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Fidelity Bank Affirms Commitment to Data Protection and Strong Corporate Governance

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Our attention has been drawn to a news story titled, “NDPC Fines Fidelity Bank for Data Breach”. While the matter is a subject of an ongoing engagement with the regulator, we wish to assure the public that we have conducted ourselves to the highest ethical standards by ensuring full compliance with extant laws on data protection. Below is a breakdown of our dealings with the NDPC since we received their letter informing us about an alleged data breach:On April 30th, 2023, we received a notice of investigation from the Nigerian Data Protection Agency (NDPA), now the Nigerian Data Protection Commission (NDPC).

The investigation was in respect of a complaint from [name has been withheld to protect the identity of the complainant] who claimed that [name withheld] details were used to open an account in the bank without [name withheld] consent.Based on this notice, we conducted an internal investigation into the circumstances around the claim and discovered as follows:An account opening request was received online in the name of [name withheld], and an email was sent to the email address attached to the request informing them about this.In compliance with our Data Protection policy, accounts created online without full documentation are not allowed to be operational and are closed after 30 days if the outstanding documents are not provided to authenticate the identity of the person seeking to open the account.

In compliance with our data protection laws, the account was not allowed to be operational as the passport photograph and BVN were not provided.The account was immediately placed on “Post No Debit” status as the applicant was expected to complete the account opening process by providing the outstanding documents for verification within 30 days. This was not done, and the account was eventually closed.On May 2nd 2023, we responded to the NDPC that the bank did not violate any law because there was no data breach and that the account opening process was not completed. On our part, we carried out due diligence by immediately blocking the account and subsequently closing the account when we did not receive the outstanding documents.At no point in the process was the account ever operational. On July 7th, 2023, we were invited for a Pre-Action meeting with NDPC. During the meeting, we restated our position as earlier communicated to them in our letter dated May 2nd. However, despite our explanation and evidence provided to support our claim, the agency informed us that they had reached a conclusion to impose a penalty on the bank.

On 5th December of 2023, we got a letter from NDPC demanding we pay a ‘remedial fee’ of N250 million within 21 days.We immediately commenced another round of engagements with the Commission as we were convinced, we had not breached any extant law or regulation. While discussions were still ongoing with the NDPC, we received another letter on the 20th of August demanding that we now pay N555.8m naira.As a responsible financial organization with a history of strong corporate governance standards, we remain committed to the due process of the law, and we wish to assure all our customers of our unwavering commitment to upholding the highest level of ethical standards in all our dealings with customer data. Our commitment to strong corporate governance has earned us local and international recognition, including the prestigious CG+ award. This is the highest rank under the Corporate Governance Rating System (CGRS) of the Nigerian Exchange Group (NGX), which evaluates listed companies against established best practices and standards.

As a Bank, we remain in discussions with the NDPC over an amicable resolution to this matter.

Signed.

Dr Meksley Nwagboh

Divisional Head, Brand & Communications

Fidelity Bank Plc.

1,500 Osun Residents Benefit from Fidelity Food Bank Outreach

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Over 1,500 residents made up of women, children, widows, and the elderly have benefited from the one-day feeding program organized by Fidelity Bank in Osun State.The food bank project was held at St. Benedict Catholic Church, Osogbo, Osun State under the bank’s Corporate Social Responsibility (CSR) Initiative created to reach out to vulnerable persons and reduce the effect of hunger in the society.Speaking at the distribution event, the Divisional Head, Brand and Communication, Fidelity Bank Plc, Dr. Meksley Nwagboh, described the Food Bank Initiative as the bank’s contribution towards helping the less privileged in the society.

Highlighting the bank’s commitment to supporting the underserved communities in its outreach efforts in the Osogbo and environs, he noted that, “Food security is a pressing challenge, and as a socially responsible organization, we are committed to tackling this issue. We collaborate with various non-governmental organisations (NGOs) to identify communities in dire need and provide much-needed food support.According to Nwagboh, “There is always a significant turnout of people during our Food Bank outreaches.

