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Friction as DPR Reopens Filling Stations Shut by LASBCA

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Reopens Filling Stations

By Adedapo Adesanya

The Department of Petroleum Resources (DPR) on Thursday reopened five filling stations shut by the Lagos State Building Control Agency (LASBCA) in Ajah and Ibeju Lekki axis of the state.

The petrol stations, operated by members of the Major Oil Marketers Association of Nigeria (MOMAN), members were sealed by the state’s building control agency but the country’s petroleum regulatory agency, being the organisation legally allowed to carry out such an action, said the stations were sealed without consultation.

Speaking at the reopening of the fuel stations, Mr Ayorinde Cardoso, Zonal Operations Controller, DPR, Lagos Zone, argued that LASBCA lacked the constitutional power to shut petroleum products retail outlets because the industry was clearly under the Exclusive List.

He advised state and local government agencies to desist from arbitrary sealing of businesses in the oil and gas sector as it could lead to disruption in the supply of petroleum products.

Mr Cardoso said: “We got information yesterday that LASBCA has shut down about 10 filling stations. We also learnt that a local government council shut down another petrol station in the Magodo area.

“We were not consulted and we need to put the record straight. The oil and gas business is a regulated environment and we know from the 1999 Constitution that oil and gas are matters within the Exclusive Legislative List.

“The Federal Government of Nigeria through the National Assembly is endowed with exclusive power to execute on any item on the exclusive list.”

He explained that “arising from that constitutional powers, the National Assembly enacted the Petroleum Act of 1969.

“This act regulates all matters relating to petroleum such as importation, handling, storage, distribution of petroleum and petroleum products and other flammable oils.

“This act also provides granting of licences to import, handle, store, sell, distribute any petroleum product in Nigeria.”

He said as a result of this, all persons that engaged in the business were licensed by the Minister of Petroleum Resources through the DPR.

According to him, the DPR collaborates with other relevant federal and state government agencies for requisite permits and approvals before the issuance of the licences.

Mr Cardoso said there were prerequisite processes that must be completed before a licence to operate is issued to any operator.

He said these included certificates of incorporation, Memorandum and Articles of Association, Tax Clearance Certificate, Police Report, Fire Report, Approved Building Plan and a Letter from Lands and Survey.

The Zonal Head added that it also carries out an Environmental Impact Assessment Report, Site Layout Plan, Evidence of Land Ownership and Survey Plan.

“Once we have done this and we issue licences to operate, it becomes a federal government property for business and our licence gives the owner the permission to do business in that area.

“So, any issue arising from the licensee, you need to call on the licensor who is the federal government; then we will look at the issue and see how we can resolve it,” he said.

Mr Cardoso said the DPR was interacting with the Lagos State Ministry of Energy and Mineral Resources to ensure that agencies of the state government did not disrupt the smooth supply of petroleum products in Lagos.

On its part, Mr Gbadeyan Abdulraheem, Public Relations Officer, LASBCA, according to the News Agency of Nigeria (NAN), noted that some of the sealed facilities did not have the agency’s approval or had deviated from the approved plan.

“The DPR can give you the approval to run a filling station but the building itself has to be approved by LASBCA and there are conditions to be met which they didn’t.

“Some of them didn’t follow the radius which is a minimum of 300 meters before siting another one while others were constructed between residential buildings.

“Lagos State government is not interested in victimising or creating problems for anybody. What we are saying is that they should follow the best practices,” Mr Abdulrasheed said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Adrian Grenier Joins Panel Discussion about Green Bitcoin

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CoinGeek

United Nations Environment Goodwill Ambassador and actor Adrian Grenier, who starred in Netflix’s Clickbait, HBO’s Entourage and 20th Century Fox’s The Devil Wears Prada, has joined a panel discussion about Bitcoin energy consumption and sustainability at the recently concluded CoinGeek Conference New York.

Grenier is also known as a strong environmental activist who helped launch UN’s Clean Seas campaign in 2017 and co-founded the Lonely Whale Foundation, which aims to increase awareness and educate people about the status of the globe’s oceans and marine life.

Grenier also has an impact fund called DuContra Ventures, where he is a co-founder and the chief experience officer, that is focused on four categories: the betterment of humans, investing in communities, the future of finance (where his interest in blockchain comes in), and sustainable consumer goods. The actor has also invested in Blueland, which produces plastic-free consumer cleaning products.

The presence of a renowned environmentalist at a Bitcoin event is somewhat of irony as Bitcoin has been touted by the media in the past months as unsustainable and not environmentally friendly with the massive amount of energy Bitcoin mining consumes.

“I think people that want to dismiss crypto as being unsustainable don’t fully understand the complexity of the opportunity that crypto has for society across the board. It’s not just about mining efficiency, it’s also about how it’s going to improve every industry,” Grenier said.

Grenier’s presence means that he has finally found a Green Bitcoin he can support in BSV. The BSV blockchain is the largest public blockchain that can scale unlimitedly to accommodate the data the world is generating.

“If you had a crypto technology that could actually track the exchange of goods and services within the community and keep the value very hyper-local, there’s a lot less loss. I mean, when you put your money in a centralized banking system, you’re losing a lot of money, especially with inflation and the printing of money. And suddenly, they’re stealing your little value. But when you have a hyperlocal currency, you know what’s being shared, and you keep it serving your community,” Grenier explained.

