Economy
Scarcity: NMDPRA Threatens Marketers Hoarding Fuel
By Adedapo Adesanya
As Nigerians continue to feel the biting fuel scarcity across the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned petroleum marketers against hoarding the products.
Across the country, petrol queues have emerged with prices above N800 due to the unavailability of the product.
The agency also warned residents against panic buying, hoarding and storing of petroleum products at home.
Mr Adekunle Adeyemo, the Osun State Coordinator of NMDPRA, gave the warning while speaking with journalists on Monday in Osogbo, noting that the surveillance team of the agency would be all out to ensure that no filling stations hoard the product.
He said that any marketer caught hoarding the fuel or engaging in any form of sharp practices would be dealt with in accordance with the dictates of the law.
Mr Adeyemo promised that the organisation would intensify its monitoring and surveillance of outlets in line with its regulatory mandate to ensure compliance with quality, quantity and safety of operations.
According to him, the government is doing everything possible to ensure adequate availability of the product, and it will be unfair for independent marketers who have the product in stock to be hoarding it.
“We want to appeal to independent marketers who have petroleum products in stock to stop hoarding.
“It will be inhuman for those who have the product to be hoarding and inflating the pump price.
“The surveillance team of the agency is already out to ensure that those who have the product are dispensing it to motorists at a reasonable price.
“However, any filling station caught hoarding the product with the view of inflicting pain on the masses will not be spared.
“Yes, there might be a little challenge in the supply process, but relevant government agencies are doing everything possible to ensure that the situation is normalised.
“We will not fold our hands while some few individuals will inflicting undue pain on the residents of the state by hoarding the products,’’ he said.
Mr Adeyemo appealed to petroleum marketers to always adhere strictly to standard safety practices in their filling stations.
He warned that any marketer that violates the standard procedure would be dealt with according to the law.
Mr Adeyemo also appealed to consumers to report sharp practices such as under-dispensing, to the agency for appropriate action.
The NMDPRA boss also warned against storing petroleum products at homes, adding that such can cause a fire outbreak.
He said that people needed to be very careful with how they handle petroleum products.
“Storing petroleum products at home can result in a fire outbreak, which can lead to the destruction of lives and property.
“We have to be wise, there’s no reason for panic buying or hoarding of the product because the government is doing everything possible towards the adequate supply of the product,’’ he said.
Economy
FG Offers 18% Interest on Savings Bonds
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
Economy
Reps Express Readiness to Pass Tax Reform Bills
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
Economy
NASD Index Appreciates 0.69% to 3,095.00 Points
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
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