Business
DPR Warns Petroleum Marketers Against Sharp Practices
The Department of Petro
leum Resources(DPR), on Tuesday, said it would henceforth not allow a situation whereby supply of petrol was dictated by private interests of marketers and dealers to the detriment of the Nigerian public.
The Acting Director of the department Mr Danteni Ladan,said this during an emergency meeting with stakeholders in the industry in Lagos.
He was represented by the Deputy Director of Downstream Sector of the department, Mr Alphonsus Mudei.
Ladan said that the nation, in the last few months, had experienced epileptic supply of Premium Motor Spirit (petrol) which had reflected in the sale of the product above official pump price.
He said that there was evidence to buttress this and the trend was unacceptable.
“In the last few months, the nation has experienced epileptic supply of PMS which has reflected in the sale of this product above official pump price.
“We have evidence to buttress this.
“We find this trend unacceptable given that marketers with whom we have constantly interacted with have benefited from the Petroleum Support Fund (PSF).
“This PSF has enabled marketers to operate their businesses at a level that should guarantee constant and uninterrupted supply of products.
“Our interaction with your good selves has been quite cordial and collaborative in ensuring uninterrupted supply of petroleum in particular, to the Nigerian public at government approved price.
“However, some marketers have consistently flouted government’s directives by selling above ex-depot price which in turn translates to higher prices at the pump,” he said.
The director said that the meeting was convened to reiterate the resolve of the department not to allow a situation whereby the supply would be dictated by the private interest of marketers.
He said that the department will not condone any act of selling PMS above the official pump price in government licensed facilities under any guise whatsoever.
“We therefore once more caution those of you who still engage in the practice of selling petroleum and kerosene above government stipulated prices.
“We also caution those who engage in the acts of hoarding of these products to desist from it in the interest of the public, the economy and your petroleum business,” he warned.
Responding, Mr Kunle Bamigboye, the Vice-Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN) said that the supply from NNPC depots was not enough.
Bamigboye said that out of four depots owned by NNPC, only Monsinmi depot was loading and it was skeletal.
He said that if marketers were getting the products regularly from NNPC depots, then they would be selling the products according to official pump price.
The vice-chairman urged the management of DPR to investigate the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) depots to find out the amount they were buying the products.
Sources say that the officials of DAPPMA and MOMAN were not represented at the meeting.
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