Business
Energy Corridor’ll Create 5m Jobs In N’Delta -Don
As part of measures of curbing crimes and creating employment in the Niger Delta region, Elder statesman, Prof Dagogo Fubara, has called for the creation of an Energy Corridor for proper utilisation of the oil and gas potentials in the Niger Delta.
The Professor of Geodesy who made the call while speaking at a Niger Delta Dialogue forum organized by a Non Governmental Organization known as Academic Associates Peace Work at Hotel Presidential in Port Harcourt, recently, said similar initiatives had yielded tremendous results in developed societies such as the US.
Prof Fubara said the creation of the Energy Corridor in the core oil producing states in Nigeria and the Niger Delta in particular would create over five million direct jobs for the people.
He regretted the fact that,” the enormous resources in the Niger Delta have not effectively and positively impacted the lives of the people,” noting that the disengagement of the people of the Niger Delta, particularly the youth form productive activities has led to conflicts in the region.
He added that the initiatives would also address the issues of importation of petroleum products and reduce their prices of the products.
Fubara, who is also a traditional ruler said the major economic challenge facing Nigeria as a nation was the absence of proper development planning at the local, states and federal level of governance noting the need for sustainable economic planning to boost industrialization at every level of the economy.
The traditional ruler, who described the Niger Delta as strategic to the development of the nation urged the leaders and key stakeholders in the oil rich region to channel the available resources in the region to its holistic development to address the manpower and infrastructural deficits in the Niger Delta.
He also called for more investment in the agricultural sector to create jobs and boost food sufficiency among the people.
Taneh Beemene
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.
Mr Festus Osifo, President of PENGASSAN, said this while briefing newsmen at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja.
He said the sector was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.
“A drilling engineer in Nigeria does the same job as one in the U.S. or Abu Dhabi,” he said.
Osifo said the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.
“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.
He said PENGASSAN had recorded significant gains through collective bargaining across oil and gas branches.
“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.
He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.
Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.
He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.
“This industry recruits the best. Companies must provide the best conditions,” he said.
On insecurity, Osifo urged government to take decisive action against terrorism and kidnappings across the country.
“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.
He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.
Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.
He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.
“Nigerians want to see food on the table, not macroeconomic figures,” he said.
He urged government to coordinate fiscal and monetary policies to ensure economic gains reach households.
“Translate macro results to food on the table,” he said.
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