Connect with us

Business

Fares soar as petrol sells at N270 per litre

Published

on

Premium Motor Spirit (PMS), popularly known as petrol, is now selling at between N260 and N270 per litre in Awka, the capital of Anambra state.

The News Agency of Nigeria (NAN) Correspondent, who monitored fuel availability and price situation on Thursday, reports that the cost of transportation has sharply increased in response to the hike.

The NNPC mega and mini retail outlets in Awka were closed to customers as they had no products while only private marketers’ outlets were selling with few vehicles queuing up to buy petrol.

Some motorists in the town expressed concern that the price of petrol had continued to rise without anybody coming to their rescue.

They accused the marketers of arbitrarily hiking prices because Christmas and New Year celebrations are near.

NAN reports that fares for intracity shuttle had increased by 100 per cent as transporters now collect N200 for distances that cost N100 in the last.

Mrs Jane Oranu, a civil servant who lives in Onitsha but works in Awka, said a one-way fare which was N300 now costs between N750 and N800.

Oranu said the increase in transport fare had put an additional burden on household finances.

She called on the Federal Government to intervene in the petrol price issue and save the masses from unbearable hardship.

In a reaction, Mr Chinedu Anyaso, Chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN), Enugu Depot Community, blamed the price increase on cost of procuring products.

Anyaso, in charge of Anambra, Ebonyi and Enugu States, said marketers are now buying PMS at above N240 with N3 loading cost and N15 transportation per litre to their outlets.

“It is not our problem, the price we are selling is reflective of the ex-depot price which is N240, we pay N3 as loading cost and transport to our outlets with N15 that makes landing cost to be between N258 and N260.

“You can see that alternative to what is going on now is to be out of business but we have to remain in business to service our people, especially during this Christmas period.

“It is even affecting our businesses because our sales have dropped by about 50 per cent because customers are not buying, so we are calling on the federal government to supply products massively and directly to marketers and not through these private depot owners,” he said.

Anyaso urged members of the public to appreciate the role of marketers in the Southeast who were making efforts to make fuel available but explained that pricing is not within their control.

Business

Johannesburg Stock Exchange suspends Oando over failure to submit financial results

Published

on

By

Oando Plc says trading on its shares has been suspended by the Johannesburg Stock Exchange (JSE) due to its inability to meet the extended deadline to publish its 2022 audited year-end results.

The company is listed both on the Nigerian Exchange Limited (NGX) and JSE.

Oando said it also failed to meet the deadline to publish its interim results for 2023.

According to a statement filed on the Nigerian bourse, Oando said the suspension was contained in a letter dated March 27.

The oil company, however, said its audited financial results will be approved by April 15.

“The Company had earlier unsuccessfully appealed to the JSE seeking a further extension of time within which to file the relevant accounts and requesting that it hold off its communicated intention to suspend Oando’s listing on the Exchange,” Oando said.

“Consequently, investors cannot trade the shares of the company during this period on the JSE Limited.

“The 2022 Accounts are scheduled to be approved by the Board of Oando PLC on or before the 15th of April 2024 and will thereafter be sent to the Financial Reporting Council of Nigeria for regulatory approval prior to its release to the market.

“The interim results for 2023 will also be released to the market soon after the 2022 Accounts are published.”

The company said further updates will be communicated to the market upon changes to the current situation.

This is not the first time Oando has been suspended from JSE.

On October 19, 2017, JSE suspended Oando after the review of subsequent correspondence received from the NGX and Securities Exchange Commission (SEC).

Prior to this, the NGX, on October 18, 2017, suspended Oando’s trading following the directive of the SEC.

Continue Reading

Business

CBN raises capital base of commercial banks to N500bn

Published

on

By

The Central Bank of Nigeria (CBN) has announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks.

In a statement on Thursday, CBN said the increase was necessary due to prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks.

The statement was signed by Haruna Mustafa, director, financial policy and regulation department.

According to the apex bank, the upward review will enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

Also, CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and n10 billion, respectively.

To meet the minimum capital requirements, CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

OTHER REQUIREMENTS FOR EXISTING BANKS

  • The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds.
  • Additional tier 1 (AT1) capital shall not be eligible for the purpose of meeting the new requirement.
  • All banks are required to meet the minimum capital requirement within a period of 24 months commencing from April 1, 2024 and terminating on March 31, 2026.
  • Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorization.
  • In line with extant regulations, banks that breach the CAR requirement shall required to inject fresh capital to regularise their position.

OTHER REQUIREMENTS FOR PROPOSED BANKS

  • The minimum capital requirement shall be paid-up capital.
  • The new minimum capital requirement shall be applicable to all new applications for banking licences submitted after April 1, 2024.
  • The CBN shall continue to process all pending applications for banking licences for which capital deposit had been made and/or approval-in-principle (AIP) had been granted. However, the promoters of such proposed banks shall make up the difference between the capital deposited with the CBN and the new capital requirement not later than March 31

CBN said all banks are required to submit an implementation plan, clearly indicating the chosen option{s) for meeting the new capital requirement and various activities involved with their timelines.

“The plan shall be submitted to the Director, Banking Supervision Department, Central Bank of Nigeria, not later than April 30, 2024,” the apex bank said.

CBN said it will monitor and ensure compliance with the new requirements within the specified timeline above.

Continue Reading

Business

EKEDC board debunks recall of Tinuade Sanda as CEO, says ‘It wasn’t authorised’

Published

on

By

The board of the Eko Electricity Distribution Company (EKEDC) says a communication recalling Tinuade Sanda from her role as managing director (MD) and chief executive officer (CEO) does not represent its position.

In a statement on March 28, Babor Egeregor, a director and chairman, legal and regulatory committee, said the directive terminating the appointment of Sanda has been nullified.

However, in a statement on Thursday, the board said it did not authorise Egeregor to issue any statement on its behalf.

“The attention of the Board of Directors has been drawn to the recent statements online and in print media from Mr. Babor Egeregor, supposedly acting on behalf of the board,” the board said.

“This is to state that the Board of Eko Electricity Distribution Plc (“EKEDP”) did not and has not authorized Mr. Babor Egeregor to issue any statement or press release on its behalf. We therefore urge the general public to regard all communications from him as his personal views and does not represent the position of the Board of “EKEDP.”

The board said only communications signed by the chairman are authentic and represent the position of the company on any issue.

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...