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NNPC Records N211bn From Petroleum Products Sales In February

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The Nigerian National Petroleum Corporation on Tuesday announced that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded ₦211.62bn sale of white products in February 2020.

NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, explained that the figure contained in the corporation’s February 2020 Monthly Financial and Operations Report was significantly higher compared to the previous month’s record which stood at ₦151.79bn.

The report showed an increased trading surplus of ₦3.95bn garnered by the corporation in February 2020, when compared to the ₦1.87bn surplus that was posted in January 2020.

The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company as a result of its low expenses.

Other reasons cited for the increased trading surplus were the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters.

The February 2020 report also indicated that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about ₦2.6tn, with petrol contributing about 98.06 per cent of the total sales value of about ₦2.5tn.

The report stated that about 1.7 billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.

This comprised about 1.7 billion litres of PMS (petrol) and 1.09 million litres of AGO (diesel). Also, there was a sale of 0.01 million litres of special product, Low Pour Fuel Oil in the month.

Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21 billion litres and PMS accounted for 20.8 billion litres or 98.73 per cent.

During the period under review, a total of 32 pipeline-points malfunctioned or were vandalised, representing about 47 per cent decrease from the 60 points recorded in January 2020.

These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures. Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent and all other routes accounted for the remaining six per cent.

In respect of natural gas off-take, commercialisation and utilisation, out of the 241.74 billion cubic feet of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively.

This translates to a total supply of 1,235.56 million standard cubic feet per day of gas to the domestic market and 3,817.4mmscfd of gas supplied to the export market for the month.

During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064 megawatts, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.

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Banks’ CEOs Hold Emergency Meeting Over BDCs’ Forex Ban 

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Bank Chief Executive Officers on Thursday, held an emergency meeting on how to ensure compliance with the new forex directive of the Central Bank of Nigeria.

After the meeting, they spoke during a webinar organised to give an update on the banks’ preparedness to be the main channel of forex distribution, following the recent discontinuity of forex supply to the BDC operators by the CBN.

The executives assured the public that banks would make forex available to customers in accordance with the CBN’s directives.

After the last Monetary Policy Committee meeting, the Central Bank Governor, Godwin Emefiele, had ordered all Deposit Money Banks to set up teller points at designated branches across the country to fulfil legitimate FX request for personal travel allowance, business travel allowance, tuition fees, medical payments and SMEs transactions, among others.

Speaking at the webinar, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe, said, “The banking industry as a whole was willing and ready to carry out this function. The banks have very strict compliance measures, in terms of verification and making sure that people who do apply are eligible.

“All Nigerian banks will be able to meet these requirements. If you look at all the branches nationwide, you will know that the banks have more than enough capacity to do this.”

He said if the banks saw any compliance issues, or people attempting to do things cunning, they would be reported to the CBN because the banks would ensure full compliance with the order.

The Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr Segun Agbaje, while speaking on the capacity of the banks to meet the customers demand, said, “It is not only the CBN that has the ability to fund the market; the banks also have the resources to meet the demand, and we have agreed collectively that it will start immediately.”

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NERC: Over 1m Electricity Consumers Have Received Prepaid Meters

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Labour Warns FG Against Electricity Tariff Hike 

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The Nigeria Labour Congress faulted plans to allegedly sell the Transmission Company of Nigeria, saying it will lead to an increase in electricity tariff.

The NLC President, Mr Ayuba Wabba, said this in a statement titled, “This Kite will not Fly’’ on Friday.

Wabba explained that instead of allegedly planning to sell the transmission company, FG should focus on improving the electricity supply.

He described the attempt to hand over the TCN to a few ‘privileged’ Nigerians as self-serving, obtuse, odious, morally reprehensible and criminal.

The NLC president said, “The TCN is a strategic economic asset of immense national security implications. This is because the TCN traverses all nooks and crannies of Nigeria.

“It will be wrong that our country will be deliberately exposed to an avoidable vulnerability and thus, provide an opportunity to others to restrain the Nigerian state.

“We apprehend that the planned sale of the TCN is only an attempt to further confound the people and concurrently raise electricity tariff. Unfortunately, this time around, Nigerians have had enough.

“The government cannot promise improved power supply to consumers by the planned sale of TCN. The under-the-table scheming as transparent privatisation cannot pass muster.

“It is an unsavoury narrative for our country, that even the privatised assets, which have survived the rapacity of the new owners, have been turned into unrealisable collaterals for unpayable loans.

“This constitutes a bone stuck in the throat of financial institutions and sundry creditors.”

Wabba explained that the plan would “fundamentally weaken the security of the nation and above all, deprive the people of their age-old investments in the commanding heights of the Nigerian economy”.

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