News
Fuel Scarcity Looms as PENGASSAN Down Tools Thursday
Fuel scarcity is imminent in the country as Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has ordered its members to leave their duty posts in all oil installations and offices nationwide, as from Thursday beginning from 12.01hrs.
The union has also ordered its four zones, which include Lagos Zone, Port Harcourt Zone, Warri Zone and Kaduna Zone to commence sensitization of its members with details of the planned action as from today, ( Monday, July 4).
The strike, according to a statement signed by Comrade Lumumba Okugbawa, PENGASSAN Acting General Secretary, will affect all sub-sectors of the oil and gas industry, which include the upstream, the midstream and the downstream sectors.
In a memo dated July 4, 2016 and addressed to all zonal chairmen, secretaries, all branch chairmen and secretaries, the Senior Staff Association directed its members to embark on gradual withdrawal of services from their various offices, sites and production facilities as from Thursday.
The memo, which was signed by the Acting General Secretary, PENGASSAN cited the inability of the Federal Government to honour agreements contained in May 12, 2016 Communiqué as the reason for calling for the strike.
The Senior Staff Trade Union listed some of the issues to include lingering irregular Joint Venture funding and Cash Call payment arrears, lack of a clear cut direction on the Petroleum Industry Bill (PIB), forceful co-option of government agencies in the industry into the Integrated Personnel Payroll Information System (IPPIS), and spate of redundancy and retrenchment in the industry.
The Association said that several efforts to engage the government to forestall the strike were frustrated by the Government.
PENGASSAN stated that sequel to the above subject, the Association tried to engage the Federal Government on May 24, 2016, which was inconclusive. The engagement was later fixed for June 23, 2016, which did not take place and again for June 30, 2016, which was unceremoniously cancelled with no date given.
“We see this as a deliberate attempt by the Government to frustrate the discussion of the myriad of issues raised in the communiqué, which are critical to the survival of the Oil and gas industry in the country.
“Among the burning issues raised is that of the JV Funding/Cash Call arrears, which has stalled new investments and the creation of jobs in the industry and which has consequently brought about massive job losses in the industry. We have equally noted with great dismay that our tertiary institutions keep churning out graduates with no or very limited job placement opportunities for them. Even for those that are fortunate to have jobs it has been tug of war getting their salaries paid as at and when due and are faced with redundancies on a regular basis also, especially in the service sector.
“We cannot fold our hands and watch this gradual collapse of our strategic oil and gas industry and its attendant consequences on the nation’s economy, which is a sharp contrast to the present government’s avowed promised to creation and retention of jobs.”
Speaking on the impending fuel crisis, Comrade Emmanuel Ojugbana, national public relations officer, said that all aspects of the oil and gas operations will be affected as there will be a total shut down of the industry.
“There won’t be any activities by our members. All aspects, including loading of petroleum products, flow stations and jetties will be shut down in this strike until the government address our concerns that are impacting the industry negatively.”
It would be recalled that PENGASSAN, after its National Executive Council (NEC) meeting in Calabar, Cross Rivers State on May 12, 2016, issued a Seven Day ultimatum with effect from May 16, 2016, for the government to engage the Association on the myriad of challenges confronting the nation’s oil and gas industry.
After the expiration of the ultimatum, without any move from the government, the Senior Staff trade union issued another seven day ultimatum on June 19, 2016, which was again unheeded by the government.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
Tinubu Orders NIMC to Enrol Every Nigerian by End of this Year – DG
Nigerians Accumulate $59Bn in Cryptocurrency Assets —FDC
Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory
Nokia’s 14 Years of Mobile-Phone Supremacy Ended in an Afternoon
MTN Nigeria Slashes Cost of Broadband Internet Router, Unwraps New Data Bundles for Low-Budget Users
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
News2 days agoXora Finance, Fintech Firm Refuses to Hire Nigerians over Alleged Dishonesty
Telecom2 days agoNCC Advances Dig Once Policy, Engages Stakeholders on Cost-Based Framework for Duct Sharing
Telecom2 days agoNCC to Keynote Telecom Sector Sustainability Forum 7.0
General News2 days agoFG Secures Fresh $208.3m World Bank Loan for Cash Transfer
News2 days agoHow Ponzi Scheme Victims can Seek Legal Remedies — Lawyers
News2 days agoPalmPay Nigeria Appoints Samuel Oluyemi as Chief Operating Officer
General News2 days agoSERAP Sues INEC over Alleged N800Bn 2027 Tinubu Campaign Fund
E-Business2 days agoKaigama,Catholic Archbishop of Abuja Warns against Misuse of AI