The Nation Newspaper

Tag: imminent

  • IPMAN: fuel scarcity imminent

    IPMAN: fuel scarcity imminent

    • NNPC: we are not aware

    The Petroleum Marketers Association of Nigeria (IPMAN) yesterday raised the alarm that petrol may soon be scarce as private depot owners are now selling the product above pump price.

    Its Vice National President, Alhaji Abubakar Maigandi, who disclosed this to The Nation on phone yesterday, added that owing to the prevailing situation in the depots nationwide, marketers in far areas may increase their pump prices.

    He said: “Our members have started complaining about the issue of this price increase by private depots owners. They are increasing the price now seriously which will not allow our marketers to sell the product at the government rate.

    “They are selling at between N140 and N143 from the private depots.  And if the NNPC (Nigerian National Petroleum Corporation) and DPR (Department of Petroleum Resources) do not take drastic measure against it, it may likely cause scarcity nationwide.

    “Since the private depots are not selling at the DPR’s dictate, these private depots are selling above the government rate that we are supposed to pay. They are supposed to give us this product at the rate of N133.28. This is giving us serious problem nationwide now.

    “The normal rate at which the marketers are supposed to sell this product is at the rate of N145 and we are supposed to get this product at the rate of N133.28 and we are not getting it like that.

    “This is a serious problem as the marketers cannot sell above government rate and if the marketers cannot sell the product automatically, there will be scarcity.

    “The other marketers who are in remote areas may start to push up their price because there is no way you can do the business without gain.”

    According to him, it is not an excuse for the depot owners to claim that they sell above petrol pump price due to scarcity of foreign exchange.

    He added that the  NNPC is now the sole importer of the product so marketers cannot blame their hike on scarcity of forex.

    This, manipulation, said Maigandi, is known to the DPR.

    “DPR and NNPC are all aware. You can confirm from them why the private depots are selling above the government rate. And nobody is importing the product other than NNPC. So they have no excuse to say that it is because of the forex. It is NNPC that is solely bringing  this product. So for them to say they are selling above official price because of forex is not true,” he said.

    Reacting, the NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu said the corporation was unaware  that private depot owners had increased  their pump prices.

    According to him, the NNPC as a player in the industry like other marketers, and has always stayed within the band of the Petroleum Products Pricing Regulatory Agency (PPPRA).

  • African swine fever imminent, expert warns

    African swine fever imminent, expert warns

    A former Dean, Faculty of Agriculture, University of Ilorin, Prof Abiodun Adeloye, has urged pig farmers to be at alert for signs of African Swine Fever (ASF) and tighten  biosecurity measures.

    ASF is a contagious viral infection that spreads rapidly among pigs. It is passed to animals through a vicious cycle between soft ticks and wild pigs and direct contact with infected pigs. ASF kills almost every pig it infects and is likened to Ebola and it is widespread in Africa. Early this year, ASF outbreak was reported in Kampala, Ugandan capital.

    According to Adeloye, the outbreaks appear to be frequent and widespread. This, he explained, can increase infection, pressure and the risk of outbreaks in other countries.

    Adeoye, who spoke in Lagos, said with climate change, there was the likelihood of occurrence and outbreak of ASF in Nigeria.

    According to him, an outbreak could have severe economic consequences, in addition to losses of infected animals.

    He warned pigs keepers to be on the alert for signs of the disease in their animals and to maintain tight biosecurity.

    Adeloye urged those in piggery to impose sanitary measures, scale up their prevention measures and be ready to respond in case of outbreaks.

  • ‘LPG scarcity imminent’

    ‘LPG scarcity imminent’

    Another round of Liquefied Petroleum Gas (LPG) scarcity is imminent, unless the Federal Government takes urgent steps to avert it, The Nation learnt at the weekend.

    LPG  dedicated vessels have not come to Lagos from the Nigerian National Liquefied Gas (NLNG) in Bonny, Rivers State, in the last five weeks, fuelling speculations of an impending scarcity.

    Sources close to Apapa Jetty in Lagos, said the Federal Government has been using the jetty for the supply of petrol, making it difficult for LPG vessels to berth in the jetty.

    “For weeks now, no single LPG vessel has berthed in Apapa jetty in the last one month, owing to the fact that the Federal Government has given the jetty consideration to deliver only PMS. It is only NAFGAS that supplies LPG in a smaller proportion. The situation is becoming worrisome as LPG distributors, mainly oil marketing companies are unable to get the product and supply the market,” a source said.

    The source, who spoke on condition of anonymity, said there was a vacumn in the market which must be filled as soon as possible, if scarcity must be averted.

    “What I know is that vessels have not been coming to supply LPG in recent times. Even, if a vessel arrives Lagos this weekend, its content is going to be rationed among the users,” he added.

    However, a worker of MRS Limited, Olarenwaju Johnson, said he was not aware of  the development.

    He said vessels have been discharging fuel in Lagos, stressing that marketers are selling the product.

    It would be recalled that Oando and other major oil marketing companies are supplying LPG to the market. The firms have opened outlets across the country, in order to make more people use the product.

  • Agatu killings: Food crisis imminent

    Food crisis is imminent in the country, following attacks on communities in Agatu Local Government Area of Benue State by suspected Fulani herdsmen.

