The Nation Newspaper

Tag: DEBT

  • Contractor tackles firm over N8.5m debt

    Contractor tackles firm over N8.5m debt

    As the Managing Director and Chief Executive Officer (CEO) of Philipino International Services, Phillip Ajero, being owed by SLOK Marine/Shipping Nigeria Limited? Ajero runs Philipino, a firm based in Port Harcourt, the Rivers State capital. According to him, his firm in 2008 entered into agreement with SLOK Marine to supply food items and offshore oil valued at N8. 515 million to their offshore vessels. The job was allegedly executed and confirmed by the company, but payment was not made.

    According to Ajero, while the debt lingered, the SLOK reportedly  terminated the contract without informing him or paying the outstanding debt and awarded the contract nto another person.

    He said efforts to recover the amount from the company  have failed. Not even legal intervention by way of court judgment he got against the company in 2013, that by the Chairman of the Company, Orji Uzor Kalu, and that of the former Governor of Abia state and Hon. Marcus Kalu, the former Chief of staff Abia State Government House, have been able to get the money released, instead what he has continued to receive from the company and their associates including the Police are barrage of attacks and threat to his.

    Speaking during a visit to the zonal office of The Nation  in Port Harcourt, he presented a petition by his lawyers, E.E. Amadi Esq. and Tonye G. Wokoma Esq. of Ebere Amadi and Co. and G. O Tamuno and Co. It was addressed to the Inspector General of Police (IGP), who directed Zone six Calabar to investigate through the state commissioner of Police.

    Part of the petitions to the IGP by Barr. Wokoma reads: “Sir, kindly recall that our client (Ajero), reportedly a matter to the state CID, Port Harcourt for which the suspects Eze Sahara, Ike, Joe, the Purchasing Manager of SLOK company were invited and arrested. Shortly after their release, they inflicted another attack on our client on November 10, 2014.

    “Our client returned to the State CID in Port Harcourt and reported same. While the Police were in search for them, officers from zone 6, calabar came to arrest our client on December 4, 2014 on account of the suspects’ complain against our client giving false information to the Police.

    “He was however released after one week, since then, his life has come under the unabated calls of threat and intimidation from officers in zone 6, calabar.”

    He called on acting IGP Ibrahim Idris Kpotum and the AIG Zone six Calabar, Abubakar Mafara Idris and the  Commissioner of Police, Francis Bolaji Odesanya to invoke his files, get the suspects re-arrested, including Mr. Abbound, investigate the matter and prosecute them in accordance with the law and to serve as deterrent to others.

    He also called on the Chairman of SLOK Group of Companies, former Governor Kalu to prevail on the management of SLOK Marine to pay him his money in accordance with the judgement given by Hon. Justice W. A. Chechey of the Rivers state High court, on March 25, 2013, to enable him start life afresh.

    Efforts to get the company’s full reactions on the issues raised were frustrated. Several calls to the mobile telephone of the company’s Legal Adviser, Abubueze Uzo-kalu were not answered, but that was after two successful interactions.

    But the copy of the judgement delivered in the favour of the contractor by the state High court, presided over by Justice Chechey in suit number, PHC/623/2013, dated March 25, 2013 between Philip Ajero (Claimant), and SLOK NIGRIA LIMITED (Defendant), entitled Judgement Order: read, “Upon reading the affidavit of Philip Ajero, adult, male Christian, citizen of the Federal Republic of Nigeria, of number 115  Ogbum-nu-abali road, Port Harcourt, sworn to and filed at the High Court registry, Port Harcourt on the March 25, 2013 and after hearing Mr. O. V. Frank-Briggs of the counsel for the claimant in support urging to the court to enter judgement in favour of the claimant; it is ordered as follows:

    “That judgement be and is entered in favour of the claimant in the sum of N8, 515, 000.00 (Eight million, Five hundred and Fifteen Thousand Naira.

    “That cost in favour of the claimant be fixed in the sum of N100, 0000.00 (One Hundred Thousand Naira).

    “That interest shall run on the judgement sum of N8, 515,000 and cost of N100, 0000 i.e N8, 615, 000.000 at the rate of 10% per annum until it is paid up.

    “Given at Port Harcourt, under the seal of the court and the hand of the Presiding Judge, this day May 21, 2013.” The document stated.

    It was signed by the Director of Litigation, Mina H.H. Jumbo (J.P).

