Economy
NUPRC Seeks Dialogue To Resolve Dangote, PENGASSAN Dispute
NUPRC Seeks Dialogue To Resolve Dangote, PENGASSAN Dispute
NUPRC seeks dialogue to resolve Dangote, PENGASSAN dispute. Mr Komolafe stated, ” We want to track every barrel of crude loaded in a tanker.”
The Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has called for dialogue between Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Mr Komolafe made the call in a statement on Sunday, adding that the step was necessary to to resolve ongoing dispute.
He also urged the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), and parties involved to find common ground to resolve their differences without disrupting energy supply nationwide.
The unions have been locked in labour disputes with Dangote Refinery over its recent sacking of workers and alleged labour rights violations.
He stated, “Regardless of the fact that the issues involved are purely midstream and downstream affairs, our take is that parties should refrain from what will cause disruption in energy supply in the country. We believe that parties can actually sit down, discuss and reach an amicable solution for the good of the country.”
Mr Komolafe also highlighted the significant reduction in the monetary value of oil losses, attributing the improvement to new strategies implemented by the NUPRC.
On the successes recorded in combating crude oil losses, Mr Komolafe said the express directive of President Bola Tinubu to eliminate oil losses and curb theft using both kinetic and non-kinetic approaches had yielded positive results.
He emphasised the importance of protecting the integrity of Nigeria’s oil and gas sector, noting that negative narratives could deter potential investors.
The NUPRC boss said that Mr Tinubu’s directives to security agencies and the commission had reduced crude oil losses by about 90 per cent between 2021 – when the commission was established – and 2025.
For the non-kinetic method, he said that the commission had introduced two regulations designed to complement the efforts of the general security, namely – the upstream measurement regulation and the advanced cargo declaration regulation.
He described the regulations as pioneering initiatives in Nigeria’s over 70 years of exploration and development.
NUPRC Seeks Dialogue To Resolve Dangote, PENGASSAN Dispute
“For the first time, Nigeria now has regulations that track crude oil loaded from its terminals to the discharge point. The commission has intuitively put these two regulations in place, and the regulations are designed in a way to be implemented in two phases.
“We have implemented the first phase and that is what we are trying to speak to, as it relates to the Federal Executive Council approval in respect of the Engineering Metering Audit,” he said.
Mr Komolafe further said that it was long overdue to carry out an engineering integrity assessment of all the metering facilities that had been operating for decades.
According to him, in the past, international oil companies were the ones informing Nigerians of the quantities of oil exported.
He said, “We want to change that trajectory. In fact, our objective is to ensure that we get that done on a real-time basis. This is where we are going to against the production report.
The first phase, which is the establishment of a statutory regulatory framework, has been achieved in accordance with the provisions of the Petroleum Industry Act (PIA). The first phase is to look at carrying out the integrity of the metering devices. That exercise was conducted in almost 700 points in the upstream.”
On the Advanced Cargo Declaration regulation, the NUPRC boss said that the objective was to ensure that every molecule of crude loaded from Nigeria’s terminals was tracked digitally.
He stated, “We want to track every barrel of crude loaded in a tanker. If a tanker loads one million barrels of crude, and ends up discharging 1.2mb, the system will instantly flag that the tanker is discharging above the permitted volume.”
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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