The scarcity of petroleum products appears to be looming in Lagos as the leadership of Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to withdraw its services in Lagos with effect from Monday, August 10, 2020.

This is due to the failure of government authorities to address the various issues that have been causing serious pains and harrowing experience on the petroleum tanker drivers in the state for several months now.

This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.

NUPENG in its statement revealed that the entire rank and file members of the Union are deeply pained and frustrated by the so many challenges being consistently faced by Petroleum Tanker Drivers in Lagos State.

They said that they are left with no other option but to direct its members to withdraw their services in Lagos State until the State Government and other relevant Stakeholders address these critical. challenges.

The statement from NUPENG reads, ‘’The National Leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed the withdrawal of services of Petroleum Tanker Drivers from Lagos State with effect from Monday, 10th August 2020 following the failure of various authorities in the State to address three major issues that have severely caused pains and harrowing experiences on the hapless Petroleum Tanker Drivers in the State for several months now.’’

‘’The entire rank and file members of the Union are deeply pained, frustrated and agonized by the barrage of these challenges being consistently faced by Petroleum Tanker Drivers in Lagos State and are left with no other option but to direct the withdrawal of their services in Lagos State until Lagos State Government and other relevant Stakeholders address these critical challenges.’’

The Union reiterated that It is sad and disheartening to note that they had made several appeals and reports to Lagos State Government and the Presidential Task Force for the decongestion of Apapa on these challenges but all to no avail.

They said that they cannot afford to fold their arms while their members are being consistently and continually extorted, intimidated, harassed and victimized by different groups and segments in Lagos.

NUPENG LEADERSHIP DIRECTS WITHDRAWAL OF SERVICES BY PETROLEUM TANKER DRIVERS IN LAGOS STATE WITH EFFECT FROM MONDAY, AUGUST 10, 2020
Read more:https://t.co/TV5sFoBOcO@followlasg#Lagos pic.twitter.com/tAuOpsMc3a

— NIGERIA UNION OF PETROLEUM AND NATURAL GAS WORKERS (@officialNUPENG9) August 7, 2020

President Muhammadu Buhari has assented to the Companies and Allied Matters Bill 2020, which was recently passed by the National Assembly.

This was disclosed in a statement signed by a media aide of President Buhari, Femi Adesina and shared by the Personal Assistant to the President, Bashir Ahmad, via his Twitter handle.

According to the statement, the President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990, and introduced several corporate legal innovations geared toward enhancing ease of doing business in the country.

After 30 years; President @MBuhari today, assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly. pic.twitter.com/8yZNqeqNPV

— Bashir Ahmad (@BashirAhmaad) August 7, 2020

Key innovations in the new Act:

* Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

* Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;

* Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

* Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

* Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

The exchange rate between the naira and the US dollar as of Friday, August 7th 2020 stands at ₦486/US$1 in the parallel market. The exchange rate closed at ₦486/US$1 on Thursday 6th August 2020.

• Naira: ₦486
• Dollar: $1
• Date: August 7th, 2020

The exchange rate between the naira and the British pound sterling stands at  ₦585/₤1 on Friday 7th August same as recorded on Thursday 6th August 2020.

• Naira: ₦585
• Pounds Sterling: ₤1
• Date: August 7th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦550/€1 on Friday 7th August 2020. The exchange rate also closed at ₦550/€1 on Thursday 6th August 2020.

• Naira: ₦550
• Euro: €1
• Date: August 7th, 2020

Activity: USD currently seels for an average of ₦486/US$1 in the parallel market

READ ALSO: The risk of buying Forex at black market rate of N460/$1