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Petrol To Sell At N117 Per Litres, As PPMC Slashes Ex-depot Prices

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The Petroleum Products Marketing Company (PPMC), Wednesday, slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N108 per litre, a move reflecting the drop in crude oil prices. It is also expected to result in a lower pump price at petrol stations by end of this week.

In a memo to oil marketers and other stakeholders in the petroleum marketing business, dated May 5, 2020, with the subject: ‘Re: PPMC Petroleum Products Prices for May 2020,’ the PPMC also slashed the ex-depot price of Automotive Gasoline Oil, also known as diesel, to N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others.

The indicated that the new prices would take effect from May 5, 2020.

The ex-depot price is the price at which the depot owners sell the commodity to retail outlets across the country.

Though, the PPMC did not state the Expected Open Market Price of the commodity, which is the pump price at petrol stations, over the years, the difference between the ex-depot price and the pump price of petrol is usually around N9 per litre.

This means that at an ex-depot price of N108 per litre, the pump price of PMS would be around N117 per litre, N8 lower than the current pump price of N125 per litre in most petrol stations and N6.50 lower than N123.50 per litre at NNPC retail outlets.

The responsibility of fixing petroleum products prices lies solely with the Petroleum Products Pricing Regulatory Agency (PPPRA), but the agency is yet to release the pricing templates for May 2020, as against its promise that the templates would be released on a monthly basis, to serve as guide for products pricing for each month.

Commenting on the reduction, Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), Dr. Kennie Obateru said, “The N108 new PPMC ex-depot price of PMS from N113.28 is a marketing strategy to make more sales while complying with PPPRA price template. We reviewed the ex-depot prices to enable us make more sales.

“For AGO, it’s a deregulated product and as such its prices are determined by market forces.”

PPMC, is one of the downstream subsidiaries of the NNPC.

Group Managing Director of the NNPC, Mallam Mele Kyari, had few days ago, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government had eliminated subsidy and under-recovery in the industry.

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Business

SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

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By Sola Alabadan

SanlamAllianz, formed from the merger of Allianz and Sanlam, will begin 12-city nationwide roadshow on June 23, following the brand’s recent official introduction to the Nigerian market.
The campaign, which will take place in Lagos, Ibadan, Akure, Warri, Port Harcourt, Uyo, Onitsha, Enugu, Owerri, Kano, Jos, and Abuja, is part of the company’s strategic effort to deepen customer engagement, and raise awareness about the brand and insurance.
It is also intended to demonstrate the company’s commitment to making wealth creation and financial protection capabilities more accessible to individuals and businesses in the country.
Speaking on this initiative, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, said: “This nationwide campaign signals the scale of our ambition and the depth of our commitment to the Nigerian market. At the heart of insurance is trust, and trust begins with presence. Reaching customers where they are is fundamental to how we are building SanlamAllianz.
“This roadshow is a strategic move to bridge the gap between perception and reality, allowing us to engage directly with our customers and Nigerians in general, challenge long-held misconceptions, and position insurance as a practical tool for thriving in financial confidence, building resilience and long-term financial security.”
As part of the roadshow, SanlamAllianz will hold customer engagement forums in each of the 12 cities. The in-person sessions allow customers to interact directly with the company’s leadership and frontline teams. The forums aim to reconnect with customers under the unified brand and reaffirm its long-term commitment to the local market.
“Insurance only becomes relevant when it is understood, trusted, and connected to the realities people face,” said Yomi Onifade, MD/CEO of SanlamAllianz General Insurance.
“These forums are our way of reintroducing SanlamAllianz not just as a merged entity, but as a unified brand committed to showing up for Nigerians. We are creating a platform for real conversations — to listen, address concerns, and deepen understanding. This is how SanlamAllianz intends to lead, by listening actively, showing up with solutions, and shaping a future where insurance is truly embedded in the fabric of everyday Nigerian life,” he added.
By adopting a city-by-city physical rollout, SanlamAllianz Nigeria is positioning itself as one of the few players actively investing in deeper grassroots engagement toward deepening insurance penetration in Nigeria.

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NAICOM, OHCSF Move To Ensure Workers Benefit From Group Life Assurance

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By Sola Alabadan

In order to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) recently organised a capacity-building workshop on the compulsory insurance policy in Abuja.

Section 9(3) of the Pension Reform Act 2014 mandates employers to maintain a Group Life Assurance policy for their employees, with a benefit of at least three times the employee’s annual total emolument.

