All Posts in "Business"

Polaris Bank, NCF extend tree-planting initiative to Lagos, Ogun, Kaduna

Polaris BankPolaris Bank, in partnership with the Nigeria Conservation Foundation, has extended its nationwide tree-planting campaign to the Lekki Conservation Centre (Lagos), Federal University of Agriculture, Abeokuta (Ogun), and Sardauna Memorial College (Kaduna).

The initiative, launched in 2024 as part of the bank’s World Environment Day activities, is aimed at combating climate change, reducing carbon emissions, and promoting sustainability.

Executive Directors Chris Ofikulu and Sharafadeen Muhammad, who attended the Lagos edition, said the initiative aligns with the UN Decade of Ecosystem Restoration and underscores Polaris Bank’s commitment to sustainability.

Okeleye Yetunde, Divisional Head, Ogun/Oyo, and Kabir Lawal, Acting Group Head, North West, also emphasised the importance of environmental stewardship in Ogun and Kaduna states, respectively.

The NCF commended the initiative, noting that the selected trees,including fruit-bearing and shade-providing species, would support erosion control, windbreaking, shade, and food security.

Polaris Bank said it remains committed to planting 10,000 trees nationwide and integrating climate action into its long-term growth strategy.

Dan Poster by — October 3, 2025 in Business 0
Stanbic IBTC Holdings appoints substantive Group Chief Executive

Stanbic IBTC BankStanbic IBTC Holdings PLC has appointed Mr. Chukwuma Nwokocha as its substantive Group Chief Executive, effective Thursday, October 2, 2025, following regulatory approval.

His appointment comes after Dr. Adekunle Adedeji’s tenure as Acting Chief Executive, during which the Board undertook a formal appointment process. Adedeji will continue as Executive Director/Chief Finance and Value Management Officer.

Commenting on the appointment, the company’s Chairman, Mrs. Sola David-Borha, commended Nwokocha’s strong record in governance, financial oversight, and strategic transformation. She also praised Adedeji’s leadership, noting that under his watch, the Group achieved its best financial performance since inception and completed a rights issue that ensured its banking subsidiary met the CBN’s recapitalisation requirements ahead of the March 31, 2026 deadline.

As of June 30, 2025, Stanbic IBTC reported total assets of N8.12tn, compared with N6.91tn at December 31, 2024. Liabilities rose to N7.17tn from N6.24tn, while equity attributable to ordinary shareholders grew to N941.73bn from N661.89bn, driven by profit and the rights issue.

For H1 2025, gross earnings climbed 35.2% year-on-year to N516.63bn, profit before tax surged 65.8% to N243.74bn, while profit after tax rose 49.1% to N173.43bn. Basic earnings per share stood at 1,078 kobo, up from 884 kobo

Dan Poster by — October 3, 2025 in Business 0
Domestic investors cut stock trades by N932bn in August

Nigerian Exchange LimitedDomestic investors on the Nigerian Exchange Limited reduced their trades by a massive N932bn in August, dragging down the overall value of transactions on the local bourse.

According to the Nigerian Exchange’s Domestic and Foreign Portfolio Investment Report for August 2025, total domestic participation fell by 55.87 per cent, from N1.669tn in July to N736.57bn in August.

The sharp decline was largely attributed to the absence of block trades, which had significantly boosted volumes in the previous month.

The fall in domestic activity also weighed on the broader market. Overall transactions dropped 49.95 per cent month-on-month, from N1.815tn in July to N908.38bn in August.

Despite the steep drop, activity in August was still much stronger than the same period last year. Compared with N379.52bn in August 2024, the August 2025 figure represented a 139.35 per cent increase.

A breakdown of the August report showed that institutional investors were the main drivers of the slump. Their trades plunged 65.91 per cent, sliding from N1.152tn in July to N392.9bn in August.

Retail investors also pulled back but less drastically, with transactions declining 33.46 per cent, from N516.5bn in July to N343.67bn in August.

Institutional players still accounted for the majority of the market at 53 per cent, compared with 47 per cent for retail.

