Economy
Customs Agents Allege Arbitrary Increase in Haulage Fare at Onne Port
By Bon Peters
There has been palpable tension at Onne Port in Rivers State over what the Association of Nigeria Licensed Customs Agents (ANLCA), Eastern Zone, described as an alleged arbitrary increase in haulage fare by the transport unions, maritime flat and cargo and freight forwarding transport, in connivance with the Nigeria Shippers Council (NSC).
Our correspondent reports that trouble started last week following an arbitrary increase in transport fare at Onne to about 200 per cent, according to ANLCA.
In an exclusive interview with our correspondent on the sidelines of an emergency meeting at Onne, Port Harcourt, the Rivers State capital, the Zonal coordinator of ANLCA Eastern Zone, Mr Joshua Ahuama, said, “The recent attempt by the truckers’ association to increase transport rate by more than 200 per cent is mostly unjust, unwarranted and inhibitive to trade. Hence, the freight forwarders’ leadership’s interface with the NSC.”
Mr Ahuama regretted that after all valid arguments have been made on the matter, the South-South Zonal Director of NSC, Mr Glory Onojedo, felt compelled, and put a call across to the truckers’ association, directing them to suspend the implementation of the new rate, pending the conclusion of all necessary deliberations on the matter.
He said his association was piqued at the behaviour of the transport unions who, according to him, walked out of a meeting among ANLCA, NSC and the transport unions chatting solidarity songs, vowing to stand on their mandate.
Mr Ahuama insisted that the freight forwarders’ leadership requested that the council to put its instruction and directive to the truckers in writing to allow for concrete evidence and ease of reference.
According to him, the truckers’ union have refused to revert to the old rate but rather had gone ahead to implement the new price regime even to the extent of locking up some trucks that have refused to increase their fares.
He wondered why the increment at this time, when the roads have improved due to the various construction and rehabilitation works going on in the South-South and South East.
Recall that in May 2022, the two transport unions, maritime flat and cargo and freight forwarding transport unions clashed over what those in the Maritime industry described as an unwarranted and astronomical increase in transport fare of containers from the port to their destinations and who controls the park.
The development resulted in a free-for-all and damage beyond repair of two vehicles, a Toyota Sienna car and a Mitsubishi bus, belonging to the two unions, including their office, a 40-foot container which an eyewitness say was lifted with bare hands and turned upside down by the warring factions.
The incident resulted in the loss of billions of naira to the federal government and maritime business stakeholders until the intervention of the Nigerian Shippers council and other relevant authorities.
But in this case, the freight forwarders said they perceived an alleged unholy union between the transporters, the and the Nigerian Ports Authority (NPA) to extort the freight forwarders and the shipping companies.
“The refusal of the Nigerian Shippers Council to put their directive in writing is strong evidence and indictment against them, and only indicates that they are in cahoots with the truckers to extort agents.
“This is quite disheartening, considering that a council that should model transparency and help in facilitating trade has made itself a cheap tool for manipulation and treachery, for the shameful reason of undue financial benefit,” Mr Ahuama said.
“We are insisting that due process must be followed towards arriving at what’s fair to all concerned. All necessary parties must be consulted and considered. Only then can a fair rate be actualised,” he added, warning that “we are also putting all relevant authorities and interested parties on notice that if the shippers council fails to put their directive in writing, and ensure that status quo remains within a reasonable time, that we the agents are going to engage the services of other transport companies who are not members of their unions, and will resist any attempt of any form from them to prevent other non-union trucks/drivers to load out cargo from the port.”
He also said this group would “prevent them from having access to the port by upholding the position of the law as regards haulage in the port and may withdraw our services if the NPA does not wade in and exercise their authority on this issue.”
According to him, the ripple effects of these will geometrically hike the prices of goods in the market in an already tensed situation in the country.
As at the time of filling this report, every attempt to reach the two transport unions leaders proved abortive as their phone numbers continued to say you are not allowed to call these numbers.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has once again trimmed its 2024 and 2025 oil demand growth forecasts.
The bloc made this in its latest monthly oil market report for December 2024.
The 2024 world oil demand growth forecast is now put at 1.61 million barrels per day from the previous 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, which is 900,000 barrels per day lower than the 1.54 million barrels per day earlier quoted.
On the changes, the group said that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
The oil cartel had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.
OPEC and its wider group of allies known as OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
Eight OPEC+ member countries – Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – decided to extend additional crude oil production cuts adopted in April 2023 and November 2023, due to weak demand and booming production outside the group.
In April 2023, these OPEC+ countries decided to reduce their oil production by over 1.65 million barrels per day as of May 2023 until the end of 2023. These production cuts were later extended to the end of 2024 and will now be extended until the end of December 2026.
In addition, in November 2023, these producers had agreed to voluntary output cuts totalling about 2.2 million barrels per day for the first quarter of 2024, in order to support prices and stabilise the market.
These additional production cuts were extended to the end of 2024 and will now be extended to the end of March 2025; they will then be gradually phased out on a monthly basis until the end of September 2026.
Members have made a series of deep output cuts since late 2022.
They are currently cutting output by a total of 5.86 million barrels per day, or about 5.7 per cent of global demand. Russia also announced plans to reduce its production by an extra 471,000 barrels per day in June 2024.
By Aduragbemi Omiyale
A minority equity stake in Chappal Energies Mauritius Limited has been acquired by a Nigerian energy firm, Aradel Holdings Plc.
This deal came a few days after Chappal Energies purchased a 53.85 per cent equity stake in Equinor Nigeria Energy Company Limited (ENEC).
Chappal Energies went into the deal with Equinor to take part in the oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.
Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for Nigerian society and various stakeholders.
As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
In a separate transaction, on July 17, 2024, Chappal and Total Energies sealed an SPA for the acquisition by Chappal of 10 per cent of the SPDC JV.
The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.
“This acquisition is in line with diversifying our asset base, deepening our gas competencies and gaining access to offshore basins using low-risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource.
“We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities,” the chief executive of Aradel Holdings, Mr Adegbite Falade, stated.
By Adedapo Adesanya
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
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