GRBusiness
CBN reveals $36.3bn spent on petroleum products’ importation in four years
The House of Representatives on Monday rejected the submission of the Nigerian National Petroleum Corporation on the fresh bid to carry out a turnaround maintenance on the country’s four refineries.
A budget of $1.8bn is already set aside for the TAM.
This came as the Central Bank of Nigeria disclosed that between 2013 and 2017, the country spent $36.3bn on the importation of petroleum products.
The country’s total import bill for the period was $119.4bn.
The apex bank made the submission to an ad hoc committee of the House, which is investigating the planned TAM of the refineries.
The committee rejected the NNPC’s submission on the grounds that it was sketchy and did not answer the questions it sought answers to.
The committee, which is chaired by a member of the All Progressives Congress from Kaduna State, Mr. Garba Datti-Muhammad, started a public hearing on the controversial TAM in Abuja on Monday.
The committee demanded detailed information on the spending on the four refineries, particularly on all previous TAM and other repairs, as a basis to justify the fresh $1.8bn plan.
It gave the NNPC 24 hours to provide the information.
This came as the NNPC’s Chief Operating Officer, Refineries and Petrochemicals, Mr. Anibor Kragha, disputed the committee’s position that over $20bn had been spent on TAM since the inception of the refineries by successive governments.
He argued that if the combined cost of building all the refineries was less than $2bn, there was no way the series of TAM done over time would be up to $20bn.
“The figure you have is not true. It is strange how the committee arrived at the $20bn,” Kragha stated.
But, when he was asked to give the accurate figure spent on each of the refineries for maintenance, Kragha could not.
Rather, he informed the lawmakers that the NNPC’s new agenda was not to do a TAM but to carry out a comprehensive rehabilitation of the four refineries.
He claimed that the last time TAM was done on any of the plant was in 2004, adding that the level of delay would require a comprehensive rehabilitation of the plants and not TAM.
Kragha’s disclosure left the members confused, as they grilled him on the difference between TAM and a comprehensive rehabilitation.
Datti-Muhammad said, “The NNPC treats us with contempt and fails to respond to inquiries adequately.
“In our letter to you, we gave you a template on how to provide the information we asked for. But, you gave us a sketchy document, carefully avoiding the real information.”
Another member of the committee, who is the Chairman, House Committee on Public Accounts, Mr. Kingsley Chinda, asked the NNPC to provide the details requested by the committee, whatever name it was called.
“What is important here is the cost of the planned repairs. Is it TAM or comprehensive rehabilitation? What is the cost? Tell us,” Chinda added.
The committee later sent Kragha away, directing him to submit full details of the planned work on the refineries today (Tuesday).
In his submission to the committee on the economic implications of maintaining the refineries, the CBN’s Director of Research, Mr. Ganiyu Amao, told the lawmakers that the country continually depended on fuel importation to service domestic needs because the plants rarely work efficiently.
He stated that the country had to deplete its foreign reserves to pay TAM bills.
Amao stated, “Data from the CBN show that from 2013 to 2017, a total of foreign exchange committed to imports in the country stood at $119.409bn, while the total foreign exchange committed to imports in the oil sector stood at $36.371bn, representing 13.5 per cent of all imports made by the country.
“It greatly exerts serious pressure on our external reserves and depreciates the value of our local currency.”
However, lawmakers said the CBN’s submission still did not directly address the cost implications of the TAM done on the refineries over time, aside from acknowledging that it was a drain on the nation’s economy.
A member of the committee, Mr. Razak Atunwa, said, “The CBN, like the NNPC, has not told the committee anything useful in respect of TAM.
“What we are looking for are payments made in relation to all the TAM done over the years, or any other maintenance done to any of the refineries.”
Chinda made a similar observation, saying, “The CBN too can’t tell us that it does not know the total cost of this particular comprehensive rehabilitation they are talking about.
“The CBN is the banker to the NNPC; you keep the records of their withdrawals.”
The committee directed the CBN, just like it did to the NNPC, to furnish members with information on the TAM today (Tuesday).
The country’s refineries, which are located two in Port Harcourt and one each in Kaduna and Warri, have largely been unable to refine crude for domestic consumption and possible exportation of finished products.
.Punch
Transport
Travelers to Make Money as Ozi Launches to Redefine $460 billion Global Package Delivery Market
Key Takeaways from Ozi launch:
- With logistics representing a $1.34 billion in Africa, the demand for innovative delivery solutions has never been greater
- Nigerians face numerous hurdles when it comes to moving packages, ranging from delays and high costs to a lack of secure options
Ozi (www.ozionline.com), a pioneer community-driven delivery app, launches today, offering users a new way to send packages and earn extra cash.
By connecting people traveling with those needing package delivery, Ozi turns everyday trips into profitable opportunities, aiming to disrupt the global parcel delivery industry, also known as the Courier, Express, and Parcel (CEP) market, currently valued at around $460 billion.
Imagine this scenario – You’re traveling to Abuja from Lagos and have empty space in your car. With Ozi, that unused capacity can earn you extra cash by delivering a package along the way. Or maybe you’re a small business owner who needs to send a package to another state but balk at the high cost of courier services.
With Ozi, you can find a verified traveler heading in the right direction to handle your delivery, Engr. Christian Chime, Ozi’s co-founder and CEO, said during the startup launch held today at Four Point by Sheraton, Victoria Island, Lagos.
“Why travel empty when you can earn?” asks Engr. Chime said. “Ozi allows travelers to make the most of their journeys while helping others get their packages delivered with ease.”
“This simple yet powerful idea leverages the daily movements of millions of Nigerians to create a logistics network that is fast, affordable, and efficient.
“Ozi’s unique approach leverages the everyday movement of travelers to bridge this gap, creating a system where everyone benefits”.
