Connect with us

Business

Ex-Neimeth CEO Wants Oil Sector Deregulation 

Published

on

A former Chief Executive Officer of Neimeth Pharmaceutical, Sam Ohuabunwa, has faulted President Muhammadu Buhari  over his failure to deregulate the oil and gas sector.
In a statement he signed, a copy of which was made available to The Tide source, he claimed that the Federal Government has been paying lip service to the issue of oil sector deregulation.
The former President of the Manufacturers Association of Nigeria (MAN) said, “It is deceitful and disingenuous for this government to announce that payment of subsidy will end in June when they would have ended their regime.
“Why wait? Why make such a deceitful proposition? Who will enforce the plan, Buhari/Oil Minister, or the new President?” he queried.
According to him, it was clear that the cap on the pump price of petrol had been removed, adding that all over Nigeria, for a few months now, the price of petrol has varied from one filling station to the other.
“As of 6th of January, prices ranged from a minimum of N240 per litre in Benin, N340 in Kaduna, N360 in Umuahia, N400 per litre in Owerri to N500 per litre in Port Harcourt.
“No filling station is selling at the so-called controlled price, except in some filling stations in Abuja and Lagos. And nobody is enforcing any price as used to happen in the past. So, it is clear we have deregulated. That Is fine!
“I think the Government should own up and announce this policy officially”, he said.
He urged the government to come clean and level up with the citizens instead of deceiving Nigerians.
“By announcing the deregulation now, which is already a fiat accompli, Nigerians will attain the following benefits:
“First, official deregulation will mean that many more companies and oil marketers can import fuel under the supervision of the regulatory agency, thus immediately easing the scarcity and ending the double jeopardy of many motorists and road users.
“For months now, many motorists spend hours and, in some cases, days and nights trying to buy the product at inflated prices. They lose many productive hours searching for petrol and when they find it, they pay exorbitant prices.
“Those who buy from hawkers run the risk of buying adulterated fuel, which destroys car engines, in addition to the indignity of buying petrol from hawkers.”
Ohuabunwa argued that those who travelled in commercial vehicles during the season faced a lot of challenges.
“Many were stranded at motor parks as they found that their budget could not meet the daily changing fares!
“Secondly and most important, official deregulation now will obviate the need for more subsidy payment and, at least, we can save the N3.5 trillion budgeted for the first six months of this year by this outgoing government.”
The statement added, “N3.5 trillion can do so much for our infrastructure, especially when it is noted that only N5.9 trillion is the entire capital budget in a N22 trillion budget for 2023. It can build several roads and bridges across the country or transform our entire educational and healthcare system.
“Thirdly, it will disabuse the minds of some Nigerians who speculate that this N3.5 trillion has been put in the budget for other purposes including election funding and sendoff and parting gifts for the government officials and politicians of the party in power.
“This set of Nigerians can see that government has ‘surreptitiously’ deregulated while still retaining subsidy payments. And they ask for what purpose? Hence the speculation.”
He also frowned at the monopoly of the NNPC in fuel importation, despite removing the price cap after paying a subsidy.
“The current situation is deeply damaging the Nigerian economy, increasing poverty and misery for many Nigerians while creating a lot of opportunities for arbitrage and corruption for NNPC and government officials.
“President Buhari should bite this bullet and save Nigerians from multiple jeopardies, which they are facing right now. It is true that we have lost the battle against corruption, but we must not watch helplessly as poor Nigerians are openly ‘raped’ and ravaged by the ‘oil curse’,” he stated.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending