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Oil Workers Protest $30bn FG Loan Quest
The two major unions in the oil and gas sector in Nigeria have vowed to resist any attempt by the Federal Government to use the nation’s refineries as collateral for the proposed $30billion loan.
This was revealed during the public hearing in the Senate of the Joint Committees on Petroleum Downstream, Midstream and Upstream Sector.
Members of the public and stakeholders were expected to submit memoranda to assist the lawmakers come up with laws that will strengthen the productivity and efficiency in the sector.
The Senate began the 3-day public hearing on the new Petroleum Industry Governance Bill 2016 (PIGB) and it served as the perfect platform for union members to express their concerns and displeasure over government policies that affect them.
One of the submissions received was from the NNPC which proposed the creation of three new entities, including the Nigeria Petroleum Regulatory Commission (NPRC) which will serve as a regulatory entity for the entire petroleum industry (Upstream, Midstream and Downstream), the Nigerian Petroleum Assets Management Company (NPAMC) as counterpart administrator of production sharing agreements and such other risk-based agreements as the government may decide to conclude, and the Nigeria Petroleum Company (NPC) as a vertically integrated oil and gas company operating as a fully commercial entity across the value chain.
Some of these recommendations apparently did not go down well with the oil and gas union members around as they also presented their position on several policy proposal of the NNPC which they claimed betrayed the insensitivity of the government towards the plight of workers in the industry.
One major speaker, PENGASSAN National Industrial Relations Officer, Comrade China Onuegbu, presented a position paper on behalf of the workers.
In his presentation, Onuegbu noted that the Petroleum Industry Governance Bill 2016 (PIGB) contains some of the obnoxious provisions of the 2012 Petroleum Industry Bill (PIB), such as excessive wide discretionary powers to the minister in charge of petroleum.
According to the report it also gives the proposed NPRC the powers to make regulations without public hearing or due consultations which is completely alien to constitutional democracy.
The report also added that the non inclusion of the Petroleum Host Community Fund in the Bill clearly reveals a very strong lack of inclusion on the part of government, which he claims attributes to the incessant vandalism and destruction of oil and gas assets within oil producing communities.
Another vociferous advocate for transparency and probity in the sector is the current President of PENGASSAN, Comrade Francis Johnson, who also berated the political class for the lack of sincerity in the industry.
Johnson explained that despite the impressive turnout of stakeholders for the public hearing at the Senate, people should stop seeing NUPENG and PENGASSAN as trouble makers in the industry, but should consider them as stakeholders in the industry where no one is more important than the other.
He insisted that the government needs to do better in terms of following the right procedures in engagement for better operations within the sector which is the only way to avoid the issues of strike action.
Regarding the issue of sale of refineries and government assets in the industry, the union leaders were, however, quick to dispel them as mere rumours and speculations, but said they remain committed to protecting the rights of their members whenever such arises anytime in the future.
He also added that if the government is so desperate to privatize or sell these critical national assets, the NLNG model should be used.
“Of course, we can all remember the role the NLNG played when the issue of bail out of states arose, so if the NLNG was sold off by previous administrations, where would the government get the funds to bail out the states at such dire moment?”, he asked.
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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