A subsidiary of Dangote Industries Limited, NASCON Allied Industries Plc, said it had shifted some of its operations away from Apapa to Oregun and Port Harcourt, in response to the gridlock in Apapa.
The company is a refiner and distributor of household, food processing and industrial salt, with an installed production capacity of 567,000 metric tonnes per annum.
The Managing Director, NASCON, Paul Farrer, described the Apapa gridlock as one of the key risks in the company’s business last year.
He said the Apapa gridlock affected the movement of raw materials to Oregun , timely delivery of finished goods to customers and increased turn-around time of the company’s trucks.
“We relocated 60 per cent of our Apapa Plant production capacity to our Oregun and Port Harcourt Plants to reduce the effects of the gridlock. We also engaged third-party transporters to ensure timely delivery of our finished goods,” Farrer told shareholders at the company’s Annual General Meeting in Lagos on Thursday.
The Apapa refinery, located in the Apapa Port of Lagos, was inaugurated in 2001 with an installed capacity of 275,000MT per annum, the company said in its 2018 annual report.
The Port Harcourt refinery was inaugurated in 2003 with an installed capacity of 210,000MT per annum, while the Oregun plant was inaugurated in 2004 with an installed capacity to refine 82,000MT of salt per annum.
Farrer said the increase in global oil prices led to increased global freight prices and diesel costs, which increased the company’s cost of production.
The company’s plants are primarily powered through the national grid with generators fuelled by gas or diesel, with a combined capacity to generate 6.1 megawatts of power, according to the annual report.
“The porous borders allowed the proliferation of substandard seasoning products into the market,” Farrer added.
The company’s Chief Financial Officer, Aderemi Saka, in her review of 2018, said the 2015 foreign exchange policy of the Central Bank of Nigeria continued to stall the importation of the necessary raw materials for both tomato paste and vegetable oil.
“We continue to remain focused on sourcing both raw materials locally. Towards the end of 2018, we started acquiring crude palm oil, which will be produced and sold in 2019,” she added.
In June 2015, the CBN announced that it had excluded importers of some 41 items, including tomato paste and vegetable oil, from accessing forex at the Nigerian forex markets in order to encourage local production of the items.
MSMEs In Nigeria Rise To 41m
A recent survey by the National Survey on Micro Small and Medium Enterprises (MSMEs) in conjunction with the Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau for Statistics (NBS), has revealed that the number of MSMEs in Nigeria has risen to 41,543,028.
The Minister of State, Industry, Trade and Investment, Mariam Katagum who stated this in Abuja yesterday at the presentation of a report and the formal launch of the National MSME Database online portal, said there are limiting factors like the dearth of veritable and useable data on MSMEs.
He said this has also created employment for 59,647,954 people across the country, saying the purpose of the National MSME database is to give a face and identity to a number of players especially within the small and growing businesses.
Katagun said: “The National MSME database is an initiative of SMEDAN. It will also give visibility to all the enablers. I have been informed that the first phase of the database capture of MSMEs in 2018 covered four commercial activities of Kano, Abia, Lagos and Ogun.
“The harvested database of MSMEs from other states and will gradually be uploaded into the national database portal over time as funds are made available.
The Director General, SMEDAN, Dikko Umaru stated that the agency has been burdened with tons of request regarding key information bordering on MSMEs over the years.
The Tide reports that the purpose of the database is to complement on sectoral basis the huge details contained in the national survey on MSMEs jointly conducted by SMEDAN and NBS.
3,051 Depositors Petition Banks Over Charges,
About 3,051 depositors have petitioned their banks and other financial institutions over various complaints such as excess/unauthorised charges, fraudulent activities, guarantees, dispense errors and funds transfers in 2018, a report by the Central Bank of Nigeria (CBN) has indicated.
While 1,439 complaints were lodged to the CBN in the first half of 2018, 1,612 complaints were reported in the second half of 2018.
This was disclosed in a report by the CBN in its financial stability report on complaints management and resolution for 2018.
The report said, “A total of 1,612 complaints from consumers of financial services were received in the period under review, indicating an increase of 173 complaints or 12.02 per cent over the 1,439 received in the first half of 2018.
“Of this number, 1,602 complaints or 99.38 per cent were against banks, while 10 complaints or 0.62 per cent were against OFIs.
“The complaints were in various categories, such as excess/unauthorised charges, fraud, guarantees, dispense errors, funds transfers.”
It added, “A total of 1,496 complaints were successfully resolved or closed in the period under review, compared with 4,723 in the first half of 2018, indicating a decrease of 3,227 or 215.71 per cent.
