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Why Fuel Is Scarce – PENGASSAN

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Why Fuel Is Scarce - PENGASSAN

The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mr Festus Osifo, has explained why there is the ongoing fuel scarcity across the country, particularly in Lagos and Abuja.

Osifo who spoke during an interview on Channels Television’s Sunrise Daily, highlighted the issue of ‘bridging funds’ between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and truck drivers who deliver the Premium Motor Spirits (PMS).

Osifo said, “The NMDPRA are the ones administering a bridging fund. At a particular time, they agreed with truck drivers that the bridging fund is going to be about N10 per litre depending on the destination you are going to all over the country.

READ ALSO: Bayelsa Orders Fuel Stations Not To Sell Petrol Above N230

“As at when they agreed, the cost of diesel was about N250, so it was fashionable and the N10 was a bit okay, but today, the cost of diesel is over N700. It has tripled. So, the expectation from the tanker drivers is that since the cost has gone up, instead of paying me N10.40kobo as the case may be, you’ve to multiply it by three.

“At the end of the day, that’s the first problem.
“As of today, we’ve close to 2 billion litres of PMS, so the problem is not the stock,” Osifo said, explaining that while the stock is available, most of the truck drivers aren’t willing to move these products “because of the previous problem I just enumerated”.

“One of the issues again is that today, NNPC is the sole importer of PMS, so they import PMS into the country, and this PMS is brought to the high sea, so they rent some smaller vessels to bunker the PMS and take to the various tank farms or depots. So, if it is the NNPC depots and you’re loading from the NNPC depots, you’re going to pay about N148 as the ex-depot price. But some of the PMS are also stored in private depots and those private depots don’t sell to the retailers for 148; they add some premium to it, at the end of the day, they sell between 152, 155, 160 and 162.

“So, if they sell at that amount, it’ll now be difficult for the retailer to go and sell at the same amount.”

READ ALSO: Worst Fuel Crisis Looms As Petroleum Marketers Demand Payment

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the operating environment has become hostile to their businesses, blaming it on fuel scarcity in Lagos and other parts of the country.

The Lagos Zonal Chairman of IPMAN, Akin Akinrinade, noted that it’s no longer feasible to sell petrol in Nigeria at the recommended price of N165 to a litre, adding that the landing cost of petrol was between N175 to N178 to the litre.

 

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Court Jails APC Senator Seven Years For Fraud

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Court Jails APC Senator Seven Years For Fraud

The Senator representing Delta North Senatorial District at the National Assembly, Peter Nwaoboshi of the All Progressives Congress (APC) , has been sentenced to seven years’ imprisonment.

The Court of Appeal in Lagos on Friday also ordered that the senator’s two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, be wound up in line with the provisions of Section 22 of the Money Laundering Prohibition Act 2021.

The court’s ruling was delivered in an appeal challenging the judgment of Justice Chukwujekwu Aneke of the Federal High Court which on June 18, 2021, discharged and acquitted the defendants on two counts of fraud and money laundering. The Economic and Financial Crimes Commission (EFCC) which arraigned him however challenged the lower court’s decision.

EFCC had arraigned the three defendants over the acquisition of a property named Guinea House, Marine Road, in Apapa, Lagos, for N805 million.

 READ ALSO: Why Move To Impeach Senate President Will Fail – Nwaboshi

Part of the money paid to the vendor – N322 million transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd – was alleged to be part of proceeds of fraud.

Earlier in his judgment, Justice Aneke said the evidence of the prosecutor “proved that the third defendant obtained a loan of N1.2 billion from Zenith Bank to purchase additional equipment and as provision of working capital”.

“It also proved that the loan of N1.2 billion together with interest of N24 million was properly granted to the third defendant .Nothing else was proved by the complainant or prosecutor in this case,” the EFCC quoted the judge as saying in a statement.

The high court judge was also quoted as claiming that a fatal blow was dealt to the case of the prosecution by its failure to call officials of Sterling Bank “to testify and probably tender exhibits F and F10. Consequently, he discharged and acquitted the defendants”.

However, ruling on the EFCC’s appeal on Friday, the Court of Appeal held that the trial judge erred in dismissing the charges against the respondents.

“The court said the prosecution had proved the ingredients of the offence and consequently found the defendants guilty as charged,” EFCC said.

 

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Drama In Court As Lawyer Appears In Priestly Attire

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VIDEO: Drama As Lawyer In Priestly Attire Appears In Court

By John Michael Ojo
There was a mild drama today at the Okpoko Magistrate Court in the Ogbaru Local Government Area of Anambra State, as a lawyer simply identified as Ogbachalu Goshen appeared before the court in a pastoral robe.

But Ogbachalu who was standing before the magistrate, CB Mbaegbu, was denied  hearing on the ground that he was not properly attired, leading to a minor incident in the court.

READ ALSO: Female Students Can Wear Hijab To Lagos Schools – Supreme Court

However,  citing a recent Supreme Court’s judgment which supported the wearing of hijab by female students in public schools as a reference point, Ogbachalu reminded the court that it was his right to dress in his priestly attire as he was an ordained pastor and that the objection by the court to hear him, was an infringement on his fundamental human right as enshrined in section 38 of the 1999 constitution of the Federal Republic of Nigeria

The magistrate however disagreed his submission which only forced the court to dismiss.

 

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Court Orders Immigration, Banks To Release David Ukpo’s Details To Ekweremadu

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Court Orders Immigration, Banks To Release David Ukpo's Details To Ekweremadu

To enable detained former Deputy Senate President Ike Ekweremadu to effectively defend himself in London, a Federal High Court in Abuja on Friday ordered the Nigerian Immigration Service and three banks to immediately release details of David Ukpo to him.

Justice Inyang Ekwo issued the order while delivering judgment in a suit instituted by Ekweremadu and his wife, Beatrice.

The judgment against the defendants followed their non-appearance in court to defend the suit.

By the court order, all official information including the account opening package in relation to Ukpo are to be released to Senator Ekweremadu to ascertain the real age of the said Ukpo.

READ ALSO: Real Age Of Ekweremadu’s Kidney Donor – Immigration

Ukpo had claimed at a London court that he was a minor of 15 years old which led to the arrest and detention of the Nigerian Senator.

Other defendants are the Comptroller General (C-G), Nigeria Immigration Service (NIS); Stanbic-IBTC Bank, United Bank of Africa (UBA), and Nigeria Inter-Bank Settlement System Plc as 2nd to 5th respondents, respectively.

 

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