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Scarcity: NNPC directs marketers to Pinnacle as pipelines undergo repair —IPMAN

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Scarcity: NNPC directs marketers to Pinnacle as pipelines undergo repair —IPMAN
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• Foreign exchange, other vices hampering import

The Independent Petroleum Marketers Association of Nigeria, IPMAN, yesterday said contrary to claim of unavailability of petroleum products, the Nigerian National Petroleum Company Limited, NNPCL, has directed marketers to begin loading at Pinnacle Depot in Ibeju Lekki, Lagos.

This is coming on the heels of current repairs ongoing at the vandalised pipelines which supply products to satellite depots.

Speaking to Vanguard, the President of IPMAN, Chinedu Okoronkwo, said NNPCL had assured marketers that it had enough supplies, and was addressing the issue of pipeline vandalisation.

Okoronkwo said the issue of pipeline leaks would be addressed soon and that NNPCL had now directed marketers to begin loading at Pinnacle Depot in Ibeju Lekki in Lagos.

“NNPCL is doing something about the pipeline vandalisation and has assured that normalcy will return soon,” he said.

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He said some of its members were yet to begin petrol imports due to exchange rate volatility, adding that its members were currently relying on NNPC for petrol but would soon begin importation.

Investigations revealed that some petrol stations in Lagos and Ogun states slightly adjusted their pump prices, with some selling the product at between N570 per litre and N580 per litre.

Vanguard  reports that the landing cost from August is expected to rise further as the factors that propelled the rise in July  had worsened.

Giving further insight, sources around marketers who spoke to Vanguard on condition of anonymity, insisted that it was unprofitable to import as foreign exchange had been a major concern, while exchange rate had also continued to deteriorate.

The marketers also noted that the cost of fuel import was rising, in response to the recent rise in price of crude oil in the international market.

A transactional analysis of a major operator sighted by Vanguard, showed that marketers were paying N604.14 per litre as total direct cost.

A breakdown shows product cost per liter at N578.46, freight (Lome-Lagos) at N10.37, port charges at N7.37, NMDPRA levy of N4.47, storage cost at N2.58, Marine insurance cost at N0.47, fendering cost at N0.36 and ”others” at N0.05 as well as a finance cost amounting to N28.04.

Specifically, the transactional analysis put the landing cost of 28,000 metric tons of imported petrol at over $25 million, including total product cost, total direct cost, total finance cost, capable of generating more than N22 billion as sales revenue, indicating a loss of over N1.6 billion.

Consequently, the marketers said it would be unprofitable to import at current pump price, while the government has not guaranteed a free float of pump prices. (Vanguard)

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Nigerian cleric flees after body found buried in Cameroon church

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Ekedi Samuel Kenechukwu
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A Nigerian cleric wanted by Cameroonian authorities has gone into hiding after a mummified body was discovered buried beneath a concrete slab at a property linked to his church in Yaoundé.

Cameroon Tribune reports on Tuesday that the body was found on September 19 at about 9am by officers of the Nkoabang Special Police Station during an ongoing investigation involving Kedi Samuel Kenechukwu, also known as Ekedi Samuel.

Kenechukwu is the founder of Mercy of God Ministry and is currently wanted by security authorities over allegations including human trafficking, arrest and kidnapping.

Several Cameroonian news outlets have reported on the case, with Camer.be describing Kenechukwu as “a Nigerian prophet operating in Cameroon since 2018.”

According to Cameroon Tribune, investigators discovered a white-and-gold coffin buried about 1.5 metres beneath a concrete slab at the property in Nkoabang.

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The body was described as being in a state of mummification.

“The lid is broken. Inside, a body, a lady at first sight, dressed in a traditional blue outfit with gold embroidery, in a state of mummification, rests on a padding. This is not a normal grave,” the newspaper said.

Cameroon Tribune reported that the discovery was made after residents vandalised parts of the property, leading investigators to uncover the concealed underground area.

