Pan African Financial Institution, United Bank for Africa (UBA) Plc has announced that 10 of its loyal customers will get a chance to win N1,000,000 each, in the ongoing UBA Savings Promo which is scheduled to hold on to May 7, 2021 at the bank’s corporate head office, in Lagos.
Nigeria should subsidise production not consumption, says CRS With the Federal Government leaving the pump price of Premium Motor Spirit (petrol) unchanged in the first five months of this year despite the increase in global oil prices, subsidy on the product is estimated to gulp N500bn in the period.
PUNCH had reported on January 11 that the sustained increase in global crude oil prices had pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appeared to have triggered a return to petrol subsidy era.
Going by the petrol pricing template of the Petroleum Products Pricing Regulatory Agency, the landing cost of petrol rose from an average of N143.60 in December to N158.53 per litre on January 7, with the expected open market price (retail price) being N181.53 per litre.
On February 5, when oil price neared $60 per barrel, it was reported that the expected open market price of petrol rose to over N200 per litre, based on the petrol pricing template of the PPPRA.
The pump price of petrol has remained at between N160 and N165 per litre at many filling stations in Lagos since December.
The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on March 25 that the Federal Government was subsidising petrol with about N100bn to N120bn monthly.
“Today, NNPC is the sole importer of PMS. We are importing at market price and we are selling at N162 per litre today. Looking at the current market situation today, the actual price could have been anywhere between N211 and around N234 per litre,” Kyari said at the time.
Petrol subsidy would gulp N480bn from February to May, based on the monthly figure given by the NNPC boss, while the corporation is estimated to have spent at least N20bn subsidising the product in January.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said it had become clear that petrol subsidy had reemerged.
“They are no more deceiving us; they have told us the truth that there is subsidy. So, we will continue to carry the burden until when the infrastructure to cushion the effects of high petrol price is put in place by the government,” he added.
Asked if marketers were comfortable with the return of subsidy, he said, “We have no choice because it is the government that is importing petrol. They have the knife and the yam. So, they are to tell us where to go, and we have no choice but to comply.”
The Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, said the announcement by the NNPC that the ex-depot price of petrol would not change in May meant that subsidy would continue. “It means status quo remains; everything continues as it is,” he added.
For more than three years, NNPC has been the sole importer of petrol into Nigeria, and depot owners, major and independent oil marketers rely on it for the supply of the product.
He said while the actual cost of importation and handling charges amounts to N234 per litre, the government had been selling at N162 per litre, therefore, bearing the difference.
No price hike in May, says NNPC
The NNPC GMD, Kyari, on Monday announced that there would be no increase in the ex-depot price of PMS in May.
The national oil company has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of over N120bn monthly.
Ex-depot price is the cost of petrol at depots, from where filling stations purchase the commodity before dispensing to final consumers.
Kyari also announced on Monday that Petroleum Tanker Drivers had suspended their proposed strike after the intervention of NNPC in the impasse between the PTD and the National Association of Road Transport Owners.
The NNPC tweeted these via its official Twitter handle on Monday.
It said, “Following GMD #NNPC Mallam @MKKyari’s intervention in the National Association of Road Transport Owners/Petroleum Tanker Drivers impasse, PTD has just announced the suspension of its planned strike until closure of discussion between both parties.
“Also, the GMD announced that there would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.”
In March, the NNPC said it would maintain its ex-depot price for petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders.
It was gathered that the engagement with labour on petrol price had yet to be resolved, hence the continued maintenance of the current ex-depot price despite fluctuations in global oil prices.
We should subsidise production, not consumption – Ayade’s aide
The Special Adviser Media and Publicity to Governor Ben Ayade of Cross River State, Christian Ita, has highlighted the need to subsidise production rather than consumption in the country.
Ita, who spoke to our correspondent on Monday in Calabar, was reacting to the issue of fuel subsidy removal as it is causing a shortfall in revenue accruing to states from the federation account.
Ita said, “the truth of the matter is that subsidy in itself is not a bad thing. There is no country that is completely devoid of subsidy. The only problem is that we are subsidising consumption while others are subsidising production.
“If you go to America today, subsidy in public policy is a means of distribution of wealth. But the problem here is the sincerity behind it all. Rather than yank it off, why not put safeguards in place to ensure that the process is not corrupted?
“America subsidises agriculture. It’s about time we subsidised production rather than consumption. And again, we are even tired of this thing. Today we hear that they have removed subsidy. Tomorrow they will say there is still subsidy. So, we don’t know which one to take.
Gombe commissioner calls for local oil refining
The Gombe State Commissioner for Information, Julius Ishaya, said removing subsidy was not the way to solve the current financial challenges.
Speaking to one of our correspondents, Ishaya suggested the refining of crude locally, adding that it was draining to import.
He said, “Stopping subsidy is an ad-hoc attempt to solve the problem. We would rather advocate for us to attain our capacity by refining locally.
“Once we are able to refine locally, then there will be no need for importation and we won’t be talking of subsidy.
“The issue of subsidy is arising because we are not able to meet our local need and so we have to take our crude abroad. So other additional cost is incurred.”
He added that the agitation in Gombe was for the attainment of local refining capacity in order to make fuel importation a thing of the past.