In contrast, foreign investors stepped up activity as their transactions rose 17.72 per cent, from N145.95bn in July to N171.81bn in August. Inflows reached N95.14bn, while outflows stood at N76.68bn, indicating relatively balanced sentiment.

As a result, foreign activity made up 18.91 per cent of total trades in August, up from 8.04 per cent in July. Domestic investors still dominated with 81.09 per cent of transactions.

Between January and August 2025, domestic investors traded N5.463tn, compared with N1.453tn by foreign investors, showing locals accounted for 79 per cent of activity in the first eight months of the year.

Both domestic and foreign participation also rose strongly year-on-year. Domestic transactions nearly doubled from N2.82tn in the same period of 2024, while foreign trades more than doubled from N655.5bn.

The longer-term trend shows that domestic investors continue to provide the bulk of market liquidity. Over the past 18 years, domestic transactions have risen 33.15 per cent, from N3.556tn in 2007 to N4.735tn in 2024. Foreign transactions grew 38.31 per cent, from N616bn in 2007 to N852bn in 2024.

Analysts said the sharp August decline was not a sign of weakening fundamentals but rather the effect of an unusually large block trade in July that inflated volumes. Block trades typically involve the purchase or sale of a substantial number of shares in one transaction, often by institutions.

The report also highlighted the impact of exchange rate movements. The naira traded at N1,533.55/$ at the end of July 2025 and slightly strengthened to N1,531.57/$ by the end of August. This relative stability supported foreign flows, though domestic sentiment remained the key driver of overall volumes.

Market observers noted that while foreign participation has increased, the bourse still depends heavily on the decisions of a few large local investors whose trades can swing volumes by hundreds of billions of naira each month.

Dan Poster by — October 3, 2025 in Business 0
CBN rate cut to 27% will squeeze banks’ profits – Moody

CBN-VUILDING-700×375Global ratings agency Moody’s Investors Service has warned that Nigeria’s banking sector faces fresh profitability risks after the Central Bank of Nigeria cut its benchmark Monetary Policy Rate to 27% from 27.5%.

The CBN said the 50-basis-point cut was driven by sustained disinflation, projections of further inflation decline, and the need to stimulate economic recovery.

However, Moody’s cautioned that the move could erode banks’ net interest margins unless higher loan volumes offset lower yields.

“We expect the lower policy rate to drive a decline in yields on loans and government securities that will outpace the related decrease in the cost of deposits,” the agency stated, noting that deposit costs adjust more slowly than lending rates.

Net interest income accounted for 62% of Nigerian banks’ operating income in 2024, Moody’s said, stressing that the reduction in the Cash Reserve Requirement would provide only partial relief.

Dan Poster by — October 3, 2025 in Business 0
Pensions: Building Long Term Security In Retirement Not Quick Fix

Few issues stir as much passion as pensions. After all, retirement is not some distant concept, it is the very moment when decades of work are meant to translate into dignity, stability, and peace of mind.

For Nigerian workers, the Contributory Pension Scheme (CPS) is the system designed to ensure that this promise is kept. Yet, as public debates grow louder, it is important to separate emotion from fact, and quick fixes from sustainable solutions.

At the heart of the pension conversation lies a simple question: should retirees be allowed to withdraw their savings in full, or should access remain structured? The former offers instant gratification; the latter seeks to protect long-term security. The choice is not trivial—it is one that determines whether our elders live their final years in comfort or in poverty.

The Hidden Risks of “Take-It-All”

Imagine a retiree with ₦20 million saved up over a career. It may seem logical to withdraw the entire sum and invest it independently. Some might argue that by chasing attractive interest rates or putting the money into a family business, higher returns can be secured. But this perspective often ignores three hard realities.

1.     The first is longevity risk—the possibility of outliving one’s savings. A lump sum might look substantial at 60, but what happens if life stretches to 85 or 90? (which many are praying for). The CPS is deliberately structured to provide income for life, ensuring that retirees do not face destitution in their later years.

