Price of Dangote’s fuel higher than other sources, we have to pity Nigerians – IPMAN

The Independent Petroleum Marketers Association of Nigeria, IPMAN, on Friday said that the price of fuel from Dangote Refinery, as of last week, was higher than the price of the product from other sources.

IPMAN said members must go where the price is lower and where they get profit, adding that they have to pity Nigerians.

Yakubu Suleiman, National Assistant Secretary of IPMAN, stated this on Friday while fielding questions on Arise Television’s Morning Show programme.

Suleiman argued that prices of petroleum products are determined by international pricing, insisting that Dangote is supposed to be disclosing the amount he’s going to sell his product.

He said: “Prices are determined by international pricing. Dangote is supposed to be saying like every day, ‘This is the price I’m going to sell this product’.

“But he cannot be able to do that unless he (Dangote) engages the stakeholders. And you cannot just say okay, we must only buy in his own depot.

“IPMAN cannot just sit down and say ‘We will tell our members, all of you go to Dangote Refinery and buy your product and load’. We cannot just do that. This is a deregulated system.

We have to source where products are much cheaper. Then we would inform our members to go and load product in any depot that the product is cheaper.

“If Dangote has a product and is selling N1000, let’s assume, and there are other places that are selling N900. We can’t just say because for the sake we are doing business with Dangote, ‘Okay go and do it’. It’s not profitable to us. We must go where the price is lower; where we get profit. That is it.”

Continuing, the IPMAN scribe added, “We are in a deregulated economy but Dangote is like trying to monopolize the whole issue. Fine. Let us know if there is monopoly in the whole system. But we believe that it’s now deregulation.

“Like last week, Dangote’s price is higher than other places. Because if you can go by the price, the international price, crude has already started coming down.

“If I could remember, as of last week, he gave N995 per litre, and you have to bring your cargo and load. How much will you pay the cargo? How much will be the other charges to your depot? And how much will go to the depot? And we expect independent marketers to go and sell it. Can we go and sell? Look at we have to pity Nigerians.”

NAFDAC warns Nigerians against use of recalled Nivea Deodorant

The National Agency for Food and Drug Administration and Control has warned Nigerians against the use of a recalled batch of Nivea Black & White Invisible Roll-on deodorant.

NAFDAC issued a warning against the product labelled as providing 48-hour protection in African climates, following an equal warning from the European Union Rapid Alert System for Dangerous Non-Food Products in Brussels.

In a statement released on Thursday, October 31, NAFDAC stated that the product’s batch number is 93529610.

“The recalled Nivea product is reported to contain 2-(4-tert-Butylbenzyl) propionaldehyde, a chemical prohibited in cosmetic products due to its potential to cause harm to the reproductive system, impair the health of an unborn child, and cause skin irritation and burns to users,” the agency explained

NAFDAC added that the product is manufactured in Germany with Bar Code Number 42299882. It advised importers, distributors, retailers, and consumers to exercise caution and vigilance within the supply chain to prevent the importation, distribution, sale, and use of the affected Nivea Roll-on with the specified batch.

“Members of the public in possession of the affected batch should cease sale or use and submit stock to the nearest NAFDAC office.

Healthcare professionals and consumers are encouraged to report any adverse events experienced with the use of regulated products to the nearest NAFDAC office, via pharmacovigilance@nafdac.gov.ng, E-reporting platforms available at www.nafdac.gov.ng, or through the Med-safety application available for download on Android and iOS,” it added

CBN charges youths to save for a fulfilled future

The Central Bank of Nigeria (CBN) has charged Nigerian youths to cultivate the culture of saving for a fulfilled future.

The apex bank celebrated World Savings Day, yesterday, October 31, in Abuja.

The Acting Head of Consumer Protection Department of CBN, Mr. Ibrahim Yahaya, told journalists at the event, that CBN was committed to savings awareness creation, as according to him, savings provide the necessary pool of funds for investors to borrow from and grow the economy through productivity and job creation.

He said, “Central Bank of Nigeria today is celebrating the World Savings Day. It is an international event that is celebrated each year and its emphasis is to promote the importance of savings.

“We want to instill the culture of savings among the youth so that right from that age, as they grow up with the discipline and with the encouragement of the parents the children will learn to save for future events that may arise.

“It is very important to save because of eventualities. You know this life is full of a lot of journeys so you need to save in case any issue arises you will be able to have something to fall back on so as to address those eventualities.

“Savings are very important to national economic growth. Savings are part of deposits. It is from these deposits that banks lend and you know, lending drives economic growth.

“So what we have as deposits is what the banks use to lend out especially to the real sectors that drive economic growth.”

Mr. Yahaya encouraged the Nigerian public to continue to save, despite the high rate of inflation.

This comes as Nigerians question the point of saving when their money lose value daily due to inflation.