Business
Oil Sector: Union Seeks Implementation Of Labour Pact
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned against the non-implementation of the Collective Bargaining Agreement (CBA) reached between workers and oil firms by managements of oil companies operating in the country.
In a statement issued at the end of the union’s 5th Triennial Delegates conference held in Abuja last Wednesday and signed by the union’s elected National President, Comrade Francis Olabode Johnson, it said that CBA would ensure peace, harmonious working relationship between companies’ managements and the workers.
Johnson stressed that to maintain the prevailing industrial peace and guarantee smooth operations and exit of workers within the oil sector, the industry operators must collectively put in place a robust CBA to strictly outline the terms and conditions of the workers’ welfare and disengagement processes.
He added that managements of the oil firms should always respect duly signed CBAs to reduce friction in the oil sector between the workers and management of oil firms on labour-related issues.
The union boss reiterated the determination of the unions’ leadership to collaborate with government and stakeholders in the oil and gas sector to curb constant disengagement of workers in the sector.
Johnson urged government to take proactive steps to stem the wave of redundancy being witnessed in the oil and gas sector.
He said that the union’s leadership has clearly agreed that no process of redundancy shall be undertaken by any management of International Oil Companies (IOCs) and other service companies without the involvement of the national secretariat of the union, stressing that the union has resolved to resist the growing unfortunate redundancies witnessed in the oil and gas sector under any guise.
The re-elected union president emphasized that security of members’ jobs would be the bedrock of his administration as the leadership could not allow its members to lose their jobs, adding that the union would fight any form of redundancies or restructuring that would affect its members, especially those that do not follow due process in disengagement of its members/staff.
He explained that the union expressed support for the government current efforts at attracting investors to revitalize and revamp the country’s ailing refineries to meet their optimal production capacity.
The labour leader added that the union must be allowed access to the content of Memorandum of Understanding (MoU) between the Federal Government and the investors in the nation’s three refineries.
Philip Okparaji
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
