Business
Face -Off: Nigerians Back Dangote Against PENGASSAN
Many Nigerians have opposed the planned disruption of fuel supply nationwide following the strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in protest against the dismissal of some employees at the Dangote Petroleum Refinery.
This is just as the federal government has invited the leadership of PENGASSAN and the management of Dangote Refinery to an emergency meeting in Abuja today over their dispute.
The Labour ministry’s spokesperson, Patience Onuobia, in a statement yesterday, said the Minister of Labour and Employment, Maigari Dingyadi, appealed to the union to reconsider its planned strike, warning that it could have far-reaching consequences for the economy and national security.
“A strike will not only lead to heavy revenue losses by the country but also cause more hardship and difficulties for Nigerians. Consequently, it will have adverse impacts both on economic stability and national security.”
The rift between PENGASSAN and Dangote Refinery escalated over the weekend after the union accused the company of terminating the employment of hundreds of staff members who had joined the association.
The union claimed that the workers were being victimised for exercising their constitutional right to freedom of association and alleged that the refinery had replaced some of the dismissed staff with expatriates.
PENGASSAN, in a circular signed by its General Secretary, Lumumba Okugbawa, after an emergency National Executive Council meeting on Saturday, directed members in all oil and gas installations nationwide to down tools from Sunday, September 28.
Okugbawa said last night , that the strike and the meeting by the FG, with the union would be part of the meeting on Monday but added that the association had made its position known.
Meanwhile,many citizens took to the social media yesterday to express their views on the dispute.
Ben Owoleke, a power sector expert, on X said PENGASAN does not have any gas. “The gas belongs to Nigerian Government, those union guys are just employees working for Nigeria to earn their wages. Only Nigerian government should stop gas supply to Dangote Refinery. Two, the gas supply to Dangote is not free. Whether sold by NNPCL or other oil companies, Dangote pays for it. Three, it is from the payment made by Dangote Refinery that Nigeria and other coys earn some of their revenues which they use as allocation for salaries across states and LGs, also to pay salaries including the salaries of some of these saboteurs and of course, to do infrastructure and other services!”
On X (formerly Twitter), @MrGhata said: “The best way to solve and dispute is by dialogue not by compounding the problem. PENGASSAN should look at the bigger picture, not their pockets.”
@TomolaGroup: “The refinery drama in Nigeria keeps exposing the same problem. half-truths, blame games, and no accountability. Until transparency is prioritized, ordinary Nigerians will keep paying the price.”
@IamSpeacial_Kay: “We shouted monopoly would be a problem, now it’s playing out. When only one refinery holds all the power, the people have no choice but to suffer. This is the ugly face of monopoly when one man controls the market, the people pay the price.”
@thekanoblog: “Nigerians must open their eyes! Dangote’s refinery was supposed to bring relief, yet every time the people are close to breathing, forces within the government and their allies rise to frustrate it.
“Why is it that whenever progress comes for the masses, the powerful try to crush it? This is not about Dangote alone – this is about the deliberate punishment of ordinary Nigerians. We must demand accountability, because true leadership should protect the people, not sabotage their hope.”
@Sizzymirah: “Stop shifting post @DangoteGroup
You unlawfully sacked your staff for joining union. Didn’t you think of a Dialogue before taking such steps? Just stop this victim card you’re trying to play here. You think O&G is like other industries you can throw people out with poor welfare?”
On Facebook, Sajos Yusuf Illiya, said: “This problem would have long been solved if PENGASSAN were forward thinking. That much they enjoy from monopoly has been broken and they are refusing to evolve.”
Dagunduro Samuel: “Why would Dangote dismiss and sack the Nigerians’ staff simply for wanting to join a union? Don’t they have the right to belong to a union under Nigeria law?”
Taofik Tafa: “PENGASSAN, NUPENG, DAPPMAN, etc shouldn’t be allowed to ruin Dangote refinery the way they’ve ruined NNPC refineries.”
Jabes Simon: “They have a hiding motive towards this issue. Dangote can relocate to Iceland and live for 100 years without an issue. Why didn’t they shut down when ASUU was on strike? They’re not after Nigerians but rather their pockets.”
The Concerned Nigerian Consumers Forum have also asked the federal government and the Department of State Services to investigate the alleged attempts by the PENGASSAN to sabotage the Dangote Refinery.
In a statement yesterday by Olabisi Taiwo and Justice Alikor, president and secretary, respectively, the forum expressed concern over PENGASSAN’s threat to picket the refinery because of the alleged mass sackings.
