Business

Fuel Scarcity to Linger Till after Elections – Marketers

Published

3 weeks ago

March 8, 2023

Eric

The scarcity of Premium Motor Spirit, popularly called petrol, in Abuja and other northern states could persist till after Saturday’s gubernatorial elections in various states, oil marketers said on Tuesday.

Petrol scarcity became severe on Monday in Abuja, Nasarawa, Niger and other states in the North, as thousands of motorists besieged the few filling stations that dispensed the commodity in these areas.

The cost of petrol rose to as high as N400/litre at filling stations operated by independent marketers, while black marketers sold the product for between N450/litre to N500/litre.

Many motorists resorted to accessing the product from black marketers, but most of these dealers lacked the ability to carryout mobile transactions, a development that worsened the sorry state of frustrated fuel seekers.

Members of the Independent Marketers Association of Nigeria confirmed that about 90 per cent of their filling stations were shut due to lack of products.

Similarly, the outlets of most major marketers were closed, while the few ones that dispensed petrol were greeted with massive queues of motorists.

The Conoil and Total filing stations right opposite the Abuja headquarters of the Nigerian National Petroleum Company Limited, for instance, had severe queues on Monday, as they were among the very few outlets that dispensed petrol in the capital city.

The National Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told our correspondent that the scarcity of petrol in the Northern part of the country and some other states, would drag till next week.

“Most people thought that there would be crisis, so they stopped their trucks from going to lift products, but since there is no crisis so far, by next week, fuel should be available,” he said.

Maigandi added, “It will clear after the governorship elections in states on Saturday, for when we have elections every time in Nigeria people will develop fear. So that is the challenge.

“When we tell our truck drivers to go to Lagos to lift products, they refuse because they are scared of their lives. So we hope that by next week it will clear, for after the elections, things should return to normal, because there is enough product.

“This is why in areas such as Lagos and neighbouring states, they do not have this challenge we are seeing up North. There are no queues in Lagos and we are hopeful that the queues here should clear by next week.”

Also speaking, the Secretary, IPMAN, Abuja-Suleja, Mohammed Shuaibu, said tanker drivers and truck owners became apprehensive during the collation of results from the February 25, 2023 general elections.

“This affected the system and we expect the NNPC to hit the ground running immediately by ensuring that more trucks move down to the North between now and Friday, before the gubernatorial elections on Saturday.

“For when we go into such fuel scarcity situation like this, it takes time before it normalises because of the distance of trucking this product from down South to Abuja and far away North.

“There would not be movement as from Saturday and this will lead to the continuation of fuel scarcity till next week. So the reason for the heavy queues is the general elections and this might continue till the elections are over,” Shuaibu stated.

The Punch

Business

Cash Returns to ATMs As Banks Confirm Receiving More Money

Published

9 hours ago

March 27, 2023

Eric

The Central Bank of Nigeria has released more old notes to Deposit Money Banks as the apex bank steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents.

The CBN had on Thursday begun the release of billions of naira to DMBs. Bank officials said the CBN again released several billions of naira to lenders on Friday

The Punch reports how several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines and over-the-counter.

Some of the banks had sent out emails to their customers notifying them that they would be open over the weekend for banking operations as ordered by the apex bank.

Visits to banks’ branches in Lagos, Abuja, Ogun and other states revealed that most banks complied with the order of the CBN and attended to customers both in the banking hall and dispensed cash via ATM.

Most of the banks’ branches along the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and subsequently dispensing cash to their customers.

The Access Bank branch at Sadiku Bus stop along the Oshodi-Apapa Expressway dispensed cash via its ATMS.

The United Bank for Africa branch at Oshodi, close to the expressway dispensed cash both in the banking hall and at its ATMs. Customers were able to get N20,000 over-the-counter.

The Access Bank branch next to it allowed its customers to get N20,000 while holders of other banks’’ ATMs got N5,000 only.

Fidelity Bank branch also at Oshodi expressway paid N20,000 inside the banking hall. Of its three ATMs, only one was dispensing, paying other banks’ customers N5,000 and its customers N20,000.

Meanwhile, our correspondent didn’t observe any of the banks dispensing crispy naira notes and customers didn’t care as long as they got the cash.

A taxi driver, who identified himself as Baba Taju, said the kind of naira notes didn’t matter as long as he got some to spend.

“You think that’s important now? What did we do when we couldn’t get any cash? Please any cash is welcome as long as I can spend it,” he said.

Also, customers in the Federal Capital Territory continued to receive naira notes on Sunday.

Some crowds of customers were seen at banks’ ATM galleries while others tried to perform over-the-counter transactions.

