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Reverse 40 per cent import fees on LPG to encourage local manufacturers – Techno Oil boss urges FG
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Mrs Nkechi Obi, Group Managing Director (GMD), Techno Oil Limited has urged the Federal Government if Nigeria to reverse its policies on the importation of Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) cylinders.
Obi made her displeasure known during a panel session at the 2024 Nigeria Oil and Gas (NOG) conference in Abuja.
Speaking, Obi pleaded with the government to reverse the zero import duties placed on the importation of LPG cylinders and restore the initial 40 per cent import duties, to discourage importation.
“We need policy reversal on that to encourage local producers. The unofficial explanation we are getting from some customs officers is that the Compressed Natural Gas (CNG) which the government wants to encourage its usage in Nigeria, has the same Harmonised System (HS) code with LPG.”
“So, the import benefits placed on CNG equipment eventually affected LPG equipment; that is why they were tied together on the zero import duties.”
“Harmonised System codes are commonly used throughout the import and export process for the classification of goods.”
“For me, we don’t produce CNG cylinders in Nigeria because it involves advanced technology but we produce LPG cylinders here.”
“For us to produce CNG cylinders, we have to change one or two machines, and we expect the government to encourage us to upscale our technology to 32, which we are planning to do.” She lamented.
Obi also called on the Federal Government to separate LPG HS code from that of CNG, to ensure that importers of LPG pay higher import duties, and to also enable the government to continue with its efforts to make CNG affordable in the country with zero import duties.
“The previous government protected those producing cylinders, so that import will not overshadow local production; they did that to encourage local manufacturing but when this government came into existence, policy changed.”
“We only enjoyed that policy for six months before it was scrapped and replaced with the new “zero import duties” policy.”
“Definitely, we have to produce CNG cylinders and the government needs to consider those that will go into that production. But if government policy is killing LPG cylinder production that we are doing, it will be very difficult to enter into CNG cylinder production.”
“So, if there is anybody who can venture into CNG cylinder production, we the producers of LPG cylinders are here to do that and it is in our plan.”
“But we are not encouraged to do it because of what happened to us in the LPG cylinder production because of the frustrating policy that is encouraging its importation,” Obi added.
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UBA GMD appointed Chairman, CIBN body of Banks’ CEOs
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The Group Managing Director/Chief Executive Officer, United Bank for Africa, (UBA) Plc, Oliver Alawuba has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria (CIBN) Body of Banks’ CEOs.
The CIBN announced this appointment on its website on Monday, July 8, 2024.
This prestigious appointment underscores Alawuba’s extensive experience and visionary leadership in the banking sector, as well as his unwavering commitment towards advancing the financial industry in Nigeria and across Africa.
In his role as Chairman, Alawuba will be at the forefront of fostering collaboration and driving strategic initiatives among the top executives of banks in Nigeria.
Like he has achieved as the GMD of Africa’s Global Bank, UBA, his leadership is expected to bring innovative solutions and strengthen the collective efforts of the banking community while addressing the dynamic challenges and opportunities within the financial sector.
The CIBN also announced the appointment of Mrs. Miriam Olusanya, the CEO of GTBank, as the Vice Chairman of the Body of Banks’ CEOs. Her appointment, alongside Alawuba’s, signifies a strong and unified leadership team poised to enhance the banking landscape in Nigeria.
UBA extends its heartfelt congratulations to Alawuba and Olusanya on their appointment and the Bank is confident that their combined expertise and visionary leadership will usher in a new era of progress and innovation for the banking industry in Nigeria, and that under their guidance, the Body of Banks’ CEOs will continue to play a pivotal role in shaping policies and strategies that will drive sustainable economic growth and enhance the overall stability of the financial system in Nigeria.
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Abiodun sets 2 weeks deadline for completion of Denro/Ishashi/Akute road
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…says work to begin on Alagbole-Ajuwon, Akute-Ajuwon Roads, others soon-Abiodun
The Ogun State Governor, Prince Dapo Abiodun, on Monday, gave a matching order to the contractor handling the construction of Denro-Ishashi-Akute road to ensure the completion of the project within two weeks.