He said that the choice of Nigeria as the first launch-location for Ozi was due the potential the country holds in the parcel delivery sub-sector.
“Actually, we had the opportunity to launch OZI in other country outside Nigeria but for their believe in the Nigeria dream and its potentials made us to choose the country as the first to witness Ozi’s innovation”, the CEO said. “Travelers can now monetize their journeys by delivering packages along their routes, while senders gain access to an affordable and convenient alternative to traditional courier services”.
Ozi combines convenience, innovation, and community to deliver a win-win solution for Nigerians. From quick intra-city deliveries to long-distance trips, Ozi offers an affordable, efficient solution for all.
Whether you’re a traveler looking to earn on your trips or a sender seeking a reliable delivery option, Ozi offers a solution that works for everyone.
In the words of Azubuike Augustine, the co-founder and Chief Technology Officer of Ozi, “Ozi’s mission goes beyond simplifying package delivery. The app represents a broader effort to create shared value for all stakeholders in the logistics process. By connecting senders and travelers, Ozi creates a win-win scenario where costs are reduced, trust is built, and income opportunities are created”.
“Ozi prioritizes safety and transparency. Every user, whether sender or traveler, undergoes a comprehensive verification process that includes ID checks and phone number authentication. This ensures that all participants in the system are trustworthy and accountable”.
To enhance security further, Azubuike said that Ozi offers real-time tracking for all transactions. Senders can monitor their packages throughout the delivery process, ensuring peace of mind. For high-value items, optional insurance coverage provides an added layer of protection, reinforcing Ozi’s commitment to reliability.
“At Ozi, we understand that trust is critical in logistics,” the CTO added. “That’s why we’ve built a platform where every step is designed to safeguard both the traveler and the sender.”
“Ozi is more than an app; it’s a community where everyone wins,” said Ikenna Ani, co-founder/COO of Ozi.
“From today, travelers across the globe can sign up through www.ozionline.com and start making every trip count”, he said. “We have put measures in place to ensure only genuine and verified travelers or senders use the platform. Security is primary for us”.
He added that the app will be released on Google Play Store and Apple (iOS) on January 1, 2025. Ozi Live on Instagram | Facebook.
Transport
Beer Sectoral Group and FRSC Warn Drivers on the Dangers of Drunk Driving
The Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN), in partnership with the Federal Road Safety Corps (FRSC), has reiterated the dangers of drunk driving at the launch of the Annual “Don’t Drink & Drive” Campaign.
The two-day campaign began with a press conference on Tuesday, December 10, at Radisson Hotel Ikeja, and continued with park rallies on Wednesday, December 11.
Both events emphasized the importance of avoiding drunk driving, the consequences of impaired driving, and the critical need for responsible road habits to enhance safety across Nigeria.
Speaking at the press conference, Chairman, BSG and CEO Nigerian Breweries, Hans Essadi, commended FRSC for its dedication to road safety and pledged continued support for initiatives that reduce traffic accidents. He stated: “Each year, countless lives are lost to preventable accidents caused by impaired driving. This campaign is built on three pillars: education, enforcement, and encouraging responsible behavior by all road users.”
Essadi also announced the following day’s park rallies, during which campaign teams visited major motor parks in Lagos—Ojodu, Ojota, and Oshodi. At these locations, they engaged commercial drivers in discussions on the risks of impaired driving, distributed educational materials, and offered voluntary breathalyzer tests.
FRSC Lagos Sector Commander Kehinde G. Hamzat emphasized the importance of defensive driving and passengers’ rights to challenge reckless drivers. He also highlighted FRSC’s new app, which alerts users to speed limits, dangerous roads, and potholes.
The press briefing attracted a diverse group of stakeholders, including executives from BSG, senior FRSC officials, and road safety advocates. Speakers highlighted the campaign’s objectives, shared success stories from previous editions, and renewed their commitment to reducing road accidents caused by impaired driving.
The park rallies saw impactful interactions with drivers and park officials, with many participants pledging to adopt safer driving habits. The campaign reinforced the message of accountability and safety through practical demonstrations and community engagement.
The 2024 “Don’t Drink & Drive” Campaign exemplifies the effectiveness of partnerships in addressing critical societal issues. BSG and FRSC reaffirm their shared commitment to reducing alcohol-related crashes and ensuring safer roads for all Nigerians.
GRBusiness
AXA Mansard supports MSME customers, offers free exhibition stand at fair
As part of continued commitment to support its Small and Medium Enterprises (SMEs) customers, AXA Mansard Insurance Plc has planned to offer some selected Micro Small and Medium Scale Enterprise (MSME) customer’s free exhibition stands at the Made by Nigerians Fair.
The company has been paying particular attention to MSMEs because of their significance to the economy.
Earlier, the company has offered different media exposure opportunities to its MSME customers, giving them the platform to introduce their products and services to a wide range of customers for free.
According to the Head, Marketing, AXA Mansard Insurance Plc, Olusesan Ogunyooye, said this is another gesture by the company to show that MSMEs can benefit for having insurance.
He explained that MSMEs are the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.
“Our support for these businesses at the MBN Fair reflects commitment to their growth and sustainability.
“We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success”.
“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money. So, when thinking about Insurance, an average MSME will rather invest the money in the growth of his business first”.
But the risks that businesses face are also real. There are various types of risks businesses have to contend with today. From burglary, to fire, health of employees, and so on. When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them”.
So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.
“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper”.
“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs”, Ogunyooye explained.
AXA Mansard has been recognised for its various MSME Initiatives. The organization has been recognised by Nairametrics as Best MSME Insurance Company of the Year, and Marketing Edge Magazine as Inclusive Insurance Brand of the Year.
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