Business
Forte Oil, MTN in robust retail expansion drive
LAGOS – Determined to address pressing customer management demands, and bring services closer to the doorstep of its 55 million subscribers, telecommunications operator, MTN Nigeria, in strategic partnership with Forte Oil plc, weekend, disclosed plans to grow its retail presence with the roll-out of 500 Walk in Service Everywhere (W.I.S.E) kiosks across the country.
This, MTN pointed out, was another demonstration of its unflinching commitment to bring services to its numerous customers. Under the terms of agreement, MTN disclosed, weekend, that 500 service kiosks would be deployed on the premises of Forte Oil filling stations spread across the country.
Currently, Forte Oil plc, foremost indigenous marketer of refined petroleum products has a strong presence in Nigeria well over 500 Forte Oil owned, dealer-assisted and dealer-developed retail outlets spread across the country.
Speaking at a launch ceremony in Lagos, weekend, Mike Ipoki, chief executive officer, MTN Nigeria, said, the Forte Oil’s strong presence in-country as well as the calibre of its workforce were some of the reasons why the telecoms company chose to partner it. He said that at the kiosks, customers can enjoy services such as: SIM swaps, bill payments, SIM registration, query resolutions, sale of airtime and other bouquet services right on the forecourt.
This is in addition to fuels and lubricants purchases as well as sundry services such as groceries, laundry, car wash and auto repair. “Our driving force is really about making our customer life better. MTN and Forte Oil share in that passion of connecting with customers. We were looking for like minded organisations that is why we decided to partner with Forte Oil,” he further added.
Speaking in the same vein, Akin Akinfemiwa, group chief executive officer, Forte Oil plc, said the partnership was in line with the oil and gas company’s vision of making its retail outlets a one-stop shop for healthy and productive customers’ shopping experience, beyond refuelling of their vehicles.
According to him, in the first phase of the project, MTN will deploy 100 W.I.S.E kiosks to selected service stations nationwide. This, he said is expected to increase significantly to 200 at the second phase of the deployment exercise. Akinfemiwa, said, “As the foremost indigenous oil marketing company, Forte Oil is constantly seeking opportunities to meet customers’ needs through the provision of value added services.
He said the partnership with MTN is to reinforce that vision through commitment to superior service delivery. “With this partnership, our customers who are subscribers to the network will be able to reduce their commuting time and cost in attending to their telecoms requirements by visiting Forte Oil retail outlets.
– BUSINESSDAY
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
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In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
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The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation from the board on Monday, marking a significant moment in the organization’s history.
Schwab, who has been at the helm of the WEF for over five decades, confirmed he was stepping down from his position as Chair and leaving the Board of Trustees with immediate effect.
“I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said, noting that the decision comes as he approaches his 88th year.
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His resignation follows his stepping down as executive chairman in 2024, when former Norwegian foreign minister Borge Brende took over the day-to-day operations.
In response, WEF appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman while a search committee was formed to find a permanent successor.
The WEF board lauded Schwab’s immense contributions, acknowledging his “outstanding achievements” over his 55-year leadership tenure.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF stated.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
Schwab, originally from Ravensburg, Germany, founded the precursor to the WEF, the European Management Forum, in 1971.
The first meeting drew fewer than 500 participants, but over the years, Schwab expanded the gathering into a prestigious platform that now attracts thousands of influential figures.
The Davos summit has become synonymous with global power brokers, offering opportunities for high-level networking, discussion, and collaboration on issues affecting the world.
Under Schwab’s leadership, the WEF grew to include regional meetings and established centers dedicated to pressing global topics such as cybersecurity, climate change, and financial systems.
The organization continues to uphold its mission of “improving the state of the world” by fostering dialogue and cooperation.
However, the WEF and Schwab have not been without their critics. Many argue that the forum has become a venue for corporate elites to exert influence over governments, with the term “Davos Man” often used to describe the affluent attendees.
Schwab has also faced the ire of conspiracy theorists, particularly following his promotion of the “Great Reset” following the COVID-19 pandemic.
These theorists have spread misinformation, alleging that Schwab and the WEF are part of a global elite aiming to control the world, with even Elon Musk weighing in on social media, claiming Schwab “wants to be emperor of Earth.”
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