Connect with us

Economy

PENGASSAN Serves Strike Notice Over Labour Issues

Published

on

canada
  • PENGASSAN Serves Strike Notice Over Labour Issues

The Petroleum and Natural Gas Senior Staff Association of Nigeria has issued a 21-day ultimatum to employers in the oil and gas industry to address lingering anti-labour issues or face a nationwide strike.

The strike notice was served by the senior staff trade union after its Central Working Committee meeting in Abuja.

According to a statement by the PENGASSAN National Public Relations Officer, Fortune Obi, on Sunday, the 21-day ultimatum to stakeholders in the oil and gas industry has become necessary due to persistent anti-labour practices by the management of some companies in the sector.

Obi stated, “PENGASSAN in the last three years has not only been excessively stretched, but unnecessarily over-burdened and is fast running out of patience over the loss of will by various managements to attend to industrial and welfare issues.

“Particularly frustrating is the sustained, deliberate and indiscriminate redundancies, sacking, casualization, ill-treatment, adverse working conditions, incessant disagreements with collective bargain resolutions and other anti-labour practices against our members by these managements without recourse to extant labour laws.”

The union identified Fugro, Sterling Global, Indorama Petrochemical Company, Baker Hughes/General Electric, Universal Energy, Frontier Energy, Vam Onne, Neconde Energy and Obijackson Group, SDF, Ciscon, Tecon, Obax, Pan Ocean, NNPC Retail Limited, ExxonMobil and Petrobras, as some of the employers that had yet to resolve labour issues with it.

PENGASSAN said that the association had directed the zonal executive councils in Port Harcourt, Lagos, Kaduna and Warri to commence systematic mobilisation of its members for the planned action.

In addition, the association called on the leadership of the National Assembly to reconsider the amendment of NLNG Act, which it claimed would portend danger for Federal Government’s push to woo investors into the country.

While observing that PENGASSAN and Nigeria Union of Petroleum and Natural Gas Workers had not been included in the governing boards of the regulatory entities in the Petroleum Industry Governance Bill, Obi explained that the association was composed of professionals who were equipped to make inputs to policies by virtue of their positions and in-depth knowledge of the industry.

The statement read in part, “PENGASSAN also observed with dismay the loose condition of service with regards to job security/transfer of employment of workers in the existing agencies. PENGASSAN will resist any attempt under whatever guise to downsize or short-change Nigerian workers.

“The association appreciates the Senate’s efforts over its inquiry into the planned sale/concession of the Port Harcourt Refinery Company by the Federal Government to a consortium under questionable circumstances.

“PENGASSAN is convinced that the refineries’ sub-optimal performance is rather political than technical. We are, however, open to genuine and transparent processes that will lead to optimisation of the plants as well as guarantee the end of importation of refined products.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

Published

on

Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

Continue Reading

Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

Published

on

Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

Continue Reading

Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

Published

on

Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending