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Marketers Struggle To Raise N10bn For New Petrol Orders

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Many depot owners may soon shut down their facilities due to the inability to meet the new financial requirement of about N10bn by the Nigerian National Petroleum Company Limited as the cost of lifting fuel from its ships.

Many filling stations in Lagos State were not selling products to the public.

Sources at the depots told The PUNCH that depot owners were struggling to raise between N5b-N10bn to make new orders from the NNPCL.

“NNPCL has enough stock in-country and we still buy from them pending when arrangements would be made for us to start ordering our products ourselves. Now, we have to raise about N10bn, some N5bn depending on the volume of the order to be able to access new products,” the sources said.

He added that the amount was in addition to the payment already made before the increase in the price of petrol.

The National Controller, Operations of the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told The PUNCH that the affected stations did not have products due to the increase in the prices of products at the depots.

According to him, filling station owners are currently required to have between N22.5m and N23m to buy a truck of petrol, adding that one truck was sold for N8m before May 29.

A former Chairman of the Major Oil Marketers Association of Nigeria, Tunji Oyebanji, also told The PUNCH that 33, 000 metric tonnes of petrol at depots had shut up to as high as N21m.

The PUNCH learnt that many depot owners currently do not have stock as they had exhausted their stocks before President Bola Tinubu announced the removal of the petrol subsidy on May 29.

“Many depot owners would not be able to access funds because banks are skeptical of granting loans to the downstream sector,” a source added.

The pump price of petrol, which was between N179 and N200 per litre before subsidy removal, has skyrocketed to over N500 per litre after the President’s pronouncement.

Oyebanji told The PUNCH that many smaller firms in the downstream sector would be forced to shut down operations and may be bought over by bigger ones due to their inability to meet up with the huge financial obligations to secure new products from the NNPCL.

Sources at the NNPCL told The PUNCH that the company had been having challenges accessing forex from the Central Bank of Nigeria, since the removal of petrol subsidy.

“Since full deregulation started, CBN has stopped giving us forex. We also have to source for dollars just like every other player in the downstream sector. So, depending on the dollar rates and other market indices, we import and have to also factor other costs before we sell to marketers,” the sources noted.

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Navy disowns list of successful candidate for Batch 35 recruitment

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The Nigerian Navy (NN) has disowned the purported list of successful candidate for its Basic Training School (NNBTS) Batch 35 Recruitment, saying it is fake.

Commodore Adedotun Ayo-Vaughan, the Director of Naval Information, said this in a statement in Abuja.

Ayo-Vaughan said the exercise was conducted in three centres across the country, namely; Lagos, Rivers and Kaduna States.

He described the information, being circulated recently as fake, and handiwork of fraudulent miscreants who were trying to dupe some unsuspecting applicants.

He said the list of successful candidates had not been released and that no form of invitation for training, via text message had also been disseminated by the Nigerian Navy.

‘’The alarming rate of circulation of fake information by unscrupulous individuals, regarding enlistment or recruitment into Navy is quite worrisome.

‘’Efforts are on to track and arrest the miscreants.

“Members of the public especially prospecting applicants who participated in the said recruitment are strongly enjoined to always authenticate information from the NN official website, https://www.navy.mil.ng, and other official social media handles, as well as other credible mainstream media platforms.

“Similarly, miscreants and mischief makers are warned to desist from this unwholesome practice, otherwise they will face the full wrath of the law,” he said.

Ayo-Vaughan said the text message, had invited unsuspecting applicants to report for military training at NNBTS Onne, Rivers, following their purported selection.

He said the criminals further claimed in the text message that the exercise would commence on Oct. 6.

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Gov. Alia condemns kidnapping of commissioner, one other

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Gov Alia Hyacinth Alia

Gov. Hyacinth Alia has strongly condemned the kidnaping of Mr. Matthew Abo, his Commissioner for Information, culture and Tourism, and former Chairman Ukum Local Government Area (LGA), Mr. Iorwashima Erukaa.

This is contained in a press statement on Monday, signed by his Chief Press Secretary (CPS), Sir Tersoo Kula, and made available to the News Agency of Nigeria (NAN) in Makurdi.

According to the statement, while Mr Abo was kidnapped by unknown gunmen in his Sankara home at about 8pm on Sunday, September 24, Mr. Erukaa was taken away by a yet-to-be identified gunmen on Saturday, September 23.

The Governor, who described the act as barbaric and unacceptable, has directed security agencies to immediately commence operations to ensure the safe release of the duo.

He called on the people of the State to remain calm, as his administration would do everything possible to make the State safe for all.

“The kidnappers have made contacts with the family of Mr Erukaa but are yet to contact Mr Abo’s family,” the statement stated

Several gunmen had stormed the the commissioner’s residence in Zaki-Biam, Ukum LGA and kidnapped him.

Eyewitnesses who spoke to NAN, said that the kidnappers who came on four motorcycles, ordered everyone in the house, including the his wife and children, to lie face down and took him away to an unknown destination.

The witnesses said the abductors compelled the commissioner at gun point to sit behind the rider of one of the motorcycles while a gunman sandwitched him.

Mr Abo was sworn in as a member of the Benue State Executive Council on August 29.

He hails from Ukum Local Government Area of Sankera axis, a major flashpoint of criminal activities with rampant killings and kidnappings for years now.

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