Business
Petrol Would Sell For N256 If We Are To Recover Costs —NNPC MD, Kyari

Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC) Mele Kyari, has stated that for the corporation to recover costs, Premium Motor Spirit (PMS) also known as petrol would have to be sold to Nigerians at N256 per litre.
He spoke on Tuesday during an interview on Channels TV, where he also revealed that engagements are ongoing to determine appropriate pricing for PMS.
“The engagement is aimed at making sure there is a reasonable level of pricing that we can do that will recover the cost,” he explained.
Price of fuel haven’t been increased or reduced according to crude oil price and landing cost in the past four months due to threat of nationwide strike by the Nigerian Labour Congress.
Kyari said the country can’t afford to implement the market reality in the crude oil industry. He also explained that care must be taken in order not to burden Nigerians with overprice.
“…the second reality is if you don’t do something smart, you could end up throwing prices at Nigerians that are well above prices that they should pay for.” Kyari said.
Meanwhile, Kyari, who disclosed that the NNPC will soon release its 2020 audited accounts, said impending work on the dilapidated refineries is not a Turn Around Maintenance, but total rehabilitation.
He also reiterated that the creditors for the rehabilitation funds will operate the refinery upon completion in 48 months.
Business
PENGASSAN enforces Dangote Refinery shutdown

The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, implemented the shutdown of the Dangote Refinery plant on Sunday.
This was contained in an update on the striking union’s action against Dangote Refinery over mass sacking.
The union said its members have shut all oil installations nationwide.
It noted that the refinery plant is 100 per cent shut down; fertiliser plant train two is also 100 per cent shut, with train one running at 60 per cent capacity.
The union added that the diesel plant is still running at the moment. However, the development has not been confirmed by Dangote Refinery.
The implication is that crude and gas supply to the refinery have been disrupted.
Recall that in a statement on Saturday, Dangote Refinery described the PENGASSAN directive as economic sabotage.
The Nigerian Upstream Petroleum Regulatory Commission on Sunday urged Dangote Refinery and PENGASSAN to engage in dialogue to resolve the rift.
The dispute between Dangote Refinery and PENGASSAN started after the former sacked over 800 workers for belonging to the union.
Business
FAAN, Paystack to begin cashless payment at Lagos, Abuja airports

The Federal Airports Authority of Nigeria (FAAN), in partnership with Paystack, says it will begin cashless and contactless payment at the Murtala Muhammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja, beginning from Sept. 29.
FAAN announced this in a statement signed by its management in Abuja on Friday.
It said that all payments at revenue points such as access gates, car parks, VIP and protocol lounges would be made only through cashless channels.
The authority said the initiative, known as “Operation Go Cashless”, would help provide fast and secure payment, reduce reliance on cash, and improve customer experience at airports.
According to FAAN, the system will also enhance revenue assurance and align Nigeria’s airports with global digital trends.
It added that trained brand ambassadors had been deployed to guide users, assist with onboarding, provide demonstrations and answer questions during the transition.
“Passengers can obtain a ‘FAAN Go Cashless Card’ at airport access gates in Lagos and Abuja, and activate it immediately via www.gocashless.faan.gov.ng.
“FAAN remains committed to continuous improvement and will expand this cashless policy to other airports nationwide in phases,” the authority said.
It urged airport users to contact its support line at 0700-227-3226 or email gocashlesssupport@faan.gov.ng for inquiries.
Business
PENGASSAN cuts crude supply to Dangote refinery over labour dispute

The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) took a dramatic turn on Saturday as the union ordered seven branches to cut off crude oil and gas supplies to the $20 billion facility.
In a 26 September letter by PENGASSAN’s General Secretary, Mr. Lumumba Okugbawa, the union accused the refinery’s management of sacking its members in retaliation for exercising their constitutional right to join the union.
The union’s move marks an escalation in the standoff, with PENGASSAN accusing the refinery of anti-labour practices and the unlawful sack of its members.
In the directive issued to its branch chairmen, PENGASSAN instructed its branch chairmen in key upstream and midstream oil companies, including TotalEnergies, Chevron, Seplat, Shell Nigeria Gas, Oando, and Nigerian Gas Infrastructure Company, to immediately cut off all crude oil and gas supplies to the refinery.
The directive comes after PENGASSAN alleged that Nigerian workers were sacked by Dangote Refinery after joining the union, claiming that management also withdrew staff buses and denied entry to locals while allowing expatriates access.
The union threatened to picket the refinery if the situation was not addressed.
In a statement on Friday, the refinery clarified that only a small number of workers were affected by what it described as a reorganisation aimed at preventing acts of sabotage within the facility. It said over 3,000 Nigerians remain in employment, rejecting claims of mass layoffs.
Dangote Refinery maintained that the restructuring was necessary after what it described as recurring acts of sabotage in different units of the refinery, which posed serious risks to human lives and operations.
As a result, PENGASSAN instructed its branches in TotalEnergies, Seplat, Chevron, Oando, Shell Nigeria Gas, Renaissance, and NGIC to cut gas supply to the refinery immediately.
The union described the move as ‘illegitimate’ and accused the refinery of spreading misinformation instead of addressing the matter through dialogue.
The directive read: ‘As you are aware, the Management of Dangote Petroleum Refinery has disengaged our members in reaction to the exercise of their constitutional right to being unionized.
‘They have gone further on a mission of misinformation and propaganda to justify this illegitimacy rather than engaging meaningfully with us to right the wrong.
‘Consequent to these, you are hereby directed to cut off gas supply to NGIC effective immediately. All crude oil supply valves to the Refinery should be shut. The loading operation for vessel headed there should be halted immediately’.
The union further mandated the NGIC Chairman to ensure strict compliance with the order and told all branch chairmen to give regular updates on the action taken.
‘NGIC Chairman, ensure that gas supply to the Refinery is cut off effective immediately. All chairmen on this summons are to report promptly the progress of the directive. Kindly accept the assurances of our highest esteem. Thank you’, the statement read.
Reaffirming its solidarity, PENGASSAN ended the directive with its slogan: “Injury to one! Injury to all!”
On Thursday, the company announced it would suspend petrol sales in naira from September 28 following the exhaustion of its crude-for-naira allocations
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