National Issues
Queen Victoria Of Nigeria’s Oil Industry: Success Story of BOVAS & Company Limited
HUMAN history would easily be taunted as distortion of reality, if failing to make recourse to heroic antics of some empresses, in handling global challenges that was threatening the desire of mankind to conquer the environment. The corollary of this is that human world as achieved today would have been a mirage if only men but no women strive. Feminist writers like Marian Levy (1952) in her parochial view believes that the human world is ” made in women”.
Little then should one wonder that many empires, kingdoms and even modern societies have queen mothers, queen mums, queen dowagers and heroine of all sorts that their folklore flourishes in their wider celebrations in monument of their heroic contributions to the development of society.
Though, in the traditional African society, the women’s roles were exclusively those of house wives and motherhood. These two roles as far as African women are concerned were the main sources of respect, prestige and status.
Their contributions to nation building were not considered significant and were not recognized as such in the society but Mama Victoria . A Samson does not share the same feelings and believes on these critical issues, she has been able to encourage, support the women to be self-reliance, leaders and a sense of important tools who has a significant role to play in the society.
From very humble beginnings, in 1980, she was a dealer under Texaco Nigeria Ltd., now MRS Plc. Mrs Victoria Samson further distinguished herself by winning the most priced Texaco Plc Best Dealer Award in sales, marketing innovativeness among others for the Latin American/West African Region. And shortly, an indigenous independent petroleum marketing company was birthed, and christened BOVAS group.
BOVAS Service Station.
The Managing Director of BOVAS & Company Limited, Mrs Victoria Samson is a marketer per excellence armed with an experience of over twenty-five (25) years in the Oil and Gas industry as Dealer with both Texaco Nigeria Plc and Mobil Plc. For the records, she was the first Nigerian to win the highly competitive Texaco Latin America West Africa (LAWA) Award for Best Overall Dealer in 1990 for the highest sales in both regions combined.
Due to her managerial acumen, dexterity, ingenuity and hard work, subsequently, BOVAS opened her first service station in Osogbo, the capital city of Osun State Nigeria in 1991 with a view of assisting the government towards making petroleum products more accessible to everyone. The Company now operates service stations across the country and has several more under various stages of construction, which are to be delivered at intervals.
BOVAS Gas
Maintaining a rhythmic progress, a Liquefied Petroleum Gas Plant was added to the group’s products in 1995, mainly to cater for the domestic gas customers in the southwestern part of the country.
The LPG plant, which was situated at Jegede Bus Stop, Akanran Road, Ibadan, Oyo State commenced operations also in 1995. Its supply LPG directly to homes and other major domestic users of LPG and also provide refilling services. The company has also introduced innovative LPG Auto Skid Units at selected service stations and locations across the nation.
Adhering to Marxian theory, Mrs Victoria A. Samson believes that there is a structured forms of conflict in the society which generates from the relationship between bourgeoisies who monopolized our political, economic and social resources and the proletariats that are separated from the process of materialism.
“Mama BOVAS” further posited that such exploitative and domineering power of the bourgeoisies will evolve into conflict in which the proletariats will in revolution revolt and overthrow the property class to establish the SOCIALIST ORDER that put the masses in control.
BOVAS Bulk Storage Facilities.
Not minding the risks, Mama BOVAS did not only revolted the oil cabals in their heartless characteristics of milking Nigerians, but put the masses in control. When a litre of Premium Motor Spirit (PMS), otherwise known as petrol, was sold for N200 and above in Nigeria, and Motorists were stranded as a result of unending queues at many filling stations. Then, the scarcity also forced motorists indoors. The level of scarcity increased and the situation was further compounded as the price was jerked up by various petrol stations.
During these perilous periods, BOVAS, an independent marketer, sold its products at the official price. BOVAS has been a major marketer easing fuel scarcity in Nigeria.
BOVAS’ management philosophy is based on Solid Foundation, Confidence, Truth and Vigor. BOVAS, also provides employment opportunities for the Nigerian Youths and people want to work with the reputable company because it has not only created an environment that encourages team building, project management, skill transfer, and career development but also maintains adequate safety and security of its employees, customers and environment.