The governor also disclosed that work would begin on the Alagbole-Ajuwon and Akute-Ajuwon road in Ifo Local Government Area of the state soon.
Other roads, whose contracts are to be awarded soon include Hercules Giwa (Oke Aro Rd), some section of Akute- Ijoko road, and the road leading to Yakoyo.
The governor, who made this known during an on-the-spot assessment of roads in the local government, assured residents that his administration would also construct a brand new Primary Health Care Centre for them.
Prince Abiodun said the construction of the Denro-Ishashi-Akute Road started almost three years ago, adding that the contractor must mobilise to site immediately and ensure the completion of the project in two weeks.
He recalled his promise to ensure equitable provision of infrastructures across the state, adding that this is being followed religiously.
He said his administration has ensured that road construction is evenly spread across the 20 local governments in the state.
“My pledge is that I have come here today to see things for myself. There are two roads that are considerably important to our people.
“First of all, the Denro-Ishashi-Akute road, I have given the contractor a matching order that the road must be completed in the next two weeks, asphalt and the bridge.
“I want to assure you all that it is your time now. It is your right. You voted for us. I am a promise keeping governor. I will not make empty promises.
“Now, within the next two weeks, maximum three weeks, active construction will start on Alagbole-Ajuwon and Akute-Ajuwon roads.
“Today, here, we’ve reconstructed Olusegun Osoba-Toyin Street, Denro-Ishashi-Akute is under construction. We have so many other roads we’ve constructed here. But because there is so much deficit in the infrastructural development in this area, at times, it appears as if we are not reconstructing them as fast as they want us to.
“The Primary Health Care Centre here, I will reconstruct it. I have told Hon. Fola Salami and the Commissioner (health) to look for a land for me here because I will build a new one for you. I want to build a brand new Primary Health Care Centre that is befitting for Ajuwon-Alagbole-Akute,” he said.
Governor Abiodun, while noting that his administration owes everyone equitable infrastructure development, added that the deficit that he met on the assumption of office made him wonder what the previous administrations were doing.
Noting that although the past administration had very good intentions for the people of the state, Governor Abiodun, however, bemoaned why projects were abandoned after structures had been demolished and single carriageways were turned into dual carriageways,
He said: “When I assumed office on the 29th of May, 2019, the deficit that we met on assumption of office was such that we began to wonder what the previous administration was doing.
“In some instances, they appear to have good intentions, they go to the roads, they demolished houses, roads that should not be more than a single carriageway, they turned them to dual carriageway By so doing, they removed all the asphalt that was there serving the people and abandoned these roads.
“We inherited quite a lot of these roads. Some of those roads are federal roads, and you know our people cannot differentiate between federal and state. They will geo-locate their pains where and when they are feeling it.”
He stated further that his administration had to draw up a priority list taking into consideration vehicular traffic and economic impact of some of the roads it had embarked upon till date, adding that his administration would continue to put the people first.
“Let me give you an example of the road that goes from Agbara-Atan-Lusada road. When I assumed office, trailers carrying containers were falling off on that road. That is the road that leads to the biggest industrial estate not just in Nigeria but one of the biggest in Africa.
“It is a road that counts for hundreds of thousands of employees and employers. So, it is important for us in Ogun State. I had to prioritize it, and it is a federal road.
“So, we have to draw up a priority list and the priority list amongst others factored in the vehicular traffic, the economic impact.
“Ijebu-Ode-Epe road is a road that evacuates people from the Lekki corridor to the Eastern flank of Nigeria. That road was non-existent. I had to prioritize that road. Sagamu-Abeokuta Road, the road leading to the state capital, was not good. People were dying. I had to prioritize that road, another federal road, and so many other roads.
“Today we can brag and say not only have we constructed 600 kilometers of highway or roads, both inter-state, intra-state, inner-city roads, but, I beat my chest that there is no local government in Ogun State today that does not have at least one or two roads that we have reconstructed in the last five years and that is in line with been equitable and fair,” he said.
Abiodun called on those who derive pleasure in only reporting negative stories to, as a matter of fact, also learn to report about the over 600 kilometres of road constructed by his administration.
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INEC assures transparency in delineation of Warri Fed. Constituency
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