    Uzokalu admitted knowing the contractor and the issues raised, but feigned no knowledge of the alleged attacks on his life, but promised to meet with the management and then get back to her.

    He however called back and demanded for the reporter’s e-mail address to turn in the company’s reactions, but all to no avail despite obliging him with his request. Calls and text messages to him phone thereafter were not answered or returned as at the time of filing in this report.

    The contractor said he is afraid of losing his life over a contract he did for the company with his money, but vowed to recover to his money from the company no matter what.

    He called on the IGP, AIG and the CP to prevail on the SLOK Marine to pay him his contract sum, the cost awarded to them by the court, as well as the more than three years interest accruing from the contract sum.

  • FIRS shuts firms in Lagos, others over tax debt

    The clamp down on tax  defaulting firms by the Federal Inland Revenue Service (FIRS) continued yesterday as its enforcement teams visited tax defaulting firms in Lagos, Nnewi and Kaduna.

    In Lagos, the FIRS sealed the office of Erin Petroleum Limited at Plot 1649 Olosa Street, Victoria Island. The firm has a tax indebtedness of over $10million. FIRS said the firm’s promise to offset the debt was not kept.

    Also sealed, was Newcross Petroleum Limited, located at Plot 17 LigaliAyorinde Street, Victoria Island, for owing $1.964million. Its Finance Director admitted that the  firm owed the amount, adding that it has paid $100,000 as a sign of commitment and pleaded for more time. The plea was ignored.

    Another firm shut, was Boron Oil Gas Limited, located at Block 110 Henry Ojogho Crescent, Lekki, which owed over N165million. According to Ann Erinne, Head of the Lagos Enforcement Team, the firm was sealed for reneging on its promise to pay N32million monthly to offset the debt. The Financial Controller told FIRS officials that the firm is currently experiencing cash flow problems.

    She added that it paid N27million in July and would pay the N5million balance for July as well as make full payment for August. She pleaded for more time, but her plea was rejected.

  • NSE reduces bonds’ fees to boost debt market

    NSE reduces bonds’ fees to boost debt market

    The Nigerian Stock Exchange (NSE) yesterday announced a revision of the listing and trading fees for securities listed and traded on its fixed income market. The revised fee structure will become effective on August 17, 2016.

    The new fee structure will run through a six-month pilot phase after which it will be evaluated to determine if it has met its objectives.

    Under the revised fee structure, NSE will no longer charge trading fees on fixed income traded on its platform. Also, the initial flat listing application fee of 0.15 per cent for all types of bonds has been replaced with variable listing application fees.

    With this, corporate bonds exclusively listed on the NSE, with existing equity listing, will attract 0.01 per cent listing application fee. Dual-listed corporate bonds with existing equity listing and other corporate bonds will attract 0.0375 per cent listing application fee while the listing application fees for State and Supranational Bonds has been reduced to 0.05 per cent.

    The Exchange also replaced the fixed brokerage commission of 0.0005 per cent with a negotiable rate capped at 1.0 per cent. This will enable investors to negotiate trading commission with brokerage firms.

    Executive Director, Capital Markets, Nigerian Stock Exchange (NSE), Mr. Haruna Jalo-Waziri, said the reduction in fee demonstrated Exchange’s commitment to boost market efficiency.

    “The reduction in listing application fees gives issuers opportunity to raise their profile and increase visibility through listing on a globally recognised Exchange with the highest regulatory standards. The aim is to reduce issuers cost of accessing long term capital and to provide investors with diverse investment products at competitive trading fees,” Jalo-Waziri said.

    He urged issuers to raise cheap long term capital through bond issuance for business expansion, project finance and loan refinancing, noting that Nigeria has huge investment opportunities.

    “NSE remains committed to building an enduring marketplace and will continue to pursue initiatives that add value to issuers and investors,” Jalo-Waziri said.

     

  • GenCos may shut down facilities over N156b debt

    GenCos may shut down facilities over N156b debt

    The electricity generation companies (GenCos) have threatened to shut down over N156 billion debts owed them by consumers, especially government agencies.

    Investors that bought the six power generating companies unbundled from the state firm, Power Holding Company of Nigeria (PHCN) said they would shut down their power plants if the N156 billion debts about $485 million owed by government agencies were not paid. They also said banks were recalling loans advanced to them.