The workshop brought together stakeholders from government ministries, departments, and agencies to enhance understanding and implementation of the policy.

In her opening remarks, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, represented by Mrs. Oyekunle Patience, emphasised the importance of insurance in safeguarding public servants’ welfare and ensuring financial security for their families. She commended President Bola Tinubu for renewing the annuity policy and applauded NAICOM for initiating the training.

The Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Finance and Administration, expressed appreciation for the collaboration and assured participants of NAICOM’s commitment to transparency and accountability in policy implementation.

The workshop aimed to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, a critical component of the Federal Government’s welfare package.
The event marked a significant step in strengthening life insurance policy implementation across the federal civil service, reinforcing the government’s dedication to employee well-being.

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PenCom, Head of Service Plan N30bn Gratuity For Workers Annually

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The National Pension Commission (PenCom) and the Office of the Head of the Civil Service of the Federation (OHCSF) are collaborating to introduce a Gratuity Framework for civil servants in treasury-funded Ministries, Departments and Agencies (MDAs) under the Contributory Pension Scheme (CPS).
This development followed a high-level meeting held recently in Abuja, when the Director General of PenCom, Ms. Omolola Oloworaran, paid a courtesy visit to the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Esther Walson-Jack.
Speaking about boosting retirement benefits, Ms. Oloworaran informed the Head of Service that PenCom is working on modalities for the establishment of a Gratuity Scheme, in line with Section 4(4)(a) of the Pension Reform Act 2014 for retiring employees of Federal Government treasury-funded MDAs.
The PenCom boss said this has been estimated to cost the federal government only about N30 billion per annum as determined by PenCom and confirmed by the 2024 Stakeholders Committee on outstanding pension liabilities, if retiring federal employees are paid 100% of their last gross annual remuneration.
She said the amount represented a modest but impactful intervention to improve the welfare of those who have served the nation with dedication.
Furthermore, the DG of PenCom highlighted the persistent issue of delayed pension payments due to delay in payment of Accrued Rights. She noted that previous collaboration between PenCom and the Office of the Head of Service yielded significant progress, including securing a Federal Executive Council (FEC) approval for a N758 billion bond to clear outstanding pension liabilities under the CPS.
Ms. Oloworaran unveiled a one-time, comprehensive online enrolment exercise to establish the accrued pension rights liability of all serving federal employees of treasury-funded MDAs who were in service prior to June 2004. She said this online verification and enrolment exercise, which will commence from August 2025, will enable PenCom present to the Federal Government the amount so determined with a view to possibly raise a Bond to settle the entire liability once and for all.
The DG added that the determined accrued pension rights for every eligible civil servant will be credited into their individual Retirement Savings Accounts (RSAs).
On the benefits of the enrolment, the PenCom DG said retirees will start earning returns on these funds, and the system becomes shielded from political transitions, as Pension Fund Administrators (PFAs) will take full control.
In addition, Ms. Oloworaran told the Head of Service that PenCom is developing a digital application to streamline the enrolment process. PenCom plans to deploy the online application by August 2025. She sought OHCSF’s support to issue a circular directing all MDAs to participate in the enrolment and submit the necessary documentation.
Speaking on the challenge of uncredited pension contributions among MDAs not enrolled in the Integrated Payroll and Personnel Information System (IPPIS). Ms. Oloworaran said that contributions are often made without accompanying schedules
To address this, the DG said PenCom has introduced a new Pension Contribution Remittance System that requires all employers to henceforth, utilise selected Payment Solution Support Providers (PSSPs) for the remittance of their employees’ contributions. This ensures accurate and prompt remittance of pension contributions into respective RSAs of employees
The DG requested the Head of Service’s assistance in issuing directives to IPPIS Office in the Office of the Accountant General of the Federation (OAGF) and MDAs not on IPPIS, such as tertiary institutions, self-funding agencies, and others to henceforth, utilise selected PSSPs for remittance of monthly contributions, effective June 2025,
In response, the HCSF, Mrs. Walson-Jack, expressed her full support for all the initiatives and commended PenCom for its proactive approach to improving pension administration. She pledged to issue the necessary circulars to MDAs and to collaborate closely with PenCom in developing the modalities and securing the approvals for the Gratuity Scheme.
Mrs. Walson-Jack said civil servants have been calling for gratuity and expressed her full backing for the proposed Gratuity Scheme.
To cement the partnership, PenCom and OHCSF agreed to establish a Standing Committee to work on the outlined reforms and address any emerging issues in the future.

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