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Business News

Chevron crisis deepens as NUPENG issues new threat 

NUPENG has threatened to take action against Chevron Nigeria Limited after the oil and gas company sacked some workers.

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NUPENG threatens to embark on strike, Chevron Nigeria Limited, Nigeria Union of Petroleum and Natural Gas Workers, Nigerian National Petroleum Corporation, Petroleum and Natural Gas Senior Staff Association of Nigeria, NUPENG and PENGASSAN, Chevron concludes gas sale deal with GenCo, one other , Chevron considers divesting from Nigeria, to focus on U.S Shale Oil, Chevron crisis continues as NUPENG issues new threat, Chevron bows to pressure, set to recall workers  

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has threatened to take action against Chevron Nigeria Limited after the oil and gas company sacked some workers through its contractor, Cordeau Nigeria Limited.

The threat is coming barely a week after Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) shut down Chevron’s headquarters.

NUPENG

NUPENG President, Comrade (Prince) Williams Akporeha.

NUPENG said it was willing to take necessary measures to protect its workers. It stated that it would ensure the sack of the 32 workers was nullified. NUPENG said the action of Chevron was unpatriotic and uncivilised.

According to NUPENG, the workers were sacked in 2019 for trying to join the association, a decision the management of Chevron reportedly frowned at. It insisted that the workers have a right to association, making Chevron’s directive an abuse of labour and workers’ rights.

The workers’ group issued seven days ultimatum to Chevron, to reverse its decision on the workers or face legal actions. In a statement reported by Punch, it said it would stage nationwide industrial actions and demonstrations.

[READ MORE: Chevron considers divesting from Nigeria, to focus on U.S Shale Oil)

It said, “NUPENG with every atom of strength in us is vehemently opposed to this unpatriotic and uncivilised move in view of our assertive commitment to the protection of jobs of our members, considering the high level of unemployment in the country.

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“In view of this heartbreaking dilemma, which is currently posing a huge threat to the nation’s industrial peace and harmony as well as socio-economic activities of the citizenry, the union is using this medium to reach out to the management of Chevron to call back to work all the sacked workers forthwith.”

It added, “Consequent on the above demand and having taken us for granted, NUPENG hereby puts all our members on red alert should Chevron Nigeria Limited and its contractor fail to honour or comply with our demand within the next seven days.

“We would also not hesitate to take all necessary legal options available to us, including nationwide industrial actions and demonstrations, to press home our legitimate and urgent request.”

Chevron Nigeria Limited

Chevron and its workers’ crisis: Chevron seems to be unable to shake off its workers’ crisis. The company announced its intention to sack 70% of its contract staff in line with the plan to reduce operation in August last year.

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It was later agreed that only 30% of the Labour Manpower Contract Workers would be relieved of their jobs. The oil and gas firm was accused of acting against the agreement by sacking only NUPENG members, leading to a nationwide protest.

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[READ ALSO: Chevron concludes gas sale deal with power and gas firms)

Also, last month, December 2019, PENGASSAN shut down the headquarters of Chevron following its failure to pay its workers’ entitlements.

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What you need to know: Chevron is the third-largest oil-producing company in Nigeria. It has 40% participation in eight onshore and shallow offshore fields as well as three operated and six non-operated deepwater blocks in the country.

 

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

1 Comment

1 Comment

  1. Obasi Callistus

    January 8, 2020 at 6:27 am

    Chevron Nigeria Branch of ‘Pengassan and Nupeng’ demanding the sack of the MD for lack of integrity and reversal of sacked workers is a good thing; but the concerned public should probe more into the issue while they want him sacked.
    For several months the staff bus have not been in operational. The question is who stopped it? and why didn’t the union mention it? If they are sincerely fight for the interest of the people. The concerned public cannot be easily deceived by these so called union workers these days.
    We are so selfish in Africa to the extent that we impoverish our own people just because of material things that we will leave in a short while.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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