Business

Marketers Distribute 25 Million Litres Dangote Diesel

Published

1 week ago

June 16, 2024

Editor

Independent marketers have lifted and distributed over 25 million litres of Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery in less than three months after the plant started releasing AGO to the market.

It was also gathered on Saturday that the registration of oil marketers with the $20bn firm was still ongoing, as more dealers register with the plant ahead of its readiness to push out Premium Motor Spirit, also known as petrol, into the domestic market in July.

Marketers are also ready to begin PMS distribution from the plant.

The Independent Petroleum Marketers Association of Nigeria, Major Energies Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria confirmed the registration of their members with the Lagos-based refinery.

They also confirmed the continued lifting of diesel from the facility, stating that this has stabilised the price of the commodity and ensured its adequate supply since the commencement of production in March this year.

Diesel price crashed from about N1,800/litre to N1,200/litre after Dangote refinery released the product into the Nigerian market late March 2024, and since then the product’s availability has been guaranteed across the country.

Commenting on the stability of diesel price and its availability since Dangote started production, as well as the registration of marketers with the refinery, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, told our correspondent that over 25 million litres of AGO from the plant had been distributed by IPMAN members nationwide.

“Independent marketers are registering with Dangote, and many of us have lifted a lot of product from Dangote’s depot. I’m aware of so many marketers who have registered with the Dangote refinery.

“I can also confirm that independent marketers have loaded over 25 million litres of diesel since the refinery started the domestic sale of diesel to downstream oil sector operators in Nigeria,” Ukadike stated.

On April 2, 2024, oil marketers revealed that the Dangote refinery had commenced the sale of diesel to the domestic market.

Dealers and officials of the plant also confirmed the development at the time, as they explained that the plant actually started diesel sales the previous week.

“They started pumping out diesel to marketers since last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making a purchase,” the National President, IPMAN, Abubakar Maigandi, had told our correspondent at the time.

Maigandi had also stated that the move by Dangote would lead to a crash in diesel price, as the commodity rose to a high of about N1,700/litre at the time.

“The price of diesel is going to fall because of the release of products from Dangote Refinery. In fact, it is already coming down in Lagos,” Maigandi had stated.

This eventually happened after Dangote crashed diesel price to N1,200/litre.

Although officials of the Dangote refinery have remained silent on issues about the plant, dealers stated on Saturday that the marketers were anxiously awaiting the release of petrol from the plant, with the hope that this may crash the cost of the commodity.

“Marketers are loading more products from the plant and are eager to begin the lifting of PMS from the refinery, since the Chairman of the group has said that PMS should hit the market in July,” Ukadike stated.

He added, “I must say that it is a good thing to know that PMS is being finalised for release from that plant. This is because since Dangote diesel came into the market the price of diesel has not crossed the N1,200/litre mark.

“Independent marketers even in far away northern states are selling diesel at N1,200/litre at the pumps. So the coming of Dangote has slowed down the skyrocketing price of diesel. Now we are expecting PMS by July and this will end the importation of petroleum products.”

Business

JUST IN: Shoprite Announces Intention To Close Abuja Branch

Published

1 day ago

June 24, 2024

Editor

ShopRite Mall has announced its intention to cease operation in one of its Abuja branches from June 30, 2024.

The branch is situated at Novare Central Mall in Wuse Zone 5.

This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket and obtained by our correspondent on Monday.

A staff at the store who pleaded anonymity also confirmed the report, saying “Yes, it is true, we just heard it here too.”

The popular mall attributed its decision to a thorough evaluation of the store’s financial situation and the current business climate.

It additionally notified vendors that their services would no longer be needed at the store.

The circular read, “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organization’s long-term growth.

“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.”

The circular added the company would be reviewing its accounting records in the next 60 days to settle outstanding balances.

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.

“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team. If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us”, it added.

Multiple multinationals have left Nigeria by either scaling down operations, transferring ownership or selling their stakes, the most recent being the sale of beverage company Diageo’s 58.02 per cent shareholding in Guinness Nigeria to Tolaram Group on June 11, 2024.

The exodus of multinationals from the Nigerian economy has cost the country a N94tn loss of output in five years, according to an economist and former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry in Nigeria, Dr Vincent Nwani.

According to the analyst, for the first year, over 10 companies shut down operations in 2020, most notably Standard Biscuits Nigeria Ltd, NASCO Fiber Product Ltd, Union Trading Company Nigeria PLC, and Deli Foods Nigeria Ltd.

In 2021, he stated that more than 20 companies exited, including Tower Aluminium Nigeria PLC, Framan Industries Ltd, Stone Industries Ltd, Mufex Nigeria Company Ltd, and Surest Foam Ltd.

He stated that in 2022, over 15 known brands left Nigeria, including Universal Rubber Company Ltd, Mother’s Pride Ventures Ltd, Errand Products Nigeria Ltd, and Gorgeous Metal Makers Ltd.

More than 10 major companies left in 2023, notably Unilever Nigeria PLC, Procter & Gamble Nigeria, GlaxoSmithKline Consumer Nigeria Ltd, ShopRite Nigeria, Sanofi-Aventis Nigeria Ltd, Equinox Nigeria, and Bolt Food & Jumia Food Nigeria.

