Business
NLNG Moves To Sack 120 Workers
Despite denying plans to embark on a mass retrenchment of its workers, the top management of the Nigerian Liquefied Natural Gas company has met to ratify the list of no fewer than 120 employees to be eased out of the company soon.
Specifically, the Talent Council of the gas company, made up of the Managing Director, Mr Tony Attah; his deputy and the general managers, met on Thursday to ratify the sack list allegedly compiled by the Organisational Manager, Nath Obioha.
A reliable source in the company, who spoke with our correspondent on Saturday said despite the strident denial of the management of plans to sack some of the workers, the panel saddled with the task continued to meet to conclude the plans.
NLNG is a joint gas initiative of the Nigerian National Petroleum Corporation and oil giants – Shell, Total and Eni – which began formal operation since 1999.
A close source in the company said that tension had continued to rise among the workers as “none of us is unsure who could be affected by this exercise.”
Our source reported that the NLNG had commenced moves to fire at least 10 per cent of its about 1,200 workers under a programme it termed as ‘realignment to win’.
The publication had stated that the workers were directed to reapply for their jobs, specifying three positions they would like to be considered for in the re-organisation.
They were however, told to note that the company was not under any compulsion to fix them in the offices they had indicated in their re-application letter.
One of the staff members had wondered why NLNG would forge ahead with a plan to reduce its workforce when the gas company “remains one of the most profitable companies in Africa.”
He added, “It is indefencible on all parameters. How do you justify the sacking of workers in a company that made a profit of over $2bn in 2018? It could be justified if the company is in distress, but this is not so.
“It is just a ploy to throw over 100 people into the labour market when the nation’s economy is in such a parlous situation. And these are direct workers, not those seconded from the joint venture partners.”
But two days after the publication, Attah had debunked the report, but failed to deny the plans to lay off some of the workers.
Attah had said in his internal memo titled ‘RTW in the media’, explained that the realignment was to transform the company “in order to remain competitive in the global energy business.”
He added that the initiative had led to the creation of the positions of two new general managers and seven managers.
“He did not deny the plan to sack; he only said the exercise was to reposition the company. It beats one to hear the MD justifying such illogical move,” one of the workers said.
“The same Nath Obioha embarked on such realignment as a Shell worker in Shell Gabon. After the realignment, Shell Gabon entered into distress and had to be sold by Shell. Is that what they want to achieve here also? Can you imagine that Obioha’s appointment did not even pass through the board?”
The source alleged that the sack letters might be distributed this week as the Talent Council had ratified the list.
“They already deliberated and approved the list. The placements have been done. The letters are ready and any moment from now, those affected will get to know when the list is released next (this) week.
“It is unfortunate that this is happening when NLNG is concluding its Final Investment Decision on its Train 7,” the source added.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
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.
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