The Nation Newspaper

Author: The Nation

  • Tinubu celebrates Benue politician, Mathias Byuan, on birthday

    Tinubu celebrates Benue politician, Mathias Byuan, on birthday

    …hails FHA executive’s loyalty, grassroots leadership

    …commends commitment to party ideals and inclusive development

    President Bola Tinubu has congratulated a Benue State politician and senior public servant, Mathias Terwase Byuan, on his birthday, describing him as a dependable party stalwart and a community leader whose life reflects purpose, service and impactful leadership.

    In a statement issued on Wednesday by his  Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu rejoiced with the respected administrator, noting his consistency in defending party ideals and strengthening grassroots political structures in Benue State and beyond.

    The President said Byuan has remained principled and steadfast over the years, contributing to unity, empowerment and overall development through his political and administrative engagements.

    “Your footprints show a compelling testimony to your steadfast commitment to progressive governance, party loyalty, and people-oriented service,” President Tinubu said.

    He particularly commended Byuan’s performance in public office, citing his role as Executive Director of Finance and Accounts at the Federal Housing Authority, where he said the celebrant has demonstrated competence, discipline and alignment with the administration’s development agenda.

    “As Executive Director of Finance and Accounts of the Federal Housing Authority, you have continued to demonstrate administrative competence, discipline, and a precise alignment with the vision of inclusive development championed by our administration,” the President stated.

    President Tinubu also acknowledged Byuan’s reputation as a dependable party man and grassroots mobiliser, whose efforts have helped to consolidate party structures and promote cohesion at the community level.

    He prayed for renewed strength, wisdom and greater opportunities for service in the years ahead. 

    “May the years ahead bring renewed strength, wisdom, and opportunities to serve our nation and party at even higher levels,” the President said.

  • JUST IN: Gunmen abduct former Ogun lawmaker Musa

    JUST IN: Gunmen abduct former Ogun lawmaker Musa

    A former member of the Ogun State House of Assembly, Hon. Moruf Musa, has been abducted by gunmen and taken to an undisclosed location.

    Musa was reportedly kidnapped on Tuesday evening at about 7pm from his residence in Ibiade, Ogun Waterside Local Government Area of Ogun State.

    The hotelier, who previously served as Chief Whip of the Ogun State House of Assembly, is also the Coordinator of the Otunba Gbenga Daniel Movement, a group promoting the 2027 second-term senatorial ambition of Senator Gbenga Daniel, who represents Ogun East in the 10th Senate.

    As of the time of filing this report, it was unclear whether the kidnappers had contacted Musa’s family to demand a ransom.

    When contacted on the incident, the Commissioner of Police, Ogun State Command of the Nigeria Police Force, CP Lanre Ogunlowo, confirmed that the police were already handling the matter.

    “We are working on it,” Ogunlowo said.

  • NAF: airstrikes neutralise 2,351 terrorists in 2025

    NAF: airstrikes neutralise 2,351 terrorists in 2025

    The Nigerian Air Force NAF says it neutralized 2,351 terrorists, including their leaders, through sustained, intelligence-driven operations nationwide, in 2025.

    It stated that these feats were achieved through 274 Air Interdiction (AI) missions totaling approximately 800 flight hours, conducted over 379 combat sorties, targeting terrorist strongholds, logistics hubs, training camps, and key mobility corridors.

    NAF’s spokesperson, Air Commodore Ehimen Ejodame, who revealed this in a statement on Wednesday, said the figures exclude hundreds of missions involving Intelligence, Surveillance and Reconnaissance (ISR), close air support to surface forces, and armed reconnaissance operations.

    He noted that the precision strikes disrupted terrorists’ supply chains, severed mobility routes, and weakened leadership structures connecting enclaves in the North-East, North-West, and North-Central regions, denying hostile elements both freedom of movement and safe havens.

    “These effects enabled surface forces to advance, reclaim contested areas, and stabilise vulnerable communities, while significantly reducing the operational tempo and morale of terrorist and bandit groups. 

    “Overall, the campaign has resulted in a measurable contraction of hostile networks and a marked improvement in security across several previously threatened areas,” Ejodame said.

    According to him, in the maritime and energy security domain, air operations in the Niger Delta delivered equally strategic dividends, as targeted strikes led to the destruction of hundreds of illegal refining reservoirs, 126 storage tanks, and several boats used by oil thieves and criminal syndicates. 