Along the airport road, only Guaranty Trust Bank opened for physical operations, Stanbic IBTC loaded its ATMS with cash while Zenith Bank didn’t open for business.

Our correspondent observed that the old N1,000 notes distributed were not crisp ones as officials separated mutilated notes before giving them to customers.

In Ogun State, findings by our correspondent at Zenith Bank, PremiumTrust Bank, GTB, Unity Bank and Access Bank branches in Redemption Camp along the Lagos-Ibadan Expressway indicated that all the ATMs were fully loaded with cash

Our correspondent observed that there were no long queues and after the Sunday service, bank customers were allowed to walk in and carry out their normal transactions.

Also, both old and new naira notes were dispensed.

Along the Ojodu-Berger axis of Lagos State, our correspondent visited six banks. The banks were Union Bank Plc, Ecobank, Access Bank, GTB, Zenith Bank, and First Bank. All six banks, apart from Guaranty Trust Bank did not open their banking halls to customers. ATMs were also not loaded.

The Punch

Business

Glo, Samsung Showcase Galaxy S23 Models

Published

3 weeks ago

March 8, 2023

Eric

Total telecommunications services provider, Globacom, and Samsung, world’s leading manufacturers of electronic devices, have showcased the Galaxy S23 smartphone models.

Three models of the sleek device namely S23 Ultra, S23 Plus and S23 which all come in standard and eco packages, with different accessories and functionalities were on display at the Gloworld shop, Adeola Odeku, Victoria Island, Lagos, where the phones were launched in the presence of industry stakeholders, Glo and Samsung customers, the media and brand ambassadors of both blue chip companies.

The rare offer also parades benefits for customers including N100, 000 discount for the first 100 customers to trade-in any old device or do device financing for S23 series. Device financing allows interested customer to pay over a period of time.

This is in addition to the opportunity availed Glo customers to visit Gloworld shops across the country to pre-order the different models of the smartphone as well as 18GB bonus data which comes with “Glo Smartphone Festival Data Plans”. Thus, 3GB will be enjoyed by customers on Glo network on monthly basis for 6 months.

According to Glo, “With the Glo and Samsung S23 exclusive Offer, Nigerians have a convenient way to own the devices by buying directly from Gloworld shops across the country, or through the trade-in plan. They can also utilize device financing option which allows them to buy the devices and pay over an agreed period of time”.

Charlie Lee, Managing Director of Samsung, West Africa who also spoke at the event stated that customers will enjoy the S23 series with its unique accessories. He said that the company is highly delighted to unveil the Galaxy S23 ultra 1TB smartphone alongside Globacom, which he described as worthy partners.

Business

Fake News: We’re Not Shutting Down Services for Elections – Banks

Published

1 month ago

February 22, 2023

Eric

Banks under the aegis of the Association of Corporate Affairs Managers of Banks (ACAMB), have debunked the claim of shutting down services for the general elections slated for Saturday, February 25, 2023.

Following the polls, there have been some trending messages suggesting that commercial banks will close its services. But in a statement on Wednesday, ACAMB President, Rasheed Bolarinwa, said the messages were concocted by faceless authors.

The motive, he stated, was to cause disaffection among Nigerians and the Deposit Monetary Banks (DMBs).

“The attention of the Association of Corporate Affairs Managers of Banks (ACAMB), the umbrella body of Corporate and Marketing Communications Professionals working in Nigeria’s banking sector, has been drawn to the trending social media message purporting that the Central Bank of Nigeria (CBN) was shutting down banking services for five days from Thursday, 23rd to Monday 27th February 2023 because of the general elections holding in Nigeria over next two weekends,” the statement stated.

“ACAMB hereby wishes to debunk the fake news in its entirety and wishes to assure Nigerians and the banking public that there is no iota of truth in the viral message that is being circulated. Up until this moment, no Deposit Money Banks (DMBs) or other institutions providing financial services have received any directive or communication from the CBN to close the doors of their physical banking halls or shut their digital platforms and online banking channels against their customers because of elections.

“ACAMB further wishes to assure customers that their respective banks have put in place measures to ensure that depositors can as usual, access money in their accounts during this period.

“Also, customers who wish to carry out transfers or use electronic banking services will have unhindered access to these services before, during, and after the elections.

“ACAMB urges Nigerians not to panic and to also avoid uncontrolled spending as a result of the fake news about the alleged plan to shut down bank branches and all digital banking channels. Members of the public should discountenance the trending message maliciously concocted by its faceless authors to cause disaffection among the citizenry and the DMBs.

“ACAMB calls on Nigerians to be peaceful and orderly during the elections and wishes the nation successful conduct of free, fair, and credible elections.”

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