Business
Victimisation: Oil Workers Give FG 14-Day Ultimatum
Two industrial unions in the oil and gas sector on Friday gave the Federal Government a 14-day ultimatum to intervene in the issue of victimisation of some of their colleagues by multinational oil firms and other pressing issues.
The President of National Union of Petroleum and Natural Gas Workers (NUPENG), Mr Achese Igwe, and his Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) counterpart, Mr Francis Johnson, gave the ultimatum midway into a joint National Executive Council meeting of the two unions in Abuja on Friday.
Johnson, while addressing newsmen, said the unions had to give the ultimatum to withdraw their services in the oil sector to call government’s attention to pressing issues in the oil sector.
He said this was after exhausting all efforts to solve the issues through dialogue.
He added that the issues include the transfer and sacking of national officers of NUPENG and PENGASSAN by Total and MOBIL, casualisation of workers, violation of workers right to unionisation at the Export Free Zone in Rivers.
He said others are pipeline vandalism and oil theft, the non-passage of the Petroleum Industry Bill, the growing state of terrorism and kidnapping, non-payment of terminal benefit of workers whose appointments have been terminated and appointment inconsistencies in the NNPC.
The president of NUPENG also explained that the unions were left with no better option than to give the ultimatum to go on strike after engaging the General Managing Director of NNPC, Dr Joseph Dawha.
Igwe said the unions had met with the Minister of Petroleum Resources, Mrs Deziani Alison-Maduekwe, the State Security Service, and the management of the affected oil firms.
He added that the leadership of the unions had pleaded with them to reverse the sacking and transfer of the union leaders in their companies but without success.
Igwe also called on the National Assembly to give accelerated hearing to the Petroleum Industry Bill to ensure its passage into law as the current law establishing the NNPC had become obsolete.
He advised the Federal Government to treat the issue of dilapidated roads to the petroleum facilities with urgency.
He also urged the Federal Government to provide necessary facilities to upgrade the Petroleum Training Institute, Effurun, Delta, in consonance with its approved status as Petroleum University.
L-R: Senior Vice President for Africa, Global Edison Corporation, Mr Peter Nwangwu, President, Global Edison Corporation, Mr Rod Johnson and Minister of Power, Prof. Chinedu Nebo, signing a Memorandum of Understanding on Power in Abuja recently.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