It warned that such action could plunge the country back into scarcity of petroleum products, trigger economic instability and cause national embarrassment.
“Who benefits if the refinery fails?” the forum asked. “Certainly not the Nigerian people, but fuel importers and rent seekers who profit from chaos,” the forum stated.
“The government must send a clear message: industrial blackmail will not be tolerated.
“Nigerians have suffered enough from fuel queues and economic hardship. The Dangote refinery is our best chance at energy independence, and we must not allow vested interests to destroy it,” the forum said.
Business
CBN Orders Assets Of 6 Persons And 4 BDC Frozen Over Terrorism Financing
The Central Bank of Nigeria, CBN has directed banks, payment service banks, and other financial institutions to immediately freeze all accounts, assets, and transactions linked to six individuals and four Bureau de Change, BDC operators designated for terrorism financing.
The directive was contained in a circular dated June 24, 2026 (Ref:CMD/FCS/PUB/CIR/002/011).
According to the apex bank, the latest update to the Nigeria Sanctions List, effective June 18, 2026, is binding on all regulated institutions and requires immediate implementation.
The CBN directed financial institutions to “identify and immediately freeze, without prior notice, all funds, assets, and other economic resources belonging to, owned, held, or controlled, directly or indirectly, by the designated persons and entities.”
This comes after the United States Department of the Treasury’s Office of Foreign Assets Control OFAC, announced the sanctions on a Nigerian, Mukhtar Adamu, and three bureau de change companies over their alleged involvement in financing the terrorist group Islamic State West Africa Province (ISWAP).
In a followup, the Nigerian government released the names of six persons and three entities sanctioned for terrorism financing.
The Federal Government list indicated Ibrahim Yakubu Ogirima, Adamu Chiroma, Ibrahim Abubakar, Abdullahi Umar Usman, Babangida Muhammed, Adamu Hammajam, Abbal Bako & Sons Bureau De Change Limited, Generation Currency BDC Limited, and Nine to Nine BDC Limited.
Reacting to the development, the president of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, said the indictment should not rob all BDC operators in Nigeria.
“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” he said.
Business
FG Ponders Tight Cashless Policy To Curb Kidnappings
The federal government is considering the reinvigoration of the cashless policy as part of broader efforts to curb the rising wave of kidnappings and related criminal activities across the country.
The consideration of strengthening the policy comes amid intensified efforts by security agencies to dismantle kidnapping syndicates and cut off their sources of funding, as authorities continue to seek sustainable solutions to the country’s security challenges.
Report quoted top security sources as mentioning that senior government officials have advised authorities at the highest level to tighten the policy, which is being viewed as one of the strategies to disrupt the operations of kidnappers, bandits and other criminal groups.
According to the sources, the move is intended to make it more difficult for criminals to receive ransom payments, which are often demanded and collected in cash to avoid detection.
One of the sources said: “Criminals prefer to receive ransom payments in cash because the money cannot be traced. Once ransom is paid through the banking system, it becomes easier to track them.”
Introduced in 2011, the policy was strengthened and made stricter in December 2022. However, after 2023, many of the stricter guidelines were relaxed.
The source further stated that security agencies believe a stricter cashless regime would strengthen intelligence gathering and improve law enforcement’s ability to monitor suspicious financial transactions linked to kidnapping networks.
Business
Nigeria’s Inflation Rate Rises For 3rd Consecutive Month
Nigeria’s inflation rose for the third consecutive month to 15.93 percent in May 2026 from 15.69 percent recorded in April.
The National Bureau of Statistics disclosed this in its Consumer Price Index and inflation data released on Monday.
This means that in May, the country’s inflation rose on a month-on-month basis by 1.75 percent.
Also, the report showed that food inflation also skyrocketed to 16.96 percent in May, up from 16.06 percent recorded the previous month.
“In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent).
On a year-on-year basis, the headline inflation rate rose to 15.93 percent, up from 15.69 percent in April 2026 and down from 26.06 percent in the same month of the preceding year (May 2025).
“The Food inflation rate in May 2026 on a month-on-month basis was 2.98 percent, down by 0.65 percentage points from April 2026 (3.63 percent). On a year-on-year basis, it was 16.96 percent and stood at 24.55 percent in the same month of the preceding year, May 2025”.
Recall that the headline inflation rate dropped in March and April, respectively even as the Central Bank of Nigeria retained the country’s interest rate 26.50 percent in its 305th Monetary Policy meeting.
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