This program holds every month, and the distribution of the food packs takes place simultaneously across all regions of the country. Today, we brought over 1,500 packs of food items to be distributed to the people and plan to continue to do more in communities across the country to help those in need.”Applauding the initiative by Fidelity Bank, Reverend Father Michael Domingo of St. Benedict Catholic Church, Osogbo stated that, “It is surprising and commendable that a bank in Nigeria is giving back to the community. We are aware that banks are known for taking, but Fidelity Bank is giving back to the people.“The Fidelity Food Bank initiative is worthy of emulation which is why the Catholic Church has a working relationship with the Bank.

We recognize its uniqueness and appreciate how it helps the community.”On his part. Reverend Father Joseph Komolafe, the host priest, encouraged affluent individuals to follow Fidelity Bank’s example in combating hunger adding that, “You don’t have to wait until you have plenty before you give out. Share what you have, no matter how little, for the progress and development of society,” he stated.The Fidelity Food Bank Initiative continues to make a significant impact, providing vital support to those in need and reinforcing the bank’s commitment to social responsibility.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Foreigners accused of defrauding Ecobank lose bid to quash arrest, extradition

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A Federal High Court, sitting in Lagos on Monday has dismissed the applications filed by two Indian nationals, Prem Garg, Devashish Garg and a Briton, Marcus Wade, to quash a bench warrant issued for their arrest and extradition, issued against them on alleged of $42,485,900 million USD fraud, for lacking in meritThe two Indians, the Briton who is the Chairman of Wilben Trade Limited, Dubai, and their companies; Agrico Agbe Limited, Wilben Trade Limited, Dubai, are being charged before the court by the office of the Attorney-General of the Federation (AGF) for allegedly defrauding Ecobank Plc of the sum of $ 42,485,900 million USD, with the pretence of using the of money to purchase and import into India parboiled rice into Nigeria.

Counts one and four against the defendants in the charge marked FHC/L/562C/2022, dated October 7, 2022, reads, “that you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Ecobank Plc, Lagos within the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence thereby committed an offence punishable under Section 422 of the Criminal Code Act, Cap C38 Laws of the Federation of Nigeria, 2004.“That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Eco Bank Plc. Lagos within the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence to wit: Cheating in that you caused Ecobank Plc to deliver monies to the tune of $42, 485, 900. 00 (forty-Two Million, Four Hundred and Eight Five Thousand, Nine Hundred US Dollars) which was intended by contract for the purchase and import into Nigeria India Parboiled rice but never utilized the sum of money for the contract and thereby committed an offence punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”

GTBank in trouble as hackers seize website, search for customers’ details

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Cybercriminals appeared to have compromised the domain address of Nigeria’s banking giant GTBank.FTN gathered that gtbank.com was no longer accessible on Wednesday night.The incident came a day after the domain name was renewed for another five years from August 13, 2024, through March 21, 2029, according to multiple online platforms that analyse domain information.

No collective of hackers has claimed responsibility for the vandalism, which appeared to have started on August 14. A spokesman for GTBank did not immediately return a request seeking comments.Already, the attackers appeared to have created another HTTP layer of the website in an apparent ploy to steal customers’ data through phishing.A cybersecurity expert with experience in the Nigerian banking industry said it was possible that the bank’s login details were compromised, as against the domain address itself being stolen for a resale at a more lucrative deal online.

GTBank’s customers have already started expressing their frustration about the incident, with many commenting on social media platform X that they couldn’t open the website to conduct transactions. Some of the bank’s representatives on X urged customers to be patient and send their requests to a designated channel.

The bank’s mobile infrastructure did not appear to have been affected, as Android and iOS-based applications were still in operation as of the time of this report.

UBA Partners NBA Young Lawyers Forum, to Foster Professional Growth of 50,000 Practitioners

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced a strategic partnership with the Young Lawyers Forum (YLF) of the Nigerian Bar Association (NBA) with the aim to propel the professional development of over 50,000 young legal practitioners across Nigeria, by way of academic sponsorships as well as trainings, with reputable agencies in a bid to enhance their legal careers.

