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Fuel Subsidy Removal: FG Unveils CNG – powered Keke NAPEP to reduce cost of transportation

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As part of an effort to cushion the excruciating impact of the fuel subsidy removal on Nigerians, the Federal Government has launched the Compressed Natural Gas (CNG) ‘Keke NAPEP’ to cut down the high cost of transportation.

 

The National Orientation Agency (NOA) in collaboration with the SIMBA Group of Companies (Nigeria), and the ECOMEAD ACRES, launched the CNG Keke on Friday in Abuja.

 

Addressing journalists during the unveiling, the Director-General of NOA, Lanre Issa-Onilu, noted that the aim is to consume far less fuel compared to the existing tricycles that use petrol, as such will cut down the cost of transportation to the barest minimum.

 

He said that the project is focused on touching the lives of the ordinary Nigerians especially those living in the rural areas, and in consonant with Mr President’s renewed hope agenda.

 

He noted that the federal government has established about 10,000 CNG stations across the country to ensure the availability of the compressed natural gas to the users of the newly launched tricycles.

 

He assured Nigerians that the CNG Keke NAPEP will drastically reduce the high cost of transportation and other similar challenges currently experienced by Nigerians.

 

He also revealed that the CNG is environment friendly and will reduce the pollution caused by the use of petrol, and by extension address the challenge of climate change.

 

Issa-Onilu said: “This press conference is to address the very important issue of transportation, as a fallout of the removal of fuel subsidy. It is the policy of the government to provide immediate succor in terms of palliative.

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“The President in his address to the nation several times reiterated the fact that a lot of interventions are on foot regarding how to reduce the impact the subsidy removal has had on all of us.

 

“And also, the issue of reducing our dependence on petroleum products as the only means of powering our automobiles was paramount in his address, and that has been at the forefront of the policy that the government is pursuing at the immediate.

 

“Related to that is the introduction of the Compressed Natural Gas (CNG) as an alternative source to power our automobiles. You also recall that the federal government as we speak is accelerating the process of bringing CNG powered buses to the country. And apart from that about 10,000 CNG filling stations across the country are put in place, so that we can have CNG as an alternative source of powering our automobiles.

 

“We all know the role that Keke NAPEP has come to play as a means of transportation in this country, especially for those who live in rural areas. Millions of Nigerians on a daily basis commute using the Keke NAPEP. So, it is a thing of joy that we are having this as an immediate solution, by having a local assembly for Keke NAPEP powered by CNG.

 

 

“We have here today the company that is already thinking ahead in line with government policy of providing this arrangement which is the CNG powered Keke-NAPEP. As an Agency, we have our operations and structures nationwide at all the 774 local governments.”

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On the impact of the CNG on Nigerians, the NOA DG said it will drastically reduce the cost of fuelling the automobiles, reduce cost of transportation, reduce the impact of fuel on the environment, and tackle the issue of foreign exchange, among other benefits.

 

In his remarks, the CEO of ECOMEAD ACRES, Kayode Oyin-Zubair, said the CNG Keke-NAPEP is configured to use both petrol and CNG, adding that it is environmentally friendly.

 

Oyin-Zubair assured that the CNG powered tricycle will ameliorate the impact of the fuel subsidy removal on the cost of transportation for the benefit of all Nigerians.

 

“The CNG is environmentally friendly, and it will ameliorate the problems of Nigerians. We have put in. place mechanism to get them to the 774 LGAs across the country,” he said.

 

 

He stressed that the CNG powered Keke-NAPEP is one product that will bring relief to Nigerians in terms of the challenges they face regarding the high cost of transportation.

 

Representative of the Wandel International Nigeria/ Simba Group of Companies (Nigeria), Sharma Shamrat, said the CNG powered automobiles are the best option for Nigeria.

 

Shamrat said: “Let’s say in Nigeria CNG looks new, but CNG is a certified product which has been used all over India. Now, let’s say when I talk about India, we’re talking about 1.5 billion people. The population itself is so huge that it needs alternative transport.

 

“Now, if a country that big continues to put petrol and diesel in their vehicles, how much of the damage will be caused to the planet. Mother Nature is not going to hold for too long before it is too late, we need to make the change. Here in Nigeria, CNG seems to be the option.

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“In the urban area where we have a lot of good roads we might be having a lot of filling stations for CNG, but that doesn’t mean that we will leave the rural population behind. So our vehicle comes with the option that you can switch between petrol and CNG.”

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Stock market rebounds with N101bn gain

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Nigerian Exchange Ltd. (NGX) rebounded on Tuesday, reversing several days of bearish trends, with a gain of N101 billion.

The NGX market capitalisation rose by N101 billion or 0.15 per cent, closing at N65.589 trillion, up from N65.488 trillion on Monday.

Similarly, the All-Share Index (ASI) increased by 159.88 points or 0.15 per cent, closing at 104,376.75, compared to 104,216.87 in the previous session.

However, the market breadth closed negative, with 43 losers and 16 gainers.

On the losers’ chart, Union Homes Real Estate Investment Trust fell by 9.95 per cent, closing at N46.15. Nigerian Aviation Handling Company dropped 9.94 per cent to N62.95 per share.

NEM Insurance declined by 9.92 per cent, closing at N11.80, while Lasaco Insurance lost 9.86 per cent, closing at N1.92 per share.

Royal Exchange also fell by 9.78 per cent, closing at 83k per share.