    In a joint statement yesterday, the GenCos said they will shut down power supplies unless the government pays longstanding bills it owes them and improves gas supplies.

    The GenCos, which include Transcorp’s power and Forte Oil’s power, said they struggled to repair their networks because imports of spare parts had become too expensive due to naira devaluation. “In 2013, when we bought the power plants, exchange rate was N150 per dollar. Today it is N310  per dollar. How can we repair, equip, acquire new turbines at this rate of N310 per dollar and yet still operate with an old tariff?A shutdown is, indeed, imminent,” they said.

    If the companies make good their threat, most industries and residential homes will be in darkness except for those that rely on expensive diesel generators.

    The government has paid arrears of N186.7 billion. The Central Bank of Nigeria (CBN) has stepped in with a N213 billion loan to keep the system afloat and allow the power firms to access credit, but more is needed as the oil price slump puts pressure on Nigeria’s currency.

    The naira has lost 40 percent of its value since Nigeria ditched its 16-month-old peg of 197 naira to the dollar in June in a bid to lure back foreign investors who fled both the equities and bond markets after the plunge in crude prices.

    After the privatisation of the PHCN assets, the government pledged to review tariffs as more power is generated and upgrade the transmission network to give more people access to the grid. But tariff reviews have not kept pace with rising cost, worsened now by the naira devaluation.

    In February, the Nigerian Electricity Regulatory Commission (NERC) increased tariffs by 45 percent, triggering protest from consumers, already under pressure from rising inflation, which hit a 10-year high in June. But the tariff increase was not enough to cover their cost, the generating companies said.

    As of last month, the generating firms have received only 28.6 percent of their April invoices, they said.

    Chronic power shortages are one of the biggest constraints on investment and growth in Africa’s largest economy. Producing less than 4,000 megawatts (Mw), Nigeria’s requires ten times the amount it currently produces to guarantee power to its 170 million people.

    However, the generating firms are holding off on expansion. Generating companies have around 5,000Mw of spare capacity which has no access to gas, they said.

    In 2013, the government privatised the power sector to attract private sector investment into it and boost supply but the improvement is yet to be seen as militants and vandals continue to destroy the gas pipelines.

  • N40b capital issue: Flour Mills mulls rights, debt

    N40b capital issue: Flour Mills mulls rights, debt

    Flour Mills of Nigeria Plc is considering selling new ordinary shares to existing shareholders and issuance of new debt securities to raise some N40 billion as part of efforts to bolster the capital base of the country and cushion the adverse impact of Naira devaluation on its balance sheet.

    Flour Mills’ share price rose by N1.98 to close at N21.98 at the weekend at the Nigerian Stock Exchange (NSE). It has traded within a high of N34.05 and a low of N15.93 in the past 12 months.

    While details of the new issues remain sketchy at the weekend, chief financial officer, Flour Mills of Nigeria Plc, Jacque Vauthier, confirmed that the flour-milling company has already secured the approval of the Securities and Exchange Commission (SEC) to raise some N40 billion in new equity funds over the next three years.

    During analysts’ conference on the full-year results of the company, Vauthier said the company had opted for a shelf plan for the new fund raising, which allows the company to raise the fund in many tranches as it deems fit.

    He said the market condition at the stock market would determine the timeline for the commencement of the issuance.

    He said the company was considering several options to include equity issue, short-term debt issue and refinancing to manage its leverage and ensure that its balance sheet supports the growth and profitability of the company.

    According to him, Flour Mills will use the net proceeds from the new issues to reduce its debt and bolster working capital.

    It should be noted that shareholders had earlier approved the planned new issue at the 2015 annual general meeting, but the decline at the Nigerian capital market had frustrated several proposed new issues.

    Flour Mills had sold its stake in the United Cement Company of Nigeria (Unicem) to the Lafarge Africa Group as it restructured its businesses to focus on the food industry.

    The group had restructured and increased investment in its sugar company, which led to successful commissioning of a 750,000 metric tons per annual sugar refinery built at a cost of $250 million in April 2013. In furtherance of the its long term business model and growth strategy, Flour Mills had embarked on group restructuring, strategic business acquisitions and investment in its core food business and backward integration programmes.

