Posted by 9jabook.com on November 2, 2009 at 11:16pm
MOST of the major highways in Lagos metropolis and other cities on Sunday, recorded an unusually low vehicular traffic, as fuel scarcity bit harder across the country.
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In Lagos, most fillings stations closed their gates to customers with the few selling recording long queues of motorists.
As usual, illegal petrol hawkers have resurfaced at some strategic locations, some close to the filling stations, where miscreants extort as much as N100 from each motorist before allowing them access to buy fuel.
While the illegal hawkers sold the commodity for N1000 for 10 litres, neighbourhood retailers sold a litre for N104.
There was pandemonium at the Total retail outlet at Ogba, about 2 p.m. when some motorists tried to resist some boys at the College Bus-stop gate end, who insisted on the being tipped before allowing the customers into the filling station. They eventually had their way as the customers paid the N100.
However, most motorists expressed frustration over what they described as an artificial scarcity, alleging that many of the outlets had fuel but refused to open to customers for two days running.
There was palpable fear that the scarcity could worsen today, when most workers are expected to resume for duty after the weekend.
Nigerian Tribune observed that only one out of the 10 filling stations on the Isolo-Ikotun Road offered skeletal service to customers, who spent more than two hours on the queue.
Virtually all the filling stations on Oshodi-Apapa expressway as well as from Anthony to Maryland and Bank-Anthony Way did not open to customers.
But it was a rowdy situation at the two stations on Agege Motor Road in Mushin that sold fuel to customers.
The current fuel scarcity was triggered by speculations that the Federal Government would make good its plan to deregulate the oil sector from November 1 (Sunday).
But the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Products Pricing Regulatory Agency (PPPRA) have tried to ally public fears on the matter, with the latter warning against the ongoing panic buying of fuel.
The spokesman for the Department of Petroleum Resources, Mr. Paul Osu, told the Nigerian Tribune on Saturady that there was no disruption in supply, as there was fuel in most filling stations.
He said, “ I think people are just scared of possible fuel scarcity because of the Federal Government’s former intention to start deregulation tomorrow. People are just involved in panic buying, we are not really foreseeing any scarcity, I think people just want to be prepared in case of possible scarcity.
Investigations by the Nigerian Tribune also revealed that some filling stations around Ikorodu took advantage of the situation to sell petrol at N80 and above per litre, while some hoarded the product in anticipation of scarcity tomorrow.
People also bought the product in various containers in order to store it in their homes to beat the scarcity.
The NNPC said in October that it had enough fuel that could last for six months should marketers refuse to import.
The spokesman for NNPC was not available for comments when one of our correspondents called him on the phone on Saturday.
As tension continues to mount over the planned deregulation of the downstream of the oil industry by the Federal Government which has led the long queue at filling stations in some part of the country, the Speaker of House of Representatives, Dimeji Bankole, on Sunday described the government’s position as a challenge Nigerians would have to face.
Bankole in a brief interview with airport journalists on arrival from Johannesburg, South Africa, said the challenge posed by the planned deregulation was a bitter pill Nigerians would have to swallow.
His words: “Well, whether we like it or not, there are some challenges in the oil industry we must face. If we do not face it today, we will have to face it in the future. And the challenge is raising revenue for government, which by extension is for the country, to enable government to develop its many projects accordingly.”
The speaker, who condemned the current panic buying by some people, said it would not bring solution to the problem.
He said the National Assembly would continue to work hard to ensure that those that would be adversely affected by the deregulation were looked out for and looked after.
The Speaker declared: “We have to sit with labour, sit with the executive arm of government, the minister of petroleum, and civil servants as well as other stakeholders to work out a plan to make sure that things at least go on well.”
Asked on how he felt in the two years of his leading the nation’s lower house, the Speaker only said; “we thank God for everything,” as he went straight to board the presidential aircraft which took him to Abuja.
Meanwhile, the price of the product has gone up from N65 per litre to between N100 and N150 litre in some filling stations in the Federal Capital Territory, Abuja.
According to the Nigerian Tribune’s investigation, black marketers have taken over the distribution and supply of fuel in some places visited by our corespondent.
While major marketers are still selling their product at N65 per litre in Abuja metropolis, the Nigerian Tribune investigation showed that some independent marketers sell their product at between N100 and N150 per litre.
