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Petrol Landing Cost Drops To N971/Litre

November 11, 2024 by admin

The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months. This decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply chain factors. However, despite this reduction, the retail price of petrol in Nigeria has sharply increased by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024. According to data released by the Major Energies Marketers Association, in its competency centre daily energy bulletin, oil marketers imported petrol at N1,219 per litre at a Brent crude oil price benchmark of $80.72 per barrel and at an exchange rate of N1,611 per dollar in August. Petrol sold at N617 per litre during this period. But in November, with an estimated landing cost of N971.57, Brent crude price benchmark of $75.57 per barrel and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company Limited retail station and N1,180 at stations owned by independent marketers. The document also showed that the landing cost stood at N945.63 in September 2024 and N903.64 per litre in October 2024. This increase, despite falling landing costs, can be attributed to factors such as the ongoing deregulation of the fuel market, fluctuations in the exchange rate, rising inflation, and the broader economic challenges facing the country. However, experts say they expect the reduction would lead to a corresponding drop in the retail price of petrol. On Sunday, the Nigeria Labour Congress accused fuel marketers of inflating petrol prices, claiming the pump price is significantly higher than the actual market value. The NLC in a communique released following its National Executive Council meeting, contended that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution.The organization’s call underscores its growing concerns over the economic strain on Nigerians and its commitment to holding both fuel marketers and the government accountable for citizens’ welfare.

Marketers Sue Dangote,Insist On Petrol Import

November 7, 2024 by admin

Three oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have asked the Federal High Court in Abuja to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals. The marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024, and dated November 5, 2024, a response to an originating summon filed by Dangote Petroleum Refinery and Petrochemicals, argued that granting the application of refinery would spell doom for the country’s oil sector. They emphasised that the plan to monopolise the oil sector is a recipe for disaster in the country. Dangote refinery in its originating summon dated September 6, 2024, had sued Nigeria Midstream and Downstream Petroleum Regulatory Authority and Nigeria National Petroleum Corporation Limited, AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited as 1st to 7th defendants respectively. The refinery prayed the court to declare that NMDPRA was in violation of Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing licenses for the importation of petroleum products. It stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall. It also urged the court to declare that NMDPRA is in violation of its statutory responsibilities under the PIA for not encouraging local refineries such as the company. Shafa, A. A. Rano, and Matrix Petroleum, however, responded that Dangote refinery does not produce adequate petroleum products for the daily consumption of Nigerians. They noted that the plaintiff had not placed anything before the court to prove the contrary. They argued that they are well qualified and entitled to be issued an import licence by NMDPRA to import petroleum products in Nigeria within the meaning of Section 317(9) of the PIA. They also noted that they are fully qualified for the issuance of the import licences issued to them by the 1st defendant, as they duly met all the legal requirements for the issuance of such import licences, before the same were issued to them. “The