In the first six months of this year, five listed major companies had left Nigeria, including Microsoft Nigeria, Total Energies Nigeria (affected by its divestment), PZ Cussons Nigeria PLC, Kimberly-Clerk Nigeria, and Diageo PLC.

Business

5 Substitutes For Fresh Pepper When Cooking Amid Rising Prices

Published

2 days ago

June 24, 2024

Editor

Fresh peppers sure do add vibrant color, crunch and distinct flavor to many dishes.

However, there are times that fresh peppers are not available or suitable for a meal; and also given the recent rate of items in the market, the prices of fresh peppers and the quantity is definitely a conversation for another day.

Fortunately, there are numerous alternatives that can replicate the heat, sweetness and texture in your dishes.

Experimenting with different alternatives, can lead to exciting culinary discoveries ensuring your meals remain delicious even without fresh peppers.

This article highlights five substitutes for fresh peppers.

Dried peppers

Dried peppers come in various forms such as whole dried peppers, flakes or ground into powder. They can be rehydrated to make it easier to use if it’s not already grinded. Dried peppers provide a deep, rich flavor and concentrated heat that can enhance many dishes.

Paprika

Paprika is a fantastic substitute for fresh peppers. It’s like a secret weapon in the kitchen!. It’s a vibrant red spice made from dried and ground peppers. It adds a beautiful color and mild, sweet flavor to dishes. It doesn’t provide the same level of spiciness as fresh peppers, but it sure would very much enhance the taste of your food. You can sprinkle it on roasted veggies, soups, or even use it as a rub for meats.

Hot sauce

Hot sauce is something you can make from the comfort of your home using spices like chili powder, garlic powder, vinegar and salt. Homemade hot sauce allows you to customize the spiciness level and flavors just the way you want it.

Ginger

Fresh ginger has a spicy and aromatic flavor that can compliment dishes where peppers are used. Grated or minced, ginger can be used in place of peppers in many recipes. Ginger tends to have a very strong flavor.

Carrots

Carrots can be used in place of fresh peppers by shredding or grating them and adding them to dishes where peppers would typically be used, such as stir-fries, salads, and sauces. They add a sweet and crunchy texture making them a good substitute.

Business

Flooding: Two Feared Dead In Early Monday Rain In Abuja

Published

2 days ago

June 24, 2024

Editor

Two people were on Monday feared dead following Monday morning’s downpour, which caused heavy flooding at the Trademore Estate in Lugbe along the Nnamdi Azikiwe Airport Road.

The estate, which has been perennially affected by flooding, is home to several civil servants and other categories of people.

A resident of the area who made a video of the flood could be heard calling on the Federal Government and the Federal Capital Territory FCT Minister, Nyesom Wike, for help.

She said two people had been swept away by the flood. The development has not been confirmed by the administration.

The FCT Administration had since 2022 made several attempts to demolish parts of the estate said to be on a flood plain, but a court case instituted by residents against it halted the exercise.

Recall that the Nigerian Meteorological Agency, NiMet, had on Sunday predicted thunderstorms and hazy weather conditions from Sunday to Tuesday in some parts of the country.

NiMet’s weather outlook indicated morning thunderstorms over the central states in places like Plateau, Nasarawa, the Federal Capital Territory, Benue, and Niger states.

Also later in the day, there are prospects of thunderstorms over parts of Kogi, Niger, Plateau, Benue, Nasarawa, and the Federal Capital Territory.

In its reaction to the prediction, the FCT Emergency Management Department (FEMD) said it has placed its flood vanguards and local emergency management committees in the six area councils on alert following warnings of possible flooding in the territory.

In a statement by Head, Public Affairs of the Department, Nkechi Isa, “The FCT Emergency Management Department, FEMD, has placed its vanguards and the local emergency management committees in the six area councils on alert following early warnings of possible flooding in the Territory.

“A weather outlook issued by the Nigeria Meteorological Agency, NiMet, and made available to FEMD says isolated thunderstorms are likely today over parts of the FCT, Nasarawa, Kogi, Benue, and Plateau.

“NiMet advises that strong winds may precede the rains in areas where the thunderstorms are likely to occur and urged the public to take adequate precaution.

“NiMet also predicts similar weather conditions for Tuesday 25th and Wednesday 26th June 2024.

“Meanwhile, the National Flood Early Warning System (FEWS) Centre of the Federal Ministry of Environment has predicted that locations in 15 states are likely to witness heavy rainfall that may lead to flooding between today and tomorrow.

“States like Kogi, Nasarawa, Niger, and Kaduna are among states expected to experience heavy flooding. However, the FCT may not experience flooding.

“In reaction to the early warning on neighbouring states, the Ag. Director General of FEMD, Mrs Florence Dawon Wenegieme, said the department has put in place mitigation measures around the city.

“Mrs Wenegieme informed that the Search and Rescue Team are on the alert, while local divers have been posted to vulnerable locations.

“The Ag DG appealed to residents to always use the 112 emergency toll-free number in the event of an emergency.”