The partnership was announced on Friday, July 24, at the bank’s headquarters, UBA House, in Marina, Lagos. This collaboration aligns with UBA’s longstanding commitment to youth empowerment and Nigeria’s socio-economic advancement.

Under this initiative, UBA will provide comprehensive support to the NBA-YLF, a subsidiary of the Nigerian Bar Association that represents lawyers with less than 7 years of post-call experience. The bank’s involvement is expected to enhance these emerging legal professionals’ career trajectories significantly.

Speaking on the partnership, Group Head, Marketing and Corporate Communications, Alero Ladipo emphasized the bank’s dedication to nurturing young talent and in the process strengthening the legal framework that ensures justice is effective in the country. “The partnership with NBA-YLF aligns strategically with UBA’s commitment to youth development and community engagement while reinforcing the bank’s dedication to fostering professional growth”.

“At UBA, we recognize that empowering the youth is crucial to Nigeria’s future growth and advancement”, Ladipo said. “By investing in the professional growth of young lawyers, we’re not just supporting individuals; we’re strengthening the very fabric of our legal system and, by extension, our nation’s development,” she added.

Also speaking, UBA’s Brand Project Manager, Lemachi Chris Asoluka, expressed enthusiasm about the partnership and how such empowerment is invaluable in the present legal landscape.

“This collaboration with UBA marks a significant milestone as it provides unparalleled opportunities for young lawyers to gain the skills and connections necessary to thrive in today’s competitive legal landscape.” Chris -Asoluka said.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Windfall tax could push Nigerian banks to breaking point, warns new report

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A recent report from U.S.-based Emerging & Frontier Capital (EFC) has issued a stark warning that the introduction of a windfall tax during the Central Bank of Nigeria’s (CBN) mandated recapitalization could severely strain the country’s banking sector.The report cautions that this move could “break the camel’s back” for banks already burdened by high regulatory costs.The report highlights the significant financial pressures facing Nigeria’s banking industry, which is currently grappling with expenses tied to the Cash Reserve Ratio (CRR), the Asset Management Corporation of Nigeria (AMCON) levy, and deposit insurance premiums.According to EFC, the top six banks in Nigeria incurred regulatory costs amounting to $1.8 billion in 2023 alone, and a staggering $7.6 billion over the past five years (2018-2023).In the report titled “More Pain for Longer,” EFC underscores the potential negative impact of the proposed windfall tax on the banking sector.While acknowledging the government’s need for revenue, the report questions the rationale behind taxing banks, especially when dividend payout ratios have been declining despite rising profits.The aggregate payout ratio of the top six banks has dropped from 38% in 2018 to just 16% in 2023, even as their profitability has increased.The report also argues that the proposed tax directly conflicts with the CBN’s current efforts to recapitalize the banking industry.Since the Global Financial Crisis (GFC), bank shareholders have experienced significant losses, with bank valuations plummeting to just one-tenth of their previous levels.EFC questions the logic of imposing a tax on banks at a time when shareholders are being asked to inject more capital into institutions that, in some cases, do not require additional funding.