    Flour Mills had invested in large scale commercial farming to support its food processing units with locally produced raw materials. It had invested about N41 billion in capital projects including key projects such as flour capacity expansion in its Apapa mills, completion of Golden Snacks facility in Agbara, completion of Golden Sugar Refinery, establishment of new flour mill in Calabar, expansion of pasta & noodles lines and many major agro allied projects such as investments in Sunti Golden Sugar Estates and new animal feed mill and acquisition and development of large scale commercial farming.

  • AMCON, debt recovery and national interest

    Debt recovery is as daunting atask as anything. Ask anyone with banking experience, he/she will tell you how staff in debt recovery departments are loathed by bank debtors. This is what we are witnessing today: the loathing of Asset Management Corporation of Nigeria (AMCON) by some recalcitrant debtors in the wake of its heightened activities in debt recovery.

    It is tempting in Nigeria to side with a debtor narrating his ordeal at the hands of debt collectors because of the picture such encounter evokes in our minds due to the experience we all share of the bad reputation rent collectors acquired in our communities due to the manner they employed to recover their debt including subjective use of law enforcement agents. It is even more tempting to believe when such narratives are told in our news media with a measure of sophistry. But reading between the lines will show a strenuous effort to stand truth on its head. But the reality isover the years, there has been developed a body of laws to ensure fair dealings in debt collection in Nigeria and globally. So, that portrayal of the debt collector as reprehensible villain out to wreck lives of a struggling debtor— either as an individual or a business concern—belongs to the past or in the warped imagination of the portrayer.

    Therefore, before a statutory body in the league of Asset Management Corporation of Nigeria (AMCON), established and operating with the purview of law and under a regime committed to laid-down rules, is seen in open dispute with a debtor, all amicable options must have been exhausted. This aside, if truth must be told, no company or individual is forced to borrow money in the first place. Ultimately, if companies owe a debt, it’s because they chose to borrow money. Their lenders made that loan, or offered the credit line, contingent upon a documented pledge to pay it back. This means creditors do have a right to their money, and a debt collector is simply trying to reclaim what is legally and ethically owed by the debtor.

    I once argued that the world economy is supported by debt. This means that we are operating a debt-dependent economy. In essence, therefore, debt in itself is not always a bad thing. The problem of debt arises when there is default. So the question is how do we avoid defaults, and if they eventually happen, how do we manage the crisis that follows? There is no one-size-fits-all answer to these questions. Every nation studies its economic peculiarities and adopts the best approach that will mitigate the potential for a catastrophe.

    We all can recall that Nigeria has had its own fair share of the impact of the 2008 global financial meltdown on its banking sector. And we adopted some innovative measures to prevent systemic collapse of our banking system. Three prominent ones stand out – bailout, bridge banking and, perhaps the most significant of all, the establishment of Assets Management Corporation of Nigeria (AMCON) in 2010.

    Lest we forget, AMCONwas created to be a key stabilizing and re-vitalizing tool to revive the financial system. It went ahead to efficiently resolve the non-performing loans (NPL) assets of the banks in the Nigerian economy. Its objective include: assist eligible financial institutions to efficiently dispose of eligible bank assets; efficiently manage and dispose of eligible bank assets acquired by it; and obtain the best achievable financial returns on eligible bank assets or other assets acquired by it.

    So far AMCON has acquired about 13,774 Non-Performing Loans (NPLs) worth N3.6 trillion from 22 commercial banks in Nigeria and provided financial accommodation of N2.2billion, protected N4.7trillion of depositors’ funds and interbank takings as well as saved approximately 14,000 jobs. No one can deny the fact that, through AMCON’s intervention, the Federal Government successfully managed our debt crisies and saved our banking system from imminent systemic collapse. But this achievement will not be complete until and unless it recovers those bad debts, which it uses taxpayers’ money to purchase.

    Lest we also forget, the debtors AMCON is dealing with now have passed through all the three stages of a normal debt recovery process.  They have failed to settle their debts with their initial creditor’s internal collectors (bank loan recovery teams) referred to as first-party agency, which is the first stage in the process. The second stage is when a third party is introduced to play the role of debt collector. The third stage is for the original creditor to write off the debt and sell it, which is where AMCON came in. AMCON has acquired the Non-Performing Loans of the banks using taxpayers’ money; so it is in the national interest that it recovers these loans from the debtors and to do so in order to turn a profit on its purchase.To do otherwise is to short-change toiling Nigerian taxpayers.