import licences lawfully and validly issued to the defendants did not in any way whatsoever, cripple the plaintiff’s business or its refinery. “The import licenses issued to the defendants by the 1st defendant are in line with the provisions of the Petroleum Industry Act, 2021, the Federal Competition and Consumer Protection Act, 2018, and other relevant laws,” they contended. They insisted that giving Dangote Refinery the power of monopoly in Nigeria’s petroleum industry as it sought in the instant suit, would kill competitive pricing of petroleum products in the country. Stressing that such an act would further deteriorate the country’s critically ailing economy. They also added that it would “unleash untold hardship on Nigerians, all of which constitute a recipe for disaster in the polity”. The marketers explained that if Nigeria puts all her energy eggs in one basket by stopping the importation of petroleum products and allowing the plaintiff to be the sole producer and supplier of petroleum products in Nigeria, with liberty to determine the prices at which it supplies the products, the prices of petroleum products will continue to rise and energy security will elude Nigeria. They also noted that should the refinery break down being a monopolized sector, the country will be plunged into a hot mess of energy crisis. “That in the event of any breakdown in or obstruction to the production chain of the plaintiff which stops it from producing Nigeria will be thrown into energy crises because it does not have the reserves that would last it for at least 30 days that it would need to order, pay for, freight and import refined products into tanks in Nigeria. “That amidst the glaring absence of any credible and demonstrable proof that the plaintiff refines and supplies adequate petroleum products for the daily use/consumption of Nigerians, is a recipe for disaster in Nigeria’s energy sector.” They further told the court that granting the reliefs sought by the plaintiff was a design to leave Nigeria and Nigerians at the mercy of the plaintiff with respect to the availability and cost of purchasing petroleum products in the country. The presiding judge, Justice Inyang Ekwo fixed January 20, 2025, for a report of settlement or service. Dangote exports products Meanwhile, three foreign firms have accounted for about 75 per cent of what’s being lifted from the 650,000-barrel-per-day Dangote refinery, a new report has stated. A report by Bloomberg on Wednesday said Vitol Group, Trafigura Group, and BP Plc are the dominant buyers of fuels from the oil refinery that’s reshaping petroleum trading in Africa and Europe. The trio has accounted for the vast majority of the plant’s shipments since flows began ratcheting up around the middle of this year, according to data from Precise Intelligence, a new oil-and-gas trading analytics firm based in Geneva. The report quotes products offtake from February 27 to October 10 with other customers including the local market taking 25 per cent of total fuel purchases from the company. Earlier this year, Dangote began operations and kick-started the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (petrol). Once it’s fully up and running, Dangote should be able to process about 650,000 barrels a day of crude into products including gasoline and diesel. That will far exceed the fuel making capacity of any single plant in Europe or Africa, helping to reshape the regions’ oil and fuel trading. The emergence of Dangote has already trimmed a glut of Nigerian crude. Analysis of the report showed that the refinery has loaded almost 6 million tons of fuel since starting up. This is equivalent to almost 45 million barrels, loading rates averaged about 35,000 tonnes a day in October, its data showed. Dangote itself said late last month that the refinery had reached processing rates of about 420,000 barrels a day of crude. The plant is also selling into the Nigerian market. The composition of fuel cargoes … Read more