    “These actions substantially degraded the capacity of illicit actors to finance violence and organised crime, contributed to improved oil production, and reinforced national economic resilience. 

    “The success of these missions further highlights the expanding role of air power in safeguarding critical national assets and supporting Nigeria’s economic recovery,” he said.

  • CAJ President, NUJ FCT mourn death of seven journalists

    CAJ President, NUJ FCT mourn death of seven journalists

    President of the Congress of African Journalists (CAJ), Comrade Chris Isiguzo, has expressed deep sorrow over the death of seven journalists in a fatal road accident in Gombe State.

    In a condolence message on Monday,  the former National President of the Nigeria Union of Journalists (NUJ),  described the incident as a “dark and painful moment” for the journalism profession.

    He noted that the tragedy was even more heartbreaking because the deceased journalists were members of the Gombe State Council of the NUJ, the home council of the incumbent National President, Comrade Alhassan Yahya Abdullahi.

    He extended condolences to the National President, the national leadership of the Union, and the Gombe State Council, as well as the families and colleagues of the victims. He also prayed for the quick recovery of those who sustained injuries.

    “These were dedicated journalists who travelled to honour a colleague and returned no more,” he said, adding that their death was a loss not only to their families and the Union, but to the entire journalism fraternity in Nigeria and beyond.

    Isiguzo called on the NUJ family nationwide to remain united in solidarity and compassion during the period of mourning, praying that God would grant strength to the Union’s leadership and comfort to the bereaved.

    “Our hearts are broken, but our collective spirit remains unbowed,” he said, while praying for the repose of the souls of the departed.

    Seven journalists were confirmed dead by the Federal Road Safety Corps after a lone accident involving an NUJ bus in Gombe State as they returned from a wedding ceremony.

    The Federal Capital Territory (FCT) Council of the Nigeria Union of Journalists also mourned the death of the journalists.

    Chairman NUJ, FCT, Comrade Grace Ike, in a heartfelt message expressed shock and sorrow at the development.

    She said, “Dear Comrade President and Colleagues of NUJ Gombe State Council,

    The NUJ FCT Council received with profound shock and deepest sorrow the heartbreaking news of the untimely death of six gallant journalists in a ghastly motor accident.

    “These dedicated professionals, who lost their lives while in the line of duty, were shining beacons of truth, courage, and commitment to the noble profession of journalism.

    “We extend our most sincere condolences to their bereaved families, the NUJ Gombe State Council, and the entire NUJ family. Their departure leaves an irreplaceable void in our ranks, but their legacy of fearless reporting and unwavering service to humanity will endure forever. May the gentle souls of our departed colleagues find eternal peace in the bosom of the Almighty God.

    “The NUJ FCT Council stands in solidarity with you during this period of unimaginable grief. We pray for God’s comfort and strength upon the families, colleagues, and all affected by this tragedy. Please accept the assurances of our highest esteem and fraternal solidarity.”

    END

  • Obasanjo chairs 13th Future Africa Leaders Awards 2025

    Obasanjo chairs 13th Future Africa Leaders Awards 2025

    Former Nigerian President Olusegun Obasanjo, GCFR, will serve as Chairman of the Occasion at the 2025 Future Africa Leaders Awards, while former Kenyan President Uhuru Kenyatta will attend as Special Guest of Honour and Keynote Speaker. 

    Former Kenyan Vice President Stephen Kalonzo Musyoka is also expected at the prestigious ceremony as a Guest.

    The event, which marks the 13th edition of the annual awards, will be held during the New Year’s Eve Service with Pastor Chris Oyakhilome on Tuesday, December 31, at the Loveworld Crusade Ground along the Lagos–Ibadan Expressway, Asese, Ogun State, and is scheduled to commence at 8:00 p.m.

    Ahead of the ceremony, former President Uhuru Kenyatta arrived in Lagos, where he was received at the Murtala Muhammed International Airport by a high-powered delegation of the Central Executive Council members of LoveWorld Incorporated, led by Highly Esteemed Rev. Tom Amenkhienan. 

    Members of the delegation included Rev. Ray Okocha, Pastor Ambrose Isesele, and the Executive Director of the Future Africa Leaders Foundation, Dr. Deola Phillips, who also serves as the 14th Chief Executive Officer of LoveWorld Incorporated.