    To help it in this recovery task, AMCON has recently inducted successful firms that qualified as its Asset Management Partners (AMPs). The AMPs are consortiums with specialist skills required to ensure recovery and debt resolution from banking, legal, valuation and accounting backgrounds. The move is AMCON’s strategy to resolve over 6,000 accounts with loan balances of N100million and below.

    I believe these AMPs are familiar with all the provisions of the Nigerian laws and with global best practices that advocate for fair treatment of debtors. Perhaps they are aware or even belong to professional associations such as ACA International, the world’s largest non-profit trade group representing collection agencies, creditors, debt buyers, collection attorneys and other industry service providers.

    The ACA requires its members to abide by all laws and regulations, as well as its own codes of ethics and operations. For example, the ACA requires its members to “treat consumers with consideration and respect” and “communicate with consumers with honesty and integrity.” It also prohibits collectors from engaging in “dishonorable, unethical or unprofessional conduct likely to deceive, defraud, or harm a consumer.”

    Indeed, debtors are in safe hands with the current Managing Director/CEO of AMCON Ahmed Lawan Kuru. His vast experience as a risk management expert is widely acknowledged. He knew his onions well, having played at the top echelon of the defunct Bank PHB as executive director overseeing critical areas like Risk Management, Compliance, Commercial Banking, Northern Operations, Public Sector, Multilateral Agencies and the West Coast, East and Central Africa expansion programme of the bank. Before assuming his current position of MD/CEO at AMCON, Ahmed was the MD/CEO of Enterprise Bank Limited. He was also Executive Vice Chairman, Emeritus Capital Limited, a financial service firm with speciality in international business development focusing in sub-Saharan Africa.

    Surely, he is the type of chief executive who knows that loans are the engine of progress of modern economy; so he will never see debtors as enemies as insinuated in some quarters. On the contrary, he is committed to supporting businesses with a view to enhancing their productivity. And, more than that, he wants tohelp them transform their NPLs to RPLs (Re-performing loans). Doing this, Ahmed believes, will provide liquidity to the banks, which will help them meet their own obligations as well. So he knows how to balance his act between giving a breather to debtors to meet their obligations and the need for AMCON to realise its own mandate.

    So what we are seeing today in heightened AMCON activities is nothing short of adoption of an aggressive recovery strategy that has led to increased repayment from hitherto recalcitrant obligors. As said earlier, AMCON is simply trying to reclaim what is legally and ethically owed by the debtor. Period. There is no room for any sentiments here. It is business, pure and simple.

     

    • Hassan is a business and financial analyst.
  • National Theatre in darkness for unpaid N9m debt

    National Theatre in darkness for unpaid N9m debt

    The Eko Electricity Distribution Company Plc (EKEDC) yesterday said electricity supply to the National Arts Theatre in Lagos was disconnected because its management was owing over N9 million debt.

    Mr Idemudia Godwin, general manager, Media Communications of EKEDC, told the News Agency of Nigeria (NAN) in Lagos that the complex was disconnected after appeals and demand notices went unheeded.

    According to him, the debt is an accumulation of unpaid bills over time.

    “We don’t disconnect without serving notice.

    “Besides, we recently ran a newspaper advertisement informing ministries, departments and parastatal agencies (MDAs) of government that were indebted to EKEDC of our intention to disconnect them.

    “We have commenced disconnection of historic debtors, including residential, commercial, industrial and government establishments within our network,’’ he said.

  • GENCOs threaten to shut operations over N140b debt

    The power sector is under threat as generation company (GENCOs’) operators have warned they will shut  down over huge debts of about N140 billion and shut-in of about 5,000megawatts (Mw) of electricity, following lack of gas supply.

    The GENCOs, in a document obtained by The Nation, showed that stranded power caused by inaccessibility to gas  as a result of renewed attacks by Niger Delta militants is 4991Mw.

    The report stated that the GENCOs can supply the national grid 7856.52Mw, but owing to lack of gas and other issues, the output currently is 2804Mw, reflecting a shortfall of 4991Mw.

    Egbin can generate 880Mw but gives out only 201Mw;  with a shortfall of 679Mw; Transcorp can generate 529Mw, but current output is 280Mw with 249Mw stranded generation.