Withdraw Old Notes Before December Deadline, Reps Tell CBN

October 24, 2024 by admin

The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. During a plenary session on Thursday, lawmakers also urged the CBN to increase the issuance of the new banknotes to ensure a smooth transition. This resolution followed a motion of urgent national importance moved by Rep Afam Ogene, who expressed concern over the lack of public awareness on the looming deadline. Ogene noted that with less than two months to go, the CBN has not initiated any meaningful public sensitization on the change, a crucial step to avoid a repeat of the 2023 chaos when the currency switch caused widespread hardship. Ogene further emphasized that if the CBN does not act promptly, Nigerians may face severe difficulties as the old notes cease to be legal tender on January 1, 2025. He recalled the litigation and public frustration during the 2023 currency transition and stressed that proactive public awareness campaigns, such as jingles, radio, television, and social media postings, should have commenced months ago. The House also directed the CBN to order commercial banks to stop disbursing old notes and only release the new currency, urging a gradual phase-out of the old notes. The House Committee on Banking Regulations was instructed to ensure compliance and report back within 21 days.

Dangote Refinery Starts Direct Petrol Sales To Marketers

October 24, 2024 by admin

The Dangote Petroleum Refinery has started supplying Premium Motor Spirit, popularly called petrol, to some oil marketers directly without recourse to the Nigerian National Petroleum Company Limited. It was gathered that while more oil marketers were intensifying efforts to buy the product directly from the plant, others were importing the commodity, as hundreds of millions of litres of imported PMS should hit Nigeria’s shores in two weeks’ time. Recall that The PUNCH exclusively reported on Monday that no fewer than four vessels carrying imported PMS arrived at seaports situated along the nation’s borders between Friday, October 18, and Sunday, October 20. The report cited a document obtained from the Nigerian Port Authority, which showed that about 123.4 million litres of PMS were berthed at two seaports to improve fuel supply nationwide. The development confirmed an earlier exclusive report by The PUNCH, which disclosed that oil dealers intend to import the commodity to supplement the supply from the $20bn Dangote refinery. Meanwhile, as major oil marketers import the commodity, their counterparts have started lifting PMS directly from the Lekki-based plant. A senior official at the refinery said marketers are now allowed to approach the company for direct business transactions on a willing-buyer, willing-seller basis. “Marketers are already coming to the refinery to lift PMS. They are lifting directly from the refinery, not through a third party,” the reliable official, who spoke in confidence due to lack of authorisation to speak on the matter, stated. The source, who could not tell the price at which marketers were lifting the product, noted that the oil dealers would not come if the price was not favourable to them. “We have reached agreements with some of the marketers and more are still ongoing. I don’t know the exact price, but if the price is not good, the marketers would not be coming to us,” the official stated. He maintained that things are improving, especially as the Federal Government commenced the supply of crude to the facility. Another official at the facility showed one of our correspondents the trucks of some marketers loading the product directly from the plant without going through NNPC. “Some of the trucks you saw there today were from marketers purchasing the product directly from Dangote, without recourse to NNPC. So the direct sale has started,” the source stated. The official explained that due to the high demand for petrol in Nigeria and other countries, the refinery had focused on ensuring 53 per cent of PMS production from its crude oil supplies. “This could be reviewed in future if the demand for other finished products increases more than the demand for petrol, but right now about 53 per cent of our crude is used for petrol production, while other products account for the remaining percentage,” the official stated. When asked if marketers had started the direct purchase of petrol from Dangote without recourse to NNPC, one of the notable major marketers in the country replied in the affirmative. “Yes, everyone is in the process. This was advised that it would happen soon and is a normal business transaction,” the source stated. But this is contrary to claims from some quarters that the refinery would not be able to sell petrol to marketers unless the deal between it and the NNPC is terminated. The PUNCH recalls the company had initially announced that the NNPC would be the sole off-taker of its petrol from September 15. A source at the refinery said this was as decided by the Federal Government. The source said he was taken aback when the Technical Subcommittee on Domestic Sale of Crude Oil in Local Currency announced on October 11 that marketers should now lift petrol directly from the refinery. “Moving forward, petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency,” the Minister of Finance, Wale Edun, who heads the committee stated in a statement. As the committee made the announcement, operators said the market had been fully deregulated and they would approach the refinery to apply for PMS lifting. The PUNCH recalls that the Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, recently led other officials of the association to a meeting with the Vice President of the Dangote Industries, Devakumar Edwin, in Lagos. Though Fashola did not give much updates about the meeting with Edwin, he appreciated him for the roles he had been playing. “Edwin received us very well and promised to make things easier for IPMAN to do business with Dangote,” he said. Fashola added, “We had a fruitful discussion with the group. We have started discussing modalities and other logistics. IPMAN has agreed to work with Dangote. We hope very soon we will start lifting products from the facility.” However, IPMAN said it could not commence the immediate off-take of the product unless the refinery ends its contract with the NNPC. But officials at the refinery stated that the refinery was now selling PMS to some marketers. When the Dangote refinery began the sale of PMS on September 15, the NNPC said it bought the product at the rate of N898/litre; a claim the refinery described as mischievous. The refinery said the naira-for-crude committee would be the one to announce the price of its PMS. The committee has yet to do so as of October 22.

Rebuilding Oyo State’s Road Network: A Pathway To Economic Stability Under Governor Seyi Makinde.

