Business

Reps Warns Against Corruption In Petrol Distribution Chain

Published

9 years ago

March 6, 2017

The House of Representatives Adhoc Committee on Review of Pump Price of Petrol has said that it will not relent in recommending sanctions against any entity found involved in corruption in the petroleum distribution chain.
The Chairman of the Committee, Rep. Raphael Igbokwe, made the remark in an interview with The Tide source in Lagos.
Igbokwe spoke on the sidelines of the committee’s visit to some government agencies and private sectors involved in transportation and distribution of petrol from the ports to the consumers.
He said that the committee would not relent in recommending any defaulter to the parliament to enable Nigerians to know those frustrating government’s efforts in making fuel available and affordable.
According to him, the committee would also commend the efforts of operators who were adding value in the value chain.
“We want to see that operators at every level are adding value to the value chain.
“At the tail end, we want Nigerians to be getting value for the money they are paying.
“One thing that clear is that subsidy had been removed but we believe that subsidy had been transferred from the government now to the people.
“People are paying for the cost differential from their own pocket. So people should be seen as getting value for their money,’’ Igbokwe said.
The law maker said that both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) had some international obligations they have to sort out.
According to him, NPA and NIMASA said they usually buy their equipment with foreign currency and render certain obligations to some clients, who paid in foreign exchange.
Igbokwe said that “to the committee, such explanation from NPA and NIMASA did not hold water at this point until the committee carry out its studies.’’
“Our committee intends to carry out economic study of what are the charges and related costs around Africa, especially in West African coast.
“To see if these charges are commensurate with what is obtainable in other areas.
“You will agree with me that such charges in foreign currency put pressure and this is one of the complaints we got from oil marketers in sourcing foreign currency.
“The charges put pressure on our local currency because these are operations taking place within the geographical areas of Nigeria,’’ Igbokwe told newsmen.
He said that all Nigerian economic activities should be naira-based, adding that the committee had challenged the government agencies for charging operators in dollars while their budgets before the parliament were reflected in naira.
The committee chairman said that government agencies charging operators foreign currency were putting pressure on the naira and creating room for devaluation and inflation.
He said that the committee would also make further findings to make comparison of what is obtainable in other places.
Igbokwe said that the monetary law did not in any way permit the dollarisation of transactions in Nigeria.
He said that all transactions in Nigeria should be domiciled in naira.
“If the price of a barrel of crude oil could be determined in consultation with the parliament and the volume of crude product daily which is standing at N2.2 million barrels per day now can be determined with the representatives of the people.
“We are thinking why the price of the product from the crude oil cannot be determined in consultation with the representatives of the people.
“Looking at the cost structure of the price template, we approached each cost element and operators at that level from the jetty charges, jetty owners, storage fees, to look at what value each player is adding in the value chain.
“We have identified possible causes of changes in price such as scarcity arising from operational inefficiency and scarcity created by players in the industry.
“Most marketers have complained of lack of access to foreign exchange.
“CBN sells the foreign exchange directly to players in the downstream sector to bring in the products and yet we found out that there were no enough products coming in.
“Our clue is pointing to the forex being released to some marketers and they are applying them for other purposes different from what they had specified the forex for.
“This is given room for lesser quantity of products coming in as per the quarterly planning of the Petroleum Products Pricing Regulatory Agency (PPPRA), ‘’ Igbokwe said.
Reports have it that the committee had visited NPA, NIMASA, Department of Petroleum Resources (DPR), Pipelines and Products Marketing Company (PPMC), Sahara Energy, Masters Energy Oil & Gas, NIPCO Oil and Gas, among others.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.