    Speaking on the significance of the event, Dr. Olajumoke Ola-Akisanya, Senior Executive Officer of the Future Africa Leaders Foundation, organisers of the awards, said the 2025 edition underscores the foundation’s commitment to recognising impactful African leadership.

    “The Future Africa Leaders Awards has, over the years, remained a platform for celebrating visionary leaders whose work continues to drive positive change across Africa,” Ola-Akisanya said. 

    “The presence of respected statesmen such as President Obasanjo, President Uhuru Kenyatta, and Rt. Hon. Kalonzo Musyoka further affirms the continental relevance and credibility of the awards.”

    She disclosed that 31 nominees were shortlisted for honours at this year’s ceremony following a competitive selection process that attracted over 200 applications from across the continent. According to her, the nominees cut across sectors including governance, entrepreneurship, education, technology, social development, and humanitarian service.

    “This year’s selection process was particularly rigorous,” she added. “Our focus was on measurable impact, ethical leadership, innovation, and a clear commitment to Africa’s sustainable development. Only nominees who met these core values emerged as finalists.”

    Dr. Ola-Akisanya also noted that hosting the awards during the New Year’s Eve Service with Pastor Chris offers a unique opportunity to blend leadership recognition with reflection and inspiration as Africa ushers in a new year.

    “As we usher in the new year, the awards serve not only to recognise excellence but also to inspire a new generation of African leaders to pursue purpose-driven leadership with integrity and vision,” she said.

    Now in its 13th year, the Future Africa Leaders Awards has continued to grow in stature as a respected continental platform for celebrating visionary leadership, while the New Year’s Eve Service with Pastor Chris Oyakhilome remains a globally recognised gathering drawing participants from around the world.

  • Court summons CBN, NDIC over revocation of Aso Savings’, Union Homes’ licences

    Court summons CBN, NDIC over revocation of Aso Savings’, Union Homes’ licences

    A Federal High Court in Abuja has summoned the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to show why they should not be restrained from taking further actions on the recent revocation of the licences of Aso Savings and Loans Plc as well as Union Homes Savings and Loans Plc.

    Justice Emeka Nwite issued the order in a ruling yesterday on an ex parte motion filed by both mortgage institutions. The motion was moved by their lawyer, Joseph Silas.

    The judge declined the applicants’ request and order restraining the respondents, but ordered that the CBN and the NDIC be put on notice.

    He said: “I have listened to the submission of the counsel for the plaintiffs/applicants and I have gone through the affidavit evidence, the exhibit, including the written address.

    “I am of the opinion, and I so hold, that the interest of justice will be met by putting the defendants on notice.

    READ ALSO: Bridging the gaps in budget implementation

    “I hereby ordered that the defendant be put on notice to come and show cause why the reliefs sought should not be granted.”

    Justice Nwite adjourned till January 5, next year, for the CBN and the NDIC to show cause.

    The plaintiffs – Aso Savings, Union Homes, Ridhwan Hamza and Ismaila Adamu – had, in the ex parte motion, sought two reliefs.

    • An order restraining the defendants/respondents from taking further steps on the purported revocation of the operational licence of the first and second plaintiffs (Aso Savings and Union Homes), pending the hearing and determination of the motion on notice.

    • An order barring the defendants/respondents from enforcing their unlawful decision in any way, form or manner, against the first and second plaintiffs/applicants, pending the hearing and determination of the motion on notice.

    Silas had, while moving the motion, stated that the CBN did not comply with the condition precedent to the invocation of its power to revoke the operating licence of both mortgage institutions.

    The lawyer averred that the NDIC, without allowing the two mortgage institutions to exhaust their rights of action, moved to curtail such rights by attempting to take them over.

    He added that if the CBN and the NDIC were not restrained, they would impose upon the plaintiffs/applicants their unlawful decisions in an irreversible way.

    In a supporting affidavit, Hamza, who is described as a shareholder in Aso Savings, admitted that the institutions had operational challenges, which the CBN was aware of.

    Hamza claimed that the CBN, without attempting to intervene on the failures of the plaintiffs, gave Aso Savings an ultimatum to meet its minimum capital requirement by ensuring that all share reconstruction activities were concluded in a manner that fully addressed the capital shortfall, not later than August 31, 2025.