October 22, 2024 by admin

By Comr. Ibekwe Simeon, A Member of GSM Advocates In recent years, the importance of infrastructure in fostering economic growth has become increasingly evident, particularly in developing regions. Oyo State, under the leadership of Governor Seyi Makinde, has embarked on a transformative journey to revitalize its road network, a strategic initiative aimed at enhancing economic stability and fostering sustainable development. Governor Makinde’s administration recognizes that a robust road infrastructure is crucial for facilitating trade, improving access to markets, and attracting investments. With a significant portion of the state’s economy reliant on agriculture, manufacturing, and commerce, the need for a reliable road network cannot be overstated. The dilapidated state of many roads has hindered the movement of goods and services, affecting local businesses and farmers who struggle to reach their markets. To address these challenges, the Governor has initiated a comprehensive road rehabilitation and construction program. This ambitious plan involves not only the upgrading of existing roads but also the construction of new ones to enhance connectivity between urban and rural areas. By prioritizing key routes that link agricultural hubs to major markets, the initiative aims to reduce transportation costs, increase efficiency, and ultimately improve the livelihoods of residents. Furthermore, the road network revitalization project is expected to generate significant employment opportunities. As construction activities ramp up, local labor will be engaged, providing jobs for many who are currently unemployed. This boost in employment will have a ripple effect, stimulating the local economy and fostering a sense of community resilience. In addition to economic benefits, the project focuses on ensuring safety and accessibility. Improved roads will reduce travel times and minimize accidents, creating a more secure environment for commuters. Governor Makinde has also emphasized the importance of transparency and community involvement in the execution of these projects. By engaging local stakeholders and soliciting their input, the administration aims to ensure that the road network meets the specific needs of the communities it serves. This collaborative approach not only fosters trust but also empowers residents to take ownership of their development. It will interest the public that Governor Seyi Makinde’s initiative to rebuild Oyo State’s road network is a vital step toward achieving economic stability and sustainable growth. By improving infrastructure, the administration is not only enhancing connectivity and accessibility but also laying the foundation for a prosperous future. As these projects progress, they are sure to transform the economic landscape of Oyo State, creating opportunities for all and driving the state toward a brighter tomorrow.

NNPCL Reduces Fuel Price

October 15, 2024 by admin

NNPCL, Nigerian National Petroleum Company Limited has agreed to sell Premium Motor Spirit (petrol) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at a rate of N995 per litre. This agreement follows the intervention of the Department of State Services (DSS) in the ongoing dispute between the two parties. Hammed Fashola, the National Vice President of IPMAN, confirmed the resolution, stating that the DSS’s involvement helped address numerous challenges faced by the marketers. “We really appreciate their intervention. They are doing their job. Their efforts brokered peace and understanding between the parties, and everyone agreed to work together,” Fashola stated. When asked about the pricing, he explained, “For now, tentatively, I think they are offering us N995 per litre.” This price point means that IPMAN members will be less likely to sell petrol at significantly higher rates than major marketers. However, Fashola cautioned that geographical distance could still lead to price variations. “Our members currently sell at around N1,200, depending on their location. With the N995 price, there should be a slight reduction, but transportation costs from Lagos to distant locations will still play a role,” he noted. Fashola emphasized that the association aims to establish a more uniform pricing structure by factoring in transportation and operational costs. Addressing the issue of fuel queues at filling stations, Fashola attributed the long lines to price disparities rather than a genuine shortage of petrol. “The queues are caused by the difference in prices. If there wasn’t much variation, you would find filling stations operating normally,” he explained. In addition, IPMAN plans to meet with Dangote Refinery this week to explore direct purchase options. Fashola expressed optimism about taking advantage of the government’s directive that allows marketers to buy petrol directly from local refineries. “While we are keen to engage with Dangote, we will also consider NNPC for our purchases, as it all comes down to which option provides the best price,” he stated. Recall that IPMAN raised concerns that NNPCL was charging independent marketers N1,010 per litre in Lagos, despite acquiring the product from Dangote Refinery at N898 per litre. This led to demands for refunds from NNPC for earlier petrol supply payments. As these developments unfold, both IPMAN and NNPCL are hopeful that the new agreement will foster a more stable and equitable pricing environment in Nigeria’s oil sector.