2.     The second is market volatility. Treasury bill yields and bond rates do not remain at 15 elevated levels (double digits) indefinitely. They fluctuate sometimes falling to single digits. A retiree who counts on fixed high returns may quickly discover that returns are unpredictable and insufficient, especially during downturns.

3.     The third is investment risk. Stories abound of pensioners who withdraw funds to finance ventures that collapse under inflationary pressures or poor management. The intention may be noble, but the outcome is often tragic: savings vanish, while bills remain.

Two Faces of Retirement

Consider the story of two hypothetical retirees, both of whom left service with ₦20 million. Madam Okeke decided to withdraw everything and invest in a family business. For a while, it seemed promising. But within three years, inflation, currency depreciation, and unforeseen costs left her with nothing. By her early seventies, she had become dependent on relatives for basic needs.

Her colleague, Mr. Ade, opted to remain under the CPS. His monthly pension was modest but consistent. Each month, without fail, his payment arrived. At 80, he still enjoys independence, secure in the knowledge that his pension will not dry up.

Both individuals worked hard; both sought security. But their choices determined whether retirement meant stability or vulnerability.

Why Structure Matters

Some critics argue that restricting lump-sum withdrawals treats retirees like children. In reality, the principle is protective, not paternalistic. Across the world, pension systems are structured to spread income across retirement years because experience shows that without safeguards, many retirees exhaust savings too quickly. Family obligations, health crises, or speculative investments often erode lump sums, leaving individuals vulnerable at the exact stage of life when they are least able to recover financially.

The CPS prevents this outcome by ensuring that pensions last as long as life itself. For retirees who live beyond expectations, payments continue through programmed withdrawals or annuities arranged with insurance companies. The notion that payments “end” at 75 is a misconception; in truth, actuarial science only uses life expectancy as a guide for planning, not a cut-off point.

Building Trust in the System

Trust is the lifeblood of any pension system. Workers must believe that their savings are safe and that administrators are acting in their best interests. Under Nigerian CPS, pension assets are not even held by the Pension Fund Administrators (PFAs). Instead, they are kept with independent Pension Fund Custodians under the strict oversight of the National Pension Commission (PenCom). This three-tiered structure: Saver, Administrator, Custodian provides layers of security that safeguard against mismanagement.

Since the scheme’s inception in 2004, pension assets have grown to over ₦24 trillion. These funds are invested in government securities, infrastructure, corporate bonds, and housing, supporting not just individual retirees but also the broader Nigerian economy. PFAs earn regulated fees (among the lowest in Africa) while all investment returns accrue to contributors. Far from exploiting workers, the system has built a sustainable pool of capital that benefits both retirees and national development.

The Temptation of Oversimplification

It is easy to believe that giving retirees unrestricted access to their funds is the “fair” solution. But pensions are not simple savings accounts. They are insurance against the twin uncertainties of longevity and economic shocks. Psychologists call it the Dunning-Kruger effect: when complex issues are oversimplified by those who do not fully understand them. In the pension context, what looks like empowerment today may translate into widespread elderly poverty tomorrow.

The Real Struggle

Ultimately, the true enemy is not the pension structure it is poverty. A nation that fails to protect its elders condemns itself to cycles of dependency and despair. Justice in pensions is not about short-term payouts but about ensuring that workers who devoted decades to the economy are not left helpless in their later years.

The CPS was designed precisely for this: to move Nigeria away from the inefficiencies and corruption of the old Defined Benefit Scheme, and toward a sustainable system that outlasts political and economic turbulence.

A Call for Balance

Nigeria must pursue a balanced path one that recognizes retirees’ genuine frustrations while preserving the safeguards that protect them. Quick fixes may win applause in the moment, but true dignity in retirement comes from careful, compassionate, and sustainable reform.

Our elders deserve nothing less.

