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
Micro, Small and Medium-sized Enterprises(SMBs) are the backbone of most economies accounting for 90% of businesses, over 70% of employment, and 50% of global GDP, according to the United Nations. They drive growth, innovation, and job creation worldwide.
In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP.
Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are.
WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales. And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.
Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.
1. Catalog – Showcase Your Products and Services
Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp. This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.
How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.
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Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.
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3. Labels – Stay Organised and Track Conversations
Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type. You can create labels with different colors or names and add the conversations to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.
How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.
4. Away Messages – Engage Customers Even When You’re Away
Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.
How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.
5. Meta Verified – For Enhanced Protection and Account Support
A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand. With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and easily create a professional WhatsApp web page that’s tailored to you.
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WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly. By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.
Bolt, the leading ride-hailing platform, on Thursday, 19th of March hosted an Iftar gathering in Kano to bring together Muslim drivers during the holy month of Ramadan.
The event was not only an opportunity to share a meal but also served as a platform for open dialogue, feedback exchange, and community building within the Bolt driver network.
The Iftar event, held in recognition of the significance of Ramadan, reinforced Bolt’s commitment to supporting its driver-partners and fostering inclusivity across all communities. The gathering provided an environment for drivers to voice their concerns, share their experiences, and engage directly with the Bolt team in a collaborative discussion about improving their experience on the platform.
Speaking during the event, Osi Oguah, the general manager for Bolt Nigeria said: “At Bolt, we recognize the importance of creating a supportive and inclusive environment for our driver-partners.
This Iftar event was more than just a meal, it was a chance to connect, listen, and understand the challenges and needs of our drivers in Kano. We appreciate their dedication, especially during this sacred period of Ramadan.”
Drivers in attendance expressed their appreciation for the initiative, highlighting the sense of belonging and recognition the event fostered. Many also welcomed the opportunity to discuss ways to improve their overall experience on the Bolt platform, making it a productive and meaningful engagement for all participants.
Nura Muhammed, a driver-partner said: “We want to say thank you to Bolt for this initiative, if my knowledge serves me right, this is the first time a ride-hailing company will organize such an event in Kano. This event has also made it possible for us to share some feedback to them physically and we drivers mostly get to connect through our online platform but today, we’re able to meet physically, mingle and exchange pleasantries”
Bolt remains committed to strengthening driver engagement and well-being, and this Iftar gathering is part of a broader effort to continuously support and empower driver-partners across Nigeria.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
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