Business

Subsidy: Labour Meeting With FG Inconclusive

Published

2 years ago

May 31, 2023

The meeting between the Federal Government and the organised labour over the issue of subsidy removal has ended without any resolution.

The meeting called on the instance of the Federal Government at the Presidential Villa, Abuja, was to find a solution to the brewing crisis over effect of subsidy removal and the hike in petroleum pump price.

Recall the government through the Nigeria National Petroleum Company Limited, NNPCL, announced an adjustment in the price of PMS on Wednesday.

Speaking to journalists after the meeting on Wednesday, President of Nigeria Labour Congress, Joe Ajaero said that “as far as we are concerned there was no consensus.”

He said the principle of negotiation was for the government and the NNPCL to revert to status, adding that, “you don’t ask to negotiate under gun point.”

On the demands of the organised labour, Ajaero said, “We should go back to status quo, negotiate, think of the alternatives and all the effects and how many of the effects this action will have on the people if it is an action that must take off.”

He said that the subsidy provision has been made up to the end of June and rhetorically asked, “why is it now. Last administration made it up to end of June. Why can’t we respect the sanctity of even that law that provided that expenditure up to June.”

On the claim by the Federal Government that there is no money to continue with the subsidy, Ajaero flanked by the President of the Trade Union Congress, TUC, Festus Osifo said, “what is the purpose of governance, is it the duty of NLC to raise funds for the government, collect tax, to sell crude at the international market when the price of crude is going high and the government that is a major importer of crude product is telling you there is no money.

“Other countries that are in the same scenario are eating fat.”

Asked whether it is realistic to continue with the payment of subsidy the NLC President said, “why do you keep on hampering on subsidy, what do you understand about subsidy, has anybody explained to you the meaning of subsidy, what did they say is subsidy?

“Is there any country even in the US there is subsidy on wheat product, is there any country that does not subsidise living of people even if it is by providing public transportation, those are the issues we are looking at.

“If you are a major producer of crude and you refine or carry the crude abroad and refine and bring it, definitely there will be difference in the price and that is what they are paying.

“If your father established a refinery and that refinery dies in your hand and you are now refining abroad, you ask yourself some questions. We have refineries in Kaduna, Sapele, Warri and Port Harcourt, why are they not functioning that we have to go and refine abroad, the transportation money, refining cost at international price or rate and bring it back here and the same government pays the difference in cost of what it is here and what is internationally, that is what they are telling you about .”

He wondered why the government should claim that it has deregulated the product and at the same time is fixing prices of the product.

Ajaero said in 2011 labour met with government and agreed on some principles including the repair of the refineries to start operation latest by December last year but nothing was done.

The person who spoke on the side of the Federal Government, Dele Alake said, “We have been deliberating on finding very amicable solutions to the issue at hand, to the queue and all of that and the increase in pump price.

“We had a very robust engagement. We cross-fertilized ideas, ideas flew from all sides and there is one thing that is remarkable even from the Labour side, and that is Nigeria. We are all looking at the peace, progress and stability of Nigeria. That is what is paramount.

“Of course the NNPCL CEO is here, Mr Kyari, we cannot go into details now because the talks are still ongoing. We cannot finish everything at one setting, so we have adjourned now, we are continuing the talks at a later date very shortly.

“But the point is that the talks are ongoing and it always better for all sides to keep talking with a view to arriving at a very amicable resolution that will be in the longer term interest for all Nigerians. That is as much as we can say now.”

Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 weeks ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.