The Independent Petroleum Marketers Association of Nigeria (IPMAN) addressed the ongoing fuel scarcity in Nigeria, stating that the petrol shortage, affecting more states nationwide, is expected to take a minimum of two weeks to resolve.

– The Public Relations Officer of IPMAN, Chinedu Ukadike, stated that there is a scarcity of petrol in the country.
– He mentioned the difficulty in sourcing the product due to ongoing maintenance at refineries in Europe.
– Ukadike attributed the supply shortage to importation challenges and delays in marketers’ license renewals by the NMDPRA.
– He revealed that out of 15,000 marketers, only 1,050 have had their licenses renewed by the NMDPRA.

He said, “The situation is that there is no product. Once there is a lack of supply or inadequate supply, what you will see is scarcity and queues will emerge at filling stations.

“On the part of NNPCL, which is the sole supplier of petroleum products in Nigeria, they have attributed the challenge to logistics and vessel problems.

“Once there is a breach in the international supply chain, it will have an impact on domestic supply because we depend on imports. I also have it on good authority that most of the refineries in Europe are undergoing turnaround maintenance, so sourcing petroleum products has become a bit difficult.

NNPC Group CEO has assured us that there will be improvement in the supply chain because their vessels are arriving. Once that is done, normalcy will return. This is because once the 30-day supply sufficiency is disrupted, it takes two to three months to restore it.

“We expect that by next week or so, NNPC should be able to restore supply and with another week, normalcy should return”.

On challenges faced by marketers in renewing their licences, he said: “NNPC has said the marketers who have not been able to renew their licences will not be allowed to remain on their portal which has been shut for some time now. Because of this, we have not been able to request new products.

At this nascent period of deregulation, you will discover that this leads to scarcity, even when the product arrives. As it is now, even by their data, out of 15,000 marketers that are on the portal with licences, only 1,050 renewed their licences.

“The requirement for renewal by NMDPRA is so much. Marketers are facing a hostile environment. NNPC placed a deadline of April 15, 2024, for marketers to renew their licences.

“We are, therefore, appealing to NNPC to extend this deadline and also to NMDPRA to hasten the release of licences of marketers who have completed their processes, and also reduce bottlenecks around licence renewals.”

The Central bank of Nigeria (CBN) has reversed its directive for banks and payment service providers to collect and remit fees under the Cybercrime Prevention and Prohibition Amendment Act of 2024.

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The revised circular dated May 17, 2024, signed by CBN officials, nullifies the previous directive, pausing the levy collection enforcement.

This move came after public backlash and a national debate on the levy’s impact, leading to the Federal Executive Council suspending the law’s provisions for further review.

The circular read, “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers.

“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

The Nigeria Labour Congress (NLC) called on Tinubu’s government to introduce a revised minimum wage plan.

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President Bola Tinubu urged the Tripartite Committee on Minimum Wage to hasten the process, calculate the numbers, and submit them for his approval.

He expressed a commitment to a wage exceeding ₦60,000, while the TUC and NLC indicated flexibility from their initial ₦494,000 demand.

After discussions, Wale Edun, the Minister of Finance, and Coordinating Minister of the Economy, reassured the public that all was well following a key meeting with Tinubu at the Presidential Villa in Abuja.

Despite this, the labour union criticized the Federal Government for not presenting a new minimum wage framework after warning of an indefinite strike.

The president of the Trade Union Congress (TUC), Festus Osifo, speaking on the development said, “Nothing has been presented yet. The minister of finance said they are still working on the template that the president mandated them to work on.

“All we were discussing were the principles behind some of these issues, but they have not presented anything beyond what was presented earlier.

“We hope when we come back tomorrow, we will have something to relate to.”

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NLC, in a post on X (formerly known as Twitter), called on the Federal Government to address the expired minimum wage since April instead of making unfavorable remarks.

The union shared a video of the Minister of Labour and Employment, Nkeiruka Onyejeocha, speaking at a press conference about the recent meeting.

“One Week Ultimatum. They have not presented any different thing yet. FG show Workings ooO! No be to dey yarn cho! cho! cho! One week is around the corner already. #We DEMAND A LIVING WAGE NOW!”

Cash crisis continues in Nigeria
Central Bank of Nigeria (CBN) plans investigations into cash circulation issues
Banks limit cash withdrawals to between N10,000 and N20,000 per day.

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Many ATMs remain empty for days, causing inconvenience to customers
Point of Sales (PoS) operators have enough cash while banks struggle to dispense cash.

Customers suspect collusion between banks and PoS operators
Allegations of bank officials owning PoS services.

Banks and PoS operators deny involvement in any illicit activities
PoS operators facing challenges accessing cash from banks, seeking alternative sources.

