Author: The Nation

Mobile money service provider, Y’ello Digital Financial Services has announced the expansion of its MoMo Agent cardless cash withdrawal service to over 40 banks and other financial institutions nationwide, providing seamless financial solutions to more people.

Initially exclusive to Access Bank, the service has now been extended to include First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa (UBA) and other tier-one commercial banks.

Using the service, customers can visit MoMo Agents nationwide to access funds in their bank accounts without requiring an Automated Teller Machine (ATM) or ATM card.

The service utilises a secure gateway that protects customers against fraudulent transactions and requires transaction validation using their bank PIN.

Chief Executive Officer, Y’ello Digital Financial Services, YDFS, Usoro Usoro said: “We all must play our part in the Federal Government’s financial inclusion drive, which we know is essential for every Nigerian. With this, more MoMo users can walk up to the nearest MoMo Agent to withdraw cash from their bank account without visiting a bank or an ATM.”

With the cardless cash withdrawal service, MoMo Agents’ sustained innovation aligns with the Central Bank of Nigeria’s (CBN’s) financial inclusion target of 95 per cent by 2024.

Launched in 2019, MoMo Agent expanded its financial services in 2020 for underbanked and unbanked communities to include bill payment, cash deposit and withdrawal, data and airtime purchase and bulk disbursement services. Customers on the MTN network can dial *223# to locate the nearest MoMo Agent.

 

By Bassey Anthony, Uyo

The Akwa Ibom State owned Airline, Ibom Air, would soon commence flight operations between Nigeria and The Gambia.

This was part of discussions yesterday when the Gambian High Commissioner to Nigeria, Mohamadou Musa Njie met with the Akwa Ibom State Governor, Mr Udom Emmanuel at Government House, Uyo the state capital.

The governor thanked the Gambian High Commissioner and the President of Gambia for indicating interest in bilateral relations with Akwa Ibom in commerce, industry and aviation development.

“We are actually planning a regional flight with Ibom Air, so we hope by next month we should take delivery of two brand new A220 300 series Airbuses, we want to use that for regional flights. I will get this to be discussed at the directors meeting of Ibom Air so that we can also consider Banjul,” the governor assured.

The governor acknowledged the tourism potentials in The Gambia and advised other West African countries to take advantage of the tourism potentials that Ibom Air is offering.

The High Commissioner Mohamadou Musa Njie had commended the governor for the great achievements recorded by Ibom Air and expressed the willingness of his country to have Ibom Air commence operations into Banjul.

He presented a letter written by the President of The Gambia requesting the Akwa Ibom government to extend the operations of Ibom Air to The Gambia.

The letter also conveyed the invitation by the President of The Gambia, Adama Barrow to Emmanuel for a visit to strengthen industrial and trade relations.

By John Ofikhenua, Abuja

The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday distanced itself from the alleged diversion of the Premium Motor Spirit (PMS) or petrol to neighbouring countries.

In a telephone interview with The Nation, its National Vice President, Alhaji Abubakar Maigandi, said the volume that the Nigerian National Petroleum Corporation (NNPC) allocates to its members is so negligible to be diverted.

His words: “The little volume we get from the depots is what we take straight to our petrol stations. It is not even enough for us to sell. What are we selling if we are the ones diverting the petrol?”

Meanwhile, the Department of Petroleum Resource (DPR’s) Head of Public Affairs, Mr. Paul Osu, whom The Nation dialed his phone for response to the allegations,, did not respond.

There are allegations about marketers who smuggle petrol to Niger Republic, Chad, Cameroon, Togo and Republic of Benin.

The illegal fuel business is fuelled by the Petroleum Support Fund (PSF) that subsidises the petrol in Nigeria.

The subsidy makes it far cheaper in Nigeria than in its adjoining countries.

The cheapness has culminated in the diversion of the products from Nigeria and creating scarcity instead of surplus.

According to analysts, other countries are feeding fat on Nigeria’s subsidy while its citizenry groan under petrol scarcity.

For instance, as at 29th March, 2021, Global Petrol Prices data indicated that the “average price of gasoline around the world is $1.11 per litre”.