On the gainers’ chart, Secure Electronic Technology rose by 8.89 per cent, closing at N0.49. Abbey Mortgage Bank gained 8.35 per cent, closing at N5.58 per share.

Sterling Bank increased by 6.85 per cent, closing at N5.15, while VFD Group grew by 5.26 per cent, closing at N66.00 per share.

Mutual Benefit Assurance also gained 4.55 per cent, closing at 92k.

A total of 460.57 million shares worth N10.105 billion were traded across 14,528 transactions.

This compares to 444.11 million shares valued at N11.148 billion traded across 15,690 transactions earlier.

Access Corporation led the activity chart with 56.49 million shares worth N1.185 billion.

Guaranty Trust Holding Company followed with 51.56 million shares worth N3.430 billion. Fidelity Bank traded 24.067 million shares valued at N431 million.

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First City Monument Bank exchanged 23.35 million shares valued at N208 million, while United Capital transacted 23.305 million shares worth N319.86 million. (NAN)

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ECOWAS Bank approves €230m to strengthen infrastructure in West Africa

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The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a total of €230 million and $10 million to finance projects aimed at stimulating development and boosting economic activities in West Africa.

A statement by the bank on Tuesday said the financing package was granted during the 91st irdinary meeting of the Board, held under the chairmanship, Dr George Donkor, President and Chairman of the Board of Directors of EBID.

The statement said the facilities would be put towards the following projects:

“A $50 million line of credit to Sterling Bank Ltd. in the Federal Republic of Nigeria to support Small Medium Enterprises operating in various sectors, including health, education, agriculture, renewable energy, and transport.

“A EUR 10 million facility to Bénin Cashew SA to co-finance the construction of five cashew nut processing units and a cashew balsam production unit in the Glo Djigbe industrial zone in the Republic of Benin.

“This project is estimated to cover 50 per cent of national cashew production needs while creating 1,666 permanent and daily jobs within the framework of Benin’s Strategic Plan for the Development of the Agricultural Sector.

“A $180 million line of credit to Mota-Engil Nigeria to co-finance the Kano-Maradi standard gauge rail project, linking northern Nigeria to Niger.

“This strategic project will strengthen regional integration, facilitate cross-border trade, and create over 100,000 jobs during the construction phase and 20,000 permanent jobs once operational,” it said.

According to it, the newly approved commitments are aligned with the United Nations Sustainable Development Goals (SDGs), in particular, SDG 9 – Industry, innovation and infrastructure, and SDG 13 – Climate Action.

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It added that the commitment also aligned with EBID’s strategy to develop priority sectors.

“With this investment, EBID’s total commitments in the sub-region amount to $4.5 billion,” the statement said. (NAN)

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New NNPCL Boss Urged To Absorb Hyson Staff Over Labour Law Fears

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The Global Information Team (GIT) has urged the newly appointed management of the Nigerian National Petroleum Company Limited (NNPCL), led by Ojulari, to honour a prior commitment to absorb 12 staff members from the now-defunct Hyson Nigeria Limited, warning that failure to do so violates international labour standards.

The appeal, spearheaded by GIT’s head of investigation, Anabel Crown, follows the dissolution of all trading joint ventures by the NNPCL board in late 2023, which saw Hyson Nigeria Limited officially wound up on 31 December of that year.

The move was part of a broader consolidation effort to bring all trading operations under a wholly owned NNPCL entity.

At the time, assurances were made that the 12 Hyson employees would face no job losses and would be seamlessly transferred to NNPC Retail Limited—a promise that has yet to materialise.

Under the tenure of former Group Chief Executive Officer (GCEO) Mele Kyari, who was recently removed by President Asiwaju Ahmed Bola Tinubu, the transition stalled, leaving the workers in limbo.

The GIT now calls on Ojulari’s administration to revisit the matter urgently, either by absorbing the staff into NNPCL or offering them substantial severance packages akin to those provided by the Central Bank of Nigeria to its relieved employees.

“This prolonged uncertainty is not just a breach of trust—it’s a violation of international labour law,” Crown told Elanza News.

“Keeping workers promised employment in suspense amounts to deceit and deception, with devastating consequences for their livelihoods and families.”

The situation has been compounded by alleged mismanagement during the transition.

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Sources within GIT allege that the former managing director of Hyson Nigeria Limited deliberately withheld a crucial letter that would have facilitated the staff’s absorption into NNPC Retail Limited.

“This was an act of selfishness, with no regard for the wellbeing of these workers or their families,” Crown said, pointing to the rigorous interviews the staff underwent, with results submitted to the NNPC Retail board—then chaired by Kyari—for approval that never came.

The affected workers, described as “fathers and children” by GIT, have faced severe hardship, deprivation, and even starvation as the matter remains unresolved.

“These are people who went through a thorough recruitment process and were deemed successful, yet they’ve been left to suffer,” Crown added.

In a direct appeal, GIT has called on President Tinubu, who serves as the substantive Petroleum Minister overseeing NNPCL, to intervene. “As the father of the nation and a true democrat, we urge Mr President to wade into this matter.

These workers deserve sympathy and swift action—absorbing them without delay is not just a matter of humanity, but a defence of their rights and privileges,” the GIT statement read.

The controversy comes amid broader scrutiny of NNPCL’s operations following Kyari’s exit and Ojulari’s appointment, with stakeholders watching closely to see if the new leadership will prioritise transparency and accountability.

For now, the fate of the 12 Hyson workers hangs in the balance, their plight a stark reminder of the human cost of bureaucratic delays.

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