Business

Lagos Assembly Insists On Anti-Grazing

Lagos Assembly insists on anti-grazing law, reveals plans for ranching

The Lagos State House of Assembly has stated that the Prohibition of Open Cattle Grazing Bill, when passed, will ensure harmonious relationships between herders and farmers in the state.

The assembly made this known after the bill was read on the floor of the house for the second time, by the Acting Clerk, Mr Olalekan Onafeko, at plenary on Monday.

It said the bill would also protect the environment of the state and the SouthWest zone.

Speaker of the House, Mr Mudashiru Obasa, who described the Prohibition of Open Cattle Grazing Bill’ as timely, thereafter committed the bill to the Committee on Agriculture for public hearing.
The speaker also suggested that the bill should make provision for the registration of herders, and prepare them for ranching.

He said: “Allocating parcels of land is not enough, but there should also be training for those who will go into ranching, as ranching is expensive and requires adequate preparation.”

Concerning the VAT bill, he said it would further lead to increase in revenue and infrastructural development.

“This is in line with fiscal federalism that we have been talking about,” he said.

Speaking on the bill on open grazing, Mr Bisi Yusuff (Alimosho 1), lamented that farmers had continuously become afraid to visit their farms, thus causing shortage of food.

Yusuff also said many farmers had become indebted, as they now found it difficult to pay back loans they secured.

His position was supported by Mr Kehinde Joseph (Alimosho 2), who noted that the bill would ensure peaceful coexistence, reduce crime and help to guide activities of herders.

Also, Mr Gbolahan Yishawu (Eti-Osa 1), expressed support for the bill, noting that it would give a level of security to the state and help reduce economic losses.

He added that Lagos had 250 hectares of land in Ikorodu and another 750 hectares in Epe for ranching.

Business

CAC threatens to shut down PoS operators as deadline for registration expires

The Corporate Affairs Commission has said it will work with law enforcement agencies and other legal means to shut down recalcitrant Sales Operators who fail to register their businesses as its 60-day deadline lapses.

The Commission disclosed this in a notice Friday on its official X handle.

This comes after CAC on July 7, 2024, issued a 60-day deadline which expired on Thursday, September 5, 2024, for all PoS operators to register their businesses.

CAC noted that there was inadequate compliance with its directive, noting that those who decided not to register may be engaging in unwholesome activities.

“The Commission notes inadequate compliance with the directive for formalization when viewed from the background of the large number of POS operators in the country. Those who have taken steps to formalize in line with the Commission’s directive are commended for their positive attitudes.

“Recalcitrant operators have refused to adhere to the advice for formalization due possibly to engagements in unwholesome activities or for some reasons best known to them.

“We are here to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences.”

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria, AMMBAN, recently challenged the CAC’s registration directive.

Business

Dangote’s petrol to flood market from Sept 15 — NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has announced that Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Refinery will begin to flood the market starting on September 15, 2024.

This development follows the refinery’s commencement of petrol refining earlier in the week.

In a statement signed by the NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, on Thursday in Abuja, the company clarified that petrol prices would now be determined by market forces.

The statement addressed speculations about price control, reiterating that the downstream sector had been fully deregulated and that NNPCL would no longer fix fuel prices.

Adedapo Segun, NNPCL’s Executive Vice President of Downstream, emphasised that foreign exchange (forex) illiquidity had been a major factor influencing PMS price fluctuations, which are now regulated by the free market as mandated by the Petroleum Industry Act (PIA).

Segun also noted that the current fuel scarcity should ease within a few days as more filling stations recalibrate their systems and resume selling PMS.

He cited Section 205 of the PIA, which established that petroleum prices are governed by market forces rather than government intervention. The exchange rate, he added, significantly impacts fuel prices.

Regarding the supply of petrol from the Dangote Refinery, Segun stated that NNPCL was preparing for the September 15 timeline when products would be available for distribution.

He assured Nigerians that NNPCL is working closely with fuel marketers to ensure stations remain open and well-stocked to meet demand, while measures are being taken to prevent product diversions.

Segun’s comments come on the heels of the Federal Government’s announcement of an impending boost in petrol supply over the weekend, as vessels had started offloading while reaffirming that PMS prices would not be fixed by the government.

Business

PMS Prices are determined by free market forces—NNPC Ltd

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.

Speaking on TVC News’ “Journalists’ Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”

He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.

According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd. was awaiting the September 15th timeline provided by the Refinery.

Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”

He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”