    He said: “I know that notwithstanding the positive updates made to the first defendant/respondent (CBN) by the plaintiffs/applicants on December 16, 2025, in a press release, titled: ‘Revocation of the Operational Licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.

    “The first defendant/respondent, relying on Section 12 of BOFIA 2020 and Section 7.3 of its Revised Guidelines for Mortgage Banks, revoked the licenses of the plaintiffs/applicants.

    “I know that the first defendant/respondent grounded its decision on:

    • Failure to meet the minimum paid-up share capital requirement for the category of the bank licence granted to the plaintiffs/applicants

    • Having insufficient assets to meet its liabilities; being critically undercapitalised with a capital adequacy ratio below the prudential minimum ratio as prescribed by the 1st defendant/respondent; and

    • Failure to comply with several directives and obligations imposed upon the plaintiffs/applicants by the 1st defendant/respondent.

    Hamza also claimed that the CBN was aware of all the steps and the progress made by Aso Savings to raise its minimum capital requirement, with absolute success.

    The lawyer added that the CBN did not act in the public interest when it issued the press release revoking the operational licenses of the two financial institutions, without following the requirements of Section 34(4) of the Banks and Other Financial Institutions Act, 2020.

    He added that the action of the CBN was arbitrary, rash, unreasonable, and ran contrary to the public policy of developing the Nigerian economy, creating jobs, and encouraging investments.

    Hamza said the NDIC had sent out messages to Aso Savings’ customers “asking them to fill out an online claims form against the plaintiffs/applicants, even as the law allows the plaintiffs/applicants a window of 30 days to challenge the actions of the first defendant/respondent”.

    He added: “I know that the steps taken by the second defendant/respondent is aimed at extinguishing the right of the plaintiffs/applicants to challenge the actions of the 1st defendant/respondent by immediately commencing the liquidation process.

    “I know that the plaintiffs/applicants have constitutional rights to be heard fairly and to challenge the actions of the defendants/respondents.”

  • NISO restores national grid after nationwide blackout

    NISO restores national grid after nationwide blackout

    The Nigeria Independent System Operator (NISO) yesterday restored the national grid to 2,126 megawatts (Mw) total energy generation at 20:00 hour.

    It also raised the total energy sent to the 11 electricity Distribution Companies (DisCos) to 1,895Mw at 21:02 hours.

    There was a nationwide blackout as the Nigerian Electricity Supply Industry (NESI) recorded 0Mw total  energy generation at 16:00 hour.

    The grid developed issues that the NISO was yet to report its cause and restoration measures at press time, leading to the cut in the supply to the 11 electricity Distribution Companies (DisCos) from the average of 4,000MW on a normal day.

    The Nation however observed that the system dipped from 148.30MW at 15:00 hour, according to the NISO website dashboard.

    READ ALSO: Bridging the gaps in budget implementation

    On its distribution profile, the NISO revealed that total energy sent to the 11 electricity Distribution Companies (DisCos) at 16:46hour was 305MW.

    Meanwhile, the Eko Electric Distribution Company (EKEDC) in its power update notified its customers that there was loss of power supply throughout its network because there was a system collapse at 14:01 hour.

    According to the update, the energy distributor said it was working with its partners as it looked forward to a speedy restoration of the grid.

    The management said, “Dear Customers, Kindly be informed there was a system collapse at 14:01hour which has resulted in (sic) a loss of power supply across our network. We are currently working with our partners as we hope for the speedy restoration of the grid.”

    Similarly, the Abuja Electricity Distribution Company (AEDC) also informed its customers that there was a system disturbance on the national grid at 14:02pm today causing power outage across its franchise areas.

    It appealed to the customers that the company was coordinating with the relevant stakeholders to restore power fully as soon as the grid is stabilized.

    AEDC said, “Dear valued customers, we wish to inform you that a system disturbance occurred on the national grid at 14:02pm today causing power outage across our franchise areas.

    “Please be assured that we are coordinating closely with relevant stakeholders to restore power fully as soon as the grid is stabilized.”

  • Fed Govt revalidates Ondo Deep Sea Port

    Fed Govt revalidates Ondo Deep Sea Port

    • Oyetola hands over certificate to Aiyedatiwa

    Nigeria’s push to expand port capacity and unlock its blue economy received a major boost as the Federal Government formally revalidated the Ondo Deep Sea Port certificate, positioning the project as a new driver of trade, industrialisation and non-oil exports.