Dan Poster by — October 1, 2025 in Business 0
Public Offer Drive: Investors Compete For Sterling Holdco Shares

Sterling Financial Holdings Company Plc. (‘Sterling Holdco’), the parent company of The Alternative Bank, Sterling Bank, SterlingFI, and a number of other novel business solutions, has witnessed a very positive response to its public offer, as investors rally for a stake in the company’s future.
The public offer, launched on September 17, 2025, has quickly become one of the most talked-about opportunities in the Nigerian financial market, with analysts predicting that the offer will prove to be amongst the most lucrative in the sector’s investment landscape.
The Sterling Public Offer has sparked widespread interest, with market experts
noting that the price, which is about 6% below its current trading price, presents
an attractive entry point for both institutional and retail investors.
 The offer is set to close soon, but the rapid pace of interest has led many to speculate that
the full subscription has already been reached or even exceeded much earlier than expected.
According to leading financial analysts, Sterling Holdco’s strategic expansion
plans, solid market position, and innovative financial products have positioned
it as a major contender in Nigeria’s banking sector.
 The public offer is widely
regarded as an exciting proposition for investors looking to capitalise on a company with strong fundamentals and an ambitious growth trajectory.
With a price point set at a discount to current trading prices, the offer is seen as a
compelling opportunity for both long-term and short-term investors.
Sterling Holdco has consistently demonstrated a commitment to innovation
and sustainable growth. One of the most compelling indicators of the company’s underlying strength is the impressive growth of its share price.
 In the past year, the Holding company’s share price has grown steadily from ₦4.00 to
nearly ₦8.00 per share. This increase in the company’s stock price speaks volumes about the underlying value and confidence in its business model, leadership, and growth trajectory.
Sterling Holdco, known for its strategic ownership of two banks, a wealth management company, and a number of innovative consumer businesses, is seeking to raise additional capital through the issuance of 12.58 billion ordinary shares at ₦7.00 per share.
The proceeds from the public offer will be strategically deployed to further strengthen the Holdco’s capital base and
fund its growth initiatives over the next 36 months.
Dan Poster by — October 1, 2025 in Business 0
$25B Nigeria-Morocco Pipeline Advances With Creation Of Dedicated Project Company

The $25 billion Nigeria-Morocco Gas Pipeline (NMGP) project has recorded a new milestone with the creation of a dedicated Project Company.

The establishment of this structure signals the transition from the feasibility and financial study phase to setting up the institutional and financial framework necessary to execute the pipeline’s construction.

The project has attracted the involvement of several international financiers, including the European Investment Bank (EIB) and the Islamic Development Bank (IsDB), which had been previously mentioned by project stakeholders.

The pipeline is set to transport up to 30 billion cubic meters (bcm) of gas annually across more than 6,000 kilometers, connecting a dozen West African countries to the Moroccan network and ultimately to Europe.

Nigeria, Africa’s top oil producer and holder of the continent’s largest proven gas reserves, is actively seeking to diversify its export markets beyond the region.

For Morocco and the transit nations, the pipeline aims to improve access to energy while strengthening their role in the international gas market.

The creation of a Project Company is a critical step for such infrastructure.

It centralizes responsibilities, structures financing, and clarifies governance. As the World Bank notes, such an entity is created to exclusively house the project’s assets, enhancing the transparency of commitments.

Support from multilateral financial institutions helps validate the project’s economic viability and attract potential investors.

The final investment decision (FID), expected by the end of 2025, will be decisive in gauging the ability to finance the massive infrastructure.

Dan Poster by — October 1, 2025 in Business 0
Nigeria At 65: Chevron Sees Brighter Future In Oil And Gas Sector

Chevron Nigeria has said it is expanding deepwater production in Nigeria in a sustained effort to expand new growth opportunities.

The Company said it is committed to further exploration and development of oil and gas resources by converting its joint venture and deepwater leases under the Petroleum Industry Act (PIA).

The Chairman and Managing Director, Chevron Companies in Nigeria, Mr. Jim Swartz, while speaking on Nigeria’s 65th independence anniversary, said the Company is proud of its partnership and contribution to the social and economic development of the country.

In over six decades of operation in Nigeria, Chevron Nigeria has continued to make significant investments in the country that have helped generate socio-economic development in several communities across Nigeria, Swartz said.

