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Without subsidy Nigerians would have been paying N900 per litre of PMS, says IPMAN

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Without subsidy Nigerians would have been paying N900 per litre of PMS, says IPMAN

 

From John Danjuma

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended President Muhammadu Buhari for sustaining the subsidy on Premium Motor Spirit without which Nigerians would have been paying N850 to N900 per liter by now.

The National President Elder Chinedu Okoronkwo at a press conference in Abuja debunked the insinuation that its members were engaged in the sabotage of the effort by the Federal Government to subsidize the product with N4trillion.

“You are talking about sabotage I think that If there is anyone selling fuel on the road it is not IPMAN that you will take home today

“Let me tell you while we are still moving to check the cost if AGO that is not regulated how much are we picking it now? N850 to N900, that would have been the cost of PMS, and who enjoys this subsidy it is the man with his cars

“The only thing members of this association get is N10 we have been there fixated. For over N20 years each time they will be raising this product our margin has not been N10 that is why a lot of our people are not in business so if you are talking of sabotage is it from where.

“We are the worse beaten with huge investment and low return. We should be the ones to complain.

He asked Nigerians to stop panic buying the Premium Motor Spirit (PMS) as they will continue to sell the products at the government-approved price of N165 per liter.

“I told you the cost of doing business has changed and my members in Lagos before they did what they did, called me and told me that they are now getting this product at N162 to N165 per lite with transportation another N8, aggregating to about N170 to N173, even the N10 which supposed to be our own has been eroded, what do we do?

Read Also >> IPMAN Backtracks, Says Members Will Sell PMS At N165 Per Litre

“Now you know and I know that it is only NNPC that imports this product into Nigeria. Some of these tank farm owners who have gone to collect this product don’t blame them because the cost of doing business has also changed.

“It became so difficult for them to sell at N148.17 but yesterday I want to tell you that NNPC and PPMC went to their tank farms and released products.

“That is why we are thanking them that with this product we can now access the product at N148.17 Status quo ante must be maintained moving forward and from what they have told us they have products that can last us up to 32days.

“We must be happy with that knowing full well the challenges we have globally on Energy that is why we are thanking them.”

He said massive loading if the product is ongoing in Lagos adding that in a matter of days the long queues will fizzle out.

He thanked President Muhammadu Buhari for making available an N4trillion budgetary provision for subsidy, especially with the current global energy problems caused by the ongoing Russian-Ukrainian war.

He said they have engaged a consultant who will go into the books to determine exactly what the Association of Distributors and Transporters Of Petroleum Products (ADITOP) are being owed in terms of bridging claims.

According to Elder Okoronkwo, to mitigate against persistent losses there is collection of N5000 product liability Insurance by the Down Stream Regulatory Authority on behalf of IPMAN

He pleaded in a special way with the Downstream Regulatory Authority to make payments regarding Marketers’ product differentials and Bridging claims to enable their members to continue to be in business as some have been owed such claims for upward of 6 months.

He called on all members to submit their claims and all documentation to the consultant, the Benham Group to review and reconcile the bridging claims

He expressed appreciation for the tremendous support the NNPC, PPMC, and other government agencies who worked hard to stabilize and smoothen the supply of products across the country

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Wike’s Wife, CJN’s Daughter-in-Law Nominated For Judicial Position

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The Nigerian Judicial Council (NJC) has recommended Mrs. Justice Nyesom-Wike Suzzette, wife of the Federal Capital Territory’s Minister, Nyesom Wike, for a position on the Court of Appeal.

Suzzette, a former First Lady of Rivers State and currently a judge at the Rivers State High Court, is among 21 candidates proposed for elevation to the appellate court.

Additionally, Ariwoola Oluwemi Victoria, theP daughter-in-law of Niygeria’s Chief Justice Olukayode Ariwoola, has been recommended for a promotion to the Federal High Court in Abuja.

She is one of 12 judges selected for advancement to this court.

Justice Ariwoola is expected to bow out of Nigeria’s judiciary in August this year.The NJC, at the same meeting, barred two judges, Inyang Edem Ekwo of the Federal High Court and Justice G. B. Brikins-Okolosi of Delta State High Court, from elevation to the Appeal Court for two to three years and issued them warning letters.

