Connect with us

Business

IPMAN Tasks NNPC On Fuel Allocation Formula

Published

on

The Independent Petro
leum Marketers Association of Nigeria (IPMAN) on Saturday urged the Nigerian National Petroleum Corporation (NNPC) to increase petrol allocation to its members across depots in the country.
IPMAN National Operations Controller,  Mr Mike Osatuyi,made the appeal in an interview with newsmen in Lagos against the persisting fuel scarcity.
According to Osatuyi, the 78 per cent import allocation to NNPC led to the disruption in the petroleum products distribution chain which, he said is causing the ongoing scarcity.
“The only way to address the lingering scarcity is when government through the NNPC/Petroleum Pipeline Marketing Company (PPMC) increases independent marketers’ allocations.
“This is because we control about 87 per cent of the country’s outlets.
“The fuel situation has been fragile since the NNPC assumed the role of the sole importer of petrol,’’ he said.
Osatuyi noted that the supply gap over a period of time now was because the NNPC imported 78 per cent of the petrol needs of the country, while marketers battled with just 22 per cent.
“The NNPC has access to forex (foreign exchange) because they do the SWAP deal and therefore, are not constrained by the challenge.
“But for marketers, it is difficult to source the dollar and therefore not profitable to import under the present condition.
“Most of IPMAN members have been queuing at various depots for months in anticipation of loading but to no avail.
“If IPMAN allocation is increased, it will go a long way in addressing the country’s scarcity because, if we have, we will sell,’’ the controller said.
Meanwhile, some marketers at both Ejigbo Satellite and Mosinmi depots, who preferred anonymity, alleged that they have been marginalised by the corporation at the depots.
The marketers lamented that its members were being schemed out by the NNPC.
According to them, trucks belonging to members of the association which had been at the depots for 10 days were not given adequate supplies.
“This is despite having loading vouchers worth over N5 billion with the NNPC.
“We have over N4 to N5 billion vouchers with NNPC but they refused to load members of IPMAN appropriately.
“Instead of loading about 50 trucks, we end up getting between 10 and 15 trucks,’’ the marketers said.
They also claimed that the corporation was only loading its retail outlets that even lifted their products on credit.
Efforts to get the PPMC spokesperson to react to the IPMAN allegations proved abortive as his telephone line was switched off.
However, findings from some filling stations within the Lagos metropolis revealed that motorists were experiencing difficulty having access to purchase petrol.
For instance, the NNPC retail outlet at Onipanu was dispensing petrol with over 200 vehicles on queue while the Mobil Filling Station at Anthony was not dispensing and its gates barricaded.
Black marketers now sell five litres of fuel at N2,500, while 20 litres sold for N25,000.

Continue Reading

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

on

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).
According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.
 Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.
During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.
He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.
Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.
Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.
These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.
Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.
 This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.
It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.
It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
By: Nkpemenyie mcdominic, Lagos
Continue Reading

Business

President Tinubu Approves Extension Ban On Raw Shea Nut Export

Published

on

President Bola Ahmed Tinubu has approved the extension of the ban on the export of raw shea nuts for a further one year, from February 26, 2026, to February 25, 2027.
Bayo Onanuga, Special Adviser to the President on (Information and Strategy) who disclosed this on Wednesday, February 25, 2026 stressed the Federal Government remains committed to policies that promote inclusive growth, local manufacturing, and position Nigeria as a competitive participant in global agricultural value chains.
The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
By: Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

Crisis Response: EU-project Delivers New Vet. Clinic To Katsina Govt.

Published

on

A Non – Governmental Organisation (NGO), Mercy Corps, has handed over a newly constructed Veterinary Clinic and a rehabilitated structure in Danmusa Local Government Area (LGA), to the Katsina State Government.
The project, which included a 20,000-litre capacity upgraded solar-powered borehole, was executed under the European Union-funded Conflict Prevention, Crisis Response and Resilience (CPCRR) project.
The initiative is being implemented in collaboration with the International Organisation for Migration (IOM), and the Centre for Democracy and Development (CDD).
Speaking during the handover ceremony, Wednesday, the Commissioner for Livestock and Animal Husbandry in Kastina State, Prof Ahmed Bakori, commended Mercy Corps and its partners on such commitment to support peace and development in the state.
While praising the state government for restoring peace and stability, the said project would improve livestock services and the welfare of farmers who depend on animal health services for livelihood.
Bakori buttressed that improved security in the state had enabled development partners to implement meaningful interventions in communities affected earlier.
He said, “Recently, Gov. Dikko Radda was in South Africa to explore strategies for boosting livestock production and strengthening the livestock value chain in line with the government’s economic development agenda.”
In his remarks, Mercy Corps Senior Programme Manager, Mr Philip Ikita, expressed satisfaction on the timely and successful implementation of the project in Danmusa.
He stated that although Mercy Corps began its operations in the state in 2023, security challenges, had initially prevented the organisation from accessing some areas, including Danmusa.
Ikita said that the project would improve access to essential services, strengthen livelihoods and contribute to sustaining peace in the community.
“The project involves the upgrade of a veterinary clinic from a two room structure into a fully functional six office facility, embarked on to strengthen livestock healthcare services in the area.
“The programme builds on the success of the Conflict Mitigation and Community Reconciliation (CMCR) project and seeks to promote long-term peace and stability in Northwest Nigeria.
“It works across 48 communities in Zamfara and Katsina States, addressing the root causes of conflict, enhancing community resilience, and strengthening socio-economic recovery,” he said.
Also, the District Head of Danmusa, Ahmadu Abubakar, expressed appreciation to Mercy Corps and its partners for the intervention, describing the projects as timely and beneficial.
Earlier, the Chairman of Danmusa LGA, Ibrahim Na-Mama, represented by his Deputy, Musa Muhammad, expressed appreciation for the projects, assuring that the council would support efforts to safeguard them.
Continue Reading

Trending