Makinde Inspects Rayfield Gardens City Estate As He Commends Fendini Limited On World-Class Estate

October 12, 2024 by admin

The Oyo State Governor, Engr Seyi Makinde, on Saturday paid an inspection visit to Rayfield Gardens City Estate, Alao Akala GRA in Wofun-Montana area of Ibadan. Governor Makinde commended the developer, Messrs Fendini Limited, for their hard work, creative approach and expressed satisfaction that the project is moving fine, noting the estate’s potential for families. He highlighted the State’s rapid growth and the need for more comfortable living spaces for residents and visitors, leveraging on Oyo State’s competitive and comparative advantage in its sustainable economic reforms. The estate will provide more than 300 residential units, a supermarket, hospital, schools, and other amenities, creating hundreds of jobs for entrepreneurs and youth. The CEO of Fendini, Prince Laja Adeoye, who received and conducted the Governor, Commissioner for Lands Housing and Urban Development, Mr Akin-Funmilayo Williams, Director of Physical Planning Mr Akinwale and other top government functionaries round the class A Estate, emphasized the estate’s world-class features, including stunning duplexes, maisonette, flats, apartments, well paved road network and drainages, power installations, solar street lights, water supply, effective security system and more. The project, is being developed through a public-private partnership initiative, aims to set the pace for excellence in Oyo State’s real estate development. The developer noted that people are already living in the Estate, using the opportunity to appreciate their residents and subscribers, calling on the public to take advantage of the ongoing ‘Build and Move in immediately’ offer, for more people to be a home owner in the Estate. According to Adelaja, he said his company is committed to setting the pace for excellence in real estate development, and that is the reason his team are working round the clock to develop and deliver to their subscribers, an estate with solid infrastructures that will be a reference point as far as the State is concerned in the next 12 months. The governor posited that the Estate is strategically located, that when the Ibadan-Iwo Road, Kute-Jenriyin Road, and other ongoing road constructions are finished, it will boost trade, commerce and provide multiple access to the Estate.

Ibadan Chops ‘n’ Chill 2.0 Is More Than Food Festival – Chef Wendy

October 11, 2024 by admin

By Adeleke Maria The Chief Executive Officer (CEO) of Wendy’s Kitchen, who also doubles as the Convener of “Ibadan Chops ‘n’ Chill, Chef Chinwendu Festus Wendy, popularly known as Chef Wendy has affirmed that 2024 edition of the culinary event themed “Ibadan Chops ‘n’ Chill 2.0” will be more that just a food festival. “Ibadan Chops ‘n’ Chill is a culinary event that started in the year 2023 with the aim of showcasing local talents in culinary business, as well as positioning Ibadan City to the world as a culinary powerhouse within Nigeria’s growing fast food industry. As of 2023, Ibadan was valued at a staggering N250 billion ($602.5 million) by the Association of Fast-Food Confectioners of Nigeria (AFFCON). The maiden edition of Ibadan Chops ‘n’ Chill was colourful and successful, as over 5,000 food enthusiasts, photographers, videographers, brand managers and ambassadors, event planners, chefs, food vendors, fun seekers among others graced the event that was held peacefully at the Ibadan Polo Club, Eleyele, Ibadan thereby making it an annual event. In a statement issued by Wendy’s Kitchen Boss, Chef Wendy affirmed that the 2024 edition of Ibadan Chops ‘n’ Chill codename “Ibadan Chops ‘n’ Chill 2.0” will be more than just a food festival. Wendy noted that Ibadan Chops ‘n’ Chill has become an annual event, stressing that the 2.0 edition will be another celebration of flavours and culinary talents in Ibadan and its environs. Maintaining that her team is ready to take Ibadan by storm, as over 10,000 food enthusiasts have been invited across the country and are expected to savour the city’s finest cuisines. She stated that, “This event which is scheduled to hold on Sunday, December 1st 2024, at the Ibadan Recreation Club Eleyele is going to be more than just a food festival, aimed to serve as a springboard for local chefs while positioning Ibadan as a culinary powerhouse within Nigeria’s burgeoning fast-food industry. “Ibadan Chops ‘n’ Chill is on a mission to create a platform for talented chefs to emerge and establish Ibadan as a culinary force to be reckoned with in Nigeria. “This second edition of Ibadan Chop ‘n’ Chill” promises to be a feast for both the medium and upper classes in the society, as it will offer an irresistible assortment of culinary delights, workshops, competitions, and entertainment. The event will feature an extensive selection of delectable dishes from both local and international cuisines. “Promising that indigenous and international chefs will all gather under one roof, ready to delight and entice taste buds. Expert chefs will lead engaging cooking workshops, revealing their culinary styles and demonstrate how effortless it is to craft exceptional dishes.” “Ibadan’s beloved radio presenters will step into the culinary ring in an intense cook-off, competing fiercely for the prestigious culinary crown. That’s not all, get to explore food and lifestyle exhibits that showcase the latest in culinary innovations, from modern kitchen gadgets to mouthwatering delights.” “Food photography enthusiasts will have the chance to shine in the Ibadan Chops ‘n’ Chill food photography contest, while live music and captivating performances will maintain the festive atmosphere throughout the day.” “Purified Entertainment Company Limited, a brand known for showbiz and promotion of upcoming music talents, is one of our partners for this event and all their artistes will be on ground performing live to entertain our guests and also to make the event a memorable one.” “We are also seeking partnership deals from brands who are interested in showcasing their products, while our doors are open for sponsorship from various organizations. Ibadan Chops ‘n’ Chill 2.0 promises something exciting for everyone. Interested organizations and brands can reach out to us through our various social media platforms.” Wendy stated.

