Business
Rivers PENGASSAN Partners NUPRC In Protest
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has joined workers of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) in the protest against the Chief Executive Officer of the Commission in Port Harcourt, the Rivers State Capital.
The staff of the NUPRC, who had staged a nationwide protest last week, picketed and barricaded offices of the Commission, demanding the immediate sack of the Chief Executive, Engr. Gbenga Komolafe, over alleged fraud and abuse of office.
According to the protesters, the NUPRC boss was accused of deliberately refusing to open channels of communication to address concerns about mismanagement of the commission and poor employees’ welfare throughout the two years of being in office.
The protesters, therefore, called on President Bola Tinubu to sack Komolafe or offer him an order of resignation, a step which they said would pave way for an urgent forensic audit of all contract processes and payments by the Commission under his watch.
Meanwhile, the staff of NUPRC in Port Harcourt were seen carrying banners and placards bearing different slogans such as, “Engr. Gbenga Komolafe must go”, “Allow NUPRC staff to breathe”, while picketing entrance to NUPRC office since Monday.
Speaking to newsmen in Port Harcourt, at the Weekend, the National Industrial Relation Officer, PENGASSAN, Dr. Ifeanyi Eze, who joined the protesters, stressed the need for urgent measures to address the issues affecting NUPRC staff, insisting that the protest would continue until their demands were met.
Eze outlined their grievances to include, non-payment of pension deductions, cooperative deductions, medical retainer-ships, non-payment of cleaners and drivers for over seven months, insufficient work tools, staff’s medical outstanding payments, non-payment of outsourced personnel, and others.
He said, “in the NUPRC office in Port Harcourt, they do not have electricity for the past two months. Then in the NUPRC Lagos office, there is no water supply and in the Abuja office, the lifts are not working.
“Beyond this, other things have been happening as a non-refund of medical bills agreed in workers’ collective bargain agreements. Pensions are deducted and not remitted, so there are myriads of inefficiency and deficiencies going on.
“You know NUPRC which was formerly DPR, is a regulator in the oil and gas industry. If the Commission, which is the regulator, cannot fix itself, then what will happen to the companies they are regulating?
“So, we are saying that there are a lot of people in this country that can adequately do the job, Komolafe should not be there. That is our stand. That is the stand of the branch, the Zone, and the National.
“I know that there has been a request for engagement in Abuja at different levels, but until we get something concrete or until all our demands are met, we are not going to back down.
“If they push us to the wall, we may be forced to escalate this peaceful demonstration, as you know, we are in charge of the locations where Nigeria’s crude is being lifted, and without our efforts, crude cannot be lifted and that is why we are pained that we do a very sensitive job, and we are being toyed with”.
By: Lady Godknows Ogbulu
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.