The company’s MISSION and VISION is to create an Effective and efficient Distribution network of Service Stations, operating with Integrity, Honesty, Reliability and Excellence, as well as to be a Household name in Petroleum Products in Nigeria which the company has achieved through a dedicated team.
BOVAS is growing through expansion to cover other parts of the West Coasts, other African countries and beyond.
It is a fact that cannot be erased that the beautiful, dutiful, hardworking, Mrs Victoria Samson has contributed constructively, effectively and positively to the society. History will remember her as a compassionate Woman of distinction who has great passion for the downtrodden.
By Idowu Ayodele, Ibadan.
The Nigerian government spent a staggering $3.58 billion on servicing foreign debt within the first nine months of 2024, marking a significant 39.77% increase compared to the $2.56 billion expended over the same period in 2023.
This data, drawn from a recent report on international payment statistics by the Central Bank of Nigeria (CBN), reflects a concerning rise in the country’s foreign debt obligations amid depreciating currency values.
According to the report, the most substantial monthly debt servicing payment occurred in May 2024, totaling $854.37 million. This is a substantial 286.52% increase from May 2023’s $221.05 million.
Meanwhile, the highest monthly payment for 2023 was $641.7 million in July, underscoring the trend of Nigeria’s escalating debt costs.
Detailed analysis of monthly payments further illuminates the trend.
In January 2024, debt servicing costs surged by 398.89%, reaching $560.52 million, a significant rise from $112.35 million in January 2023. However, February saw a modest reduction of 1.84%, with costs decreasing from $288.54 million in 2023 to $283.22 million in 2024. March also recorded a decline of 31.04%, down to $276.17 million from $400.47 million the previous year.
Additional fluctuations in debt payments continued throughout the year, with June witnessing a slight decrease of 6.51% to $50.82 million from $54.36 million in 2023. July 2024 payments dropped by 15.48%, while August showed a 9.69% decline compared to 2023. September, however, reversed the trend with a 17.49% increase, highlighting persistent pressure on foreign debt obligations.
With the rise in exchange rates exacerbating these financial strains, Nigeria’s foreign debt servicing costs are projected to remain elevated.
The central bank’s data highlights how these obligations are stretching national resources as the naira’s devaluation continues to impact debt repayment in dollar terms.
Rising State Debt Levels Add Pressure
The federal government’s debt challenges are mirrored by state governments, whose collective debt rose to N11.47 trillion by June 30, 2024.
Despite allocations from the Federal Accounts Allocation Committee (FAAC) and internally generated revenue (IGR), states remain heavily reliant on federal transfers to meet budgetary demands.
According to the Debt Management Office (DMO), the debt burden for Nigeria’s 36 states and the Federal Capital Territory (FCT) rose by 14.57% from N10.01 trillion in December 2023.
In naira terms, debt rose by 73.46%, from N4.15 trillion to N7.2 trillion, primarily due to the naira’s depreciation from N899.39 to N1,470.19 per dollar within six months. External debt for states and the FCT also increased from $4.61 billion to $4.89 billion during this period.
Further data from BudgIT’s 2024 State of States report illustrates how reliant states are on federal support. The report revealed that 32 states depended on FAAC allocations for at least 55% of their revenue in 2023.
In fact, 14 states relied on FAAC for 70% or more of their revenue. This heavy dependence on federal transfers underscores the vulnerability of states to fluctuations in federal revenue, particularly those tied to oil prices.
The economic challenges facing both the federal and state governments are stark. The combination of mounting foreign debt, fluctuating exchange rates, and high reliance on federally distributed revenue suggests a need for fiscal reforms to bolster revenue generation and reduce vulnerability to external shocks.
With foreign debt obligations continuing to grow, the report emphasizes the urgency for Nigeria to address its debt sustainability to foster long-term economic stability.
Engr. Aderemi Oseni, representing Ibarapa East/Ido Federal Constituency of Oyo State in the House of Representatives, has called for a prompt investigation into the increasing occurrences of building collapses in major cities across Nigeria.