This summarizes the ongoing cash circulation issues in Nigeria, the actions of the CBN, limitations faced by banks and customers, suspicions of collusion, and the denial of any wrongdoing by both banks and PoS operators.

According to Vanguard News reports, Mrs Beauty Omobola, a PoS agent Said;

“It is difficult to get cash from the banks now. I don’t really know what is happening.

“Before I could withdraw N100,000 to N200,000 over the counter from my bank. But that same bank has now told that I can only withdraw N50,000.

“The situation is terrible that some banks will tell you it is only N10,00 or N20,000 they can pay over the counter even if you are a PoS agent.

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“I have to manage the little cash I have which is not up to N50,000 to do business.

“Even the traders who usually deposit money with us are not bringing it. I have been doing transfers with ATM card since morning today. No one has brought cash.”

Mr. Jerry Iduzogie, another agent said: “This cash scarcity in banks started recently. My bank that gives out up to N200,000 to PoS agents told me I could only withdraw N20,000 from across the counter or ATM. I was surprised and they are my friends

“I just had to collect it . It was my wife who assisted me in sourcing for cash from her friends who are traders. That’s why I am still in business this week. Our business of PoS will now be in danger if this situation continues.”

Miss Rebbeca Daniels, an agent said: “A friend of mine at the bank who confided in me said there is no cash as many Nigerians no longer take their cash to the bank.

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“If you go to any shop today, they have a PoS terminal where they are doing transfers and withdrawals.
“So most of the cash people use in buying goods from them still goes back to the public and not the bank.

“When I got to the bank today, I was given N10,000 over the counter.

“It is those mallams trading here that supply me cash. That is how I am surviving in this business.”
However, some banks’ teller service officers over the counter told Vanguard that banks have no reason to withhold cash from customers adding that they always have cash supply problem from both the CBN and the general public.

One of them stated: These days we practically dispense all the cash we receive from both the CBN and the depositors every day, but we ration it according to availability.

‘‘Some days we dispense at a maximum of N20,000, sometimes it is more even up to N50,000 per customer. It just depends on availability of cash’’.

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When asked why PoS operators near his branch always have cash for their customers he stated: ‘‘PoS operators have multiple sources of cash. They maintain multiple bank accounts. They go after businesses such as petrol stations, supermarkets and other traders for cash.’’

The Central bank of Nigeria (CBN) is concerned about banks experiencing a cash shortage despite providing them with full cash supply from its vaults.

The CBN plans to investigate this issue and will take action against any bank involved in cash malpractice.

Recently, the Currency Outside Banks (CoB) decreased by N27.5 billion or 0.55% to N3.6 trillion in April from N3.62 trillion in March 2024.

This marked the first CoB decline in 2024, following a previous decline in January 2024.

Analysts believe the 0.55% decline in currency outside banks reflects a decrease in cash availability in the system.

At least 30 people lost their lives, while over 100 sustained injuries during suicide bombings targeting Wedding and Funeral gatherings in Borno state.

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The First Class Emir of Gwoza Local Government Area in Borno State, His Royal Highness, Alhaji Mohammed Shehu Timta, verified on Saturday that multiple suicide attacks occurred at different sites, such as a wedding celebration and a burial event in Gwoza town.

The synchronized attacks, occurring in the afternoon, led to chaos as individuals fled for safety.

Reliable sources said;

“More than 30 innocent civilians were killed, while over 100 sustained various degrees of injuries.

“Many of the victims have been evacuated to Maiduguri for medical attention.”

Woman and two children

Confirming the incident to Vanguard exclusively, the royal father, Timta, said;

“The entire Gwoza council area is in serious mourning following multiple suicide attacks on our community.

“The first suicide attack was masterminded by an unidentified woman. She sneaked in with two children into a wedding reception of a popular young man in Gwoza. Then she detonated her Improvised Explosive Devices, IEDs, killing herself and many people.

“Few minutes after, another suicide bomber sneaked into a burial ceremony nearby and detonated IEDs. And as i am talking to you right now, the third explosion just occurred a few minutes ago with more casualties.

“At least, over 100 people were injured, and most of them who sustained serious injuries have been rushed to Maiduguri with military escort for proper medical attention.

“This is just a preliminary confirmation, as details of the casualties are still yet unknown. But I will keep you posted on any developments,” the Emir stated.

In response to the incidents, Ahmed Usman Jaha, known as Babawo, a member representing Gwoza/Chibok/Damboa federal constituency, expressed sympathy for the families of the victims of the multiple attacks. He prayed for the souls of the deceased to be granted Aljannatul Firdaus and wished a speedy recovery for those injured.

Gwoza, located in southern Borno near the Cameroun Republic, was previously under Boko Haram control. Insurgents captured the town, resulting in numerous casualties, before it was eventually liberated by the military.

Credit: Vanguard News