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.
Focus On Gumi, Shekau Before Chasing Me, Igboho Tells FG
Yoruba activist, Sunday Adeyemo , better known as Sunday Igboho , has advised the Federal Government to channel its energy towards arresting Boko Haram leader , Ibrahim Shekau , and Islamic cleric, Sheikh Ahmad Gumi, who has been holding meetings with bandits .
Igboho said this during an interview with The PUNCH on Friday while reacting to the face – off between him and security agents around the Guru Maharaji bus stop along the Lagos -Ibadan Expressway .
The Yoruba activist, who has been in the news for serving a quit notice on Fulani herdsmen in some parts of the South -West , said he was never invited before they attempted to arrest him .
When asked if he would honour a police invitation, Igboho said , “ Go and ask them to invite Gumi and Shekau first before disturbing me . Let them face the bandits instead .”
Igboho also said he would not run , adding that he had returned to his base in Ibadan .
When asked if he would go into hiding , he said , “ What for ? I am in the neighbourhood . I cannot run . ”
Igboho also affirmed that his bank account was initially frozen but the restriction was lifted recently .
He said he had done nothing wrong but fight for the rights of his people .
EFCC Arraign Insurance Brokers For N26bn PHCN Severance Benefit
The Economic and Financial Crimes Commission (EFCC), on Thursday, arraigned Abiodun Waheed Hassan and his company, Bestworth
Insurance Brokers Limited, before Justice S.C Oriji of the Federal
Capital Territory High Court, Apo, Abuja on a five count charge of
alleged criminal breach of trust and misappropriation of funds to the
tune of over Twenty Six Billion Naira (N26billion).
The defendant allegedly diverted humongous sums of money earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), into the corporate account of entities.
Count one of the charge reads: “That you, Abiodun Waheed Hassan, Director, Bestworth Insurance Brokers Limited and Bestworth Insurance Brokers Limited on or about 15th January 2015, in Abuja within the jurisdiction of the High Court of the Federal Capital Territory, while being entrusted with certain property to wit:
the sum of N26,236,594,986.00 (Twenty-six Billion, Two Hundred and
Thirty-six Million, Five Hundred and Ninety-four Thousand, Nine Hundred
and Eighty-six Naira only) paid into Bestworth Insurance Brokers
Limited’s Skye Bank Account No. 1771645118 from PHCN STAFF Severance Benefits account with the Central Bank of Nigeria, being funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), did
commit criminal breach of trust in respect of the said property by
dishonestly misappropriating the sum of N2,500,000,000.00( Two Billion
Five Hundred Million Naira only) thereof when you transferred the said
sum into Kakatar CE Limited’s Zenith Bank Account No.1012637660 and you
thereby committed an offence punishable under Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004.”
Count Five states, “that you , Abiodun Waheed Hassan, Director, Bestworth Insurance Brokers Limited and Bestworth Insurance Brokers
Limited on or about 18th December 2014, in Abuja within the jurisdiction
of the High Court of the Federal Capital Territory, while being
entrusted with certain property to wit: the sum of N26,236,594,986.00
(Twenty-six Billion, Two Hundred and Thirty-six Million, Five Hundred
and Ninety-four Thousand, Nine Hundred and Eighty-six Naira only) paid
into Bestworth Insurance Brokers Limited’s Skye Bank Account No.
1771645118 from PHCN STAFF SEVERANCE Benefits account with the Central Bank of Nigeria, being funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), did commit criminal breach of trust in respect of the said property by dishonestly misappropriating the sum of N6,000,000,000.00 ( Six Billion Naira only) thereof when you
transferred the said sum into PJO Venture Limited’s Skye Bank Account
No.1771645235 and you thereby committed an offence punishable under
Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria,
The defendant pleaded ‘not guilty’, when the charges were read to him.
Based on his plea, prosecution counsel, Benjamin Lawan Menji, ask for a
trial date and prayed the Court to remand the defendant at the
Correctional Service pending the trail.
Counsel for the defendant, Ade Olusalako told the court that the defense
had filed a motion for bail of his client and pleaded for the remand of
the defendant in the custody of the EFCC pending the determination of his bail application on the grounds that “the defendant has been on administrative bail for almost five years and he has an underlining sickness”.
However, the prosecution counsel objected to the application. “As he
rightly submitted, we received the application but we shall vehemently
be opposing the application; we said vehemently so that the court will
know that we have a strong opposition. Moreover, our facility is
overstretched because of the issue of the Covid-19 Pandemic, the little
we have we are trying to manage them. The proper place of detention or
custody is the Correctional Service which the government has done its
best in providing”, Menji told the court.
However, Justice Oriji adjourned the matter till March 4, 2021 for
hearing on the bail application and remanded defendant in EFCC custody.
Niger Delta Militants Threaten To Attack Lagos, Abuja
Niger Delta militants under the aegis of Supreme Egbesu Liberation Fighters have threatened to destroy infrastructure in Lagos State and Abuja .
In a video posted on Tuesday by AIT , members of the group were seen wearing masks and putting on a military uniform .
One of them , who read a statement on behalf of the group , lamented poor implementation of the amnesty programme in the region, saying , “ there are no schools , no potable water , no light , no hospital and access roads for our people to enjoy till date” .
He said , “ Over the years, the Niger Delta people have made frantic efforts to create an enabling environment but to our great dismay, the Nigerian government over the years has decided to handle the issues of the Niger Delta with kid gloves .
“ They have betrayed the struggle and have left the people to their fate ,” a member of the group read from a statement .
“ Rather, what is visible is the presence of military gunboat and the numerous military personnel dispersed to the Niger Delta who are killing, raping , and maiming the innocent people of the region.
“ Look at the security surveillance contract taking place in our region through the federal government these agencies in place have decided to shortchange our people . Now in our territorial waters , it is an Israeli company that is providing waterway security which we have competent hands with expert knowledge to manage.
“ Don ’t worry, because we are coming to destroy all your infrastructure in Abuja and Lagos . As a group committed to giving total liberation to our people , we will destroy the oil facilities both onshore and offshore in no distant time , we will be seen to be crippling the Nigerian economy. ”