In a motion presented to the House on Wednesday, Oseni expressed deep concern over the alarming frequency of building collapses, emphasising the threat they pose to the lives and property of Nigerians.
The APC lawmaker, through a statement by his media aide, Idowu Ayodele, cited the recent collapse of a two-storey school building at Saint Academy in Busa Buji, Jos, Plateau State, on July 12, 2024. The tragic incident, which trapped 154 people and claimed 22 lives, is the latest in a series of similar disasters, raising serious concerns nationwide.
Oseni also referenced a report from The Punch newspaper, which revealed that Nigeria had recorded 135 building collapse incidents between 2022 and July 2024.
“This figure is alarming and unacceptable,” he stated, stressing the urgency of preventing further occurrences.
The Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA), Oseni reminded the House that the Council for the Regulation of Engineering in Nigeria (COREN) and other relevant professional bodies are responsible for ensuring compliance with building standards and practices.
“Despite these regulatory frameworks, the recurring collapses suggest that enforcement is lacking. The loss of lives, properties, and resources is staggering, and this disturbing trend must be addressed immediately,” he remarked.
He proposed the formation of an Adhoc Committee to investigate the underlying causes of these collapses and recommend both immediate and long-term solutions.
Also, he urged the House Committee on Legislative Compliance to ensure swift implementation of any recommendations.
The House agreed to deliberate on the motion and is expected to present its findings and proposed actions within eight weeks.
The Vice-chairman of the Oyo Council of Obas and Chiefs, Oba Francis Olusola Alao, has expressed deep concern over the increasing involvement of religious leaders in material pursuits, accusing them of abandoning their spiritual duties in favour of wealth and influence.
Oba Alao, who is also the Olugbon of Orile Igbon, made this statement during a visit from the leadership of the Cherubim and Seraphim Church Movement “Ayo Ni O,” led by Baba Aladura Prophet Emmanuel Abiodun Alogbo, at his palace in Surulere Local Government on Thursday.
The monarch accused some religious leaders of sharing part of the blame for the moral and political crises that have engulfed the nation. According to him, spiritual leaders, once seen as the moral compass of society, have become compromised by corruption, aligning themselves with the very forces they should condemn.
Oba Alao was unapologetic in his criticism, stating, “Ninety-five percent of Nigerian leaders, both political and religious, are spiritually compromised.”
He argued that this moral decay among clerics has made it impossible for them to hold political leaders accountable or speak the truth to those in power, as their integrity has been eroded by their pursuit of material wealth.
“Carnality has taken over spirituality. Our religious leaders can no longer speak the truth to those in authority because their minds have been corrupted. Most of the so-called General Overseers (G.O.) are corrupt and perverted,” Oba Alao added.
He stressed that this shift towards wealth accumulation at the expense of spiritual values has greatly contributed to the country’s stagnation in development and social justice.
Olugbon urged both religious leaders and traditional rulers to reflect on their actions, reminding them that they would be held accountable for their stewardship, both in this world and the next.
“The prayers of sinners are an abomination before God, hence the need for our leaders to rethink,” he warned.
The monarch concluded by reiterating the transient nature of power and the importance of staying true to sacred duties, regardless of the temptation to indulge in worldly gains. “I am a traditional ruler. I don’t belong, and will never belong, to any occultic groups,” he emphasised, drawing a clear line between his position and the corrupt practices of some leaders.
In response to the Cherubim and Seraphim Church Movement’s request for collaboration on community development projects, Oba Alao assured them of his support.
“Your requests are aimed at the development of the Orile Igbon community. I am assuring you that necessary assistance will be provided in this regard.”
Earlier, Prophet Alogbo requested the monarch’s collaboration on a range of community development projects. These initiatives include the establishment of a women and youth empowerment center, clean drinking water initiatives, a bakery, animal production facilities, and farm produce processing.
Other proposals included a diagnostic and medical center, a full-size recreational sports facility, and a home care facility for the elderly.
