Business
NUPENG Decries Delay In PIB Passage
Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has expressed disappointment over the continued delay in the passage of the Petroleum Industry Bill (PIB) by the National Assembly, even when the bill has scaled through its third reading.
NUPENG’s President, Comrade Igwe Achese, who stated this in a release, said the nation was losing billions of dollars in new investment because of non-passage of the bill.
Passage of the bill into law, he said, has been politicised and there is urgent need to fasten it by the National Assembly in order to fully regulate, sanitise and bring transparency to the sector.
NUPENG equally expressed worry about what it described as epileptic operations in the nation’s four refineries, adding that the state of the refineries was responsible for the massive importation of petroleum products thereby putting pressure on the foreign exchange.
“It is a shame that despite the huge sums of monies voted by successive and present administration for the overhaul of the refineries, their working capacity is still as low as 21 per cent. It is high time total turn-around maintenance were done”, he said.
The group restated its stand against the sale of the assets noting that those in government would sell them cheap to their cronies.
On the welfare of the union members, the president, said, “we are the hardest hit as a result of the current global recession which has been worsened with the drop in oil price.
“The drop in oil price has made the multinationals and contractors to embark on endless redundancies. At our last count, about 3,000 oil workers have lost their jobs because of the oil glut”.
Achese regretted that the union is being made to negotiate redundancies on daily basis and coupled with slave labour in the industry being perpetrated by the multinationals and their service companies engaging NUPENG members as casuals and out sourced staff with no condition of service.
“We will continue to resist it and use all the powers at our disposal to put a halt to the menace”, he said and thanked members for their support.
He equally commended the federal government and NNPC in particular for the reopening of some of the depots, especially Mosimi, and urged them to go further to protect the pipelines and open other depots to ensure adequate fuel supply.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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