Banking Industry Governed By Rigorous Regulation, Nigerian Media Should Stop Attacking – Banks’ CEOs Warn

October 10, 2024 by admin

The Chartered Institute of Bankers of Nigeria and the Body of Banks CEOs in Nigeria wish to express their concern over the persistent social media criticisms targeted at Nigerian banks. It is essential to highlight the significance and contributions of the banking sector, which remains one of the most regulated and integral parts of Nigeria’s economy. The Nigerian banking industry is governed by rigorous regulations issued by the Central Bank of Nigeria (CBN), its primary regulator, and other direct and indirect regulatory bodies. A large number of these banks are publicly listed and adhere to the highest standards of transparency and compliance, as required by domestic and international investors and regulatory agencies. In addition to the CBN, regulatory bodies like the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and Nigeria Deposit Insurance Corporation (NDIC), play pivotal roles in maintaining transparency, integrity, and accountability within the sector. Nigerian banks are also staffed with a wealth of globally competitive and certified professionals, regulated by both national and international bodies. These professionals, coupled with partnerships with globally recognized service providers and investments in cutting-edge technologies, elevate Nigerian banks to global standards in every market they operate. Internationally renowned auditing firms, rating agencies, and other independent bodies routinely evaluate the operations, financial records, and compliance of Nigerian banks. These rigorous assessments ensure that the banks align with global best practices, reflecting their commitment to delivering trustworthy and quality services to the public. As a result, Nigerian banks consistently receive high ratings both individually and collectively. Investor confidence in Nigerian banks is evident, with the sector being a top choice for retail and institutional investors alike. The resilience and dynamism of the banking industry are built on the trust of its customers, demonstrating that the sector is a cornerstone of economic growth and development in Nigeria. Rather than being criticized, the continued strength of this sector should be a source of national pride. The banking sector is pivotal to Nigeria’s economic growth, contributing significantly to individuals, businesses of all sizes, and the society at large. The economy’s development relies heavily on the banks’ intermediary roles, and their positive impact is undeniable. If any individual or group has concerns or grievances regarding the operations of any bank, they are encouraged to direct such issues to the appropriate regulatory authorities. These bodies are equipped to address concerns impartially and professionally, ensuring that all matters are resolved through the proper channels. Resorting to social media attacks, blackmail, or smear campaigns not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate targeted banks. We urge individuals engaged in such actions to desist and consider the facts before making accusations. The regulatory agencies are well-positioned to handle concerns with diligence and professionalism. We remain committed to delivering the highest standard of banking services, guided by the regulations that govern our industry. Together, let us foster an environment of trust and collaboration, recognizing the positive impact of a professional sector that brings pride to Nigeria and Africa. As the banking sector continues its efforts to build a resilient Nigerian economy, we call on citizens to support its mission of creating a stronger economy that works for everyone.