THE COMPLICITY OF NATIONAL SECURITY ADVISER IN CORRUPTION AND BANDITRY IN ZAMFARA STATE
During the 8-year reign of former Governor Abdulaziz Yari of Zamfara State , there is hardly a week the state is not in the news for either killings of scores of Zamfarans or kidnapping of them in large numbers. So bad it was during his tenure that the only presence of security is the escort services provided by security agents for workers on Yari’s farm.
It is despicable and rather unfortunate that a man who is battling to clear his name from many allegations of fraud and unprecedented corruption in Zamfara is seen flying around in a Nigerian Airforce Jet.
Mungono’s lackluster performance to rejig the security architecture which has led to breakdown of law and order has portrayed the Presidency in bad light as failing in its duty to provide security and welfare of its citizenry.
The approval of the use of NAF jet by Abdulaziz Yari which allegedly came from the office of the National Security Adviser further lent credence to the claims among Nigerians that the APC-led government is not serious about fighting corruption and insecurity.
Assuming without conceding that Yari facilitated the use of the aircraft on his own, one wonders an emergency situation that would warrant a former governor enjoying such luxury even when the allegations of corrupt enrichment is still hanging on his neck.
The National Security Adviser has yet again confirm the call for his removal over incompetence and that the reason for his call and advise for the declaration for a “No fly Zone” in Zamfara is unprofessional, partisan and may not be to secure the country as he would want people to believe.
By Hamid Shinkafi
Public affair analyst
Rural Resident Expresses Satisfaction On Jumia Service Delivery
At the current pace, there’s no denying the improved fortune of eCommerce in Africa. Even the most ardent doubters of eCommerce viability on the continent will accept that the online shopping business is gaining momentum on the continent, contrary to their forecast and expectations.
Major African markets like Nigeria and Kenya are improving their internet penetration while the number of mobile phone users is rising exponentially. This, in turn, is boosting the online market entrants in urban locations and gradually rubbing off on rural settlements.
As a result, the conversation around eCommerce in a major market like Nigeria has gravitated from doubts on feasibility and acceptance to quality of service delivery, customers expectations and satisfaction. With at least 87 e-commerce platforms in Nigeria, the online shopping community is increasing by the day with innovation and bespoke approaches to address the challenges of the market and meet customers expectations.
In the thick of this, some customers are already having a glimpse of what eCommerce offers at its peak, thanks to the effort of key market players. Iteshi Prince Izuchukwu, a businessman based in Rivers State said he likes shopping online because of the price slash. Based on his experience with several online shopping platforms, he was quick to acknowledge the extra effort of Africa’s market leader on its quality of service delivery. “Things I order include Television, Wristwatches and others. When I buy these items on Jumia, they deliver on time and in good condition,” he stated.
In today’s market where customers demand value for every penny spent, a well thought out packaging that meets the aesthetic taste of the customers can spell a huge impact on the eCommerce business. It can help reduce the volume and cost of return, foster customer loyalty and put the brand in the face of prospects. “I always feel happy when what I ordered is being delivered to me. And as a businessman, I want value for money which I can say I am getting on a platform like Jumia,” Izuchukwu said.
With continuous effort by eCommerce brands to meet customers’ quality, timely and packaging expectations in their service delivery, testimonials like this will go a long way in getting more people onboard the online shopping train.
10 Customers Set To Become Millionaires In UBA Savings Promo
This unique promo intends to appreciate loyal customers of the bank, who have stayed with the bank over the years, and will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from the ongoing Promo.
To qualify for the draws, new and existing customers of the bank are expected to save N10,000 monthly or N30,000 at once for 3 months; before each draw date. Savings account holders eligible for this draw include Target, Bumper, Next Gen, Savings, Teens & Kiddies).
Some past winners who cut across all regions of the country and have previously benefitted from the promo include; Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.
Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji. Already the winners have claimed their cash prizes and are currently spreading the news so others can take advantage of this once in a life time opportunity.
Speaking ahead of the forthcoming draw, UBA’s Head, Personal Banking, Ogechi Altraide, said that without a doubt, UBA’s passion for the growth and overall success of its customers cannot be overemphasized, adding that this has consistently been proven in numerous ways. She explained that the bank has consistently invested in cutting edge technology to improve its service delivery and its overall aim of delighting customers.
She said: “With customer-centric promos like the UBA Savings Promo, we have created an ever increasing list of millionaires who continue to join the UBA customer millionaire club. For this edition of the promo, we decided to pick the month of May, which is the month that workers are celebrated across the world for their efforts at contributing to the growth of the economy. We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them,” Altraide said.
UBA’s Head, SME Banking, Sampson Aneke, spoke of UBA’s continuous commitment to give back to its customers especially during these challenging economic periods, where people need all the support they can get to make life more meaningful.
“With this in mind we decided to prioritise them in as we always do at UBA, by giving them plenty to cheer about and that is the reason for the Promo. I have been privileged to visit some of the customers who won in January, and we were more than fulfilled to see happiness and gratitude on the faces of the lucky ones when their cash prizes were presented to them. That feeling is special.
So I enjoin those who are yet to join the winning team, to do so. You never can tell, the next big millionaire could be you,” Aneke said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
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