₦airaland Forum

ELTON123:
read my signature

you can be whomever you want in your dreams. In your real life, you are still a Nigerian.

ELTON123:
How e take consine me

because you are still a Nigeria.

https://punch.cdn.ng/wp-content/uploads/2015/01/Fuel-dispenser-360x225.jpg

The scarcity of foreign exchange, especially the dollar, is currently threatening import contracts for Premium Motor Spirit (otherwise called petrol).

Marketers of petroleum products are now finding it difficult to get dollars to finance import transactions; even with the naira equivalent readily available.

Our correspondent learnt that, some marketers, who recently had their credit lines reopened by their banks after a long wait, are also having challenges getting adequate dollar conversions.

The Executive Secretary, Depot and Petroleum Products Marketers Association, Mr. Olufemi Adewole, confirmed this to our correspondent in a telephone interview on Friday.

Adewole said the development had been brought to the notice of the Central Bank of Nigeria, and the apex bank is expected to take quick action before the situation gets out of hand.

He said, “One serious problem marketers are having now is the scarcity of foreign exchange to conclude product supply transactions. Even with our cash in our bank accounts, we cannot get the required amount of dollars.

“We need the CBN Governor to intervene as far as the supply of foreign exchange to marketers is concerned.”

One of the marketers, who also confirmed this to our correspondent but pleaded to speak on condition of anonymity, said a single supply transaction required millions of dollars.

He said, “Wth the situation on the ground, we are limited to getting just $1m per week after so much pressure.”

The PUNCH exclusively reported on Friday that members of DAPPMA recently resumed importation of PMS into the country.

Before the resumption, only the Nigerian National Petroleum Corporation through its subsidiary, Pipelines and Product Marketing Company, was the sole importer of PMS into the country.

This happened after the credit lines of some members of the DAPPMA were reopened by the banks.

Adewole had said, “The PPMC is not the only importer of PMS as of today. Some of our members just discharged their cargos. Although we have not been paid, we are optimistic that very soon our members will be paid by the government.

“All the banks have yet to open credit lines to our members, but some of our members have obtained one or two additional credit lines to import products from their banks as we speak.”

Some of the marketers barely currently importing petrol, according to findings by our correspondent included, Techno Oil and Gas, Masters Petroleum, Rainoil, Bovas, North-West Petroleum in Calabar, Shorelink in Port Harcourt, Emadek and some others.

Early this month, some stakeholders in the downstream sub-sector of the nation’s petroleum industry said the silence of the President Muhammadu Buhari-led Federal Government on policy direction is doing more harm than good to the segment and the nation’s economy at large.

They said the President’s muteness over critical issues like the subsidy arrears owed oil marketers, the future of the subsidy regime for PMS, the Petroleum Industry Bill and other matters bordering on the general regulation of the downstream petroleum business, was unhealthy for the country.

This situation, they noted, was responsible for the high-level of uncertainty currently plaguing the sub-sector.

The Chairman, Nigeria Union of Petroleum and Natural Gas Workers, Lagos Zone, Alhaji Tokunbo Korodo, had told our correspondent that operations in the downstream sub-sector were currently beclouded with uncertainties owing to political indifference.

He said political indifference in this regard remained glaring as the current government had yet to show a policy direction for the downstream segment since May 29 when it was inaugurated.


Source: http://www.punchng.com/news/dollar-scarcity-threatens-fuel-importation/

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saTanist say it'a a thousand

Suspect33:
Like if u dnt knw wats NAICOM

National Insurance Commission lalasticlala come and educate him more.

CUM4WHAT:
NONSENSE

but it makes perfect SENSE to pensioners, mate.

Freemanan:

you are a fan already

The National Insurance Commission (NAICOM) has directed all insurance companies in the country to pay all outstanding claims by September 31, 2015 or face punitive measures.

It said the commission would invoke the full application of punitive sections of the Insurance Act without further recourse should any insurance company be found wanting after the expiration of the deadline.

The insurance regulator in a circular to all insurance companies, a copy which was made available to THISDAY, further directed that henceforth, all claims must be handled strictly in accordance with the provision of the Insurance Act, 2003.

The circular, signed by Deputy Commissioner for Insurance (Technical), Mr. Mohammed Kari, added:"As a palliative gesture, the commission shall allow for a grace period until the 31st September, 2015 for companies to clear all backlogs of outstanding claims as provided by the insurance Act."

It added:"From 1st October, 2015, the commission shall evoke the full application of punitive sections of the Insurance Act including but not limited to sections 8(1) (m), 70(1) (b), and 70(2) without further recourse."

The commission also noted that the latest directive represented a last warning to insurers who fail to settle genuine claims on the consequences of their action.

It said NAICOM had given three months of grace to enable them settle all outstanding claims in their books after which the regulators would be left with no other option than to apply provisions of extant laws on offenders without delay.

