General News
FG, Labour Dispute Delaying Refineries Privatisation – BPE
The prolonged disagreement between the Federal Government and key labour unions in Nigeria’s petroleum sector is the major issue delaying the privatisation process of the country’s four refineries, the Bureau of Public Enterprises has said.
According to the bureau, the government is serious about privatising the oil firms as it would impact positively on Nigeria’s economy.
Benjamin Dikki, Director-General, BPE, disclosed that by privatising the refineries, the government wanted to see the kind of reforms in the telecoms and power sectors happen in the oil and gas industry.
Dikki spoke on the sidelines of an event organised by Just Friends Club of Nigeria in Abuja on Friday.
He said, “When we announced that we were going to privatise the refineries, you saw the reaction from the two powerful unions in the sector, PENGASSAN and NUPENG. They created panic that they were going to shut down the Nigerian economy by blocking the supply of fuel.
“And no responsible government will want to visit that kind of thing on its citizens. That is why government halted the process and is engaging labour so that we can reach an understanding. We understand from our discussions with labour that they want to be stakeholders in the process and we have told them that is not an issue.
“So it is now left for us to sit down with labour to know how the transaction is going to be structured. Once we structure it in an acceptable manner where labour is happy and government is happy then we will commence the privatisation.”
He noted that the privatisation process would commence with the meeting of the steering committee chaired by the minister of petroleum, stressing that government had given approval for labour unions to be part of the committee in order to make their inputs.
“But we have not reached an understanding with labour yet. Once we do, then the petroleum minister will convene a meeting of the steering committee to determine the shares that will be retained by government and by labour.”
Dikki said the privatisation strategy would not be done without the appointment of a transaction adviser.
The adviser, he said, would conduct due diligence on the refineries and the petroleum sector as a whole, adding that the findings of the adviser would determine the mode of transaction to be adopted by the steering committee.
He said, “So what we would have loved to see is for labour to liaise with government and agree on the process to appoint a transaction adviser. From the beginning of the process to the appointment of a transaction adviser may take six to nine months.
“This is before the adviser goes to conduct studies on the refineries and the petroleum sector. Therefore if labour agrees with us today, we will start the process of advertising for the transaction adviser.”
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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