To further boost its business development, the Chairman said Chevron is executing infill drilling programs as part of its efforts to improve the current production base upon which the future can be sustained, and has also signed a 20-year renewal of four deepwater leases, in addition to planned infill drilling to mitigate production decline in its Agbami hub, non-operated Usan hub, and support for continued maturation of the Owowo development

He said entry into Oil Prospecting License 215 aims to boost deepwater development opportunities, while completion of seismic data acquisition across several of its deepwater leases aims to position itself for future exploration and demonstrate Chevron’s commitment to future growth in Nigeria.

The Chairman also mentioned the near-field discovery with the successful drilling of the Meji NW-1 appraisal well.

Swartz, while offering explanation on the business perspective of Chevron Nigeria said, “At Chevron Nigeria, we strive to build lasting relationships to help enable human progress now and into the future. Chevron has a long commitment to Nigeria. We have been making significant investments in Nigeria for over 60 years, contributing to the growth and development of the country.”

According to him, “Chevron Nigeria produces oil and natural gas from various fields, supplying domestic and international markets, while utilizing natural gas to produce diesel and naphtha. The joint venture between Chevron Nigeria Limited (CNL) and the Nigerian National Petroleum Company Limited (NNPCL/CNL JV) is one of the major natural gas suppliers to Nigeria’s domestic market and remains ahead in maximizing the supply of on-spec gas in the domestic and regional markets.”

He added that Chevron Nigeria has been successful in leading and investing in major initiatives which include the development of the Deep Water Agbami project which has produced over 1 billion barrels of oil; the development of the Escravos Gas Plant facility to enable the reduction of gas flares, processing of gas and the development of the Escravos Gas-to-Liquids (EGTL) facility.

The EGTL facility has helped to significantly reduce gas flaring and produce high quality products, including refined diesel.

Also, in partnership with other private and state entities from the Economic Community of West African States, Chevron led the development of the ~700km West African Gas Pipeline project through which Nigeria supplies gas to Benin, Togo, and Ghana, helping to boost economic development in the region.

“We prioritize local content and human capacity building as over 90% of our workforce in the country are Nigerians. We also provide contract opportunities to Nigerian companies in all our projects. Chevron supports the PIA, and we commend the efforts of the Federal Government of Nigeria to reposition the oil and gas industry for growth through several industry regulations,” Jim further stated.

 

Olusoga Oduselu, Chevron Nigeria’s General Manager, Corporate Affairs, highlighted the company’s focus on helping to engender the development of communities in the Niger Delta through the legacy Global Memorandum of Understanding, the current Host Community Development Trusts and the Foundation for Partnership Initiatives in the Niger Delta.

According to Olusoga, “Chevron Nigeria’s social investment footprint extends beyond its areas of operation. Among other health initiatives, Chevron Nigeria built and donated a DNA Molecular laboratory to the University of Lagos Teaching Hospital, and the facility is very significant to medical research in Nigeria.

At the height of the coronavirus (“COVID-19”) pandemic, Chevron Nigeria donated a Polymerase Chain Reaction laboratory to Warri Central Hospital to support the Delta State government in the fight against the COVID-19 pandemic, in addition to other industry-collaborations. Chevron Nigeria has also implemented health initiatives such as the Roll Back Malaria, Prevention of Mother to-Child transmission of HIV/AIDS and awareness programmes on River blindness.”

 

In its deep offshore operations, Chevron Nigeria has continued to implement projects and programmes in the areas of health, education, and socio-economic development across Nigeria. For instance, Star Deep Water Petroleum Company Limited (a Chevron company) and its parties in the Agbami field have been investing in fighting Tuberculosis (TB) with the construction and equipment of chest clinics in Nigeria to support the treatment and care of tuberculosis patients in Nigeria. Currently, twenty-eight such chest clinics, fully equipped with standard X-Ray machines, male and female wards, treatment rooms, laboratories and Gene Xpert Machines have been completed across the country to support Nigerian health system. The Agbami parties have also donated nine (9) mother-and-child health care centers and one medical diagnostics laboratory in some States in Nigeria. Some of the donated chest clinics and mother and childcare centers became useful for COVID-19 response in some states during the heat of the pandemic.

