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 World Bank has uncovered $32 million in unaccounted funds linked to a water infrastructure project in Nigeria, raising concerns about financial mismanagement in donor-funded initiatives.
The discovery was highlighted in the bank’s recently published FY2024 Sanctions System Annual Report, which revealed significant discrepancies in the project’s financial records.
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The missing funds were earmarked to bolster Nigeria’s water infrastructure, but irregularities in accounting prompted an investigation by the World Bank’s Integrity Vice Presidency (INT).
“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds,” the report noted.
In response, the World Bank engaged with key stakeholders, including the project’s task team leader, operations manager, and financial management specialist, to recover the funds and safeguard the project’s integrity.
As part of the resolution, the Central Bank of Nigeria has been requested to reimburse $22 million. Meanwhile, $6 million remains in the project’s account to cover ongoing operational costs.
The findings underscore the importance of transparency and robust financial oversight in large-scale infrastructure projects, particularly those funded by international institutions.
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) over the illegal sale of mint Naira notes to currency hawkers.
The apex bank, in a circular signed by the Acting Director of Currency Operations, Mr. Solaja Olayemi, on Friday, emphasized that erring banks would face stringent penalties.
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As part of its efforts to curb the abuse of the national currency, the CBN announced plans to conduct nationwide checks to seize mint notes sold by hawkers.
Banks found to have released such notes will be required to pay a fine of 10% of the value of the affected cash withdrawn from the CBN on the date in question.
Subsequent violations will attract an additional penalty incrementally increased by 5%.
The CBN also reiterated its commitment to enforcing the Clean Notes Policy, warning that banks involved in hoarding, diversion, or any actions that disrupt efficient cash distribution would face appropriate sanctions.
With the festive season fast approaching, the apex bank urged DMBs to enhance internal controls to ensure transparent cash distribution.
It highlighted the need for proper utilization of Automated Teller Machines (ATMs) to ensure easy access to new notes by the public.
Furthermore, the CBN disclosed plans to intensify its mystery shopping and spot checks, working closely with law enforcement agencies to clamp down on any practices that undermine the integrity of the Naira.
Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.7% in September, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday.
The month-on-month increase of 1.18 percentage points marks yet another strain on the nation’s economy, with transportation and food costs cited as the main drivers of inflation.
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Steep Year-on-Year Increase
Compared to October 2023, when the inflation rate stood at 27.33%, the October 2024 figure reflects a significant rise of 6.55 percentage points. This sustained upward trend highlights the worsening cost-of-living crisis for Nigerians.
Month-on-Month Breakdown
Inflation on a month-on-month basis also showed an uptick, rising to 2.64% in October 2024 from 2.52% in September. The faster rate of price increases further underscores the growing economic pressure on households.
Food Inflation Soars to 39.16%
Food inflation, a major component of the headline rate, reached 39.16% in October 2024, up from 31.52% in the same month last year.
The increase was driven by higher prices of staple items, including: Cereals and Tubers: Guinea Corn, Rice, Maize Grains, Yam, Water Yam, and Coco Yam. Oils and Fats: Palm Oil and Vegetable Oil. Beverages: Milo, Lipton, and Bourvita.
On a month-on-month basis, food inflation rose by 0.30 percentage points to 2.94% in October, up from 2.64% in September.
Price hikes in Palm Oil, Vegetable Oil, Fish, Meat, and Bread categories were major contributors.
Annual Food Inflation Hits 38.12%
The average annual food inflation rate over the past 12 months climbed to 38.12%, a sharp increase of 11.79 percentage points from the 26.33% recorded in October 2023.
The consistent rise in inflation, particularly food and transportation costs, continues to erode the purchasing power of Nigerians.
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