Business
N15bn Debt to Fuel Marketers Sparks Controversy
A dispute has erupted between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Company Limited (NNPCL) over an alleged N15 billion debt owed to IPMAN for unsupplied petroleum products. IPMAN’s National President, Abubakar Garima, revealed that its members have not received any Premium Motor Spirit (PMS) despite having paid for it nearly three months ago.
Garima stated that the funds are already with NNPCL, but the company has refused to supply the products or refund the payments. He added that NNPCL is asking marketers to pay the price difference between what they initially paid and the current price. IPMAN is requesting either the product at the agreed price or a full refund so members can buy directly from Dangote Refinery.
The issue has caused tension, with IPMAN’s National Executive Council set to meet next week to decide on further action. IPMAN PRO, Okanlawon Olanrewaju, stressed that the withheld payments, taken as loans from banks, are accruing interest, putting additional pressure on its members.
However, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, denied the claims, calling the debt allegations false. Meanwhile, fuel prices have surged, with petrol prices reaching N998 per litre in Lagos, causing long queues at filling stations and a hike in transportation fares across the city.
PETROAN President Billy Gillis-Harry suggested the price increase could be due to challenges in landing products, noting that fuel prices will now be driven by market forces, which are influenced by the exchange rate and demand-supply dynamics.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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