund in Fees

     

    Driven by its commitment to deliver best-in-class service to all its customers, Africa’s largest retail bank, Access Bank PLC, has upgraded its service platforms to allow for resolution of failed transactions within one business day.

     

    The Bank has guaranteed that all failed transactions will be reversed within one business day. It has also affirmed that in the event that reversal time exceeds one business day, customers will be entitled to a refund of up to five times the bank transfer fees for that transaction.

     

    Speaking on this development, Ogor Chukudebelu, Access Bank’s Chief Customer Experience Officer, said that Access Bank is committed to “offering more banking convenience for all customers.”

     

    “Access Bank understands the financial and economic hardships caused by the COVID-19 pandemic. While we have put various social impact projects in place, we have also upgraded our banking platforms to ensure that customers can transact without experiencing delays. To reiterate our commitment to providing an excellent service, Access Bank will be refunding customers up to five times the bank transfer fees when a failed transaction is not reversed within one business day.

     

    “As we continue to make great strides as a financial institution, we will not relent in delivering superior value and bespoke financial services that suit the banking needs of our customers,” Chukudebelu said.

     

    Without compromising on its promise to deliver services with speed and maximum security, through the implementation of sustainable banking practices, Access Bank continues to lead the revolution for financial institutions around the globe; effectively merging technology and people to deliver stellar client service to customers across all its countries of operation.

  • FG Orders Immediate Resumption of Domestic Flights Catering Services

    FG Orders Immediate Resumption of Domestic Flights Catering Services

     

    Catering services, hitherto suspended at the onset of the COVID-19 pandemic are to resume on domestic flights immediately, the Federal Government declared on Monday.

     

    Minister of Aviation, Hadi Sirika, disclosed this at the briefing of the Presidential Task Force on COVID-19 in Abuja.

     

    He said the decision was taken in consideration of the businesses involved in the provision of in-flight refreshments who had been adversely affected by the suspension.

     

    A statement issued in Abuja by the aviation ministry’s Director, Public Affairs, James Odaudu, stated that the minister, however, noted that modalities and protocols for the resumption of the services would be worked.

     

    Sirika said the modalities would be rolled out by the Nigerian Civil Aviation Authority and would be in line with international practices.

     

    He also reiterated the plan to resume international flight operations at the Mallam Aminu Kano International Airport, the Akanu Ibiam International Airport Enugu and the Port Harcourt International Airport.

     

    According to him, members of the Presidential Task Force on COVID-19 would be visiting the airports for simulation exercises to ascertain their readiness for international operations.

     

    Sirika also stated that a technical working group comprising of agencies involved in the facilitation of passengers had been set up ahead of the planned resumption of international operations at the facilities.

     

    He said the working group would ensure that all standards required for seamless operations at the airports were put in place for the resumption of international flights.

     

    On the suspension of Emirates Airlines operations in Nigeria, Sirika said discussions were on to resolve the issues involved.

     

    He, however, restated the country’s position on the impropriety of the extra COVID-19 tests the airline was demanding of Nigerian travellers.

  • Advans Expands Nigeria’s Market with New Lagos Office, Introduces Products For MSMES And Individuals

    Advans Expands Nigeria’s Market with New Lagos Office, Introduces Products For MSMES And Individuals

     

    Advans La Fayette Microfinance Bank, a leading international microfinance institution with a national CBN license has expanded its Nigeria market with the unveiling of a new Lagos office – Ikorodu branch, increasing access to its range of quality and reliable financial products for MSMEs and individuals in the country.

     

    The Advans Group has banking services trusted by over a million clients in 9 African and Asian countries (Cambodia, Cameroon, Ghana, Congo (DRC), Ivory Coast, Myanmar, Tunisia, Pakistan, and Nigeria).

     

    In Nigeria, the bank started full operation in February 2013 and has built a strong client base and strong financial services experience, being able to answer to all the financial needs of micro, small and medium scale businesses.

     

    Speaking on the bank’s expansion drive at the event in Lagos, on Monday March 22, 2021, the Managing Director/CEO, Gaetan Debuchy said, “It is always a great pleasure to launch a new branch. Ikorodu branch is our 16th branch in Nigeria, and the 4th in Lagos. As we continue our network expansion in 2021, we plan to open 9 new branches! Our objectives are to be closer to businesses, serve more clients effectively, and have more positive impact on Nigerian businesses’’. ‘‘I invite all business owners in and around Ikorodu to join us and experience our quality service.”

     

    Debuchy went on to say that customers are at core of all their innovative solutions, such as: affordable individual and group loans for up to N75m with flexible collateral requirements, savings and term deposits with very high interest rates, secure debit cards, a reliable mobile app, insurance, mobile tellers, cheques, and Agency banking services (in collaboration with over 200,000 Opay/Paga partner-agents across Nigeria).

     

    Also at the event were the Advans Nigeria Board Chairman, Mr. Grégoire Danel Fedou, the Deputy CEO, Mr. Jean-Luc Nzoubou, as well as other members of the Bank’s Management Committee, and the Press.

    L-R: Osaji Martins, Area Manager Lagos, Advans La Fayette Microfinance Bank ; Gaetan Debuchy, Managing Ditector; Jeanluc Nzoubou, Deputy CEO; Abiodun Olayinka, Branch Manager, Ikorodu and Daniel-Fedou Gregoire, Board Chairman at the commissioning of the Ikorodu Branch on Monday March 22, 2021

    Mr. Nzoubou, quipped: ‘‘We have an ongoing savings promo called the Yakataa savings promo where anyone who opens a regular savings account between now and March 31st, 2021 will earn a double interest of up to 12%. There is also a VIP specialised service for High Networth Individuals across our major branches in Lagos, Kwara, Oyo and Ogun states. Our Client Relationship Officers are trained and trusted to provide you with relevant financial advisory to take your business to the next level. Our branches and Call Center are also open from Monday to Saturday every week to serve clients’’.

     

    “All loans come with no prior savings requirements, flexible collateral, affordable interest rates charged on a declining balance. We also offer moratorium & flexible repayment plans, full insurance cover on all loans, and a dedicated Client Officer, to monitor your business for growth in all stages of the loan cycle”. He added.

  • Minimum Wage: N’Assembly Raises Panel To Avert Strike

    Minimum Wage: N’Assembly Raises Panel To Avert Strike

     

    The Clerk to the National Assembly, Olatunde Ojo, has constituted a nine-member committee to fashion out modalities for the implementation of the national minimum wage and other demands of the parliamentary workers in order to avert the proposed strike by the workers.

     

    The National Assembly chapter of the Parliamentary Staff Association of Nigeria had last week issued a two-week strike notice to the management over their demands.

     

    They demanded among others the immediate implementation of the national minimum wage and payment of other allowances.

     

    The Special Adviser to the Clerk on Media and Labour Matters, Austen Adesoro, in a statement on Sunday, said Ojo, while inaugurating the panel, said the management would continue to make workers’ condition of service and welfare a matter of priority.

     

    Ojo explained that the nine-member panel, chaired by the Secretary, Human Resources and Staff Development, Felix Orunwese, was set up in order to attend to issues of welfare raised by the workers.

     

    The statement quoted the CNA to have said that the National Assembly management would do all within its powers to ensure that the workers get what was due to them on a proactive basis.

     

    He stressed the need for dialogue as a panacea for the situation instead of unnecessary agitations.