64th Independence Anniversary: Makinde Extends Subsidised Transport Scheme By Six Months•••Relaxes Measures For Agric Credit Loans To Small Holder Farmers

October 1, 2024 by admin

By Adeleke Maria Oyo State governor, ‘Seyi Makinde, has called on residents of the state to keep hope alive as Nigeria celebrates its 64th Independence Anniversary, noting that his government will continue to take decisions that serve the best interest of the people. Governor Makinde stated this on Tuesday, during his Independence Day Address relayed on the Broadcasting Corporation of Oyo State (BCOS). The governor maintained that as part of decisions to mitigate the economic challenges facing the people, he has directed an immediate change in the guarantor system for the state’s agricultural credit loan for small farmers. According to him, instead of the requirement that allowed only civil servants to guarantee farmers seeking the loan, residents who seek to access the loan can now be guaranteed by community associations, farmers and artisanal associations. He equally declared a six-month extension for the state’s Sustainable Action for Economic Recovery (SAfER) Transport Scheme, which has seen intra-city and inter-city transportation in state government-owned Omituntun Buses subsidised by more than half, noting that he has also directed that a similar subsidy be introduced on trucks for crop transportation across the state. These measures, the governor said, were introduced to reaffirm his government’s commitment to making decisions that will serve the best interests of the people amid the cloudy economic times in the country. He said: “Today, we celebrate another milestone in Nigeria’s history as we mark 64 years of nationhood. Our journey has been one of highs and lows. We have walked, crawled, run, stumbled, and risen again. We have experienced moments of pride and moments of reflection. But above all, we have demonstrated unwavering resilience. “Here in Oyo State, you have exemplified that same resilience by supporting our administration over the past five years as we moved from accelerated development to sustainable development with a focus on moving the people of our dear state from poverty to prosperity. “They say the darkest hour comes just before dawn. As we face these cloudy economic times, we must remember our resilient spirit. Rest assured, the sun will rise. “As your government, we use this Independence Day celebration to reaffirm our commitment to making decisions that will serve the best interests of the good people of Oyo State. “This is why I have directed that guarantors for small scale loans to agripreneurs through the Agricultural Credit Corporation of Oyo State will no longer be limited to civil servants but will now include Community Development Associations (CDAs), farmers’ associations and artisans’ associations. “We have also extended the subsidy on transportation for another six months under the Sustainable Action for Economic Recovery (SAfER) scheme. The subsidy will now also include a subsidy on trucks for evacuation of farm produce. This subsidy will be implemented through the various trader and agriculture unions. “Now is not the time to emphasise what divides us. Rather, we must hold fast to the things that unite us—our shared identity, our culture, and our history. We must always remember who our real enemies are, so we do not turn against our friends. “We will, as a government, continue to give strength to democratic institutions because we believe this is one of the best ways to build stronger states and nations. “I also want to take this opportunity to reassure you that the security of our people remains a top priority. During your celebrations, you may notice an increased security presence. Do not be alarmed—they are there to ensure your safety and guarantee a peaceful celebration. “So, as we celebrate Nigeria at 64, let us not dwell on the difficulties of the present. Instead, let us use this period to reflect on what we can do differently, so that the future of our nation will be better than the past. “Let us focus on the real hope that lies ahead.”