    The development was announced yesterday in statement signed by the Special Adviser to the Minister of Marine and Blue Economy, Dr. Bolaji Akinola.

    According to the statement, the revalidated certificate was presented in Abuja by the Minister, Adegboyega Oyetola, to the Ondo State Governor, Lucky Aiyedatiwa, on Thursday, December 18, 2025; an event that marked a critical milestone in the state’s maritime and industrial development agenda.

    Speaking during the presentation, Oyetola said the revalidation was a deliberate federal intervention to unlock Ondo State’s maritime potential and align port development with the broader economic diversification strategy of the Tinubu administration. According to him, the Ondo Deep Sea Port is expected to ease pressure on existing ports while opening new corridors for trade and manufacturing.

    READ ALSO: Bridging the gaps in budget implementation

    “The Ondo Deep Sea Port is not just a project for Ondo State; it is a national asset that will strengthen Nigeria’s competitiveness in global shipping, reduce pressure on existing ports, and create a new hub for exports, manufacturing and job creation,” the minister said.

    He noted that the port’s Atlantic-facing location gives it strategic importance for boosting non-oil exports, improving logistics efficiency and attracting foreign direct investment into the South-West and the wider Nigerian economy.

    “The revalidated licence provides certainty to investors and sends a strong signal that Nigeria is ready for serious maritime investments. With the supporting infrastructure planned around the port, Ondo State is positioning itself as a major player in the blue economy,” Oyetola added.

    Receiving the certificate, Aiyedatiwa thanked President Bola Tinubu and the Federal Executive Council for approving the revalidation, describing it as the outcome of years of sustained effort to revive the project. He explained that the original licence, obtained during his tenure as deputy governor, had been stalled by a naming error in the initial business case, necessitating a fresh and comprehensive submission.

    “This revalidated certificate is a turning point for Ondo State. It validates our vision for industrial growth, job creation and sustainable development anchored on our long coastline and maritime assets,” the governor said.

    Aiyedatiwa disclosed that his administration is already prioritising critical supporting infrastructure to ensure the port’s success, including the dualisation of access roads to industrial zones and other modernisation projects. He added that plans are also underway for residential, educational and hospitality facilities to support the expected influx of investors, workers and service providers.

    The governor further stressed that the Ondo Deep Sea Port would have a ripple effect across the state, driving inclusive development in all local government areas and reinforcing Ondo’s role in the country’s emerging blue economy landscape.

  • Moniepoint redefining African tech, finance space

    Moniepoint redefining African tech, finance space

    Nigeria’s fintech unicorn, Moniepoint, has restated its commitment to redefine Africa’s technology and finance landscape.

    The fintech firm which secured $90 million in additional cash to extend its footprints beyond its home country into the United Kingdom (UK) and Kenya in a capital raise that took its latest funding round to $200 million, said they will continue to revolutionize financial services across Africa, proving that world-class innovation can emerge from homegrown talent and local institutions.

    Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Inc, said theyhave built one of Africa’s fastest-growing fintech companies, not despite their exclusively Nigerian education, but in many ways, because of it.

    The two entrepreneurs who are products of Obafemi Awolowo University, Ife and the University of Lagos, already featured on the TIME100 Most Influential Companies list, a testament to the caliber of talent nurtured within Nigerian universities and the transformative potential of locally-rooted vision.

    READ ALSO; Imperatives of Tinubu’s second term and transformative initiatives

    Eniolorunda’s path exemplifies how Nigerian educational institutions can cultivate entrepreneurial excellence. After earning his degree in Mechanical Engineering from Obafemi Awolowo University, he didn’t follow the well-trodden path abroad but instead chose to build solutions for Nigerian challenges within Nigeria itself. This decision proved prescient. Understanding the unique financial ecosystem and infrastructure gaps firsthand from the work at TeamApt Ltd where they were building from majority of the country’s banks, Tosin pioneered several industry firsts: introducing instant POS transfers to Nigeria, launching the country’s first virtual account services, and constructing a vertically integrated payments processing switch with full switching and processing licenses. These feats and technological achievements must be viewed from the prism that these were deeply contextual innovations born from intimate knowledge of local needs, the kind of understanding that comes from being educated and embedded in the communities one serves.