Unlike BTC that has no other utility except as a speculative investment due to its price volatility, small data blocks at only 1MB in size and low throughput at seven transactions per second (tps), a 2GB block has already been mined on the BSV blockchain and the network is preparing to increase its throughput to over 50,000 tps at transaction fees of less than a penny, rivalling the capacity of the VISA network. These numbers are what make BSV the Green Bitcoin and what make BTC simply unsustainable.

“I think it’s really going to transform media. In my business, like filmmaking [and] communications, it’s going to empower artists to have exchange directly with consumers, get commercialization out of that relationship unless chosen. Even just the social media networks. Like what’s happening with Facebook, they’re literally selling our data for profit, and we don’t see any of that money. I like to see social media networks that allow both users and content creators to have a more autonomous exchange of value,” Grenier pointed out.

As BSV continues to scale, millions and even billions of tps can be realized in the future. And with this kind of powerful technology, can usher in a fully on-chain world—improving business systems and processes and maximizing profits—much like how the Internet Protocol has created the online life people are enjoying today. This kind of benefit to mankind is what more than justifies the huge energy consumption of BSV mining.

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Economy

Apple Rolls Out New AirPods, MacBooks, Processor

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Apple AirPods

By Adedapo Adesanya

At its virtual MacBook event on Monday, tech giant, Apple, launched the new generation AirPods which will support spatial audio, thanks to new sensors that support features like spatial audio.

The new Airpods sport a new design, closer to the AirPods Pro, but they lack the rubber in-ear tip. The case also charges magnetically using Apple’s magnetic charger MagSafe.

Apple says the third-generation AirPods have more powerful bass than previous models and that the AirPods now have six hours of battery life for listening to audio.

The new AirPods cost $179 (N102,388) and will hit the shelves next week.

Apple launched its first AirPods in 2016 and turned the wireless earphone market on its head.

Apple is the largest AirPods brand as it holds 29 per cent of the market share in the third quarter of 2020, three times that of its closest competitor, Xiaomi.

Also at the event, the company announced new chips, M1 Pro and M1 Max, for new high-end MacBook Pro laptops.

The M1 Max is a more powerful version of the M1 and M1 Pro. It has 57 billion transistors, Apple said, and a 32-core graphics processor, saying that its graphics processor compares favourably to current laptop graphics processors, especially when using less power.

Apple said the new MacBook Pro laptops are completely reimagined as they will come with Apple’s M1 Pro chip, a new processor Apple says has a 10-core processing unit that is 70 per cent faster than its current M1 chip.

The new models have an HDMI port to connect to displays and TVs, an SD card slot for photographers. It also uses a MagSafe magnetic connector, bringing back a beloved feature from older MacBooks.

Users can still charge using the USB-C ports, of which there are three, which support Thunderbolt connections.

It comes in 16-inch and 14-inch sizes with denser screens and ProMotion screens with a higher refresh rate, a feature that landed on the iPhone 13 this year. The displays are using MiniLED technology, the company said.

The new models do not have a Touch Bar touchscreen on the keyboard but have a fingerprint sensor on the power button.

The 14-inch MacBook Pro starts at $1,999 (N1.1 million). The 16-inch model starts at $2,499 (N1.4 million), representing a slight price increase from previous models.

Apple’s $99 (N56,628) smart speaker, HomePod Mini, will also be available in a variety of new colours including orange, yellow, and blue. Previously, it was only available in white and dark grey.

** FX rates were calculated at N572 per Dollar, the black market rates.

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Economy

Fidelity Bank to Issue $500m of 5-year Unsecured Notes

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fidelity bank

By Dipo Olowookere and Adedapo Adesanya

Fidelity Bank Plc has announced its intention to approach the international capital market again for a fresh Eurobond worth $500 million.

A notice to the Nigerian Exchange (NGX) Limited signed by the company secretary, Ezinwa Unuigboje, disclosed that the unsecured and unsubordinated notes would carry a maturity of five years and would rank parri passu with all other previous papers sold by the lender.

In the disclosure, Fidelity Bank said the Securities and Exchange Commission (SEC) has given its approval for the transaction to go ahead as it “has no objection” to it.

The lender said it was requesting the fresh capital “for general corporate purposes, including supporting its trade finance business” and that after issuing the Eurobond, it would be listed on the Irish Stock Exchange to allow it to be traded on “its regulated market.”

Already, Fidelity Bank commenced the planned investor meetings concerning the notes on Monday, October 18, 2021, though the final decision to issue the papers is “subject to finalising the necessary transaction documentation and prevailing market conditions.”

Business Post reports that this development is coming after the Nigerian government raised $4 billion from the debt market last month. Also, another lender in the country, Access Bank Plc, which is listed on the nation’s stock exchange like Fidelity Bank, raised $500 million from the same market at 6.13 per cent. This sale was oversubscribed by investors because of the strong confidence they have in the bank.

Recall that in 2017, about this month, Fidelity Bank, a tier-two financial institution, issued $500 million Eurobond to investors.

Stocks of the company closed flat at the bourse on Monday at N2.74 each. The bank, since the assumption of office of Mrs Nneka Onyeali-Ikpe as the Chief Executive some months ago, has witnessed a rising profile in the Nigerian banking industry.

One of her ambitions is to ensure that the lender attains a tier-one status by 2025. At the moment, only five of the over 20 banks in the country are in the category and they are Zenith Bank, Access Bank, GTCO, UBA and First Bank, altogether known as ZAGUF banks.

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