The report, dated August 5, 2024, highlights concerns raised during a recent Monetary Policy Committee (MPC) briefing by CBN Governor Olayemi Cardoso.Cardoso had expressed worry about the direction of both monetary and fiscal policies following the submission of an amendment to the 2023 Finance Bill, which proposes a 70% windfall tax on Nigerian banks’ realized profits from foreign exchange (FX) transactions between June 2023 and December 2025.EFC emphasizes that the proposed windfall tax would essentially redirect profits from FX transactions—expected to remain high due to exchange rate volatility—away from shareholders and into government coffers.This scenario is contributing to the declining share prices of banks, which are now trading below their public offer prices, with domestic investors increasingly turning to high-yield, non-taxable Federal Government of Nigeria (FGN) bonds.The report further stresses the importance of contextualizing FX gains, noting that while the top six Nigerian banks collectively recorded $3.1 billion in FX trading and revaluation gains in 2023, the majority of these gains—estimated at $2.9 billion—were unrealized, non-cash gains.Additionally, these figures do not account for the high costs associated with raising USD funding.EFC also questions why the Federal Government appears to overlook the substantial regulatory costs associated with banking in Nigeria, which totaled an estimated $1.8 billion for the top six banks in 2023 alone.The report paints a grim picture of the current state of Nigeria’s banking sector, pointing out that in June 2008, the collective market capitalization of the top six banks was $36.8 billion, with trailing year profits of $786 million.Today, their collective market capitalization has plummeted to $3.1 billion, even as their trailing year profits have risen to $4.3 billion. Despite this, shareholders are still being mandated to fund these banks, with declining dividend payouts exacerbating their financial pain.The EFC report concludes by questioning the long-term benefits of these policies for Nigeria, particularly as the majority of bank shareholders are Nigerian, with over 90% of ownership.The report warns that poor policy decisions are eroding the net worth of domestic investors, ultimately raising concerns about the broader implications for Nigeria’s economic future.

Rating: GCR Affirms Dangote Industries Limited AA+(NG)/ A1+(NG)

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—strong earnings prospects from the new refinery

GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG) respectively accorded to Dangote Industries Limited (DIL). GCR in its recent report also affirmed the national scale long-term issue rating of AA+(NG) accorded to each of Dangote Industries Funding Plc’s Series 1 NGN10.5Bn Tranche A and NGN177.1Bn Tranche B Bonds and Series 2 NGN112.4Bn Senior Unsecured Bond. The outlook on the ratings has been revised to Evolving from Stable previously.

According to GCR, “the ratings were affirmed on the prospects of significant growth in earnings following the commencement of operations at the new petrochemical refinery and robust earnings expectation from the other businesses.”In the report, the rating agency decried the impact of naira devaluation on DIL performance stating that, “the ratings are constrained by the adverse impact of the currency devaluation on the profitability and financial position of the group, given its significant foreign debt exposure.”GCR in recognition of the potential of the Dangote Group added, “the group’s business profile is bolstered by the commencement of refining operations in February 2024 (with the production of diesel, Naphtha, heavy fuel oil, and aviation fuel), which now complements the already well-diversified group businesses. Accordingly, we expect the group’s business fundamentals to become increasingly tilted towards oil refining, given its size as the largest refinery in Africa and Europe. We also expect strong export sales potential given the recent debut exports of refined oil to Europe.

The non-oil businesses continue to demonstrate strong earnings generating capacity and market leaderships in their respective sectors, underpinned by the above-peer production capacities and favourable demographics.”“We have maintained a positive peer comparison consideration for DIL underpinned by the importance of the refinery to the Nigerian economy. However, we have lowered the extent of support applicable under this rating component because we expect the support factors to translate to substantive enhancements to the group’s business and financial profiles over the outlook period. In 2022, DIL raised a cumulative NGN300Bn in Series 1 (Tranches A and B) and Series 2 Senior Unsecured Bonds issued by its sponsored special purpose vehicle, Dangote Industries Funding Plc.

Being senior unsecured debt sponsored by DIL, the Series 1 Tranches A and B Bonds and the Series 2 Bond rank pari passu with all other senior unsecured creditors of the group.Therefore, the Bonds bear the same national scale long-term rating as that accorded to DIL and any change in DIL’s long-term corporate rating would impact the Bonds ratings. We have reviewed the draft trustees’ bond performance report dated 24 May 2024 and note that the coupons have been paid as and when due and there were no breaches to any covenants and pledges in the trust deeds. However, the group remains highly exposed to volatile energy cost dynamics and is reliant on importation of gypsum for cement, raw sugar input, and crude oil for the refinery” GCR stated.

