Business
FAAN advises travellers as aviation workers begin two-day strike
The Federal Airports Authority of Nigeria (FAAN) has advised air travellers to make contingency plans to avoid missing their appointments as aviation workers today begin a two-day strike.
The advisory was issued in a statement on Monday in Abuja by the Nnamdi Azikiwe International Airport (NAIA) , noting that the industrial action could adversely affect scheduled flight operations.
The agency said the management of the NAIA would open the airport for operation as usual.
It warned that passengers “may however wish to note that there may be disruptions in flights operations as a result of the planned strike action”.
The authority expressed regret over any inconvenience that passenger might experience.
FAAN said, “The management of the Federal Airports Authority of Nigeria, Nnamdi Azikiwe International Airport, wishes to inform the general public of the aviation union’s planned two-day warning strike scheduled to start Monday April 17, 2023.
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“Intending passengers and stakeholders are kindly advised and note so as to make contingency plans in order to avoid missing their flights and appointments. Any inconvenience experienced is highly regretted.”
Last Friday, the aviation unions announced plans to embark on the warning strike to protest poor working conditions and unpaid entitlements.
The unions are the National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), and the Association of Nigeria Aviation Professionals (ANAP).
Others are the National Association of Aircraft Pilots and Engineers (NAAPE), and the Amalgamated Union of Public Corporation Civil Service Technical and Recreation Services Employees.
The workers are demanding the approval and implementation of the condition of service, (CoS) as agreed between them and the Salaries, Incomes and Wages Commission (NSIWC), the office of the head of civil service of the federation, and other agencies.
They also want the non-implementation of minimum wage consequential adjustments and arrears for the Nigeria Meteorological Agency, (NiMet) since 2019 and the planned demolition exercise of all the agency buildings in Lagos by the minister of aviation for an airport city project.
Meanwhile, heads of the aviation agencies reportedly held a zoom meeting with the national leaders of the unions and pleaded with them to convince their members to shelve the strike, pointing out the devastating impact any strike on the industry.
They also promised to ensure that the demands of the unions are met.
Federal Airports Authority of Nigeria (FAAN)
Business
FG begins crude sales in naira to Dangote Refinery
FG begins crude sales in naira to Dangote Refinery
The Federal Government has officially begun the sale of crude oil in naira, in line with a directive from President Bola Tinubu.
This update was shared by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, through a statement on the ministry’s official X account.
The shift to naira transactions aligns with a directive from the Federal Executive Council (FEC).
According to the statement, “The sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1st, 2024.”
It continued, “Following a meeting of the Implementation Committee, chaired by the Hon. Minister of Finance and Coordinating Minister of the Economy on October 3rd, 2024, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.”
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The review meeting involved significant stakeholders, including the Minister of State for Petroleum (Oil), the Special Advisers to the President on Revenue and Energy, top executives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives from the Dangote Group, and leadership from the Nigerian National Petroleum Company (NNPC), including its Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
Recall that back in July, President Tinubu approved the sale of crude oil in naira, with the Dangote refinery chosen as the pilot for the initiative.
The long-term impact of this move on petroleum prices remains to be seen.
FG begins crude sales in naira to Dangote Refinery
Business
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.
The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.
According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.
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Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.
Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.
One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”
As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Business
Naira appreciates to N1,685 in parallel market
Naira appreciates to N1,685 in parallel market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased sharply by 155.2 percent to $450.39 million from $176.45 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N25.74 per dollar from N30.85 per dollar on Wednesday.
Naira appreciates to N1,685 in parallel market
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