Economy
Don’t Scrap Equalisation Fund, IPMAN Tells FG
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has appealed to the Federal Government not to yield to calls to scrap the Petroleum Equalisation Fund (PEF).
IPMAN made the appeal via a statement issued on Tuesday in Abuja by its National Public Relations Officer, Alhaji Yakubu Suleiman.
He said that the calls were made by impostors and not members of the association.
“It has come to our notice that some media publications purported to have emanated from our noble association, made by some people who are parading themselves as IPMAN officials, were advocating for the scraping of PEF amongst other fictitious claims.
“They are impostors who do not belong to the association, neither do they own any filling station, and by implications they don’t even know the usefulness of PEF.
“Our stand has always been that PEF is the nucleus of the downstream sector, it not only functions as equaliser to disparities in fuel prices across Nigeria.
“But it is also a good financial agency, with high sense of prudence in financial management since its inception to date.
“The agency has been recognised and received so many awards,” Suleiman said.
He said that such agitation was nothing more than a looming crisis in the sector which would in the short and long run harm the nation and its stability, adding
that it would hinder economic advancement of Nigeria.
“Also, as contributors to the fund, we have never complained or contemplated advising the government to scrap the PEF.
“We want to put it on record that should it be scraped, it will surely cause disparity in prices and wreak havoc on marketers.
“This will inevitably push many of our members out of business and Nigerians stand the risk of buying petroleum products at hiked prices in most parts of the country,” he said.
Suleiman expressed optimism that the Federal Government through the supervising Ministry of Petroleum Resources, would not heed to the agitation to scrap the PEF.(NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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