Business
Unpaid Subsidy: Oil Marketers Threaten To Stop Importation
The Major Oil Marketers Association of Nigeria (MOMAN) has Friday threatened to stop the importation of petroleum products over yet-to-be-paid N256 billion subsidy claim by the Federal Government.
The Executive Secretary of MOMAN, Mr Obafemi Olawore, made the disclosure at a news conference in Lagos on Friday.
Olawore said that the last time the government paid marketers N100 billion subsidy claim was in February and it was paid in Sovereign Debt Note (SDN).
He said that the post-dated note would mature at the end of April.
The secretary-general said that before the N100 billion SDN was issued, the government was indebted to the tune of N315.8 billion.
“But if you deduct the N100 billion from the N315.8 billion, you will have 215.8 billion.
“Besides, the Petroleum Product Pricing Regulatory Agency (PPPRA) had earlier approved Batches T and U for last quarter of 2014 for payment which amounted to N30.5billion.
“In 2015, we also have Batches A and B for the products imported by MOMAN which has been approved by PPPRA but had not been paid.
“This also amounted to N9.7 billion.So the money put together is N256 billion,” he said.
The secretary-general said that the unpaid subsidy had really affected the marketers from expanding their businesses.
Olawore said that the association’s fear was that the 2015 budget as passed by the House of Representative did not capture subsidy payment.
“If government is saying we should stop importation of petroleum or no more subsidies, they should please pay for what the association members had supplied.
“Right now, it is getting to a halt because we are bleeding; our suppliers are on us to pay for products supplied.
“As at April 22, what we have in our depots at Apapa will only last for three and half days, which shows that our members are finding it hard to bring in products.
“Our banks here are not even helping the situation because it has not been easy to access loan from them,” he said.
He urged the Federal Government to pay the claim so that marketers could continue with the importation and avoid scarcity of the products.
He added that NNPC could not import the products alone because presently MOMAN imports about 40 per cent of the nation’s consumption.
L-R: Representative of the National President, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Prince Billy Gillis-Harry; Kaduna State Commissioner for Finance, Alhaji Aliyu Samaila; Galadima Zazzau, Alhaji Nuhu Aliyu; Representative of the Minister of Industry, Trade and Investment, Mr Ezenwanne Benjamin And President, Kaduna Chamber of Commerce, Industry, Mines and Agriculture, Dr Abdul-Alimi Bello, at the opening Ceremony of the 36th Kaduna International Trade Fair in Kaduna last Saturday.
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