Ecobank bank announces indefinite closure of branches

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One of the major commercial banks in the country, Ecobank Plc, on Friday announced indefinite closure of its branches spread across the country.The bank, in a message to its customers on Friday hinged the decision on recent developments in the country.

The message reads, “Dear Customer: Due to recent developments, all our branches nationwide will be closed until further notice.

We apologize for any inconvenience this temporary closure may cause.“We encourage you to use our alternative channels, which remain available 24/7 for all your banking needs. Our digital services include Ecobank Online, the Ecobank Mobile App, *326#, Omnilite, OmniPlus, as well as our Cards and ATMs.

For any inquiries, please contact our 24/7 customer service centre.Thank you for choosing Ecobank, the Pan-African Bank.”

UBA Ranked Most Visited Banking Website In Nigeria

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Due to the availability of online banking, certain banks have seen a growth in their digital channels Semrush data shows that the UBA is ranked number one, with 2.36 million visits in June 2024.

In June, Paystack customers accounted for 2.23 million visits, making them the second-highest visitors.Some banks have seen an increase in their digital channels due to online banking choices as their client base becomes more and more accustomed to using digital technologies. In Nigeria, the bulk of financial institutions now use digital banks.Since digital technology has grown to be a significant factor that has a significant impact on the financial industry, the majority of financial institutions in Nigeria have adjusted accordingly. A significant portion of Nigerians have steadily shifted from using traditional banking techniques to the simpler self-service choices offered by banks, which involve using computers and cellphones for ease when transacting.A system of average monthly visitors was used to rank the websites of commercial banks and other financial services organisations.

The United Bank for Africa (UBA), with 2.36 million visits in June 2024, is at the top of the ranking. Paystack customers were the second-highest visitors with 2.23 million visits in June. With 1.25 million visitors, Guaranty Trust Holding Company Plc (GTCO Plc) came in third. 10 banking websites Nigerians visit the most

Nigeria continues crude-for-petrol exchange as fuel landing cost hits N1,117/litre

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Nigeria remains engaged in exchanging 450,000 barrels per day (bpd) of crude oil for approximately 1 million metric tons (MT) of petrol, equating to 1.341 billion liters, through its state oil company, according to Mr. Bello Rabiu, former Chief Operating Officer of the now-defunct Nigerian National Petroleum Company Limited (NNPC).Rabiu highlighted that these products are supplied via the Direct Sale Direct Purchase (DSDP) arrangement, a form of crude swap between international traders and the NNPC, which currently holds a monopoly on petrol imports into Nigeria.The ex-NNPC official spoke just as petroleum downstream operators under the aegis of Major Energy Marketers Association of Nigeria (MEMAN) disclosed that the current landing cost of petrol into the country now stands at N1,117 per litreAlso, the Founder and Chief Consultant at B. Adedipe Associates Limited, Abiodun Adedipe, posited that the frustration in the Nigerian petrol supply value chain was caused by the unavailability of feedstock for local refineries, particularly 650,000 bpd Dangote Refinery, which has the capacity to meet domestic petrol demand.

The trio spoke at a webinar organised by MEMAN, where the stakeholders called for a truly fair and competitive petroleum downstream market to keep the supply and prices of products at a reasonable level.In his presentation, Rabiu argued that the removal of petrol subsidy as claimed by the federal government was not enough to depict deregulation.He maintained that it also required the creation of competitive market environment that will guarantee the supply of products at commercial prices to customers.Rabiu, who is now an independent consultant, condemned the importation of petrol solely by NNPC, saying, “This is a monopoly, which is against deregulation procedures “He said: “With consumption capacity estimated at about one million MT (1.341 billion litres) of currently being supplied through DSDP importation programme of NNPC, whereby local and international traders are contracted to lift Nigerian crude oil owned by NNPCL and deliver petroleum products in ex-Lagos.“This remains the only supply source of PMS in the Nigerian market due to inability of other players to secure forex for direct importation. Thus, NNPC is effectively the only supplier of PMS in Nigeria today.

