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The NNPCL has reached an agreement to sell petrol to the members of the Independent Petroleum Marketers Association of Nigeria for N995 per litre. This occurred after the Department of State Services intervened in the dispute between the two parties. Hammed Fashola, the National Vice President of IPMAN, stated that the involvement of the DSS has addressed numerous challenges encountered by marketers. “We really appreciate their intervention. They are doing their job. Anywhere they have seen that there may be a crisis, it is their duty to intervene. And their intervention brokered peace and understanding between the parties, and everybody agreed to work together. “For now, tentatively, I think they are offering us N995 per litre. “Our members sell at N1,200 or so and this depends on the location. I think with the N995, there will be a little reduction. Don’t forget that if you transport a product from Lagos to a far distance, you will pay for transportation and other charges. “We want to work on that because we want to have a common ground. When we sit down and look at the price analysis offered to us, and factor in all our expenses, we want to have a uniform price as much as possible. “So, I will not be able to tell you the exact price now, but we are working on it, especially in the Lagos axis and other zones. We will look at the transportation cost and all that. At the end of the day, we will fix the price for ourselves. “The price disparity has been a disadvantage between us and the NNPC Retail and major marketers. So, we are trying to look at how to close that gap so that we come back fully into the business. The lack of direct supply has been our problem, and now that we are solving that problem, I don’t think that disparity will be there again.”

Billy Gillis-Harry the president of PETROAN said that his team was requested to submit their proposal again to obtain petrol from Dangote. He said, “the price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down.” “We have written to them (Dangote) several times and they are fully aware of what PETROAN has been doing. One of the executive directors there called me to say that they are going to set up a meeting with us, so we are waiting for that to happen. Hopefully, we can do that this week. “We are willing to take products from all of them, NNPC, traders, importers, Dangote refinery, modular refineries, etc. So, we are in that pursuit. We have not received confirmation of the meeting with Dangote yet, but we have been told to resend our request, which we have done. “And I think that is a positive response compared to before when they were just keeping quiet. So, any moment from now PETROAN members should start lifting products from the Dangote refinery and it is good news for us and everyone. “The price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down. “If we have massive supply and there is a lot of products in Nigeria, obviously everybody will be looking for just minimal profit. Our business is focused on turnover, so people may cut prices down,” The president of Petroleum Products Retail Outlets Owners Association of Nigeria said.

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Debt recovery Case Study #006: Failed Business Scam A client approached JMS Rogers to collect debt from a “failed business” that was run by him and his ex-business partner. Our client had entered into a business venture with a friend who dabbled in retail online sales. They had numerous internal business meetings and decided to invest the sum of SGD$50,000 each into the business for start-up costs, product acquisition, sales and marketing expenses and website development. Our client was told by the partner to make the transfer to a personal bank account held by the partner and once the company was set up, the funds will be transferred into the company bank account to a total sum of SGD$100,000 from both parties. The transfer was made and operations were to begin. Over the next few months, nothing transpired and when our client asked about the progress, the partner kept giving reasons as to why there was a delay. It ranged from website development delays, to not being able to source for good retail products. When our client asked about the SGD$50,000 he was continuously told that it was being used properly for business expenses and purchases to get the company moving. Eventually, after almost 8 months of no results, our client demanded to know where the money was, and wanted to exit the partnership. He asked the partner to show him the receipts for the costs incurred and the purchases made, and he would accept that as a business loss from the failed venture. Our client was also under the impression that there would be some money left from his SGD$50,000. To his dismay, the partner told him that there were no receipts as these were purchases and costs incurred from vendors that worked on cash term basis and no receipts were given. This immediately did not sound correct to our client and our client demanded to be shown proof or he wants his money back. The partner told him that it was not possible as there was no money left and this was a failed business venture. So both of them had to bear the losses. The partner even had proof in WhatsApp conversations that the money transferred by our client was for business expenses. Our client was devastated and had sleepless nights due to the loss, but always had the feeling that he was being cheated. It was then that he approached us. Through the course of our investigations and engagement with the partner as a debtor, we discovered that the partner had not used the money for business expenses, but rather for his personal expenses. There were no business expenses incurred at all. JMS Rogers then proceeded to demand payment for the fraudulent activity, and over the course of 3 months, the debt was cleared in full. What can we learn from this: Ensure all paperwork is done for accountability of funds for any business venture that you enter into. Always demand to have proper oversight and authority for the utilisation of funds in any business partnership. Read more : https://www.jmsrogers.com/

Tea Tree Oil Manufacturer Indonesia Kamakhyabottlers stands out as a premier Tea Tree Oil Manufacturer Indonesia, renowned for its commitment to quality and sustainability. Sourced from the lush landscapes of Indonesia, our tea tree oil is extracted from the Melaleuca alternifolia leaves, known for their therapeutic properties and numerous applications. Our state-of-the-art extraction processes ensure that the oil retains its natural purity and efficacy. We adhere to stringent quality control measures, providing our clients with a product that meets international standards. Whether for skincare, aromatherapy, or cosmetic use, Kamakhyabottlers' tea tree oil is a trusted choice for manufacturers and retailers alike. read more: https://www.kamakhyabottlers.com/indonesia/tea-tree-oil-bp