    Since three weeks ago, the herdsmen have been attacking farmers, killing and torching homes and farmlands.

    The Nation learnt that the affected communities included Akwu, Aila, Okokolo, Adagbo and Ochonlonya.

    Many have become Internally Displaced Persons (IDPs).

    Food items, such as yam, millet, cassava and groundnut kept in barns were set ablaze by the herdsmen, who were armed with Ak47 rifles, knives and axes.

    About 15,000 victims are taking refuge in three schools, namely LGEA Central School, Ugbokpo, Methodist High School, Ojantele and Methodist Primary School, Ataganyi, Ugbokpo, all in Apa Local Government.

    There is scarcity of water, food and toilet at the camps and fear of outbreak of diseases, such as typhoid, malaria and cholera.

    Officials of the State Emergency Management Agency (SEMA) and National Emergency Management Agency (NEMA) have moved into the camps with relief materials.

    A 33-year-old mother of two, who lost her husband, Mrs. Ada Ogwuche, said she would be happy if the government could provide security so that they could return to their homes.

  • Aregbesola: Power shift imminent

    Aregbesola: Power shift imminent

    Osun State Governor Rauf Aregbesola has urged Nigerians to prepare for change, stressing that power shift is imminent.

    The governor, who spoke at a ceremony organised by a group, the Nasrul-Lahi-il Fatih Society of Nigeria (NASFAT), in Osogbo, the state capital, advised Nigerians to vote wisely.

    At the ceremony, an Islamic scholar, Prof Hafis Oladosu, stressed the importance of good governance, assuring that the governor’s second term will bring more prosperity.

    Aregbesola said the general election will herald a new dawn with the victory of the All Progressives Congress (APC) presidential candidate Gen. Muhammadu Buhari, at the poll. The governor said that Buhari will turn the country around and rekindle public confidence in government.

    The governor said that poverty and misery will become thing of the past when the APC becomes the ruling party.

    Aregbesola lamented the security situation, saying that some people have been unleashing terror without provocation.

    He said: “Nigeria is today in its trying moments. Everything has stood still. But I want to assure you that this is just a passing phase.

    “By February, the general election will sure usher in  change.

    “We need to pray and work diligently for the peace and progress of the country. And this is why we must seriously condemn the activities of some individuals who hide under Islam to perpetrate evil.

    “There is no written law or directive either from Qur’an or Hadith that directs Muslim to unleash terror on fellow creatures.”

    “No one can fight God’s battle for Him. And I

  • Aregbesola: Power shift imminent

    Aregbesola: Power shift imminent

    Osun State Governor Rauf Aregbesola has urged Nigerians to prepare for change, stressing that power shift is imminent.

    The governor, who spoke at a ceremony organised by a group, the Nasrul-Lahi-il Fatih Society of Nigeria (NASFAT), in Osogbo, the state capital, advised Nigerians to vote wisely.

    At the ceremony, an Islamic scholar, Prof Hafis Oladosu, stressed the importance of good governance, assuring that the governor’s second term will bring more prosperity.

    Aregbesola said the general election will herald a new dawn with the victory of the All Progressives Congress (APC) presidential candidate Gen. Muhammadu Buhari, at the poll. The governor said that Buhari will turn the country around and rekindle public confidence in government.

    The governor said that poverty and misery will become thing of the past when the APC becomes the ruling party.

    Aregbesola lamented the security situation, saying that some people have been unleashing terror without provocation.

    He said: “Nigeria is today in its trying moments. Everything has stood still. But I want to assure you that this is just a passing phase.

    “By February, the general election will sure usher in  change.

    “We need to pray and work diligently for the peace and progress of the country. And this is why we must seriously condemn the activities of some individuals who hide under Islam to perpetrate evil.

    “There is no written law or directive either from Qur’an or Hadith that directs Muslim to unleash terror on fellow creatures.”

    “No one can fight God’s battle for Him. And I

  • New prudential guidelines for banks imminent

    New prudential guidelines for banks imminent

    Global financial authorities are considering a review of prudential guidelines for banks in relation to their equity investments in funds.

    The Basel Committee on Banking Supervision, a body of global financial authorities, at the weekend published a set of proposals that would revise the prudential treatment of banks’ equity investments in funds.

    The revised guideline is expected to address the issue of underlying risk and leverage as well as align banks’ investments in the context of the globally accepted risk-based capital framework.

    “In reviewing the existing standard for banks’ equity investments in funds, the Committee’s objective was to develop an appropriately risk sensitive and consistently applied risk-based capital regime. The existing standard would benefit from further clarity in some areas. In addition, it does not require banks to reflect a fund’s leverage when determining capital requirements associated with their investments in a fund, even though leverage is an important risk driver,” the Committee stated.

    It pointed out that the revised standard will also help to address risks associated with banks’ interactions with shadow banking entities, thus contributing to the broader effort by the Financial Stability Board to strengthen the oversight and regulation of shadow banking.

    It added that the revised standard will more appropriately reflect the risk of a fund’s underlying investments and its leverage.

    The proposed revision is expected to undergo a global review up till October 4, 2013, following which the committee will coordinate a final draft.