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Fuel Scarcity Looms Over Unpaid Subsidy To Oil Marketers




Oil marketers, yesterday, warned of an impending scarcity of fuel in the country from Friday, as Major Oil Marketers Association of Nigeria, MOMAN, said their stock was fast depleting.

This followed the failure of the Federal Government to settle them their outstanding subsidy claims, totaling about N120 billion for the third and fourth quarters of 2013.

Speaking with newsmen in Lagos, the Executive Secretary of MOMAN, Mr. Obafemi Olawore appealed to the Petroleum Products Pricing Regulatory Agency, PPPRA to release the import allocation for the first quarter of 2014, explaining that its members currently have 45,000 metric tons which is about 60 million litres of fuel left in their storage facilities.

According to him, two of its six members have run out of petroleum products, while the remaining four members have stocks that would last for only five days from today if they are not replenished.

The major marketers who account for 60 per cent of petroleum products supply in the country are Total, Conoil, Mobil, MRS and Forte Oil.

He noted that 2013 ended on a very tall hope because some payment was received and products were brought into the country.

“We hoped that the payment will continue but as we speak we are told that the whole thing is being processed and therefore only wish and hope that the process will end pretty soon so that we get payment.

“The last time we met I said we have not received third quarter and fourth quarter has not ended but now it has ended so we now have two quarters, third and fourth quarters pending.

“At this point I want to plead on behalf of other marketers who have been calling me that they have not received their own payment, the interest and foreign exchange because it is not only the majors that suffered the penalty from the banks.

“With the closing of 2013, one was expecting that Q1 for 2014 should have been released, knowing fully well that it takes some weeks to book a cargo and for it to arrive Nigerian waters.

“The first month for Q1 2014 has almost ended which means that whatever we are getting now is a fallout from Q4. How long that would last I cannot say because PPPRA usually gives marketers when to bring in products even after the quarters allocation.

“For instance, if there are six of you in a quarter, they can tell one of you to bring in for a particular period maybe first week. They try to arrange in such a way that you won’t have people bunching together. It would be spread evenly over the quarter.

“So I like to say that non release of Q1 is making us uncomfortable. Our appeal, therefore, is that it should be released immediately before Q3 import dries out.

“As we speak today and I speak for only ‘Major’ in this area we have only about two or three vessels outside for major marketers which is a spillover from last quarter which is about 45,000 metric tons.

“This includes two non ‘majors’ in other words for ‘major’ there is only one cargo of 15,000 metric tons.

“We would therefore want to appeal that we should not fall back into the mistake of allowing only Pipeline and Product Marketing Company, PPMC to import because if we do so, we will get into trouble.

“It is only a pity that we give credit to only PPMC, I think credit should go to all of the following: PPMC, PPPRA, MOMAN and the independent importers also constitute another group. All these groups goes together to be able to ensure that we have availability all over the country.” [Vanguard]

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1 Comment

  1. Darious Effah

    March 4, 2014 at 2:13 pm

    Why Subsidy,dis Should Nt Be Part Of Nigeria

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The potential for iGaming in Nigeria uncovered



There is a growing positivity surrounding the Nigerian iGaming industry. As the nation breathes a collective sigh of relief following the announcement of the African Continental Free Trade Agreement (AfCFTA), it’s hoped that many burgeoning industries such as the world of iGaming can be allowed to flourish and bring much-needed tax revenues to the country.

Many analysts within the iGaming industry believe Nigeria has the potential to become Africa’s iGaming hub. Its domestic market is already forecast to be worth $2 billion, due largely to sports betting and the fascination with Nigerian soccer stars overseas like Odion Ighalo at Manchester United. Meanwhile, the domestic penetration of smartphones is also recognised, with some 83% of the population now owning a mobile device.

Nigeria was also a major focal point during this year’s SBC Digital Summit Africa, which was understandably conducted virtually earlier this month. Ahead of the summit, experts enrolled in the event were asked to vote on which African country offered the best foundations for iGaming operators to thrive. Nigeria outperformed every other nation, with 31% of all votes labelling Nigeria as the country with the highest potential to make a real
success of its domestic iGaming sector.

Even South Africa, which has a well-established domestic iGaming market, ranked second with just 28% of the vote. Prospective Nigerian iGaming operators should certainly take a leaf out of the book of South African iGaming brands, many of which have cultivated a strong customer base through the use of incentives and sign-up bonuses. The vast majority of offers available at platforms like, direct gamers to the safest and most reputable

One of the main reasons that industry experts believe in Nigeria’s iGaming potential is that it already boasts an engaged target demographic. Many of its young adults are already betting on sports like soccer and boxing, and there is a feeling that introducing them to casino gaming verticals would not be too difficult a stretch. Marry that with a growing number of smartphone users, which is predicted to reach over 140 million people by 2025, and you can
see the potential for iGaming apps and web applications to provide immersive, secure gaming
on the go.

