Business
Maritime Union Tasks WCC Workers On Unity
The Maritime Workers Union of Nigeria (MWUN), Rivers State has tasked the leadership of the World Carrier Cooperation (WCC) Amini Petroleum Unit of the union to work for the interest of the workers.
The State chairman of the union, Mr Jonah Jumbo, who said this during the election of the unit executive in Port Harcourt said that unity was required for the union to move forward.
He stressed the need for maritime workers to de-emphasise wranglings and acrimony, stressing that as a sensitive unit in the maritime industry it behoves on them to unite against all forms of oppression by the company.
Jumbo also said that the State office will support them to achieve their desire.
Also speaking, the newly elected WCC chapter chairman of the union, Mr. Agorkedeng Samuel Emmanuel, thanked members for electing him and promised to reconcile all aggrieved members of the chapter.
Also elected are; Daerego West as Vice Chairman; Ogbologwung Peter, Secretary; Abel Marshall Daminabo, Assistant Secretary and Angustus Prince Promise as Treasurer.
Meanwhile Mr Jonah Jumbo has called for a stakeholders summit on piracy on the waterways.
Jumbo who said this in an interview with newsmen shortly after the election of new officers of WCC unit of the union, said that people travelling on the waterways to their various communities were now targets of pirates, stressing that many people have lost both their lives and their property.
He also said that the union will continue to work with the security agencies to check the trend.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
