Business
‘We will shut down Nigeria if Federal Government sells National assets’ – PENGASSAN, TUC Threaten
Oil workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria, have threatened to shut down the country should the Federal Government carry out its plan to sell national assets to augment revenue shortfall.
Also, the Trade Union Congress on Sunday said it would join PENGASSAN to shut down the country if the government remained adamant on its plan to sell some national assets.
PENGASSAN, in a statement on Sunday by its National Public Relations Officer, Mr. Emmanuel Ojugbana, said the government should look into other ways to increase its revenue base while plugging loopholes and leakages in government’s finances.
The union, which described the plan to sell the national assets as a self-destructive move for Nigeria, said, “The plan meant to solve short-term financial obligations is targeted at handing over our collective wealth to a few individuals and further impoverish the rest of our countrymen and women.”
It said government at all levels should pump money into the economy through the execution of capital projects and payment of workers’ salaries to revive the economy.
PENGASSAN said it would not sit back and watch the sale of national assets, especially those in the oil and gas industry, such as the Nigeria LNG that had become a huge revenue-earner for Nigeria; refineries and shares in the upstream oil and gas JV operations being shared among those in power and their cronies.
It said, “Any attempt to sell these national assets will be met with stiff resistance from the association, as PENGASSAN will galvanise every support, including that of our sister union and labour centres to shut down this country by ensuring that every activity in the oil and gas sector is brought to a complete halt.
“Some opportunists in the clothes of businessmen and short-sighted politicians had earlier advocated the sale of public assets such as the NLNG, four state-owned refineries, Nigeria’s stakes in the Africa Finance Corporation, the nation’s airports and reduction of government’s shares in upstream oil joint venture operations and this was approved by the National Economic Council.”
Reacting to the recent approval of the sale of the national assets by the NEC, Ojugbana said the sale of the assets would further compound the economic and security problems in the country.
He added, “They should tell us what will happen after the recession if we have sold the assets to greedy individuals. Will the country go cap in hand begging those individuals who bought the assets and borrowing from them?”
He said the plan “is ill-timed and unwarranted as it does not serve national interest,” adding that no nation could develop, survive or feel secure after selling all its national assets.”
PENGASSAN stated, “Doing this will further mortgage the future of our great country in the hands of few cabals. These individuals are just looking for advantage to further loot the country through illegal acquisition of the national assets as in the case of various oil blocks held by a few powerful Nigerians.
“The sale of national assets is not only surprising but also embarrassing for a nation experiencing economic recession. The proponents of the sale of national assets are those who have been actively involved in the operations of the nation’s economy in the past. They were part of those responsible for the country’s current economic situation.”
According to him, such sales in the past, including the power and steel sectors privatisation, are just a shift from public monopoly to private monopoly, which has further worsen those sectors.
“It is, therefore, the candid position of PENGASSAN that such a plan should be thrown into the trash bin. Government should continue to seek better ways to address the present economic challenges and reduce areas of wastage. The long overdue calls for diversification of the economy should be driven with all seriousness; more action is required urgently than propaganda mechanism,” he said.
The President of the TUC, Mr. Bala Kaigama, said on the telephone on Sunday that the Congress would collaborate with the two major unions in the oil sector because the planned sale of the assets was flawed.
He noted that if those who invested in the assets had sold them, the current administration would not have met them.
Kaigama said, “We will solidarise with them. You cannot sell vital assets like that. You don’t. If those who invested in the assets had sold them, would they have met them?
“Of course, these business people, who are saying sell and sell, let them pay the appropriate taxes. Those people who are not paying the appropriate taxes, let them pay the appropriate taxes and money will accrue to the Federal Government.
“TUC will solidarise with NUPENG and PENGASSAN to shut down the country.”
The Nigeria Labour Congress, on its own, said while it would take necessary steps on the issue, it had not taken the decision to shut down the country.
The General Secretary of the NLC, Dr. Peter Ozo-Eson, stated on Sunday that the congress would inform Nigerians when the decision was taken.
Ozo-Eson added, “No. We are a democratic organ; we have our processes. We have not taken a decision; when we take a decision, we will let the country know.
“If individual unions have announced, we have no quarrel with that. We are opposed to it (assets sale) and we will take the necessary steps. We have not yet taken that decision of shutting down the country or whatever. We will inform the nation when we take that decision.”
Selling national assets signifies panic, says don, activist
Also, a frontline economist and Executive Chairman, African Centre for Shared Development Capacity Building, Prof. Olu Ajakaiye, has said selling national assets because of the current economic recession in the country will amount to taking a panicky measure.
In an interview with one of our correspondents on Sunday, Ajakaiye said rather than selling national assets in a hurry, the government should undertake a comprehensive study of the funding gaps required to bail the nation out of recession in order to determine the best step possible.
He stated, “The highly publicised Medium Term Expenditure Framework and similar basically financial programming tools do not contain specific screened, selected and prioritised projects and programmes to which Nigerians can relate. Resource gap determined from such tools can be dangerously misdirecting and can create unnecessary panic. Sale of assets in a panic situation like was done carelessly during the late 1980s should not be repeated.
“If the resource gap includes recurrent, sale of assets to close such gap will be inappropriate because it is tantamount to consuming capital and that will be irresponsible. Moreover, what happens when the proceeds of the sale is exhausted? What are we going to sell to pay the next salary, for example?
“If the resource gap is exclusively due to bona fide capital projects that have been properly screened, selected and ranked in order of priority based on their direct and indirect contributions to national development goals, alternative financing options should be carefully considered. The first step is to surgically consider cutting excesses and illegitimate as well as unreasonable components of recurrent expenditure.”
Ajakaiye said the personnel cost component of government should be cleaned up by sustaining and generalising ongoing application of technology to eliminate all forms of impurities in the system including ‘ghost’ workers.
He argued that no attempt should be made to retrench workers, saying this would be inconsistent with the goal of reducing unemployment and legitimately reflating the economy.
He added that salaries and allowances of political and public office holders should be drastically reviewed downwards.
Ajakaiye said, “This is consistent with the slogan of Change Begins With Me. Change should begin with those at the top. The Revenue Mobilisation, Allocation and Fiscal Commission should quickly propose such reductions so as to make it mandatory. Very few political and public office holders followed the example of the President and Vice-President because it is optional.”
A civil rights activist, Imma Okochua, said savings from the removal of petrol subsidy as well as monies recovered from looted public funds should be used to fund gaps in government resources.
He said, “If the recession was caused by the fall in oil price and especially by the reduced production and exportation due to militancy, why don’t you solve the militancy problem? Is it impossible to solve?
“When you have sold our national assets and we have consumed the proceeds, or the government has squandered it, and oil prices remain low and the militants remain undefeated or persuaded, what will the government do? Will they sell us to the highest bidder?”
He urged the government to ensure that it made effective use of the N50 stamp duty it was collecting from payments into current accounts.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
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9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
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Taking the First Step
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Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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