Amnesty on FX deposits, Dangote vs oil marketers… business stories to track this week

Here are the seven top business stories you need to track this week — November 4 to November 8.

FG LAUNCHES AMNESTY SCHEME FOR FOREIGN CURRENCIES DEPOSITS

The federal government, on October 31, launched an amnesty initiative that allows individuals to deposit foreign currencies into banks without penalties or taxes — provided the funds are not proceeds of crime.

The programme is called the ‘Disclosure Scheme’, according to ministry of finance.

Mohammed Manga, the ministry’s director of information and public relations, said the scheme, starting October, is for nine months.

The public relations officer said the initiative is designed to enhance transparency in the financial sector and boost Nigeria’s economic resilience, growth, and development.

ANOTHER COMPANY TO LEAVE NIGERIA 

Pick n Pay, a South African grocery retailer, says it will exit Nigeria by selling its 51 percent stake in a joint venture.

According to Reuters, Sean Summers, the chief executive officer of Pick n Pay, said the move is part of the company’s plans to restructure outside of its home market.

The retailer has two stores in Nigeria, having entered the market less than five years ago through a partnership with A.G. Leventis, Nigeria.

The exit of Pick n Pay adds to a growing list of multinationals exiting the country.

NIGERIA NEEDS TO OVERHAUL 50-YEAR-OLD NATIONAL GRID

Adebayo Adelabu, minister of power, says the country will continue to experience grid disturbances until there is a complete overhaul of the system.

Adelabu spoke to journalists on Monday after a meeting with President Bola Tinubu.

The minister, who apologised to Nigerians for the incessant power outages caused by frequent grid collapses, blamed the challenge on obsolete equipment that is 50 years old.

TAX REFORM BILLS WON’T BE WITHDRAWN BUT N’ASSEMBLY CAN MAKE CHANGES 

President Bola Tinubu says the tax reform bills will not be withdrawn from the national assembly as recommended by the national economic council (NEC).

In a recent statement, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu received NEC’s recommendation, but said the legislative process should continue.

Reacting to the development, the Northern States Governors Forum (NSGF) opposed the proposed bills, following a joint meeting with the northern traditional rulers council at the Kaduna government house on October 28.

NNPC INCREASE PETROL PUMP PRICE

The Nigerian National Petroleum Company (NNPC) Limited has again increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.

TheCable had observed the second increase in October.

The NNPC increased the pump price from N855 per litre in September to N998 per litre on October 3.

However, at the NNPC retail outlets located at Ago Palace Way, Okota, Lagos, the price of PMS was raised to N1,025 per litre.

DANGOTE VS IPMAN

On October 29, Aliko Dangote, founder of the Dangote Group, said the Dangote Petroleum Refinery currently has over 500 million litres of premium motor spirit (PMS), also known as petrol, available for sale.

The billionaire said retailers are not collecting the available products to ease petrol queues, which also results in financial losses for the company.

However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members were unable to load petrol from the Dangote refinery for days after paying N40 billion to the NNPC to access petrol.

Responding, the refinery said it has not received any payment from the IPMAN for refined petroleum products, adding that NNPC  has not authorised the sale of petrol to marketers.

‘EX-DEPOT PETROL PRICE IS N990/LITRE FOR TRUCKS’

On November 1, the association said petrol from the refinery is more expensive than buying from other sources.

Yakubu Suleiman, national assistant secretary of IPMAN, speaking on Arise Television’s Morning Show programme, said the group’s members go for more affordable options at other depots across Nigeria than the high logistical costs associated with buying petrol from the Dangote refinery.

Addressing the issue in a statement, the refinery said its ex-depot price of petrol is N990 per litre for sale into trucks, and N960 for ships.

The company said it benchmarked its price on the amount the Nigerian National Petroleum Company (NNPC) Limited sold to domestic marketers post-deregulation.