Business
Reps Urge FG to Allow Marketers to Lift Petrol from Dangote Refinery
The House of Representatives has called on the Federal Government to direct the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Petroleum Refinery to permit independent marketers to begin lifting fuel from the newly established refinery. This resolution follows the adoption of a motion of urgent public importance sponsored by Oboku Oforji, representing Yenagoa/Opokuma Federal Constituency in Bayelsa State.
During the debate, Oforji highlighted that since the Dangote Petroleum Refinery commenced operations on September 15, 2024, only major marketers have been granted access to lift products, raising concerns about monopoly and lack of competition. He stated, “The House is worried that NNPCL and the major marketers are exclusive off-takers, which spells monopoly and is equivalent to greed.”
Oforji warned that if this monopolistic trend is not addressed, Nigerians will continue to suffer from fuel scarcity, which has significant implications for the economy. He referenced the late MKO Abiola’s past comments on the NNPCL’s lack of transparency and accountability, emphasizing that excluding independent marketers from lifting petrol is detrimental.
Concerns were also raised by representatives from the Independent Petroleum Marketers Association of Nigeria (IPMAN), who fear they may have to resort to importing fuel to sustain their businesses. Oforji commended the Dangote Group for launching the refinery, noting it could drive Nigeria toward energy self-sufficiency and attract foreign investments.
He pointed out the high demand for Premium Motor Spirit (PMS) among Nigerians and urged the NNPCL to enable independent marketers to access the refinery to alleviate the ongoing fuel shortages.
To enhance petroleum availability nationwide, the House urged Dangote Refinery to consider building, acquiring, or partnering with stakeholders to establish tank farms or depots across various geopolitical zones.
In response to the crisis in the petroleum sector, Speaker Tajudeen Abbas inaugurated a panel led by House Leader Julius Ihonvbere. This joint committee with the Senate aims to investigate the issues plaguing the sector and propose solutions moving forward. Other committee members include Kelechi Nwogu (PDP, Rivers), Patrick Umoh (APC, Akwa Ibom), and Sada Soli (APC, Katsina).
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.
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.
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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