Chevron Nigeria continues to support development of education in the Niger Delta region and across the country through development of education infrastructure, capacity building and scholarships.

The scholarships include: the NNPC/CNL JV’s national university scholarship and the community scholarship program which caters for students in both secondary and tertiary institutions from communities in Chevron Nigeria’s areas of operations. Additionally, Chevron Nigeria awards scholarships to visually impaired students to enhance their access to quality education. Over 23,000 people have benefitted from the company’s scholarship programs which include scholarship for community postgraduates’ scholars in Nigeria and foreign universities.

Since inception of the Agbami Medical and Engineering Professional Scholarship programme in 2009, over 16,500 students from all the states of Nigeria have benefitted from the scholarship, out of which 715 students have graduated with first class degrees. Chevron Nigeria and its Deepwater parties have continued to invest in education infrastructure.

The parties have executed 39 Science laboratory complexes and 25 conventional and hybrid libraries across the country. Also, Chevron and its partners take a wide-ranging activity to encourage students to develop interest in key subjects of Science, Technology, Engineering, and Mathematics and, ultimately, pursue STEM courses and career.

Chevron Corporation has also sponsored certain global health and environmental-related initiatives that have an impact in Nigeria.

These efforts include the contribution to Global Fund against HIV/AIDS, malaria, and TB which has benefitted Nigeria in the areas of providing access to lifesaving antiretroviral therapy for people living with HIV, provision of long-lasting insecticide-treated mosquito nets and detection of tuberculosis cases. Also, as part of its efforts in environmental conservation, Chevron Nigeria with the support of Chevron Corporation, built and donated the Lekki Conservation Centre to the Nigerian Conservation Foundation in 1992.

The 78-hectare facility has become a center of excellence in environmental research and education, reserved as a sanctuary for the rich flora and fauna of the Lekki Peninsula, Lagos.

The CNL also sponsors the Junior Tennis tournament, the National Arts competition, and other activities by various organizations.

 

Chevron Nigeria is optimistic about the future of the oil and gas business in Nigeria. As the Chairman/Managing Director emphasized: “Chevron remains committed to our partnership in ensuring safe, reliable, and efficient operations in Nigeria and delivering a reliable, ever cleaner, and efficient energy supply for Nigeria, the West African region, and the world.”

Dan Poster by — October 1, 2025 in Business 0
World Bank Extends $500 Million Loan To Facilitate Nigeria’s BRIDGE Digital Project

The World Bank has approved a $500 million financing package for Nigeria under the BRIDGE project (Building Resilient Digital Infrastructure for Growth). Led by the Ministry of Communications, Innovation and Digital Economy, the program aims to address structural gaps that limit broadband access in underserved areas.

With a total cost of $1.6 billion, the project will be largely supported by $1.1 billion in private investment, with additional backing from the African Development Bank, the European Investment Bank, and the Islamic Development Bank.

It includes the rollout of about 90,000 km of climate-resilient fiber optic cable, powered where necessary by renewable energy solutions. The implementation plan features seven national rings, 37 metropolitan loops, 77 regional networks, and several edge data centers.

The government’s target is to expand the national backbone from its current 35,000 km to more than 125,000 km, covering 70 per cent of the population in the near term. “Over the past two years, we have worked tirelessly on what is arguably the most ambitious and fundamental digital infrastructure project in Nigeria’s history,” said Minister of Communications, Innovation and Digital Economy Bosun Tijani in August, during the technical design presentation of BRIDGE.

The move comes as Nigeria faces a slowdown in broadband growth. According to the Nigerian Communications Commission (NCC), combined fixed and mobile internet penetration fell to 48.01 per cent in July 2025, down from 48.81 per cent in May. Total connections also declined, from 105.7 million in June to about 104 million in July, highlighting the urgency of expanding the country’s digital infrastructure.