However, it stated that an investigation into its records and complaints from the insuring public had confirmed the truth of the accusation that some insurance companies had not been paying claims.

But it added that the investigation revealed that a few insurance companies were engaged in such unwholesome practice which had made nonsense of the efforts of many other well-behaved companies.

The commission stated that the latest directive was part of its efforts to sanitise the industry and restore the confidence of the insuring public in insurance services.

It said: "The commission collated claims details from all insurance companies and complaints on delayed and unsettled claims from members of the insuring public in its efforts to verify the persistent complaints of the consumers of insurance about an unsavory attitude of the providers that has brought the image of the industry to disrepute."

The outgoing Commissioner for Insurance, Mr. Fola Daniel, had explained that complaints over non-payment of claims had gone down tremendously in the past few years.

In an interview with THISDAY, Daniel had said, that failure to settle claims and delay claims settlement is fading into the past.

“We have a dedicated complaints bureau in the commission and at the time we set up the bureau, what we said then was that the bureau would be mandated to handle complaints on claims. As at 2007, we had a huge complaint of an average of 10 in a week but in 2008 and 2009, the situation has improved because for two to three weeks we did not get complaints from the people. The few complaints that are now coming are dealt with dispatch. However, we cannot take every complaint from the members of the public as the whole truth. Equity demands that you find out from the complainant and the guy being complained against. So we put this together and we insist insurance company must act in accordance with the law.

“I’m sure you are aware we took some regulatory decisions against some insurance operators, which included suspension of licence, even taking over of management of these companies. They are largely to do with our dissatisfaction with certain things because I believe personally, as a professional, the best advertisement you can offer is prompt claims settlement. To settle claims of one person, you will certainly win more converts.”

Source: http://www.thisdaylive.com/articles/naicom-orders-insurance-firms-to-pay-outstanding-claims-by-sept-31/214381/


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Candyrain:
A long rough ride truly. What played out in Turkey is what they want to do here in Nigeria and Africa at large. Turkey used to have a considerable large number of christians but right now they are minority with only about 0.03% of the population of about 73million while islam is about 96%. Churches there have been turned into mosques or museum centre due to islamization of the country.
The first church according to the bible Antioch is in Turkey, the seven churches according to the book of revelation were all in Turkey but what happened now, christians went to sleep and there was islamization.

what exactly played out it turkey? state it here or shut up forever.

So you think turkey was religion-less before Christianity took over it?

AshiwajuFoward:
If so then it's settled -- Nnamdi Kanu is their god that they worship, another Adolf Hitler in the making.

he is bringing his own religion along with biafra. bringing many other craps tooo.

AshiwajuFoward:
If indeed he said that then he may face some serious backlash from a section of his ardent brainwashed followers who love Jesus more than they love Biafra.

think again. His followers believe his words more than they believe Jesus.

and what is the great commission for we Christians?

Take this to the bank, NOBODY CAN ISLAMIZE NIGERIA OR SOUTHAFRICA.

Op stop being a clown.

arisekola77:
God purnish all Nigeria enemy.amen #chassis

yes. Biafrans, boko harams, polithifians....alla dem

Freemanan:

fighting western education but using western condoms? Goats.

[img]http://www..ng/wp-content/uploads/2015/07/Condoms-Boko-Haram-NL-600x337.jpg[/img]

The claim by the dreaded Islamist insurgent sect, Boko Haram, that they are looking forward to getting virgins in heaven when they kill innocent people has been busted by Chadian military personnel who chased out the terrorists from one of their camps close to their border.

The military officers were quite surprised when they found not only a cache of sophisticated weapons but rolls of condoms, both used and unused, as well as s*x enhancing tablets like Viagra.

Adding two and two together, the officers deduced that women and girls the sect has been kidnapping both in Nigeria and other parts of the West Coast where they have been holding sway, could have been turned into their s*x slaves.

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huangcheng:
But bros oo.. Wetin concern you and Biafra? Why you dey follow Nnamdi Kanu? Him force you to read em tweet? eh busy body.. Brother learn to mind your own business so that you go live long.

You are obviously chinese. I have to keep tabs on the guy because of the deadly effects i see him having on people around here. Peeps are turning to bloody terrorists.

bolabolakemi:
Affects you directly

Yes, affects me directly because i am igbo, living in igboland unlike you lagos dwellers spoiling our name.

asadike:
abum adaugo not munachi.

adaugo ekwesiri I nyocha dunlop a e bu na obi. Dunlop ahu obukwa asambodo ndi nafdac?

frankyychiji:
What is this one saying? Your mumu pass Mallam Rochas own sef.

zombie biafra

okorocha the wisest igbo man there is. Keep schooling them sir.

make I follow introvert buy space