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Don’t tamper with Petroleum Equalization Fund, IPMAN tells FG

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Don’t tamper with Petroleum Equalization Fund, IPMAN tells FG

The National President of independent Petroleum Marketers Association (IPMAN) elder Chinedu Okoronkwo has asked the Federal Government not to tamper with the Ptroleum Equalisation Fund as it belongs to the marketers

Speaking at a press conference at its headquarters at No 41 Gnassingbe Eyadema Street in Asokoro in Abuja he said there is the rumour that the Petroleum Equalisation Fund would be expunged.
“We want to place on record that the Fund is marketers fund, it is our money, no Government money is in that place. If there is anything Government wants to do we should be consulted and we will also offer advice.
“A lot of our members money is still in that fund the Management of PEF has not eaten our money.

He distanced IPMAN from the recent protest in Portharcourt saying that some people who are not members of the Association in any way and any standard claimed to be members by joining other groups to protest against Government.
Okoronkwo at the press briefing in Abuja yesterday said those that protested are not their members
“IPMAN is willing and ready to work with Government in all ftontiers. Something happened in PortHarcourt yesterday where some people who are not members of the association by any standard protested.
“If we want to do any demonstration or what ever, it will start from our headquarters at No 41 Gnassingbe Eyadema Street in Asokoro in Abuja.
“We have never asked anybody to do anything. More so as independent petroleum Marketers Association we are responsible Nigerians. Our idea and agenda is to partner with Government  and see how we can make our own contribution not to fight.”

He said it is not a time to fight, but time to bring their idea together with that of Government and put everything on the table.
“We want to disown whatever that happened in Port Harcourt yesterday.”
He said a lot of things are happening in the sector
“We want to put it on record that IPMAN is not in anyway part of why Nigerians are suffering.
“Come to think of it, we are the ones bearing the brunt because since 2008 we have not had anything in terms of our margin  but we have to ensure that this products gets to all the nooks and crany of this country, so we should be given a pat in the back.”

He said they know due deregulation goes with a lot of things but let them be carried along to see what they can also do so that the product would be enjoyed at every nooks and crannies with out any issues.
“Our duty is to partner with Government, we are not an association that fights Government we control over 80 % of the downstream sector of the economy in Oil and Gas
If we would be fighting Government, Our workers, those depending on us and the Nigerian public will suffer. We have seen our activities in the sector as being very important.
“We want to say we are in support of Government program in anything they want to do especially with PMS. We should be consulted may be our idea will give a better and robust way things should be down.
“Basically the money is our money, we are the ones controlling it. We can equally do our own internal equalization. So far we are in sync with Government programs especially in the reform in the oil and gas Government is about rolling out.”
He said the reform would bring additional income to boost their members alternative source of income.
“We welcome it and also ask Government that this money that has been set for this program is the channel they can use to reach all the nooks and crannies with over 80% of members filling stations scattered all over Nigeria.”
“We have also put our consultants in place on how this money would be managed for members and Nigeria would have cheaper energy and cheaper gas and the economy would begin to grow again.”

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CBN bans forex sales to Bureau De Change operators

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Bureau De Change operators in Nigeria will no longer be able to purchase forex from the Central Bank of Nigeria as the Apex Bank has put an end to the sales of forex to such outfits

The CBN Governor, Godwin Emefiele, who made the disclosure after the Monetary Policy Committee’s two-day meeting in Abuja on Tuesday indicated that the operators had defeated their purpose of existence to provide forex to retail users,  as they had become wholesale and illegal dealers.
”We observed that the BDCs have continued to make huge profits while Nigerians suffered in pain.
”The commercial banks would be monitored to provide forex for the legitimate use of Nigerians.

He stated that the MPC also retained the Monetary Policy Rate at 11.5 percent at the end of the meeting.

According to him, the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively were also retained.
“The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 percent.

“In summary, MPC voted as follows, one, retain MPR at 11.5 percent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 percent, and retain the Liquidity Ratio at 30 percent,” he said.

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Gov Sule commends Buhari over Agric Institute in Lafia, says Nasarawa is safe for investors

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From Umar Egbunu Muhammed, Lafia

Nasarawa State governor, Abdullahi Sule, has applauded president Muhammudu Buhari for approving the setting up of the Agricultural Machinery and Equipment Development Institute in Lafia, the Nasarawa state capital.

This was just as the Governor urged investors to come to the state and invest, assuring them that the state capital is very safe owing to the relative peace being enjoyed across the 13 local government areas of the state.

