Business
MRS Oil denies off-spec petrol importation allegation
MRS Oil Nigeria Plc, an oil marketer, says it is not responsible for the importation and distribution of “substandard and contaminated” petrol in the country.
Yesterday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that petrol, with methanol quantities above Nigeria’s specification, was discovered in the supply chain.
The development caused long queues across Lagos and Abuja as many filling stations shut down services.
Meanwhile, there have been rumours on social media that MRS allegedly imported off-spec petrol into the country, but the company described them as “mischievous, false and untrue.”
In a video circulating online, a petrol attendant, wearing an MRS uniform, was seen dispensing what appears to be adulterated petrol to a customer.
View this post on Instagram
Reacting in a statement, MRS said it doesn’t import premium motor spirit (PMS), better known as petrol.
The company explained that it gets petrol from NNPC which is the sole importer of all PMS in Nigeria due to the current subsidy regime.
“This vessel discharged in Apapa between January 24 and 30, 2022 and the following Major Marketers with receiving quantities were the recipients of the product: OVH 10,000 mt; MRS 5,000 mt; NIPCO 5,958 mt; ARDOVA 6,000 mt; TOTAL 10,000 mt,” the statement reads.
“This vessel discharged in Apapa between January 24 and 30, 2022 and the following Major Marketers with receiving quantities were the recipients of the product: OVH 10,000 mt; MRS 5,000 mt; NIPCO 5,958 mt; ARDOVA 6,000 mt; TOTAL 10,000 mt,” the statement reads.
“As one of the beneficiaries, MRS received the product in its depot and distributed the product to only eight of its stations in Lagos. Following delivery into tank, it was observed that the product appeared hazy and dark; Management immediately directed that further sale(s) should be stopped and the product isolated. Urgent steps were taken to analyze the product to determine the basis for its contamination.”
“The product analysis revealed that the PMS discharged by MT Nord Ganier had 20% methanol, which is an illegal substance in Nigeria.
“As a Company, we are aware that alcohol/ethanol is not permitted to be mixed in PMS specification. We immediately informed NNPC, NMDPRA and MOMAN and it was confirmed that other members had similar experiences.
“As at the time of this press release, ‘MRS’ had a total of 350,000 litres in the tank at the eight stations; we await approval from NNPC and NMDPRA for the return of the product.
“The eight stations have been isolated, but there are other tanks within the stations, which will receive uncontaminated product for sale as soon as possible.
“In view of the above, ‘MRS’ will continue to work with NNPC and NMDPRA, for the evacuation of the contaminated product to NNPC, who is the sole supplier of the product.”
“The allegation reported against the Company that ‘MRS’ imported contaminated products, is therefore mischievous, false and untrue. ‘MRS’ is not an importer of this contaminated PMS into the country, nor does ‘MRS’ sell substandard products.”
Business
Naira depreciates to N1,700/$ at parallel market — lowest in seven months
The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.
At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.
The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
WEEK-LONG FLUCTUATIONS
At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.
Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.
However, the naira rebounded to N1,675 on Thursday.
At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.
Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.
On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.
The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.
On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.
Business
CBN extends suspension of processing fees on deposits to March 2025
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.
The development comes six days before the suspension date initially fixed, expires.
On May 1, banks resumed the collection of processing fees on cash deposits.
Six days later, CBN suspended charges on the deposits until September 30.
However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.
“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.
“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”
CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.
Business
Meta unveils John Cena, others as new AI voice clones
Meta, the giant tech company, announced on Wednesday the integration of celebrity voices into its artificial intelligence chatbot, Meta AI, in an effort to compete with products like ChatGPT.
At the Meta Connect 2024 developer conference in Menlo Park, founder Mark Zuckerberg revealed that users of Instagram, Messenger, WhatsApp, and Facebook can now engage in real-time conversations using a variety of voices, including those of celebrities like Awkwafina, Dame Judi Dench, John Cena, Keegan-Michael Key, and Kristen Bell.
While this new voice feature aims to enhance user interaction, it differs from OpenAI’s Advanced Voice Mode for ChatGPT, which is celebrated for its expressive and emotive tones. In contrast, Meta’s offering resembles Google’s Gemini Live, which transcribes speech and reads responses aloud with synthetic voices.
-
Business4 days ago
‘Petrol is economic oxygen’ — Okupe disagrees with Dangote over subsidy removal
-
Politics4 days ago
Senator Otunba Gbenga Daniel Congratulates Governor-Elect Monday Okpebholo on Historic Edo State Victory
-
World1 week ago
Aisha Achimugu bags USA Lifetime Presidential Achievement Award
-
News1 week ago
Edo guber: IGP restricts vehicular movement tomorrow
-
Politics1 week ago
LP crisis: Obi, Alex Otti have betrayed us, says Abure faction
-
Celebrities1 week ago
‘You lack understanding of Afrobeats’ — ID Cabasa replies Buju Banton
-
News1 week ago
NAFDAC shuts Maiduguri market for selling drugs damaged by flood
-
Politics6 days ago
‘I won mine’ — Shaibu taunts Obaseki for losing LGA to APC in Edo guber poll