    Others power stations include Shiroro, 450Mw, 412Mw and 0Mw; Geregu 276Mw, 0Mw and 276Mw; Kainji/Jebba 836Mw, 656Mw and 170Mw; Sapele 120Mw, 65Mw and 55Mw; other stations 4775Mw, 1190Mw and 3562Mw as available capacities, generated capacities and stranded capacities.

    On the debts, according to the report, Egbin is owed N68.71billion, Transcorp N28.29billion, Shiroro N9.66billion, Geregu N7.975billion, Kainji/Jebba N20.94billion and Sapele N9.90billion.  It noted that payments to thermal plants dropped from 47 per cent in January, this year, to 26 per cent in April, while payments to hydro plants were 26 per cent and 29 per cent in January and February, this year, with no payments in March and April.

    The operators said GENCOs have been at the receiving end of the lapses and deficiencies in the sector, as well as the insurmountable challenges in the sector. Very little has been put in place to give the GENCOs a chance of survival based on the realities, they added.

    “While the GENCOs have been carrying the burden of ensuring that the power sector remains functional, and hoping that the obvious gaps, deficiencies and threat to their existence would be addressed, they are presently cringing under the excruciating pains of carrying this burden.

    “The combined effect of these would render the GENCOs and their investors incapable of delivering power despite their willingness and readiness to so do. This is leading to a situation where total seizure of operations by GENCOs is imminent. The GENCOs have very limited options: to either shut operations proactively or be compelled to do so by the  state of affairs in the power sector.

  • India: Couple hacked to death over debt

    A couple belonging to the Dalit or low-caste community were hacked to death over a 15-rupee (22 cent) debt in North India, the police said on Friday.

    An upper-caste grocer, Ashok Mishra, has been arrested for the murders of Bharat Singh and his wife Meena in Uttar Pradesh state’s Mainpuri district on Thursday.

    The couple had stopped at a shop to buy biscuits when the grocer confronted them and demanded money, district police chief Dev Ranjan Verma said.

    “When the two plead for some more time to pay, the grocer flew into a rage.

    “Witnesses said Mishra kept shouting for his money and in a furious state picked up an axe lying nearby to attack the couple.

    “Both died on the spot after the murders, he panicked and hid in his house until police arrested him. ,” Verma said.

    The police said that there was tension in the area following protests by the Dalit community and additional security was deployed to prevent any violence.

    Dalits, formerly known as untouchables, are at the lowest rank in India’s caste system.

    The killings come at a time when atrocities against Dalits are being aggressively debated by political parties in India.

    India’s constitution bars discrimination against the Dalits but incidents of torture and murders of people from the community are reported regularly.

    Recently, four Dalit men were beaten for skinning a dead cow.

    Hindus regard cows as holy and their slaughter is banned in several Indian states.

     

  • FIRS shuts more firms in Lagos, Abuja over tax debt

    FIRS shuts more firms in Lagos, Abuja over tax debt

    The Federal Inland Revenue Service (FIRS) continued its tax compliance exercise in Abuja and Lagos, shutting the premises of defaulting companies.

    In Abuja, the FIRS team, led by Chinazor Edeh, shut down the office of Taleveras, an energy firm operating from the Maitaima area of the city.

    A warrant of distraint presented by the team indicated that the company is owing over N667 million in tax liabilities.

    Before sealing off the company, Edeh told its the Chief Security Officer (CSO), the highest ranking official available, the firm has failed pay the balance of its tax liabilities after it paid N50 million, following the sealing off of its premises in May.

    Edeh explained that the FIRS was not interested in sealing off the company, but to ensure that the tax is paid.

    But the CSO said the company is incapable of defraying the liabilities, as it has not been able to pay salaries. Consequently, the enforcement team ordered the staff to vacate the premises and proceeded to seal off the company.

    Also sealed by the enforcement team is Jardin Nigeria Limited, a landscaping/ project management company, with an office at Abuja’s Transcorp Hilton Hotel.

    The company owes over N129million in taxes. An official of the company, who identified himself simply as Mr. Olu, admitted that the company owes, but argued that some state governments owe the company over N2 billion.

    Edeh advised the company to pay 50 per cent of its tax liabilities and reach agreement with FIRS on a structured payment of the balance.

    In Lagos, two companies were shut in the Ikeja area by the FIRS team, led by Anita Erinne.

    First to be shut was Guarantee Petroleum Company, located at 21 Salvation Road, off Opebi Road.