Business
How Air Peace lost N700m in one day over NLC, TUC Action
Published
2 years agoon
By
Editor
…My business sabotage under NPF, others watch — Allen Onyema
…Stay away from aviation business, FG warns NLC, TUC
Nigeria’s airline, Air Peace has bemoaned the recent activities of the Nigeria Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, on its business.
A development which grounded their daily operations, thus creating massive flight disruption and ultimately denying the airline over N700 million in one day.
The incident has further created serious upset to many Nigerians who wondered about the rationality behind Air Peace’s involvement and why the unions would engage in such activity on a day when the airline voluntarily airlifted stranded Nigerians in war-torn Sudan.
Vanguard had reported that Air Peace airlifted 277 evacuees from war-torn Sudan to the Abuja airport with its Boeing 777 aircraft at no cost.
However, stakeholders have faulted the organized unions’ action, thus calling on the airline to sue NLC and TUC, stressing they are not above the law.
Also, the Federal Airport Authority of Nigeria, FAAN, directed the unions to stay away from the aviation industry, stressing that their actions are inimical to air safety.
It would be recalled that the unions’ official last Wednesday, stormed the Lagos Airport and took over Air Peace, check-in counters, disrupting operations due to an alleged misunderstanding they had with the Governor of Imo State Hope Uzodinma.
READ ALSO: Max Air: Nigeria Airline Operateors Speak On Abuja Crash Landed Flight
The group held that no flights should be operated into Owerri airport because Uzodinma had disrupted their May Day activities earlier in the week.
The protesters barged into the airport destroying and causing havoc at the airport while the security officials did nothing.
In the wake of the development, the management of Air Peace raised alarm over the deliberate massive disruption of their operation by the unions.
My business sabotaged as NPF, others watch —Allen Onyema
According to the Chief Executive Officer of the airline, Allen Onyema, the unwarranted actions channelled to his business by the unions was uncalled for.
He lamented that he feels unprotected following the development.
He said: “You can imagine how I felt, while I was out there in the war front trying to rescue Nigerians, the NLC and TUC went disrupting every Air Peace flight across the country today.
“We lost over N700 million as a result of the unions’ action. For somebody who has contributed so much to the nation, how do we get that money back?
READ ALSO: Crash Landed Flight: We Owe God Our Lives, Air Max Passengers Recount Ordeal
“This is so insensitive of the NLC and TUC. They chose today to disrupt our operations why? For something that does not even concern Air Peace. Because the governor disrupted their May Day activities, therefore no flight should go to Imo State.
“They wrote to us that we should not fly to the state. Already we have a contract with the passengers, not NLC or TUC. They have no right whatsoever to instruct an airline not to obey the contractual relationship or obligations they have to their passengers.
“They do not have that right. It is a shame to our nation that security agencies are watching while an airline is out there doing all it can for the country was being attacked by some people, making sure our operations were destabilized causing massive delays and massive cancellations.
“Who is going to bear the brunt? Yet this same airline is out there in Egypt risking the lives of their crew and spending hundreds of millions of naira on behalf of this country.”
Stay away from aviation business, FG warns NLC, TUC
However, as a reaction to the development, the Federal Government through the FAAN, has directed the unions’ to desist from engaging in union activities in the industry.
According to the Managing Director, FAAN, Captain Rabiu Yadudu, “The action of the organized labour is unacceptable and a deliberate plan to undermine aviation and other workers.
READ ALSO:Flights Delayed As Plane Crash Lands At Abuja Airport
“We have written to the minister of aviation telling him the government needs to protect the sector from the action of the NLC, the airports are not places for anybody to come and exercise violent behaviour or mob action.
“We will not take it, What happened to Air Peace was very regrettable and just a sign of ego massage and I think that has no place in aviation. NLC should stay away from aviation, I think picketing needs to evolve. Nobody pickets in modern society now.”
Stakeholders react
Meanwhile, the development has raised much concerns, as stakeholders insisted that it is an abuse of power and that the airline should set up a legal team to address the issue judiciary as a way of forestalling it in the future.
According to the President, Aircraft Owners and Pilots Association of Nigeria, and former Chief Executive Officer of Associated Airlines, Alex Nwuba, “We need to engage NLC under the leadership of Comrade Joe Ajaero to separate aviation from labour issues with the State government
“Aviation must speak one voice, enough of contradictory voices. If he continues to channel his energy in the wrong place, he will be put on the aviation no-fly list as an industry treat.”
Similarly, former military commandant, Murtala Mohammed Airport, Group Captain John Ojikutu, said: “The Nigeria Civil Aviation Authority, NCAA, needs regulations to come hard on the union, in the same manner, the disruptive passengers are dealt with. These irresponsible acts of the unions that may bring us to disrepute in the aviation international community should be stopped now.
“Any disruption in the airport operational area of airport security restricted area must be considered as acts of unlawful interference that need to be legally sanctioned. What has been happening to the industry from the unions are acts of unlawful interference too many.”
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The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.
Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.
This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.
READ ALSO:Naira Appreciates At Official Market
The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.
On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).
The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.
Business
JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price
Published
2 weeks agoon
June 20, 2025By
Editor
Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.
Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.
The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.
On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.
This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.
Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.
READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption
On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.
He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”
He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.
His forecast of increased costs now appears spot on, considering the latest developments.
Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.
Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
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