At the time of the newspaper’s report, security officers were still awaiting authorisation to conduct further searches of the site for possible remains.

The identity of the deceased and the circumstances surrounding the death had not been established.

The discovery came about 10 days after a search of the same Nkoabang property on September 9.

During that operation, investigators reportedly found five vehicles, several hundred kilogrammes of food, functioning freezers and about 30 rooms on the property.

They also discovered a pit about two metres deep, although its purpose had not been established at the time.

The Nkoabang investigation followed an earlier operation at a property associated with Mercy of God Ministry in Ngousso, Yaoundé, on September 6.

Twenty people — 10 women, eight men and two children aged six and seven — were reportedly found in a basement at the property.

The discoveries prompted security agencies to investigate other locations allegedly connected to the ministry.

Kenechukwu remains at large, with Cameroonian authorities reportedly alerting border police and involving Interpol in efforts to locate him.

The investigation into the activities at the properties and the circumstances surrounding the newly discovered body is ongoing. (PUNCH)

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2027: Obi will restore fuel subsidy in ‘different form’ — Kwankwaso

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The Vice Presidential candidate of the Nigeria Democratic Congress (NDC), Rabiu Kwankwaso, has said a government led by the party’s presidential candidate, Peter Obi, would reintroduce fuel subsidy, but through a different approach.

Kwankwaso, a former Kano State governor, said this during an interview with Arise News while discussing fuel pricing and the economic policies of President Bola Tinubu’s administration.

He said the NDC would seek ways to reduce the cost of petrol for Nigerians, including increased investment in domestic refining.

“No, no, no, look. We are bringing subsidy in our own way,” Kwankwaso said when asked whether the party’s position on subsidy would affect its campaign in the North-West.

Explaining the proposed approach, he said government could establish more refineries to boost local production and reduce dependence on imported petroleum products.

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According to him, the expansion of domestic refining capacity would help ensure that Nigerians can purchase petrol at what he described as a reasonable price.

“Now, if individuals in this country could build refineries, I see no reason why government, under certain circumstances, will not build a refinery or refineries to the extent that we achieve the minimum requirement,” he said.

Kwankwaso said the NDC would prioritise measures aimed at lowering fuel prices.

“What is the minimum requirement? The minimum requirement is for the people across the country to go to the filling stations and buy fuel at a reasonable price,” he added.

“We, in the NDC, will do whatever it takes, really, to put the price of oil down.”

The NDC chieftain also criticised how Tinubu removed the petrol subsidy shortly after assuming office in 2023.

He noted that the major presidential candidates in the 2023 election had supported subsidy removal but faulted Tinubu for implementing the policy immediately.

According to him, the decision was taken without adequately addressing the consequences associated with subsidy removal.

“And not only he decided to remove the subsidy, what he did was to remove it immediately — in fact, day one — without looking at all those possible issues that were associated with that,” Kwankwaso said.

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Enugu Air Launches New Website

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…moves online services to www.enuguairlines.ng

Enugu Air has announced the launch of its new official website, enuguairlines.ng, as part of efforts to provide passengers and customers with a better, safer and more convenient digital experience.

The airline said the migration to the new website is designed to improve how passengers connect with Enugu Air and access its services online, including flight bookings, schedules and the latest updates.

Announcing the development, the airline said: “We’ve moved! We’re innovating! We’ve migrated to a better, safer and convenient website to connect you to the world.”

Passengers can now access Enugu Air’s online services through its new web address, enuguairlines.ng, which the airline described as its new digital home.

The airline urged passengers and prospective travellers to save the new web address and use it for flight bookings, checking schedules and obtaining the latest information about its operations.

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“Same Enugu Air. New web address,” the airline stated, emphasising that the change represents an improvement in its digital platform while retaining the Enugu Air brand and services.

The airline further encouraged customers to visit, www.enuguairlines.ng for all flight-related information and online services.

It further stated that the old website, enuguairlines•com has been discarded and no longer in use.

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