But the data reflected that it was $0.406 (N166.054) per litre in Nigeria. In Togo, it was 0.763 per litre. In Republic of Benin it was 0.906 per litre. It was 0.930 per litre in Chad and 0.927 per litre in Ghana. In Mali, it was 1.204 per litre. There was no record for Republic of Niger.

Meanwhile, the IPMAN National Vice President Alhaji Maigandi said the big players that get higher volume of allocation from the NNPC are the Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPMMA) and then the NNPC Retail outlets.

He noted that “although independent marketers sell about 80 per cent of the product in Nigeria, they get lesser allocation of petrol from NNPC depots.

“It is MOMAN, DAPMMA and NNPC Retail outlets that get the highest quantity of the supply from the NNPC NNPC depot”.

Maigandi said “independent marketers buy petrol from NNPC and private depots. We cannot get our actual full volume from NNPC”.

He lamented that the Department of DPR was reticent about the private depots that were selling petrol for N157 per litre instead of N145.75 per litre.

The DPR, he said, would rather wield the big stick against independent marketers that sell PMS above pump price.

Commenting on the petrol market at the Easter period, he said there was low demand for the product, perhaps, due to paucity of cash in the country.

Some domestic airline operators have expressed satisfaction with the level of patronage by passengers travelling to various parts of the country during the Easter celebration.

Some of the carriers that spoke in separate interviews in Lagos yesterday, said the airlines recorded above 90 per cent passenger traffic, during the period.

The airline officials noted that flights from Lagos to other routes were booked before the Easter break, adding that there was a surge in traffic.

They, however, stated that  fares remained the same.

The official acknowledged that patronage during the  Easter celebration was far better than what was recorded last year, due to the coronavirus (COVID-19) pandemic lockdown, that grounded the airspace.

Media and Communications Manager, Dana Air, Mr Kingsley Ezenwa,  said a lot more people had chosen to fly home for the celebration, as against what was obtained the previous years.

Ezenwa said that Dana Air recorded between 80 and 90 per cent increase in passengers, during the Easter holidays, compared to the year before that was disrupted by the COVID-19.

According to him, passenger traffic during the  Easter holidays is encouraging.

“Dana usually recorded about 85 per cent in passengers before Easter, but it has increased to 95 per cent during the Easter celebration this year,” he said.

The Dana Air spokesman, however, were faced with challenges, which included high cost of Jet A1 fuel, forex unavailability paucity, multiple taxation, infrastructure and duties.

“A lot of these issues need to be considered critically, not just for the government to announce that tax is removed, only for the agency in charge to subtly reintroduce another. But we will continue engaging the government on this. However, the government is doing well but it can be better,” he said.

Head, Corporate Communications, Arik Air Limited, Mr Adebanji Ola, said the airline also observed an increase in the number of travellers from Lagos to other parts of the country during the Easter break.

He also said the airline’s ticket price was still the same.

According to him, the passenger patronage during the holidays was impressive, stressing that even before the holiday, the traffic has been good.

“The 2020 Easter was held during the COVID-19 lockdown; so no comparison.

“The airlines challenges are usually infrastructural challenges, but government is trying; l hope there will be room for improvement,” he said.

Corporate Communication Executive, Air Peace Limited, Mr Stanley Olisa, also noted that the airline had been observing increase in passengers from Lagos to other routes recently.

Olisa said the airline had planned to keep serving Nigerians with more sophisticated aircraft.

He acknowledged that there had been an increase in passenger traffic during the season, especially to some parts of the country.

“Passenger traffic during this season has been high, especially on our domestic routes. Last year’s Easter, people did not have the opportunity to really travel because of the COVID-19 induced lockdown and the ban on flights.

“So, obviously, passenger traffic in this year’s Easter is more, as there is no restriction on domestic air travel and no lockdown,” he said.

In a related development, the Commissioner of Police in charge of Lagos Airport Command, Mr Bature Umar, has reiterated his total commitment to crime-free airport operations in Lagos.

The Spokesman of the command, SP Joseph Alabi, told NAN that the Commissioner had put in place surveillance at every nook and crannies of the airport, to ensure a crime free environment.

He maintained that the police authorities were committed to making the airport and its environ safe and secured for travellers, airline operators and other users.

According to him, the commissioner has instructed that security operations should be fully on ground at the airports, during the Easter holidays.