In all the fuel stations visited by our correspondent, it was apparent that fuel was being hoarded. Instead of them selling fuel from all the selling points, it was observed that fuel was being dispensed in one or two selling points leading to long queues in all the fuel stations.
A motorist, who simply identified himself as Mr. John, said he had been at the Conoil filling station located on the Airport road since his return from church but could not get fuel as of 5.30 p.m. when he spoke with the Nigerian Tribune.
At Kuje, headquarters of Kuje Local Government Area, black marketers and roadside fuel hawkers were having a field day as only one out of the five fuel stations located in the area had fuel to sell to the people.
The manager of the station, Mr. Musa Haruna, told the Nigerian Tribune that the Federal Government had stopped those who used to supply them fuel from fuel importation in anticipation of the proposed deregulation of the downstream oil sector of the economy.
Because of the limited supply from the NNPC, Haruna said there was no way there would not be fuel scarcity as demand for fuel was now higher than supply.
Though the NNPC is yet to make statement on the latest of scarcity, the Nigerian Tribune source, however, accused the fuel marketers of hoarding, adding that the corporation had enough supply to distribute till the end of the year.
Also, hike in the prizes of petroleum products is still biting hard in Enugu the Enugu State capital, investigation by the Nigerian Tribune has revealed.
While a litre of fuel sells for as much as N90, kerosene is sold at N150 per litre depending on the consumer’s place of residence.
It was learnt that while major marketers are selling a litre of fuel for N65, independent marketers were selling for N80 per litre, making motorists to queue up before can purchasing the product at fuel filling stations owned by independent marketers.
Away far from the state capital, the prizes are higher with a litre of fuel selling for between N90 and N100.
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Posted by 9jabook.com on September 7, 2009 at 10:50pm
More banks are sacking their workers as they struggle to adapt to the new corporate governance instituted by the Central Bank of Nigeria in its move to clean up the industry.
Yesterday, Wema Bank Plc sacked about 500 workers nationwide, including 25 top management staff, while First Bank of Nigeria Plc is also involved in a dispute with a labour union for allegedly forcing workers to resign.
Tunde Olofintila, a spokesperson for Wema Bank, who confirmed that the bank had sacked some workers, said the number was less than 500. He however refuse to disclose the number of workers affected. "Some people have been disengaged already, and as I speak, some are still receiving their letters," he said. "I cannot tell you how many people would be affected.
This is because letters are still being distributed to various people and I won't want to give you a figure that would later be incorrect. The whole process would have to be completed before an accurate number can be gotten, but I can assure you that it is not up to that number that you are talking about" he said.
New management
Mr. Olofintila also said that the development followed efforts by the new management that resumed in June 2009, to sanitise the bank.
"When the new management took over, all the staff members were called together and addressed at the management's inaugural gathering. There, we were told that processes would be streamlined, and roles will be matched to ensure effective production," he sai.
"Apparently, there are roles that overlap, but we were assured that the streamlining process would lead to a more effective operation and service delivery."
On June 10, a new management team led by Segun Oloketuyi, who is a former Executive Director, Skye Bank Plc, took over to be assisted by Ademola Adebise (formerly of Accenture) and Taiwo Adeniji (of Africa Finance Corporation) as executive directors.
While emphasising that the immediate challenge facing the new management is the institution of corporate governance in the bank, Mr. Oloketuyi also said that the new team intends to pursue a strategic and sustained transformation plan, which will reverse the fortunes of the bank.
He said these would be accomplished in three phases - stabilising the bank, preparing it for growth and finally growing the bank to take its rightful place at the fore of the financial services industry.
First Bank denies allegation
First Bank, however, denied forcing its workers to resign under the guise of voluntary resignation. A top official of the bank who spoke under anonymity said, "nothing strange has taken place, only the usual movement because, some people just came in and some people have left; there's nothing extraordinary in staff movement so far."
The Union comes calling
In reaction to the development,bank unions have indicated their readiness to challenge any bank that indulges in indiscriminate sacking of its workers.
Peter Esele , the president of the Trade Union Congress said that the union had already issued a statement on the layoff, after hearing that First Bank was planning a huge staff lay off.
"What we addressed in the statement was on the basis that they were planning to. The management of the bank has, however, replied that there is nothing like that in their agenda," he said.
"One of the things that give us the leverage to challenge bank actions pertaining to their staff is that the bank staff must have an extension of this union in their bank. Bank officials must be members of the union before we can talk on their behalf."
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