“Total claims made by complainants during the period amounted to N7.99bn and $1.77m, while the sums of N3.09bn and $1.724m were refunded to customers.”
The Director, Corporate Communications, CBN, Mr Isaac Okorafor, had earlier said customers should not always be too much in a hurry to let some grievances go away, but should take a further step by reporting to the regulator.
“We have actually helped a lot of displeased depositors to get monies from their banks after they complained,” he said.
According to him, any depositor who felt extorted by his bank, if after complaining and the bank denied should send an email to the CBN.
He said if customers failed to lodge their complaints, it would be impossible for the CBN to go into the banking hall and defend their rights.
“The depositors should lodge their complaints with us. So, please find time to report any wrongdoings by the banks,” he said.
Okorafor noted that there were all manner of complaints, but said that convenient banking services required various levels of investments, which customers must pay for, but only at appropriate rates.
“Banking services are not free anywhere in the world,” he added.
He explained that if a person could sit in his comfort zone to make transactions, it was only made possible because some people invested in the banks.
“It is not government subsidy; some people are paying for it but what the CBN would not do is to allow your banks to rip you off,” he said.
He added that the apex bank had published on its website the appropriate ways to address bank problems.
NDDC’s Debtors: NASS Lists FG, 17 Oil Firms Says They Owe Agency N1.27trn, $73m
The Federal Government and 17 local and international oil companies have questions to answer over alleged indebtedness to the Niger Delta Development Commission (NDDC) to the tune of N1.27trillion and $73million, respectively.
The National Assembly on Monday said it would invite some Federal Government officials and 17 oil firms over the alleged indebtedness to the NDDC.
The officials to appear before the joint Senate and House of Representatives Committee on the NDDC next week Wednesday include the Minister of Finance, Zainab Ahmed, Governor of the Central Bank of Nigeria, Godwin Emefiele; Accountant-General of the Federation, Ahmed Idris; and Auditor-General of the Federation, Anthony Ayine.
Some of the oil companies invited are Shebah Express Petroleum, Atlas Petroleum, Allied Energy, Frontier Oil, Seven Energy Limited, Belma Oil Producing Limited, Aiteo Exploration and Production, Dubri Oil, Conoil Producing, and Continental Oil and Gas.
Others are Nigeria LNG Limited, Enageed Resources Limited, New Cross Exploration and Production, Pan Ocean Oil Corporation Nigeria Limited, Nigerian Petroleum Development Company, Munipulo Petroleum Development Company, and Prime Exploration and Production Company.
The Chairman, House Committee on NDDC and Co-chairman of the joint committee, Olubunmi Tunji-Ojo, confirmed the development to journalists in Abuja on Monday.
He said, “We are expecting the IOCs and other oil companies to come by Wednesday next week to tell Nigerians why they have blatantly refused to abide by the laws of the nation. I can assure, we will recover every dime due to the NDDC.”
The lawmaker stated that records had shown that the affected oil companies jointly owed the NDDC N72billion and $73million, while the Federal Government alone owed N1.2trillion.
Tunji-Ojo said, “These companies we are investigating owe the NDDC huge sums of money, which when remitted, would improve the fortune of the people of the Niger Delta area. By the records we have, a company like Shell Petroleum Development Company owes more than N54.9bn.
”We also have it on good authority that Pan Ocean owes as much as $46.6million, while Allied Energy is indebted to the tune of $43m; and Shebah Express Petroleum owes as much as $23.8million and then, Atlas Petroleum owes $22million.
“The 9th National Assembly cannot afford to sit and watch oil companies deny the NDDC of its statutory revenue from firms operating in the country.”
He added that a technical audit of the NDDC conducted by the 8th National Assembly was very revealing.
Featured5 days ago
Bayelsa, Kogi Guber Polls Hold, ‘Morrow, Says INEC …Gets Court Order On Exclusion Of Running Mate …Snatch Ballot Boxes, Lose Your Life, Police Warn …Court Decides Bello’s Fate, Today
Featured5 days ago
Disturbing Signals From The Army
Sports5 days ago
I’ll Be Most Excited If I Win AFCON – Rohr
Sports5 days ago
AFCON Qualifier: Coach Tips Eagles For Victory Against Lesotho
Sports2 days ago
2021 AFCON Qualifiers: Osimhen, Diedhov Inspire Nigeria, Senegal
Niger Delta5 days ago
Fraud: Customers Urge Police To Rearrest Estate Developer
News5 hours ago
Police Recover Coffin, Multiple Female Underwears In Pastor’s House
Featured5 days ago
Judiciary, Most Powerful Arm Of Govt, Wike Affirms …Moves To Reclaim Lands Belonging To GCSS, PH