    Felix Ike’s contribution complements this vision with technical brilliance equally rooted in Nigerian educational excellence. Graduating with first-class honors in Computer Science from the University of Lagos, Felix brought to Moniepoint the kind of engineering rigor required to build mission-critical financial infrastructure. As Chief Technology Officer, he has architected systems that are not just functional but scalable, resilient, and secure enough to serve over 10 million businesses and individuals across Nigeria and Africa. His work demonstrates that Nigerian universities are producing software engineering leaders capable of building world-class technology that can compete on the global stage with technology that processes millions of transactions daily and underpins the financial dreams of an entire continent.

    Since its founding in 2015, Moniepoint has evolved into Africa’s largest distributor of financial services in Nigeria, with presence across all 774 local government areas. The company’s all-in-one financial ecosystem offering seamless payments, banking, credit, and business management solutions reflects a sophisticated understanding of what African businesses and individuals actually need to thrive. The accolades have followed: recognition by TIME as one of the 100 Most Influential Companies in 2025, listing among CNBC’s top UK fintech firms, and ranking in the Financial Times’ Africa’s Fastest-Growing Companies for three consecutive years.

    The Moniepoint story as an indigenously rooted but globally compliant player challenges prevailing narratives about where innovation must originate and what credentials are necessary for building transformative companies. Tosin and Felix’s success illustrates that Nigerian universities, when their graduates are empowered with vision, opportunity, and determination, can produce founders who don’t just participate in the global economy but reshape it.

  • NNPCL seeks funding to complete AKK Gas Pipeline

    NNPCL seeks funding to complete AKK Gas Pipeline

    • Oil giants considers sale of assets

    The Nigerian National Petroleum Company (NNPC) Limited is finalising plans to sell stakes in some of its oil and gas assets. The firm has equally sent out calls for bids last week, asking interested bidders to register online by January 10.

    NNPC, Nigeria’s national oil firm, owns some assets outright and others in partnership with international oil companies (IOCs) including Shell, Chevron, Eni and TotalEnergies .

    The General Manager, Corporate Communications, NNPC, Andy Odeh, did not respond to enquiries sought by The Nation as at the time of going to press. However, Reuters report that documents cited did not disclose how much the oil firm aims to raise from the process or the size of the stakes on offer.

    Prior to now, the NNPC had outlined plans to sell at least 25 per cent of the equity it holds in select oil and gas fields, either through full divestments or stake reductions, as part of a portfolio optimisation strategy.

     According to the invitation document, which was distributed late last week, interested bidders must register online by January 10, after which pre-screening will follow and qualified firms will gain access to a secure virtual data room.

    Prequalification will be based on technical and financial capacity, followed by document evaluation, negotiations and regulatory approvals.

    But this is not the first time the firm has mulled the idea of selling its assets. Last year, NNPC indicated its readiness to dispose some of its assets to help enhance profit margins and achieve greater returns.

    READ ALSO; Imperatives of Tinubu’s second term and transformative initiatives

    A former NNPC CFO, Umar Ajiya, had said that the company aims to maximise the use of its assets and possibly sell those that cannot be optimised.

    “We are going to sweat the assets and will also sell assets we think we cannot sweat ourselves. That way, we will rebalance the balance sheet so that the assets are maxed out,” Ajiya said.

    He also mentioned that the oil company was ready to go public, subject to shareholders’ interest in investing. He highlighted that the Petroleum Industry Act suggests a financial track record of two to three years to assure investors that the national energy company is heading towards profitability.

    Despite the national oil company’s record 28 per cent profit surge to N3.2 trillion in 2023, compared with 2022, several analysts believe NNPC has yet to fully realise its asset potential.

    But the oil unions are strongly opposed to the asset sale.  The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), had  expressed rejection of the plan at a media parley.

    The unions asserted that the divestiture aims to reduce the government’s stake in certain JVs to approximately 30 per cent to 35 per cent, down from the current estimated level of 55 per cent to 60 per cent.

    “Government is wanting to reduce its stake in these assets, principally, they want to sell some huge percentages in these assets. In some places, sell up 35 per cent, in some places sell up 30 percent, so that they will have some cash to spend in other areas,” Festus Osifo, President of PENGASSAN, told reporters during the event.

    Fundamentally, the unions argue that executing this asset sale poses a direct threat to state revenue and the stability of NNPC Ltd, while also jeopardising workers’ salaries and benefits.