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NUPENG And The Rest Of Us

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The National Union of Petroleum and Natural Gas Workers
(NUPENG), last Monday in Lagos, issued a four-day notice to embark on a
nationwide strike should the Federal Government fail to effect payments of
outstanding fuel subsidy claims to importers of Premium Motor Spirit (PMS)/depot
owners across the country.

While issuing the threat, President of NUPENG, Achese Igwe,
said that the action became imperative following government’s failure to pay
the subsidy claims, which the union argues, was a breach of an agreement it
reached with the government on July 27, 2012, and therefore, threatens the job
security of Nigerians working for the oil marketers as they (marketers) are now
unable to pay staff salaries.

NUPENG also insisted that the government needed to clear the
outstanding subsidy claims because it has refused to repair the refineries and
depots to enable them refine and store products for local consumption. The
union argued that fuel importation was a burden the Federal Government brought
upon itself by sheer neglect of the refineries, stating that it therefore,
behoves on the government to fulfil its obligations to Nigerians by paying
those licensed to import products.

The union said that government’s failure to pay the
outstanding subsidy claims to fuel importers, meant that its members working
for the private depot owners and others, who have been owed salaries for
months, would continue to suffer as long as government remained adamant,
stressing that this was in breach of the Memorandum of Understanding (MoU)
signed with all stakeholders by government.

But in a swift reaction, Minister of Finance, Dr Ngozi
Okonjo-Iweala, said that the government would not pay subsidy to individuals
and companies indicted in the 2011 oil subsidy probe to which several billions
of naira had been siphoned from government’s coffers.

Okonjo-Iweala, who is also the Coordinating Minister of the
economy, stated that as long as the Economic and financial Crimes Commission
(EFCC) had not concluded its prosecution of those accused of fraudulently
receiving monies from government in connection with fuel importation,
government will not release any payments to them until they refund the monies
they illegally collected.

While The Tide understands the union’s position over the
delay in fixing the refineries and depots, and the fact that its members
working for some of the companies indicted in the subsidy probe reports may be
suffering as a result of the inability of their employers to pay them salaries
as and when due, we seriously disagree with the union’s stand that industrial
action is the best option available.

The Tide reckons that NUPENG has an inalienable right to
protest and ensure improved welfare for its members, but the union should also
realise the fact that where its rights end, the rights of other Nigerians
begin. Without a doubt, the union has to respect the rights of others to
peaceful socio-economic lives and demand its members’ rights in such a way that
they do not infringe on the rights of others.

We indeed believe that there are other means of resolving
such conflicts, especially through dialogue and negotiations with all parties
as well as enlisting the services of the courts of competent jurisdiction to
adjudicate on the matter to ensure that justice was served instead of
attempting to be the accuser, the judge and the executioner in its own matter.

For us, the NUPENG’s threat is a deliberate ploy to
blackmail the government into paying undeserving petroleum marketers for
services they did not render.  This, in
itself aims at perpetuating official corruption which every well meaning
Nigerian stands against.

We rather expect NUPENG to mount pressure on the petroleum
marketers to comply with the due process and get their pay instead of trying to
blame the ordinary Nigerians. NUPENG should be civil enough to dialogue with
the Federal Government on the subsidy payment issues with a view to finding a
sustainable solution to the impasse and nothing more.

Plunging the nation into any strike at this time would
subject millions of Nigerians into another period of suffering and drain the
struggling economy. Besides, the security challenges facing the nation would
further be given fillip by creating window for hoodlums to take advantage of
the atmosphere to cause instability and threaten the peace of the nation.

Nigerians are not ready now for any strike that would cripple
the system just to satisfy the selfish interest of a few. We think that it is
time to call the NUPENG bluff. NUPENG should realise that it is not the only
industrial union in Nigeria, and that its excesses should not be allowed to
hurt any Nigerian anymore. Nigerians deserve to lead their normal lives without
any distractions from another round of fuel strike.

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NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

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NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.
Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.
Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.
“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”
The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.
Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.
Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.
“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”
To mark the occasion, the leadership outlined several key pillars of support:
Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.
Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.
Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.
The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.
Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.
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Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

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Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.
Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.
This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.
Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.
They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.
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Wema Bank Admits 10 Startups into Hackaholics 2026

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Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.
The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.
The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.
Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.
According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.
Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.
He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.
Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.
Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.
As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.
The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.
Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.
Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.
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