Business
NUPENG Cries Out As Cooking Gas Price Rises Again
The Liquefied Petroleum Gas Retailers Branch of the Nigeria Union of Petroleum and Natural Gas workers on Wednesday raised the alarm over the recent rise in price of Liquefied Petroleum Gas, popularly called cooking gas.
It said the cost of the commodity had been on the increase in the last two weeks and urged the government to intervene considering the current energy crisis in Nigeria as seen in the drop in power supply and petrol scarcity.
The NUPENG LPG retailers’ branch Chairman, Chika Umudu, said, “The branch union decries the return of LPG price rise which has led to an increment of up to N1,000 for 12.5kg size or N80 for 1kg within the last two weeks throughout the country.
“Consequently, the price of the average size cylinder (12.5kg) is now being sold at about N8500 from N7500 two weeks ago in Lagos and neighbouring states.
“Similarly, in parts of Northern Nigeria, South-East and South-South, the price has risen to N9000/N9500 from N8000/N8500. Prices at the depots have similarly risen to about N11m for 20 metric tonnes from N10m and less sold about two weeks ago.”
Umudu, who disclosed this in a statement, stated that the worrisome aspect of this development was that it had continued to rise on daily basis for weeks now but began to escalate in the last one week leading to significant increases in both depots and retail outlets.
“The union recalls that a similar price rise occurred in 2021 leading to the sale of 12.5kg gas up to thousand N10,000 in late November and early December 2021 amidst supply shortages,” he stated.
The branch chairman added, “The union, therefore, expects the government to come up with clear policy direction for the development of LPG in the country to forestall the ugly situation.”
Umudu stated that LPG being clean energy had steadily been embraced by low income earning Nigerians in the last seven years against previous years when it was seen as the preserve of the rich.
He said the NUPENG branch union considered it as an irony that such price rises were happening at the time when the government was, through policy statements, assuring Nigerians of an adequate supply of the product at affordable prices.
“Recall that between December 2020 and early months of 2021, the government through its various programmes inaugurated gas expansion programme often tagged ‘Decade of Gas’ aimed at not only making LPG available to all Nigerian homes irrespective of income level but also to expand the use of gas for other purposes such as automobile and public/private electric generation,” he stated.
Umudu said, “It supposes that enabling infrastructure would have been in place before the inauguration but the events immediately after the inauguration prove the contrary.
“This is not equally good at this time when efforts should be at the top gear to expand the use of LPG in the country as a means of reducing environmental pollution, deforestation and desertification.”
The union, therefore, charged the government to revisit its gas expansion programme and to involve all stakeholders in the process.
It also decried the situation where gas produced in Nigeria was priced in the United States dollars, adding that more local production should be encouraged to minimise if not eliminate importation.
The branch union said it was unfortunate that major marketers including international oil companies were prioritising retailing and related activities against their expected major role which was production.
The Punch
Business
Fraud Allegations Against Us False – FirstBank
The management of First Bank of Nigeria Limited has dismissed allegations of fraud reported against it in a recent publication by an online platform, Tech Cabal, describing the claims as baseless and unsupported by evidence.
In a corporate statement titled ‘Correction of Misleading Information Regarding Fraud Allegations,’ Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communications, addressed the issue on behalf of the bank.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence,” Ijabiyi stated.
The bank reaffirmed its commitment to ethical practices and transparency, urging the public to disregard the allegations. It emphasized its dedication to maintaining trust with its customers and stakeholders while upholding its longstanding reputation as a leader in Nigeria’s financial sector.
First Bank reiterated its focus on delivering reliable and trustworthy banking services, dismissing the report as misleading and lacking merit.
Business
UBA Group to Commence Full Banking Operations in France
As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.
Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented: ”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa. Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Business
Built to Last: UBA Set to Empower MSMEs with Wealth Management Strategies
As part of its commitment to deepen the growth and sustainability of micro, small and medium-scale enterprises (MSMEs) on the continent, Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host the last edition of its quarterly business series for the year.
This edition of the business series, “Profit with Purpose, Business Continuity,” will be held on Thursday, November 21st 2024, by 12 PM (noon) at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos and intending participants are expected to register via the Registration Link at https://ubagroup.zoom.us/webinar/register/WN_UG0EUWSLTZqu91jSMSih5w
The UBA Business Series is a regular seminar/workshop organised by the bank as capacity-building initiatives for small businesses, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in a challenging business environment.
This edition seeks to showcase businesses that are resilient and have done well through generations, adapting to political and economic changes.
Renowned leaders from diverse industries, including a prominent lawyer, award winning film director, and producer, Bolanle Austen-Peters whose work has significantly impacted Nigerian Cinema, and theatre will headline this last quarter’ series. Her recent film House of GA’A has achieved a major milestone, reaching Netflix’s Global 10 list for indigenous language films.
Other prominent entrepreneurs who will be on ground to give insightful tips are, Founder and Chief Executive of Asadtek Group Limited, Ghana; Dr. James Asare-Adjei; Award winning TV Personality & Multi Media Entrepreneur, Frank Edoho, Celebrated multimedia personality, Toke Makinwa and founder of Nigeria’s pioneering indigenous premium coffee brand, Happy Coffee, Princess Adeyinka Tekena.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke on the upcoming workshop, said the vast knowledge and experience of the panellists, will give business owners more insight towards the importance of personal finance, wealth management and most importantly how to navigate the frailties of the harsh economy to ensure business growth.
“We know small businesses are vital to the growth and advancement of every economy, that is why at UBA, we constantly look for ways of ensuring that these business owners and operators are well-equipped to grow their businesses successfully,” he said.
“This edition provides a platform for SMEs to learn from experienced entrepreneurs who have built and sustained businesses through the decades.
“Hearing their stories and strategies will be invaluable for any business owner looking to build a lasting enterprise,” Fashola said.
Also speaking ahead of the event, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo, noted that the business series is an invaluable learning opportunity, targeted at helping young and aspiring entrepreneurs scale up their businesses.
Ladipo further said, “At UBA, we are committed to empowering businesses of all sizes, and this business series is one way we are fulfilling that commitment.
“To this end, we have assembled an esteemed panel of speakers who will share their wealth of experience and insights on building a generational business. This is a must-attend event for anyone serious about the long-term success of their enterprise,” she said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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