Presently, the country has three separate bodies responsible for licensing online betting activities – the Nigerian Investment Promotion Commission (NIPC), the Special Control Unit against Money Laundering (SCUML) and the National Office for Technology Acquisition and Promotion (NOTAP). At the time of writing, online betting at a domestic Nigerian site is strictly prohibited by law. Loopholes regarding offshore operators make it possible for
Nigerians to play elsewhere, but it seems somewhat short-sighted for the Nigerian government to steer clear of creating its own regulated, revenue-making iGaming industry.

In a nation of substantial population, supporters of developing a domestic iGaming industry in Nigeria believe that the most would be a positive step, creating new career opportunities for everyday people. This could be in customer support, game development or any other facet of an iGaming operator. All the while, generating tax revenues for the Nigerian government and helping to breathe new life into the domestic economy.

There is a general feeling that Nigeria’s gaming industries tend to follow the same path as South Africa’s. The SBC Digital Summit Africa revealed that there has been a “seismic shift” from sports betting markets to casino games in the last eight months, including live dealer tables, that’s according to Sean Coleman, CEO of the South Africa Bookmakers Association.

Live dealer games seemingly “appeal to millennials” across South Africa. Dean Finder, CEO of Evolution Services SA believes the fact that live dealer games are “not gender biased” is an opportunity to reach out to female players, which are an often “unserved market” across Africa.

For these trends to follow suit in Nigeria, operators will need to build further trust in their
games and regulatory measures to curry favour with the country’s legislature.

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Metro News

Femi Otedola Reacts To Lekki Tollgate Shooting



Femi Otedola Finally Reacts To Lekki Tollgate Shooting
Femi Otedola

Femi Otedola

Nigerian businessman, Femi Otedola has finally reacted to the shooting that took place at Lekki Tollgate, Lagos on Tuesday.

Information Nigeria recalls men dressed in military wears opened fire on unarmed #EndSARS protesters, who convened at the area.

Otedola took to his Instagram page on Sunday to commiserate with the families of those who lost their lives in the unfortunate incident.

Sharing a photo of the Nigerian flag, he wrote;

“The horrors that have been unfolding in our country have left me filled with sadness. I deeply commiserate with those who have lost their loved ones and as a father, I share the sentiment of my three daughters who protested in Lagos and London. As a young boy of 16, I participated in the ‘Ali Must Go Protest’ of 1978, so I understand the determination of our youths who rightly want our country to be better. We must all do our part to make Nigeria great! I will continue to do my own quota in providing for those who are most in need of support in our country in these tough times .…F.Ote💲”

Read Also: Femi Otedola Spotted Dancing With His Children (Video)

See his post below:

Otedola’s post

Otedola’s post

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“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” – Brother Claims



“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” - Brother Claims


Information Nigeria recalls a graphics designer identified as Oke, was killed hours after tweeting “Nigeria will not kill me” on Wednesday.

It was reported that the young man had passed away after he was hit by a stray bullet.

The deceased’s younger brother, Daniel has come out to clear the air regarding the circumstances leading to his death.

Daniel revealed his brother was stabbed on the neck by thugs who infiltrated and ransacked their home.

In his words;

Good day, My name is Obi-Enadhuze Daniel younger brother of the now deceased Okechukwu Obi-Enadhuze @O_Okee . I, my brother and mother lived at makinde police barracks, mafoluku, Oshodi, Lagos State.

Today at about 11 o’clock in the morning the police station at makinde was attacked by thugs who wanted to destroy the station, I my mom and brother were holed up in our house.

 The attack went on for hours before the thugs eventually breached the police and proceeded to set the station on fire, after accomplishing this they set their sights to the barracks and began the assault, they proceeded to destroy every car in the barracks, my mom’s 2 cars where destroyed and set on fire and then they infiltrated our house by breaking the door they then proceeded to ransack the house and carted away with everything we own. 

 my brother on trying to get them to take everything but spare us was pushed to my mom’s room and stabbed on the neck, the attacker then proceeded to attack me but missed my neck but got my chin instead, after this my mom and I carried my brothers body to the entrance of the station soliciting for help from the thugs still ravaging the barracks, we were finally able to put him in a wheelbarrow and took him to a hospital where he was rejected because “he was already dead” unfazed we moved him to another hospital where he met the same treatment this was where he bled his last drops of blood and died, his body has now been moved to a morgue

we have lost every single thing we own, as our house was completely ransacked and set on fire the only thing left is my brothers phone and at about 8 o’clock this evening the barracks was still on fire but Okechukwu has paid with the ultimate price

I and my mother are homeless with nothing now but we’re safe for now, we thank everyone that has been able to reach out to us, and were able to share consoling words with us in these trying times, God bless you

While we were holed up in the house the three of us said these words together and we say it again ” THREE OF US ARE HERE, THREE OF US ARE TOGETHER, THREE OF US ARE SAFE”

Let it be known that my brother @O_Okee  was NOT killed by a police bullet but died a hero protecting my mother and I.

If you see this please retweet, let the world know how Okechukwu died. He was NOT killed by a police bullet but thugs in his home!”

Read Also: RIP Oke: Barely 3hours After Tweeting “Nigeria Will Not End Me” #EndSARS Protester Dies From Gunshot

See his post below:

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