Justice Ekwo was reprimanded for the abuse of discretionary power by wrongly granting an ex-parte order in Suit No FHC/ABJ/C/626/2023 Juliet Ebere Nwadi Gbaka & 2 others Vs Seplat Energy Plc & 12 others.

He was barred from elevation for two years.

Justice G. B. Brikins-Okolosi received a warning letter for failing to deliver judgment within the stipulated period in Joseph Anene Okafor Vs Skye Bank, suit No A/94/2010, after parties had filed and adopted their final written addresses.

He will not be elevated to a higher bench for three years.

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LSFRS, NNPC Ltd Sing Discordant Tunes Over Lagos Depot Fire

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A tank farm in the Apapa area of Lagos State went up in flames in the early hours of Friday.

A viral video of the sad incident, now making the rounds on social media platforms indicates that it is the property of the Nigerian National Petroleum Company Limited (NNPC Ltd).

The video was being traced to the Lagos State Fire and Rescue Service (LSFRS).

However, the NNPC Ltd has denied that none of its facilities in the location was affected, it posited that the fire incident, from a pipeline, affected a farm tank belonging to Honeywell Oil and Gas.

Director, Public Affairs, LSFRS, Amodu Shakiru, has confirmed the incident, and that firefighting operations were ongoing as at the time of going to press.

Shakira said, “Yes, we just received a call from that area and the call came in at 11:27am.

“The Lagos State Fire and Rescue Service is attending to a fire outbreak at the new NNPC Terminal, formerly OVH, Kayode Street, Marine Beach, Apapa.

“The fire resulted from a spillage of petroleum products within the perimeter of the tank farm”.

In the same vein, Director and Chief Executive Officer, LSFRS, Margaret Adeseye, said concerted efforts with various emergency responders within the oil and gas industry were being made to contain the situation.

“The public is hereby assured that the emergency operations are under control from escalating further,” Adeseye stated.

However, the Punch cited Spokesperson, NNPC Ltd, Olufemi Soneye, as saying that the fire was not from the company’s depot but from HOGL.

“It is not at the NNPC, but at HOGL. The fire is at a pipeline at HOGL. The fire has since been extinguished. It’s at the Honeywell depot but it has now been extinguished. Not NNPC,” Soneye said.

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Alakija Hails Gov Adeleke

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The Chancellor of Osun State University and Executive Vice Chairman of Famfa Oil Limited, Folorunso Alakija has described Governor Ademola Adeleke as “an action Governor who is delivering good governance to the good people of Osun state”.

She bared her mind, while hosting Gov Adeleke at the Ikoyi headquarters of Famfa Oil Limited.

According to her, she she has been following activities of Gov Adeleke since he assumed office, and commended him for setting a good leadership example.

The billionaire businesswoman on the occasion flanked by two of her directors, Ladi and Folarin Alakija, noted that the Osun State Governor has been demonstrating strong passion for public service and pursuing a big agenda for the state.

She prayed to God Almighty to strengthen the Governor for a second term in office, as in her opinion, four years were not enough for an action governor like Gov Adeleke to deliver fully on his ambitious agenda for the state.

Reviewing her tenure as the Chancellor of the Osun State University, the Famfa boss recalled the conception and stages of completion of the UNIOSUN Medical Research and Training Hospital which she wholly donated and financed.

She pointed out that the project which is 95 percent completed was designed to serve the health needs of patients from far and near and elevate service to humanity to a higher level.

Earlier, Governor Adeleke, accompanied by the Vice Chancellor of the Osun State University, Prof Odunayo Clement Adebooye and other state officials, said he was ‘on a thank you visit to the business mogul to appreciate her huge contributions to the growth and development of the state university’.

Gov Adeleke expressed appreciation for the massive multi-billion naira Medical Research and Training hospital that Apostle Dr Alakija was building at the State university, describing Famfa boss as “a commendable role model in the field of philanthropy.

“We are here as a government to appreciate you. You are uncommon and rare in your love for service to humanity.”

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