Monday 25 May 2015

GTB announces early closing due to fuel crisis

One of Nigeria’s biggest banks on Monday
announced it was shutting branches early due to a
lack of fuel, in the latest sign of shortages hitting
“The current shortage of petroleum products in the
country has limited our ability to supply diesel to all
our branches in order to continue normal branch
operations,” GT Bank said in a statement on

“Due to this we unavoidably have to close our
branches nationwide at 1pm (1200 GMT) from
Monday 25th May, 2015.”
Guaranty Trust Bank plc has branches across
Nigeria, as well as Anglophone and Francophone
West Africa, East Africa and Britain, with an overall
staff of more than 10,000.
Nigeria has been brought to a virtual standstill by
fuel shortages, caused by a row between the
outgoing government and importers, as well as
strikes by petrol tanker drivers and oil and gas

Despite being Africa’s biggest oil producer,
petroleum products have to be imported to Nigeria
because of a lack of functioning domestic refineries.

The government keeps the price at the pumps
below the market rate for consumers and pays the
difference to importers and marketers.

But they say they are owed $2 billion in arrears and
have shut fuel depots until the balance is paid.

The government maintains the money has been paid
and the importers are holding the country to ransom
by demanding losses from the slump in the naira
currency caused by the global drop in oil prices.

Telecoms operators said at the weekend they may
be forced to shut down networks if no fuel supplies
are found for generators that power base stations
and switches.

Nigerian homes and businesses are forced to use
generators because of poor to non-existent grid

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