“We have a senior ranking officer in the airport, which is quite strategic. Our officers have been deployed to various areas within the airport to keep the place safe.

“The commissioner of police has also warned touts parading themselves as travel agents within the airport, that they would be prosecuted, if and when apprehended,” Alabi said.

He advised members of the public to always abide by the rules and regulations of the airport, especially on the issue of restricted areas and also observe all COVID-19 protocols.

“The need to tighten up and provide adequate security in areas of operations cannot be over emphasised. Therefore, there are informed police patrol and plain cloth officers at various arrival and departure halls of the airport.

“All airports car parks are also guarded adequately. Every officer at the airport also adhere to the COVID-19 protocols,” he said.

Oil prices dropped early yesterday, as renewed concerns about oil demand had the market rethink whether last week’s non-member countries of the Organisation of Petroleum Exporting Countries (OPEC+) decision to ease the production cuts by more than one million barrels per day (bpd) over the next three months was a wise move amid still fragile demand recovery.

WTI Crude prices dipped below $60 a barrel and traded at $59.86, down 2.42 per cent while Brent Crude was down 2.41 per cent at $63.20.

“Markets got off to a slow start after a long weekend, digesting last Thursday’s decision by OPEC+ and Saudi Arabia to gradually raise supply over May-July, against a festering Covid situation in Europe and some other hotspots across the world,” Vanda Insights said.

After another surprise decision from OPEC+ last Thursday, oil prices jumped by more than 3 per cent before the long weekend, as the market interpreted the easing of the cuts plus Saudi Arabia reversing its extra cut of 1 million over the summer as a sign from the alliance that demand is expected to be strong over the rest of the spring and the summer.

But yesterday, news out of India, the world’s third-largest oil importer, showed that demand recovery continues to be a rocky path. India reported its highest number of new daily coronavirus cases since the pandemic began and reinstated lockdowns in some areas, including in its biggest city, Mumbai.

India’s lockdown and continued lockdowns in major European economies, including Germany and France, are once again rattling the oil market amid fears that expectations of strong demand from now on may not materialise.

The potential of Iranian oil barrels legitimately returning to the market is also upsetting forecasts of demand and supply for the rest of the year, although Iran’s oil is not expected to return very soon.

The US will take part in indirect talks about the Iran nuclear deal with diplomats from Europe, Russia, and China in Vienna this week. Although the start of talks doesn’t mean a swift return to the so-called Iran nuclear deal, the odds of the U.S. lifting of the sanctions on Iranian oil exports may have risen compared to a few months ago.

 

By Oluwakemi Dauda

Container terminal operator, APM Terminals Apapa, has invested about  N168 billion since it took over the terminal in 2006, it was learnt.

The N168 billion investment, it was gathered, is the  highest investment by any terminal operator in the country.

As part of its fresh investment of $80million for the year 2020-2021, the terminal, it was gathered, has acquired seven new forklifts to facilitate quick cargo clearance at port.

The equipment will boost Customs examination and improve the movement of heavy materials at the terminal.

Its Chief Operating Officer, Steen Knudsen, said the new equipment, which includes six five tonnes and one 16 tonnes forklifts, will enable the efficient performance of tasks at the Customs examination bay and other units without having to share forklifts with other teams.

As part of its fleet renewal and expansion programme, the terminal operator has acquired additional cargo handling equipment, including seven Reach Stackers, two Empty Handlers, two Mobile Harbour Cranes and four Rubber Tyred Gantry Cranes (RTGs).

With the new acquisitions, APM Terminals Apapa now has 27 RTGs, 13 Mobile Harbour Cranes (MHCs), several reach stackers, forklifts, empty handlers and specialised terminal trucks in operation. This effectively makes it the best-equipped port terminal in the country.

Knudsen told The Nation that the terminal has also rolled out a talent development programme which includes functional training for all its employees.

“Our engineering maintenance team are undergoing industrial automation and control training for better optimisation of the latest RTG fleet and other equipment. The functional training is in phases and cuts across all departments,” he said.

He said the management has embarked on digitisation of its operations and services through the deployment of 4G LTE wireless network and the construction of a new Operation Command Centre (OCC) to enhance service delivery.