An expert in commercial law, Kehinde Bamiwola, has called on the federal government to immediately lift the ban on sale of petroleum products to the border communities within 20 kilometres radius, noting that the policy was no longer reasonable in view of the fuel subsidy removal.
He said this in Idiroko, Ogun State, while delivering a lecture titled: “Smuggling and hoarding of petroleum products: Effects on border communities and national security”, during the fifth annual independence symposium organised by the Ipokia Local Government Youth Forum (IPYF), in conjunction with the customs service, Ogun Area 1 Command.
He said: “Border Communities Petrol Stations should be opened by the federal government and the ban on 20km sale of petroleum products should be lifted.”
He said, “Personally, it appears hoarding petroleum products has been overtaken by events since the so-called subsidy has been removed.
Many farmers killed as bandits attack 7 villages at Kebbi/Sokoto border
Bamiwola called for a reduction in customs duties and tariffs on goods not locally produced in Nigeria, saying smuggling historically started as a reaction to high taxes and customs duties in Britain in the 13th Century.”
FG to issue N150bn fund
The Debt Management Office (DMO) has called for applications for a N150 billion SUKUK Bond.
In a statement yesterday, DMO said the bond, which was under the federal government Roads SUKUK Company 1 PLC, was offering subscription through Greenwich Merchant Bank Limited, Stanbic IBTC Capital Limited and Vetiva Capital Management Limited.
It said the opening date was October 3, 2023, while the closing date was October 11, 2023, and the settlement date October 13, 2023.
It further said the instrument type was forward Ijarah (lease) Sukuk with a N1,000 per unit sale subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.
The statement reads in part: “The proceeds will be used solely for the construction and rehabilitation of key road projects across the six geopolitical zones of the country and it qualifies as securities in which trustees can invest under the Trustee Investment Act. It qualifies as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors and is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited. Classified as Liquid Asset by the Central Bank of Nigeria.”
It explained that it was backed by the full faith and credit of the Federal Government of Nigeria with rental payment payable half yearly with bullet repayment on the date of maturity.
