News
Customs intercept 80,000 litres of adulterated diesel in Ogun
By Seun Ibiyemi
Operatives of the Zone A Federal Operations Unit of Nigeria Customs Service have intercepted two tankers laden with poorly produced 80,055 litres of Automotive Gas Oil (AGO), popularly called diesel in the Ijebu Ode Area of Ogun State.
Acting Controller of the unit, Hussein Ejibunu, who handed over the petroleum product to officials of Nigeria Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), on Wednesday, said the drivers of the trucks escaped upon sighting customs officers on patrol.
After careful study of the documents being used to convey the product and analyses samples, it was discovered that the papers were forged and the diesel was of poor standard.
He said customs wrote to NMDPRA to verify the status of the products and authenticity of documents found in the vehicles which were both confirmed to be fake.
Giving a breakdown of the seizures and particulars of means of conveyance, the Acting Controller said one of the tanker truck with registration number DBT 599 XA was laden with 44,450 litres while the other one with registration number USL 561 ZC had 35,605 litres of the AGO.
Deputy Comptroller Ejibunu warned that FOU Zone A area of responsibility will always be a no-go area for smugglers, duty evaders and perpetrators of other illegal activities.
He advised Nigerians to be patriotic and shun any form of commercial activity that runs foul of the law.
Patrick Musa, an official of the NMDPRA while receiving the seizures explained that the products were found to be off specification and fell below approved standards for use in Nigeria.
He added that the product could not have been lifted from any approved depots within the country.
Musa commended the Nigeria Customs Service for the seizure which he described as the good beginning of a productive synergy between NMDPRA and the NCS.
News
Adeduntan retires as First Bank MD
In a sudden move that has sent shockwaves in Nigeria’s financial services industry, the Managing Director of First Bank of Nigeria Limited, Adesola Adeduntan.
Adedutan resigned his appointment from the company after nine years of holding the top executive position even though he was billed to retire in December when his tenure would have been fully completed.
“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” he said in a copy of his resignation letter.
First Bank is the flagship subsidiary of FBN Holdings, Nigeria’s foremost financial institution, which abruptly announced the cancellation of an extraordinary general meeting on Saturday morning after Mr Adeduntan resigned.
The meeting had been earlier “scheduled to be held virtually on Tuesday, April 30, 2024, at 10 am for the consideration and authorisation of the company to undertake a capital raise of up to N300,000,000,000,” FBN Holdings said in its notification to the Nigerian Exchange.
Mr Adeduntan joined First Bank in 2014, first as a chief financial officer and as an executive director.
Former managing director of First Bank of Nigeria Limited, Adesola Adeduntan. Prior to his stint at FirstBank, Adeduntan served at the Africa Finance Corporation as the pioneer chief financial officer/business manager and as a director as well. His range of expertise covers investment finance, commercial and investment banking, consulting and audit.
He was once a senior manager at the auditing and professional services firm KPMG and held the role of Senior vice president & chief financial officer at Citibank Nigeria Limited.
News
FG agency blames multiple taxes, others for high cost of goods
The Federal Competition and Consumer Protection Commission has released findings from a comprehensive investigation into the factors contributing to the relentless increase in consumer costs.
The Director of Surveillance and Investigation Mrs B. A. Adeyinka, said this while briefing journalists during a market surveillance to enforce prices today in Masaka Markets, Nasarawa State.
Adeyinka explained, “We’ve conducted extensive interviews with marketing executives and sellers across various sectors. Despite government efforts to stabilise the currency, prices remain high.
“Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs, driving prices up. The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer.
“For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas.
“Our first step is to compile a report on the multiple taxes affecting the market and advise the government on potential solutions. We aim to unlock the market by reducing these taxes, thereby easing the financial burden on both sellers and consumers.”
The FCCPC as part of its campaign for compliance sealed 4U Supermarket Wuse 2 on Thursday for breaching price and quality standards.
Speaking on Thursday, the acting Chief Executive Officer of FCCPC, Adamu Abdullahi, stated that the commission would continue the price enforcement in other states.
On his part, the executive chairman of the market, Gimbal Salasi said the market executives were working to ensure hitch-free market operations and price regulations in the market.
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