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
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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