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.
Business
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
– Ivorycoast, Cot’devouir
Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.
The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.
The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.
Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.
According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.
> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.
He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.
> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.
Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.
Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.
Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.
He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.
Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:
1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.
2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.
3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.
He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.
> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.
For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.
Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.
UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.
According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.
Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.
UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.
Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.
The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.
However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.
In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.
A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.
The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.
Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.
Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.
The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.
Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.
The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.
While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.
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