Business
IPMAN Tasks NNPC On Fuel Allocation Formula
The Independent Petro
leum Marketers Association of Nigeria (IPMAN) on Saturday urged the Nigerian National Petroleum Corporation (NNPC) to increase petrol allocation to its members across depots in the country.
IPMAN National Operations Controller, Mr Mike Osatuyi,made the appeal in an interview with newsmen in Lagos against the persisting fuel scarcity.
According to Osatuyi, the 78 per cent import allocation to NNPC led to the disruption in the petroleum products distribution chain which, he said is causing the ongoing scarcity.
“The only way to address the lingering scarcity is when government through the NNPC/Petroleum Pipeline Marketing Company (PPMC) increases independent marketers’ allocations.
“This is because we control about 87 per cent of the country’s outlets.
“The fuel situation has been fragile since the NNPC assumed the role of the sole importer of petrol,’’ he said.
Osatuyi noted that the supply gap over a period of time now was because the NNPC imported 78 per cent of the petrol needs of the country, while marketers battled with just 22 per cent.
“The NNPC has access to forex (foreign exchange) because they do the SWAP deal and therefore, are not constrained by the challenge.
“But for marketers, it is difficult to source the dollar and therefore not profitable to import under the present condition.
“Most of IPMAN members have been queuing at various depots for months in anticipation of loading but to no avail.
“If IPMAN allocation is increased, it will go a long way in addressing the country’s scarcity because, if we have, we will sell,’’ the controller said.
Meanwhile, some marketers at both Ejigbo Satellite and Mosinmi depots, who preferred anonymity, alleged that they have been marginalised by the corporation at the depots.
The marketers lamented that its members were being schemed out by the NNPC.
According to them, trucks belonging to members of the association which had been at the depots for 10 days were not given adequate supplies.
“This is despite having loading vouchers worth over N5 billion with the NNPC.
“We have over N4 to N5 billion vouchers with NNPC but they refused to load members of IPMAN appropriately.
“Instead of loading about 50 trucks, we end up getting between 10 and 15 trucks,’’ the marketers said.
They also claimed that the corporation was only loading its retail outlets that even lifted their products on credit.
Efforts to get the PPMC spokesperson to react to the IPMAN allegations proved abortive as his telephone line was switched off.
However, findings from some filling stations within the Lagos metropolis revealed that motorists were experiencing difficulty having access to purchase petrol.
For instance, the NNPC retail outlet at Onipanu was dispensing petrol with over 200 vehicles on queue while the Mobil Filling Station at Anthony was not dispensing and its gates barricaded.
Black marketers now sell five litres of fuel at N2,500, while 20 litres sold for N25,000.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter