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NNPC Ltd. Clarifies PMS Pricing Determination Amidst Fuel Scarcity

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has addressed concerns regarding the fluctuation in Premium Motor Spirit (PMS) prices, attributing these variations to foreign exchange (forex) illiquidity and the application of free market forces as stipulated in the Petroleum Industry Act (PIA), 2021.

During an appearance on TVC News’ “Journalists’ Hangout” show on Thursday, Mr. Adedapo Segun, the Executive Vice President of Downstream at NNPC Ltd., provided insights into the current fuel scarcity situation. He emphasized that the persistent fluctuations in PMS prices are primarily influenced by unrestricted market dynamics, a framework established under Section 205 of the PIA, which governs the petroleum industry in Nigeria.

Segun clarified that the market has undergone deregulation, meaning that petrol prices are now subject to market forces rather than being regulated by the government or NNPC Ltd. He explained, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

Addressing the current fuel scarcity, Segun acknowledged the inconvenience experienced by consumers but assured that the situation is expected to improve. He stated that the scarcity should subside within a few days as more filling stations recalibrate their systems and resume the sale of PMS.

On the topic of fuel supply from the Dangote Refinery, Segun noted that NNPC Ltd. is awaiting the refinery’s commitment to begin lifting PMS as per the September 15th timeline provided. He assured that NNPC Ltd. is actively working to alleviate the scarcity by leveraging its extensive network of nearly a thousand filling stations across the nation. The company is collaborating with marketers to ensure that stations operate longer hours, thereby maintaining a steady fuel supply.

Additionally, Segun highlighted that NNPC Ltd. is engaging with relevant authorities to prevent product diversions and ensure timely deliveries to all stations. “We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured,” he said. He expressed confidence that the scarcity would ease as more stations come online and operations normalize.

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Data Privacy Workshop for the Nigeria Data Protection Commission (NDPC) Held in Ottawa, Canada

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The Nigeria Data Protection Commission (NDPC) recently participated in a Data Privacy Workshop organized by Aajimatics Technologies in Ottawa, Canada. The training centered around the Canadian Privacy Law Primer, equipping attendees with valuable knowledge on privacy regulations.

Facilitated by Shaun Brown, a lawyer specializing in regulatory matters, the workshop covered essential aspects of privacy legislation across public, private, and health sectors. Brown provided in-depth insights into both federal and provincial privacy laws, emphasizing their significance in ensuring data protection and privacy rights.

Among the attendees were Dr. Vincent Olatunji, National Commissioner and CEO of NDPC; Mr. Solomon Odole, Project Coordinator of ID4D; and staff members from NDPC, the National Identity Management Commission (NIMC), and Nigeria’s ID4D initiative.

The workshop served as a platform for knowledge sharing and collaboration, enhancing participants’ understanding of data protection practices and privacy legislation in Canada, which can be applied to strengthen Nigeria’s own data protection framework.

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The Federal Ministry of Women Affairs is set to partner with WEMA Bank Plc on various empowerment initiatives aimed at improving the lives of 500,000 women across Nigeria’s six geo-political zones. These initiatives, to be executed through the Ministry’s women cluster arrangement, will focus on skill acquisition, agriculture, the provision of grants and loans, and the allocation of part of WEMA Bank’s Corporate Social Responsibility (CSR) to women-centric programs.

Barrister (Mrs.) Uju Kennedy-Ohanenye, Honourable Minister of Women Affairs, revealed this during a meeting with officials from WEMA Bank and its partners on Monday at her office. The meeting centered on planning the partnership, which aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, targeting poverty reduction, unemployment, and nationwide improvement in living standards.

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Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, played a pivotal role in amplifying Africa’s voice on the global financial stage at the high-level Bretton Woods at 80 Forum held in New Hampshire, USA, from September 26th to 27th, 2024.

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The Coca-Cola System in Nigeria (www.Coca-ColaCompany.com), comprised of Coca-Cola Nigeria Limited and its authorized bottler, Nigeria Bottling Company (NBC), announced plans to expand its investments in Nigeria. Over the next five years, with a predictable and enabling environment in place, the System plans to accelerate its investments in Nigeria to reach US$ 1 billion. The investment builds on the System’s long-standing involvement in Nigerian communities. Over the last 10 years, Coca-Cola Hellenic Bottling Company, known locally as Nigerian Bottling Company, has invested $1.5 billion in Nigeria. With today’s announcement, the Coca-Cola System plans to more than double its rate of investment over the next 5 years.

 

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NDPC Advocates for Stronger Collaboration with Nigeria Police Force National Cybercrime Centre

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Abuja – In a move to bolster Nigeria’s cybercrime prevention and data protection efforts, the National Commissioner and CEO of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, led a high-level delegation from the Commission on an advocacy visit to the Nigeria Police Force National Cybercrime Centre (NPF-NCCC). The delegation was warmly received by Commissioner of Police (CP), Uche Ifeanyi Henry, at the National Cybercrime Centre in Abuja.

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Palmpay Signs Multi-Million Dollar Deal with Crypto Expert B-Lord to Launch Billpoint POS

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Palmpay, one of Nigeria’s leading fintech companies, has secured a landmark deal by partnering with renowned cryptocurrency expert Linus William Ifejika, popularly known as B-Lord. The partnership, which positions B-Lord as Palmpay’s new brand ambassador, is part of the company’s strategy to engage the younger market segment and further strengthen its brand presence.

B-Lord, widely recognized as the richest African Bitcoin vendor and CEO of Blord Group, made the announcement on his social media platforms. “Guess what? I just signed a multi-million dollar deal with Palmpay. This partnership between Blord Group and Palmpay marks the birth of Billpoint POS and will have a significant impact on the tech industry,” B-Lord shared via Facebook. He expressed excitement about the collaboration, emphasizing its personal significance and the potential it holds for the tech landscape.

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