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Economy

Give Us Petrol at Official Ex-depot Price, lPMAN Tasks NNPC

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Ejigbo Satellite Depot of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Nigerian National Petroleum Company Ltd. (NNPCL) to give same window given to Major Oil Marketers Association of Nigeria (MOMAN) to buy fuel at regulated depot price of N148.17 per litre.

The Chairman of IPMAN Ejigbo Depot, Mr Akin Akinrinade, made the appeal in Lagos yesterday while addressing the media on the price disparity of petrol to IPMAN members by depot owners.

Akinrinade wondered why private depots get petrol from NNPCL at official rate of N148.

17 per litre but sell at N220 per liter ex-depot price to IPMAN.

He, however, issued seven days ultimatum to NNPCL to work out a concrete arrangement for IPMAN to buy fuel at regulated price of N148.

17 per litre.

He said that lPMAN had an agreement with NNPCL on fuel supply but has refused to adhere to the agreement.

“We have noticed the price disparity at which NNPC is selling petrol to major marketers at regulated price and the private depot are selling to the independent marketers at N220 per litre.

“Major marketers are selling at the rate of N170 per litre in their stations and retail outlets are selling at N169 at their stations.

“The private depots are selling ex-depot price at N220 per litre to us, which means that after paying N220 per litre, we still have to add other costs like transportation, logistics among other costs.”

According to the chairman, this has led to an increase in the price of petrol at IPMAN stations, adding that members now sell at N250 per litre and above to stay in business.

“We are no longer comfortable with this because Nigerians now see us as the black sheep.

“So, we want Nigerians to know that it is not of our making and that the authorities should address the issues around the price disparity”.

Akinrinade said that members found themselves in such situation due to moribund NNPCL depots that were neglected.

“We loaded here last at satellite depot in Lagos since December 2021, but, throughout 2022, we have not load a drop of product here.

“Ordinarily, NNPC is supposed to make arrangement for us to load through the private depots but they have abandoned that arrangement.

“That is why we have no choice but to buy from the private depot owners who use us to make money.

“I wonder why they are now selling to us at N220 per litre,” he said.

“Petrol is regulated and held in trust for Nigerians, why are private depots owners profiteering?.

“We are all commission agents in the petroleum business as long as the product is been subsidised.

“We are using this medium again to call on NNPC to make arrangement for IPMAN through the private depots such that we can load in those depots as we used to, paying government regulated price.

“Before now we used to buy at the rate of N148 and with that, we can sell at N170 but it is no longer so because the private depots are selling to us at the rate of N220 per litre ex-depot price,” Akinrinade said.

Akinrinade said that IPMAN was simply asking for fair competition, adding that the competition was no longer fair.

He said that lPMAN members were losing customers because they could no longer buy at the price of N250 and above. (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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