By strengthening Nigeria’s digital backbone, the BRIDGE project is expected to support more inclusive economic growth, enhance delivery of digital public services in health, education, and governance, and boost the fintech and startup ecosystem.

Dan Poster by — October 1, 2025 in Business 0
Dangote Refinery Accuses Unions Of Chasing Check-Off Dues, Not Workers’ Welfare

Dangote Petroleum Refinery has accused the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Trade Union Congress (TUC) of prioritising union dues and personal interests over workers’ welfare, following fresh calls by the unions for industrial action.

 

In a strongly worded statement issued on Monday, the refinery described the TUC as “zombie-like” for declaring “full solidarity” with PENGASSAN and threatening nationwide strike action against its management, without making any effort to verify the claims on which the action was based.

 

The refinery noted, “We are told that he who hears only from one side and passes judgment without hearing the other side is a fool. Unfortunately, the Trade Union Congress has placed itself in that position. Without hearing from Dangote Refinery, the Congress has passed a guilty verdict on the Refinery’s management and now parrots the PENGASSAN line, zombie-like, calling ‘for a national industrial action if Dangote management fails to comply with’ its demands.”

 

Dangote Refinery accused the unions of being driven solely by the desire to secure check-off dues. The company cited comments by PENGASSAN President Festus Osifo, who, in a recent interview with Channels Television, stated that the union had written to Dangote Refinery to begin remitting dues the day after workers allegedly unionised.

 

In its statement, the company dismissed both unions as self-serving and controlled by “oligarchs”, insisting that their real agenda is not the protection of workers but the preservation of their financial interests.

 

“PENGASSAN and TUC are two peas in a pod. They are twins from the same womb. Their interests do not extend beyond themselves and the oligarchs that run their affairs. The monthly check-off dues and other subscriptions and scams that feed their lifestyles are the primary concern and interests of these oligarchs. At least, one of them, Festus Osifo, President of PENGASSAN admitted that much on national television very recently.”

 

The statement added, “During his interview with Seun Okunbaloye on Channels TV, Mr. Osifo purported that “the workers” in Dangote Refinery “unionized . . . on Monday and we sent a letter to them at Dangote Refineries informing them of the decision and asking the organization to remit their dues from source, on Tuesday”. If we must believe Mr. Osifo’s account – and Dangote Refinery is not thereby admitting the accuracy of his account – the PENGASSAN oligarchs could not even wait for 24 hours after the purported unionization before demanding for their monthly check-off dues. And on account of these monthly check-off dues, PENGASSAN and its collaborators and co-conspirators – one of whom revealed itself as Trade Union Congress – are ready to plunge Nigeria and Nigerians into utter darkness and anarchy.”

 

It further alleged that neither PENGASSAN, TUC, nor allied unions such as NUPENG have offered accountability for the funds collected from workers. Instead, it accused them of funding “lavish and opulent lifestyles”.

 

“Meanwhile, none of these Unions – PENGASSAN, TUC, NUPENG and its other unnamed co-travellers – bothers to give an account to their members and the Nigerian public of these monthly check-off dues. We only see the proof of these check-off dues’ payments in their lavish and opulent lifestyles. It is time Nigerians stood up against these enemies of progress,” the company said.

 

The refinery called on the Federal Government to resist what it described as attempts by union leaders to return Nigeria to “the dark ages” of energy insecurity and industrial sabotage.

 

It declared, “Dangote Refinery is a national asset that requires our collective protection and prayers. To paraphrase the TUC Press Release, TUC and its cohorts, ‘regardless of size or wealth’ must not ‘be allowed to trample on the dignity and rights of’ 230 million Nigerians.”

 

The refinery challenged the unions to publish their financial records, “Finally, we demand that TUC join its co-travellers, PENGASSAN and NUPENG in publishing its 10-year audited accounts. Surely, the workers in whose name they all purport to be working, deserve to know what the Unions have been doing with their monthly check-off dues.”

Dan Poster by — October 1, 2025 in Business 0