Business
Maritime workers threaten strike, give FG seven-day ultimatum
Maritime Workers Union of Nigeria has issued a seven-day ultimatum to the Federal Government to compel the International Oil Companies (IOCs) to allow stevedoring companies and dockworkers into their operational areas as required by law.
A statement by President-General and Secretary-General of MWUN, Adeyanju Adewale and Felix Akingboye, respectively, vowed to shut down all ports operations if the demands were not met.
The union lamented the silence of the Nigerian Ports Authority, Nigerian National Petroleum Corporation on the non-compliance of the IOCs to extant stevedoring regulations and the Marine/Government Notice No. 106 on Stevedoring regulations, 2014 issued by the Nigerian Maritime Administration and Safety Agency.
The statement read in part, “We wish to point out that the extant stevedoring/ marine notice is the operational guideline to all dock labour employers and private operators of any work location including ports, jetties, onshore or offshore oil and gas or bonded terminals, inland container depots (ICDs), off-dock terminals, dry ports and platforms.
“The law stipulates that government-appointed and NIMASA registered stevedores and dockworkers shall be allowed access by the IOCs to the operational areas allocated to them by the NPA.
“We wish to further draw the public attention to the repressive practice of the IOCs by denying our members (dockworkers) access to their operational areas and consequently, denying the dockworkers the opportunity to earn wages. To worsen the matter, these IOCs have flooded the operational areas with aliens/foreigners at the expense of local workers and in breach of statutory regulations including the Local Content Act, NIMASA and NPA acts that prescribe indigenising of the workforce.
“It will be recalled that this matter became worrisome in 2018 which forced the Union to declare a three-day national strike before the intervention of Ministry of Transportation which summoned a stakeholders’ meeting including the IOCs and the Union. At the end, a communique was reached on how to address the matter.
“It is regrettable that up till now, the content of the communiqué has not been implemented. It is also very painful and sad that the Federal Government and its agencies especially the Ministry of Transportation and NPA, for the past four years have failed to compel the IOCs to not only comply with the statutory regulations, but to also comply with the communique reached at the stakeholders’ meeting of 2018.”
The union also said, “After several deceptions and unfulfilled promises, we decided to take our destiny in our hands. We believe that these IOCs have something to hide which they do not want Nigerians to be aware of, and this is especially bothersome in this era of increasing insecurity across the country.
“We need to ask why the IOCs are afraid to allow registered and approved Stevedores and Dockworkers access to their operational areas as prescribed by the law. The Federal Government and our members (Dockworkers) have lost huge sum of money both in revenue and wages.
“In view of the continued denial of our members (dockworkers) employment opportunities by the IOCs at designated oil and gas locations with its negative impact on the welfare of our members, in addition to their continued disrespect for our laws, we are constrained to issue a 7 -day ultimatum starting from today Friday 9th April 2021 to the Federal Government, the NNPC, NPA and NIMASA, to as a matter of national interest, immediately compel the IOCs to comply and obey the statutory regulations, and also implement the communique earlier reached.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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