“Being the only supplier and importer of PMS in Nigeria, NNPC is currently the determinant of PMS price as other players are only adding their margins to arrive at pump price depending on location.”He therefore called for a review of the current business model and institutional arrangements of the deregulation policy which has resulted in one dominant player’s power to import and fix the prices of petrol across the nation.Rabiu added that this was not consistent with the provisions of Petroleum Industry Act (PIA) 2021 which envisages the participation of multiple players operating under open competitive environment, with multiple supply sources from import and domestic refineries under a level playing field, aimed at delivering products at lowest possible prices at the pump.“Under the current model, No one knows the actual cost of importing a litre of PMS into the Nigerian market except NNPC.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) no longer publish the pricing template to enable the citizens know the official landing cost of any product Ex-Lagos since the announcement of full price deregulation and total removal of PMS subsidies,” he said.According to him, this situation has resulted in total lack of accountability and substantial revenue leakages that cannot be quantified due to lack of transparency in the process.“If we can be told what Customs duty is daily in Nigeria, we should be equally told how much is the fuel being imported.“For example, NNPC insists there is no more subsidy in the pricing of PMS but the difference between the Automotive Gas Oil (AGO) and PMS open market prices clearly shows some elements of subsidies or hidden cost recovery in the open market prices of PMS across the nation” he stated.Speaking at the session, Executive Secretary of MEMAN, Mr. Clement Isong, revealed that the current landing cost of petrol into the country now stands at N1,117 per litre.He also disclosed that the landing cost for diesel stands at N1,157 per litre, while that of Aviation Turbine Kerosene (ATK) is N1,217 per litre, explaining that the administrative cost and freight cost were among the cost components.Isong, who informed the association would henceforth publish the landing cost data on a daily basis, encouraged the private sector to invest in benchmarking, adding that there must be free flow of marketing information.

According to him, “henceforth MEMAN will be publishing petroleum products landing cost of PMS, ATK, and AGO on daily basis, newsletter on weekly basis, quarterly industry report and yearly reports.”Om his part, Adedipe called on the federal government and the NNPC to urgently announce the needed policy guidelines on the operation and commercial arrangement of the $20 billion facility as they affect the market.He stated that the entrance of the Ibeju-Lekki-based refinery in the downstream petroleum sector was a game-changer in Nigeria’s journey towards full deregulation, adding that the world’s largest single-train refinery would soon become a major supplier of petroleum products in the Nigerian market with some identified implications.Adedipe expressed concerns on the “complete silence of government policy makers, regulatory authorities and NNPC on the operational readiness of Dangote Refinery and the new business model and commercial arrangement”.Adedipe therefore urged the regulators to act in a way that enables the market to determine the price of petroleum products and services in medium to long term.But in the immediate short term, he said there must be regulatory intervention to ensure smooth entry of Dangote Refinery into the supply chain.This intervention, he canvassed, should guarantee consumer protection and delivery of products to the market at cost reflective prices.“Perhaps, it is appropriate to return to guided deregulation with reintroduction of pricing template at this time to encourage efficiency and competitive market behaviour,” he added.On the way forward for the country and the downstream sector, the economist recommended that the government should strive to collaborate with all stakeholders to effectively implement the Petroleum Industry Act (PIA) 2021 and achieve lowest cost of refining or importation of products into the Nigerian market.

He urged the regulators to do the needful by engaging all relevant stakeholders and issuing appropriate guidelines that will guarantee cost recovery by all refiners and petrol importers under a level playing field.Furthermore, Adedipe advocated that all anti-competitive practices such as collusion and abuse of market share in establishing prices of petroleum products should be collectively resisted by industry playersHe called for the establishment of transparency in the downstream value chain to enable consumers know and realise value for what they are paying, adding that there should be proper management of the price volatility through announcement of monthly guided price.In addition, the analyst canvassed that the NNPCL Pipelines and Storage Company should be repositioned and adequately funded under a Public Private Partnership (PPP) arrangement to operate as a neutral transportation and storage entity, serving NNPC and all other oil marketing companies under an open access regime.