Selling Petrol at 145/Litre Pump Price May No Longer Sustainable - Kachikwu

Dr. Ibe Kachikwu

The Minister of State For Petroleum Resources, Dr Ibe Kachikwu on Thursday said the Nigerian National Petroleum Corporation, NNPC has incurred a cumulative loss of N85.5 billion in importing petrol and selling at the current retail price of N145 per litre.

Kachikwu said the price was fixed in the first quarter of 2016, when crude oil was selling for $49 and pointed out that with crude price rising to $67 a barrel, the pump price, may no longer be sustainable.

Kachickwu made the explanation to the National Assembly joint committee on Petroleum Resources ( Downstream).

According to Kachikwu, the landing cost of PMS which was N133.28 per litre in 2016, is now N171 per litre , which has resulted into stoppage of importation of the product by independent marketers.

This, he said had made the Nigeria National Petroleum Corporation ( NNPC ) to be the 100 per cent importer of the product.

The minister disclosed further that as a result of the N26 difference per litre between the current landing cost of the product ( N171) and pump price of N145, NNPC which had been singularly importing the product at the volume of 25million litres per day since October last year, has been incurring a daily loss of about N800-N900million, cumulatively reaching N85.5billion today, in just three months.

According to him, already government has mandated him and along with a committee set up to find ways out of the problem which he said requires emergency of about 18 months before the local refineries are expected to be in good shape.

He said three solutions are being considered.

” One , is for the Central bank of Nigeria ( CBN) to allow the marketers access forex at the rate of N204 to a dollar as against the official rate of N305 to keep the pump price of fuel per litre at N145.

” Two , to give room for modulated deregulation where NNPC would be allowed to continue selling at N145 per litre in all its mega stations across the country while the independent marketers should be allowed to sell at whatever price is profitable to them in all their outlets.

” Three, to look at the direction of blanket subsidy for all the importers in bridging the gap which would be like going back to a problem that had earlier been solved “, he said .

He, however, stressed that the final solution to the problem was for the nation to put her refineries in good shape in a way that 80 per cent of local consumption of the product should be provided for locally.

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You May forfeit Your Admission If You Are not Screened by January 15 - LASU Tells New Students

Lagos State University (LASU) Authorities had said on Thursday that students offered provisional admission for the 2017/2018 session who miss the ongoing screening might forfeit their admission.

According to the spokesman of the university, Mr Adekoya Martins, in an interview with the News Agency of Nigeria (NAN) in Lagos.

Martins said that the screening of new students had started on Jan. 2 and would end on Jan. 15.

LASU had offered 3,500 students provisional admission for the 2017/2018 academic session.

NAN reports that the university increased the acceptance fee to be paid by the new students from N10,000 to N20,000 payable once, while its tuition remains N25,000.

Martins said that so far, the turn-out, screening and registration of the new students had been impressive.

He said that candidates offered admission and unable to register before the deadline may only be given grace if they have genuine reasons for their inability to register.

“But for those who refuse to register before the deadline on Jan. 15 without a genuine reason, they may have to forfeit the admission, ‘’ he said.

One of the new students, who pleaded anonymity, however, said some of them had not been able to register since they came around on Tuesday.

The student said there had been challenges in retrieving their data.

Martins, however, said that the institution was aware of the challenges and had directed candidates faced with such problems to appropriate offices.

He said they had been told to lodge their complaints or call some designated phone numbers for help.
Martins also said that the university would soon announce a new date for the matriculation of the new students.


According to him, the earlier proposed date is no longer feasible.

Source - PM News

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Head of Accounting Job at CornerStone Staffing NG

Our Client, a big player in the FMCG Industry, is looking to recruit a Head of Accounting. In this role, you will be responsible for all aspects of strategic and operational accounting in Nigeria, acting as the finance partner to the Country Director and Nigeria Executive Team.

RESPONSIBILITIES

Strategy Development and Implementation:

• Lead the development and delivery of the Nigeria Finance strategy working with the Nigeria Executive Team, the regional Finance team and relevant corporate teams.
• Ensure that a robust financial business plan with agreed targets is developed that reflects the strategic focus for the Nigeria operation.
• Lead the development and delivery of the Nigeria Tax & Status Business Case ensuring that the operation has the right governance structure to successfully and compliantly deliver its business growth.

Governance and Compliance:

• Ensure all Finance and Tax activities are delivered in compliance with and to relevant official standards and governance.
• Ensure the procurement and management of quality outsourced services for accounting, audit, reporting and tax.
• Maintain a strong culture of risk management, both within the operation and with partners.
• Lead in-country organisation, support and response to internal and external audits.

Leadership of the Finance Function:

• Provide accurate and timely financial information which supports the Country Director and the Nigeria Executive Team in making business decisions in line with country strategy and which grows the business in a profitable and controlled manner.
• Ensure the delivery of strategic and operational business planning, forecasting and reporting in partnership with the Nigeria Executive Team.
• Lead on Treasury and cash flow management for the Nigeria operation.
• Ensure financial business processes are kept up to date, documented and communicated to staff.
• Periodically review financial processes to ensure they remain appropriate, customer focused and compliant.
• Monitor and ensure implementation of changes in Nigerian tax and accounting legislation and ensure any changes required are made to financial and business systems.
• Liaison with HR and manage payroll service activities.
• Ensure all necessary financial documents are archived and stored according to the relevant retention schedules.
• Ensure that the Fixed Asset Register is completed accurately and monitored on a regular basis.
• Own the Financial Control and Compliance Framework (FCCF) process and work closely with the Nigeria Executive Team to ensure that all aspects of financial risk are managed rigorously.