The Governor, who gave the commendation while inaugurating, the Lafia City Mall for business, on Monday, said the commissioning of the edifice, is a testimony of the prevailing peace in the state.

He said: “I am extremely happy when I woke up this morning. In fact, last night I received the approval from Mr. President Muhamadu Buhari for the setting up of the agricultural machinery and development in Lafia, the state capital.”

Sule affirmed that, there was no better time for any investor that is interested in doing business in Nasarawa State than at the moment, that his administration was working tirelessly to ensure that there is peace and security for businesses to thrive.

While thanking the owners of the mall for undertaking such capital intensive venture, in Lafia, Sule reiterated that, his administration will continue to put measures in place, for the benefit of the people.

He, however, applauded the chief executive officer of the Lafia City Mall, Mr. Umaru Emmanuel, for his concern for the plight of the youths and for the need to impact skills on them to make them useful not only to themselves but the society.

The Governor used the opportunity of the event, to disclose plans by his administration, to establish industrial zones in Karu and Lafia local government areas.

He indicated that, with the Lafia Technical Institute completed, his administration is approaching the BPP, with a view to equipping the various workshops in the institute, namely ICT, electrical installation, fitter machinist, welders, fabrication, carpentry, cabinet makers, motor mechanics, among others, with a view to impacting desirable skills in the youths, as well as graduates who are unemployed.

He added that, following the establishment of the Nasarawa State Investment Development Agency (NASIDA), the government went on to sign an MoU on the 13, 000 hectares of land in Gurku/Kabusu, which has also been earmarked for industrial use.

“I appreciate President Buhari for giving the approval for the setting up of the new technical institute in Lafia,” he added.

“I want to thank you, the CEO of Wave Mart Group, for your continuous believe and trust in Nasarawa State. I want to thank you also for giving us the opportunity to prove to the world, that indeed, Nasarawa is safe for investment,” the governor said.

Earlier, Chairman of the Wave Mart Group, Umaru Emmanuel, said with the commissioning of the Lafia City Mall, it has brought the number of investments by his firm to three, stressing that, with Lafia now a city, it can also boast of a mall, a feature of the modern day city.

Emmanuel dismissed insinuations suggesting that, the North is not safe for doing business, adding that, for the over 7 years he has invested in Nasarawa State, he had no reason to regret.

The Wave Mart Group chairman, however appealed to the Governor, to roll out a deliberate plan in which youths of the state, will be impacted with necessary skills to make them employable.

In a goodwill message, the Emir of Lafia, HRH Justice Sidi Bage (rtd), commended the owners of the mall, for beautifying the city of Lafia and for making it possible for the people to shop under a conductive atmosphere.

The royal father, in order to show further appreciation, bestowed a traditional title on the owner of the mall, Umaru Emmanuel, as the new Dangatan Lafia.

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Reps moves to pass Youth Entrepreneurship Fund bill

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Youth entrepreneurs in Nigeria may witness better days as the House of Representatives has moved to provide them opportunities for financial succour as the bill to bring about that has advanced to second reading on the floor of the green chamber

The bill is entitled : ‘Youth Entrepreneurship Development Trust Fund (Establishment) Bill, 2021(HB. 1448) sponsored by Mr Farah Dagogo, Member representing Degema/ Bonny Federal Constituency, Rivers State.

In his lead debate, Dagogo noted that the proposed law will create a fund which shall be used to provide financial support to Nigerian youths with entrepreneurship skills.’

He expressed confidence that the proposed ‘Youth Fund would provide a vehicle for assured socioeconomic security for Nigerian youths, to galvanize them to become employers of labour, self reliance and captains of industry.’

He said the ‘Youth Fund’ will not only reduce unemployment and the social vices that characterize the Nigerian society today, but serves as a strong pointer that the country are very particular about its youths and have them in its plan.

Giving insight into the bill, the Federal Lawmaker said funding for the ‘Youth Fund’ will not be less than 5% capital estimate proposal from the Federation Account approved as appropriation for the fiscal year.

Other sources of revenue as proposed are ; profits accruing periodically from approved investments made out of the capital in the Youth Fund, one percent profit as declared by each private entity in the country, other revenue legitimately accruing to the fund by means not provided for in the Bill, and such other sums as may accrue to the capital in the Youth Fund from time to time.

Further insight into the bill indicated that( in Section 4 (1)) the youths will have a say on how the funds are to be administered by the Youth Fund Management Board, with its Chairman expected to be a youth appointed by the President on recommendation from the Minister of Youths and Sports and other recognized youth bodies.

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