Business Development and Growth:

• Develop and leverage potential for business growth through high quality financial modelling and commercial costing and pricing strategies.
• Ensure effective and efficient delivery of financial services by maximising productivity in financial transactions and support.
• Ensure the assessment of financial risk and return on market opportunities and any investments in new products and services.
• Lead on ensuring all financial aspects of the setting up new products, projects, investments and services e.g. tax and accounting compliance, as well as pricing and costing are addressed.
• Coordinate advice on financial and legal aspects of commercial negotiations.

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SKILLS AND COMPETENCIES

• Managing People - Level 3
• Managing Projects - Level 3 (Level 4 Desirable)
• Communicating and Influencing - Level 5
• Managing Finance and Resources - Level 5
• Managing Risk - Level 3 (Level 4 Desirable)
• Knowledge of Nigerian Tax and reporting regulatory requirements.

EDUCATION AND EXPERIENCE

• Bachelors in Business, Accounting, Economics, Mathematics or a related discipline
• Minimum of fifteen (15) years cumulative experience with at least five (5) years in a Leadership role
• Master’s degree in Finance, Economics, Advanced Mathematics or similar discipline is preferred
• Relevant professional qualification in Finance and Accounts e.g. ICAN, ACCA etc.
• Experience in working as a commercial business partner
• Experience in a financial accounting role
• Previous CH / FMCG experience
• Experience in emerging markets

 CLICK HERE TO APPLY ONLINE

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System Analyst Opportunity At CornerStone Staffing NG

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Data Analytics Associate Opportunity At CornerStone Staffing NG

Job Title: Data Analytics Associate

Location: Lagos

Our Client, a big player in the FMCG Industry, is looking to recruit a Data Analytics Associate. This role is will manage all facets of customer experience data – from web analytics to voice of customer data. The incumbent will identify business problems and customer pain points, formulate hypotheses, develop analytic plans, conduct the analysis, synthesize conclusions into actionable solutions, and help implement recommendations for customer experience programs.

RESPONSIBILITIES

• Develop actionable insights from multiple data sources
• Quantify the impact of programs and campaigns through reporting and analysis
• Oversee analytics for all channels and voice of customer programs (e.g., NPS, etc.)
• Partner with key stakeholders to provide data-driven insights to inform business and CXP decisions
• Lead the development and execution of a periodic reporting framework in collaboration with other team members
• Conduct relevant customer behavior analysis, competitive analysis and industry research
• Derive insights from data to suggest, create, and execute tests that drive improvements to conversion rates and customer satisfaction scores
• Create holistic dashboards by pulling data from different data sources
• Provide expertise and guidance to business on:

1. Segmentation
2. Campaign analysis, analysis of performance, benchmarking
3. Propensity-to-buy and response modelling
4. Attribution models and reporting

• Understand relevant technology applications

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SKILLS AND COMPETENCIES

• Ability to hold self and others accountable to meet commitments, consistently delivering results within required timelines and expectations.
• Detail-oriented and strong team player with excellent interpersonal, listening, and oral communication skills
• Ability to work with limited supervision and proactively identify areas of opportunity and focus based on business need/impact
  

EDUCATION AND EXPERIENCE

• Bachelor’s Degree in Economics, Statistics, Engineering, or other related discipline.
• 3 - 5 years of related professional hands-on experience working with data/analytics dashboards
• Experience with at least one key analytics tools to develop actionable insights from multiple data sources (e.g., R, Revolution R, SAS, SPSS, MATLAB, MicroStrategy, Tableau)
• High level understanding of data management, e.g. MS SQL, or other tools
• Knowledgeable of statistical analysis, quantitative analytics, forecasting/predictive analytics, and multivariate testing (A/B testing)
• Capable of explaining complex analytical methodologies and concepts in non-technical language

CLICK HERE TO APPLY

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System Analyst Opportunity At CornerStone Staffing NG

Job Title: System Analyst

Location: Lagos

Our Client, a big player in the FMCG Industry, is looking to recruit a Systems Analyst to join our team. This candidate will ensure that systems and business processes incorporate industry standards and best practices; and provide business process and technology support to users.

RESPONSIBILITIES

• Responsibility to partner with IT and Business teams on issue resolution, functionality questions, system upgrades and minor system enhancements.
• Develop tools to support the business (Excel, Access…) based on users’ requests
• Work with business sponsor to determine business requirements for new and/or enhanced system requests.
• Identifies gaps between solution design and application capabilities, determines alternatives and negotiates solutions.
• Ensures appropriate documentation concerning project deliverables, system support and ITS processes are created, distributed to affected parties, and maintained as necessary.
• Assists in moving projects and tasks through the change management process.
• Manage and Develop a systems and integration test strategy that accurately meets business use cases.
• Work with Project Manager to track statuses of testing issues, remediation and re-tests.
• Responsible for creation and maintenance of accurate project status information that is communicated to the business sponsor(s) on regular scheduled intervals
• Planning and execution for Systems training and support as needed.
• Supports the deployment and launch of projects and/or releases.

SKILLS AND COMPETENCIES

• Demonstrated strong logical and technical troubleshooting and problem solving skills
• Demonstrated ability to build relationships with and influence business partners
• Strong, professional and effective verbal and written communication skills
• Self-motivated with critical attention to detail and deadlines
• Ability to adapt well to change in direction and priority in a fast- paced and deadline-oriented environment

EDUCATION AND EXPERIENCE

• Bachelor’s degree in Computer Science, Information Systems, or related field required
• 2 – 4 years’ business systems analyst experience in corporate, preferably retail, environment
• Proven experience in overseeing the design, development, and implementation of software and hardware solutions, systems, or products.
• Passionate about understanding the data behind the “scenes” and researching the data using SQL.
• Retail industry knowledge required
• Experience with data gathering; including the ability to translate large amounts of data into actionable insights

CLICK HERE TO APPLY ONLINE

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